IPOFA: 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.
What changed
IPOFA
NACE 46.480, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€560,044
2024 · €514,615+€45,429
Equity
€4.6m
2024 · €4.1m+€507,812
Cash
€386,584
2024 · €397,136-€10,552
Balance sheet total
€5.6m
2024 · €5.0m+€603,650
Largest movements
Assets
- Current investments +€800,000
up €800,000 (+66.7%), from €1.2m to €2.0m
- Stocks and contracts -€132,786
down €132,786 (-4.4%), from €3.0m to €2.9m
- Tangible fixed assets -€90,814
down €90,814 (-27.8%), from €327,015 to €236,201
of which Land and buildings: -€64,167
Equity and liabilities
- Reserves +€507,812
up €507,812 (+15.2%), from €3.4m to €3.9m
of which Distributable reserves: +€507,812
Income statement
- Gross operating margin +€75,219
up €75,219 (+6.2%), from €1.2m to €1.3m
- Taxes +€27,975
up €27,975 (+11.7%), from €240,022 to €267,997
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.
Result 2024
€514,615
Gross operating margin
+€75,219
Staff costs
-€9,814
Depreciation
-€3,876
Other operating charges
-€307
Financial income
+€7,026
Financial charges
+€5,157
Taxes
-€27,975
Result 2025
€560,044
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.
From operations
+€894,043
Investment
-€852,363
Financing
-€52,232
Cash 2024
€397,136
From operations (derived)
+€894,043
Net result for the year
+€560,044
Depreciation
+€143,177
Stocks and contracts
+€132,786
Receivables within one year
-€30,038
Deferred charges and accrued income
-€7,764
Trade debts
+€47,668
Tax, wage and social debts
+€25,399
Advances received
+€32,851
Other debts
-€13,142
Accrued charges and deferred income
+€3,063
Investment (derived)
-€852,363
Investment in fixed assets (net)
-€52,363
Current investments
-€800,000
Financing
-€52,232
Contributions, distributions and other
-€52,232
Cash 2025
€386,584
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,983,506 | €5,587,157 | +€603,650 | +12.1% |
| Fixed assets | 21/28 | €330,482 | €239,668 | -€90,814 | -27.5% |
| Tangible fixed assets | 22/27 | €327,015 | €236,201 | -€90,814 | -27.8% |
| Land and buildings | 22 | €118,870 | €54,703 | -€64,167 | -54.0% |
| Plant, machinery and equipment | 23 | €157,798 | €138,012 | -€19,786 | -12.5% |
| Furniture and vehicles | 24 | €50,348 | €43,487 | -€6,861 | -13.6% |
| Financial fixed assets | 28 | €3,467 | €3,467 | = | 0.0% |
| Current assets | 29/58 | €4,653,024 | €5,347,488 | +€694,464 | +14.9% |
| Stocks and contracts in progress | 3 | €2,991,424 | €2,858,638 | -€132,786 | -4.4% |
| Stocks | 30/36 | €2,991,424 | €2,858,638 | -€132,786 | -4.4% |
| Amounts receivable within one year | 40/41 | €63,831 | €93,869 | +€30,038 | +47.1% |
| Trade receivables | 40 | €21,523 | €46,848 | +€25,325 | +117.7% |
| Other amounts receivable | 41 | €42,308 | €47,021 | +€4,713 | +11.1% |
| Current investments | 50/53 | €1,200,000 | €2,000,000 | +€800,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €397,136 | €386,584 | -€10,552 | -2.7% |
| Deferred charges and accrued income | 490/1 | €633 | €8,397 | +€7,764 | +1227.3% |
| Total equity and liabilities | 10/49 | €4,983,506 | €5,587,157 | +€603,650 | +12.1% |
| Equity | 10/15 | €4,050,608 | €4,558,420 | +€507,812 | +12.5% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €3,350,608 | €3,858,420 | +€507,812 | +15.2% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €953 | €953 | = | 0.0% |
| Distributable reserves | 133 | €3,279,655 | €3,787,467 | +€507,812 | +15.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €932,898 | €1,028,737 | +€95,838 | +10.3% |
| Amounts payable after more than one year | 17 | €2,278 | €2,278 | = | 0.0% |
| Other amounts payable | 178/9 | €2,278 | €2,278 | = | 0.0% |
| Amounts payable within one year | 42/48 | €888,777 | €981,552 | +€92,775 | +10.4% |
| Trade debts | 44 | €137,029 | €184,697 | +€47,668 | +34.8% |
| Suppliers | 440/4 | €137,029 | €184,697 | +€47,668 | +34.8% |
| Advances received on contracts in progress | 46 | €60,365 | €93,216 | +€32,851 | +54.4% |
| Taxes, remuneration and social security | 45 | €181,304 | €206,703 | +€25,399 | +14.0% |
| Taxes | 450/3 | €157,802 | €171,695 | +€13,894 | +8.8% |
| Remuneration and social security | 454/9 | €23,502 | €35,008 | +€11,505 | +49.0% |
| Other amounts payable | 47/48 | €510,079 | €496,937 | -€13,142 | -2.6% |
| Accrued charges and deferred income | 492/3 | €41,844 | €44,907 | +€3,063 | +7.3% |
| Remuneration, social security and pensions | 62 | €278,259 | €288,073 | +€9,814 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,301 | €143,177 | +€3,876 | +2.8% |
| Other operating charges | 640/8 | €6,997 | €7,304 | +€307 | +4.4% |
| Gross operating margin | 9900 | €1,213,026 | €1,288,245 | +€75,219 | +6.2% |
| Operating profit (loss) | 9901 | €788,470 | €849,690 | +€61,221 | +7.8% |
| Financial income | 75/76B | €31,733 | €38,759 | +€7,026 | +22.1% |
| Recurring financial income | 75 | €31,733 | €38,759 | +€7,026 | +22.1% |
| Financial charges | 65/66B | €65,565 | €60,408 | -€5,157 | -7.9% |
| Recurring financial charges | 65 | €65,565 | €60,408 | -€5,157 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €754,637 | €828,041 | +€73,404 | +9.7% |
| Income taxes | 67/77 | €240,022 | €267,997 | +€27,975 | +11.7% |
| Profit (loss) for the period | 9904 | €514,615 | €560,044 | +€45,429 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €514,615 | €560,044 | +€45,429 | +8.8% |
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 8 October 2026 via checked.be.