IPR: 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.
IPR
Largest movements
- Cash +€43,981
up €43,981 (+117.6%), from €37,400 to €81,381
mainly Depreciation (+€33,776) and Net result for the year (+€28,927)
- Tangible fixed assets -€32,875
down €32,875 (-3.3%), from €998,830 to €965,955
of which Land and buildings: -€25,743
- Profit (loss) carried forward -€36,000
down €36,000 (-16.3%), from €220,783 to €184,783
- Reserves +€28,927
up €28,927 (+4.2%), from €693,976 to €722,903
of which Distributable reserves: +€38,317
- Other debts +€16,374
new in 2025: €16,374
- Depreciation -€8,740
down €8,740 (-20.6%), from €42,516 to €33,776
- Taxes +€7,517
up €7,517 (+72.5%), from €10,365 to €17,881
- Gross operating margin +€6,897
up €6,897 (+8.4%), from €82,447 to €89,344
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 | €1,043,960 | €1,054,716 | +€10,755 | +1.0% |
| Fixed assets | 21/28 | €1,001,648 | €968,773 | -€32,875 | -3.3% |
| Tangible fixed assets | 22/27 | €998,830 | €965,955 | -€32,875 | -3.3% |
| Land and buildings | 22 | €983,993 | €958,250 | -€25,743 | -2.6% |
| Plant, machinery and equipment | 23 | €12,447 | €5,852 | -€6,595 | -53.0% |
| Furniture and vehicles | 24 | €2,391 | €1,854 | -€537 | -22.5% |
| Financial fixed assets | 28 | €2,818 | €2,818 | = | 0.0% |
| Current assets | 29/58 | €42,312 | €85,942 | +€43,631 | +103.1% |
| Amounts receivable within one year | 40/41 | €2,512 | €2,512 | = | 0.0% |
| Other amounts receivable | 41 | €2,512 | €2,512 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,400 | €81,381 | +€43,981 | +117.6% |
| Deferred charges and accrued income | 490/1 | €2,400 | €2,050 | -€350 | -14.6% |
| Total equity and liabilities | 10/49 | €1,043,960 | €1,054,716 | +€10,755 | +1.0% |
| Equity | 10/15 | €976,258 | €969,186 | -€7,073 | -0.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €693,976 | €722,903 | +€28,927 | +4.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €187,826 | €178,435 | -€9,390 | -5.0% |
| Distributable reserves | 133 | €500,000 | €538,317 | +€38,317 | +7.7% |
| Profit (loss) carried forward | 14 | €220,783 | €184,783 | -€36,000 | -16.3% |
| Provisions and deferred taxes | 16 | €62,609 | €59,478 | -€3,130 | -5.0% |
| Deferred taxes | 168 | €62,609 | €59,478 | -€3,130 | -5.0% |
| Amounts payable | 17/49 | €5,093 | €26,051 | +€20,958 | +411.5% |
| Amounts payable after more than one year | 17 | €2,620 | €2,905 | +€285 | +10.9% |
| Other amounts payable | 178/9 | €2,620 | €2,905 | +€285 | +10.9% |
| Amounts payable within one year | 42/48 | €1,066 | €19,255 | +€18,189 | +1706.0% |
| Trade debts | 44 | €701 | - | -€701 | |
| Suppliers | 440/4 | €701 | - | -€701 | |
| Taxes, remuneration and social security | 45 | €365 | €2,881 | +€2,517 | +689.7% |
| Taxes | 450/3 | €365 | €2,881 | +€2,517 | +689.7% |
| Other amounts payable | 47/48 | - | €16,374 | +€16,374 | |
| Accrued charges and deferred income | 492/3 | €1,407 | €3,891 | +€2,484 | +176.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,516 | €33,776 | -€8,740 | -20.6% |
| Other operating charges | 640/8 | €11,330 | €11,687 | +€356 | +3.1% |
| Gross operating margin | 9900 | €82,447 | €89,344 | +€6,897 | +8.4% |
| Operating profit (loss) | 9901 | €28,601 | €43,882 | +€15,281 | +53.4% |
| Financial charges | 65/66B | €161 | €203 | +€42 | +26.1% |
| Recurring financial charges | 65 | €161 | €203 | +€42 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | €28,440 | €43,679 | +€15,239 | +53.6% |
| Transfer from deferred taxes | 780 | €3,130 | €3,130 | = | 0.0% |
| Income taxes | 67/77 | €10,365 | €17,881 | +€7,517 | +72.5% |
| Profit (loss) for the period | 9904 | €21,205 | €28,927 | +€7,722 | +36.4% |
| Transfer from tax-exempt reserves | 789 | €9,390 | €9,390 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,595 | €38,317 | +€7,722 | +25.2% |
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 2 October 2026 via checked.be.