IPPES: what changed
Two financial 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.
IPPES
Largest movements
- Cash -€204,927
down €204,927 (-87.4%), from €234,592 to €29,665
mainly Other debts (-€154,539) and Net result for the year (-€55,788)
- Tangible fixed assets -€53,517
down €53,517 (-29.1%), from €184,158 to €130,641
of which Land and buildings: -€36,511
- Receivables within one year +€21,784
up €21,784 (+12.6%), from €172,744 to €194,528
of which Other amounts receivable: +€60,576
- Other debts -€154,539
down €154,539 (-100.0%), from €154,539 to €0
- Profit (loss) carried forward -€31,682
new in 2025: -€31,682
- Reserves -€24,105
down €24,105 (-8.1%), from €298,724 to €274,619
of which Distributable reserves: -€24,105
- Current portion of long-term debt -€19,126
down €19,126 (-100.0%), from €19,126 to €0
- Tax, wage and social debts -€7,642
down €7,642 (-83.5%), from €9,156 to €1,514
- Gross operating margin -€92,178
down €92,178 (-70.7%), from €130,385 to €38,206
- Taxes -€8,882
down €8,882 (-98.5%), from €9,013 to €131
- Other operating charges -€1,350
down €1,350 (-37.0%), from €3,652 to €2,302
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 | €665,865 | €429,695 | -€236,171 | -35.5% |
| Fixed assets | 21/28 | €252,158 | €198,641 | -€53,517 | -21.2% |
| Tangible fixed assets | 22/27 | €184,158 | €130,641 | -€53,517 | -29.1% |
| Land and buildings | 22 | €50,521 | €14,010 | -€36,511 | -72.3% |
| Plant, machinery and equipment | 23 | €84,214 | €92,669 | +€8,455 | +10.0% |
| Furniture and vehicles | 24 | €33,085 | €14,449 | -€18,636 | -56.3% |
| Other tangible fixed assets | 26 | €16,339 | €9,513 | -€6,826 | -41.8% |
| Financial fixed assets | 28 | €68,000 | €68,000 | = | 0.0% |
| Current assets | 29/58 | €413,707 | €231,054 | -€182,653 | -44.2% |
| Stocks and contracts in progress | 3 | €1,277 | €1,549 | +€272 | +21.3% |
| Stocks | 30/36 | €1,277 | €1,549 | +€272 | +21.3% |
| Amounts receivable within one year | 40/41 | €172,744 | €194,528 | +€21,784 | +12.6% |
| Trade receivables | 40 | €39,391 | €599 | -€38,792 | -98.5% |
| Other amounts receivable | 41 | €133,354 | €193,929 | +€60,576 | +45.4% |
| Cash at bank and in hand | 54/58 | €234,592 | €29,665 | -€204,927 | -87.4% |
| Deferred charges and accrued income | 490/1 | €5,094 | €5,312 | +€218 | +4.3% |
| Total equity and liabilities | 10/49 | €665,865 | €429,695 | -€236,171 | -35.5% |
| Equity | 10/15 | €479,324 | €423,537 | -€55,788 | -11.6% |
| Contributions | 10/11 | €180,600 | €180,600 | = | 0.0% |
| Reserves | 13 | €298,724 | €274,619 | -€24,105 | -8.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €298,724 | €274,619 | -€24,105 | -8.1% |
| Profit (loss) carried forward | 14 | - | -€31,682 | -€31,682 | |
| Amounts payable | 17/49 | €186,541 | €6,158 | -€180,383 | -96.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €185,871 | €5,657 | -€180,214 | -97.0% |
| Current portion of amounts payable after more than one year | 42 | €19,126 | €0 | -€19,126 | -100.0% |
| Trade debts | 44 | €3,050 | €4,144 | +€1,093 | +35.8% |
| Suppliers | 440/4 | €3,050 | €4,144 | +€1,093 | +35.8% |
| Taxes, remuneration and social security | 45 | €9,156 | €1,514 | -€7,642 | -83.5% |
| Taxes | 450/3 | €9,156 | €1,514 | -€7,642 | -83.5% |
| Other amounts payable | 47/48 | €154,539 | €0 | -€154,539 | -100.0% |
| Accrued charges and deferred income | 492/3 | €669 | €500 | -€169 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,776 | €96,720 | -€1,056 | -1.1% |
| Other operating charges | 640/8 | €3,652 | €2,302 | -€1,350 | -37.0% |
| Gross operating margin | 9900 | €130,385 | €38,206 | -€92,178 | -70.7% |
| Operating profit (loss) | 9901 | €28,957 | -€60,815 | -€89,772 | |
| Financial income | 75/76B | €5,587 | €5,421 | -€166 | -3.0% |
| Recurring financial income | 75 | €5,587 | €5,421 | -€166 | -3.0% |
| Financial charges | 65/66B | €1,426 | €262 | -€1,163 | -81.6% |
| Recurring financial charges | 65 | €1,426 | €262 | -€1,163 | -81.6% |
| Profit (loss) for the period before taxes | 9903 | €33,118 | -€55,657 | -€88,775 | |
| Income taxes | 67/77 | €9,013 | €131 | -€8,882 | -98.5% |
| Profit (loss) for the period | 9904 | €24,105 | -€55,788 | -€79,893 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,105 | -€55,788 | -€79,893 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.