IPMA BELUX: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IPMA BELUX
Largest movements
- Stocks and contracts -€24,406
down €24,406 (-19.6%), from €124,745 to €100,339
- Profit (loss) carried forward -€54,337
down €54,337 (-30.7%), from -€176,965 to -€231,302
- Other debts +€17,009
up €17,009 (+12.2%), from €139,781 to €156,790
- Trade debts +€11,465
up €11,465 (+28.1%), from €40,868 to €52,333
- Gross operating margin -€13,852
down €13,852 (-38.2%), from -€36,287 to -€50,139
- Taxes -€1,911
down €1,911 (-94.6%), from €2,019 to €108
- Other operating charges -€804
down €804 (-40.0%), from €2,008 to €1,204
- Financial charges -€776
down €776 (-21.1%), from €3,680 to €2,904
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €212,871 | €187,224 | -€25,647 | -12.0% |
| Fixed assets | 21/28 | €3,452 | €3,321 | -€131 | -3.8% |
| Tangible fixed assets | 22/27 | €653 | €522 | -€131 | -20.0% |
| Plant, machinery and equipment | 23 | €653 | €522 | -€131 | -20.0% |
| Financial fixed assets | 28 | €2,799 | €2,799 | = | 0.0% |
| Current assets | 29/58 | €209,419 | €183,903 | -€25,516 | -12.2% |
| Stocks and contracts in progress | 3 | €124,745 | €100,339 | -€24,406 | -19.6% |
| Stocks | 30/36 | €124,745 | €100,339 | -€24,406 | -19.6% |
| Amounts receivable within one year | 40/41 | €83,444 | €81,595 | -€1,849 | -2.2% |
| Trade receivables | 40 | €24,510 | €23,803 | -€707 | -2.9% |
| Other amounts receivable | 41 | €58,933 | €57,791 | -€1,142 | -1.9% |
| Cash at bank and in hand | 54/58 | €10 | €1,010 | +€1,000 | +10531.5% |
| Deferred charges and accrued income | 490/1 | €1,220 | €959 | -€261 | -21.4% |
| Total equity and liabilities | 10/49 | €212,871 | €187,224 | -€25,647 | -12.0% |
| Equity | 10/15 | €20,816 | -€33,521 | -€54,337 | |
| Contributions | 10/11 | €187,000 | €187,000 | = | 0.0% |
| Capital | 10 | €187,000 | €187,000 | = | 0.0% |
| Issued capital | 100 | €187,000 | €187,000 | = | 0.0% |
| Reserves | 13 | €10,780 | €10,780 | = | 0.0% |
| Non-distributable reserves | 130/1 | €140 | €140 | = | 0.0% |
| Legal reserve | 130 | €140 | €140 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,518 | €5,518 | = | 0.0% |
| Distributable reserves | 133 | €5,122 | €5,122 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€176,965 | -€231,302 | -€54,337 | -30.7% |
| Amounts payable | 17/49 | €192,055 | €220,745 | +€28,690 | +14.9% |
| Amounts payable within one year | 42/48 | €191,285 | €220,078 | +€28,793 | +15.1% |
| Financial debts | 43 | €4,392 | €4,944 | +€552 | +12.6% |
| Credit institutions | 430/8 | €4,392 | €4,944 | +€552 | +12.6% |
| Trade debts | 44 | €40,868 | €52,333 | +€11,465 | +28.1% |
| Suppliers | 440/4 | €40,868 | €52,333 | +€11,465 | +28.1% |
| Taxes, remuneration and social security | 45 | €6,245 | €6,011 | -€234 | -3.7% |
| Taxes | 450/3 | €6,245 | €6,011 | -€234 | -3.7% |
| Other amounts payable | 47/48 | €139,781 | €156,790 | +€17,009 | +12.2% |
| Accrued charges and deferred income | 492/3 | €770 | €667 | -€103 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131 | €131 | = | 0.0% |
| Other operating charges | 640/8 | €2,008 | €1,204 | -€804 | -40.0% |
| Gross operating margin | 9900 | -€36,287 | -€50,139 | -€13,852 | -38.2% |
| Operating profit (loss) | 9901 | -€38,426 | -€51,474 | -€13,048 | -34.0% |
| Financial income | 75/76B | €304 | €149 | -€154 | -50.9% |
| Recurring financial income | 75 | €304 | €149 | -€154 | -50.9% |
| Financial charges | 65/66B | €3,680 | €2,904 | -€776 | -21.1% |
| Recurring financial charges | 65 | €3,680 | €2,904 | -€776 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€41,802 | -€54,228 | -€12,426 | -29.7% |
| Income taxes | 67/77 | €2,019 | €108 | -€1,911 | -94.6% |
| Profit (loss) for the period | 9904 | -€43,822 | -€54,337 | -€10,515 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,822 | -€54,337 | -€10,515 | -24.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.