IPS Holding: 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.
IPS Holding
Largest movements
- Financial fixed assets +€3.0m
new in 2025: €3.0m
- Tangible fixed assets +€649,019
up €649,019, from €0 to €649,019
of which Other tangible fixed assets: +€647,201
- Cash +€200,342
up €200,342 (+3884.4%), from €5,158 to €205,500
- Debts after one year +€1.6m
new in 2025: €1.6m
- Contributions +€1.2m
up €1.2m (+2497.5%), from €50,000 to €1.3m
- Other debts +€376,867
up €376,867 (+9324.6%), from €4,042 to €380,908
- Reserves +€297,200
new in 2025: €297,200
- Current portion of long-term debt +€223,027
new in 2025: €223,027
- Financial income +€600,000
up €600,000, from €0 to €600,000
- Financial charges +€130,537
up €130,537 (+79654.3%), from €164 to €130,701
- Depreciation +€83,976
up €83,976 (+12764.0%), from €658 to €84,634
- Gross operating margin -€39,592
down €39,592 (-4048.7%), from -€978 to -€40,570
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,981 | €3,804,689 | +€3.8m | +42265.6% |
| Formation expenses | 20 | €1,323 | €169 | -€1,154 | -87.2% |
| Fixed assets | 21/28 | €0 | €3,599,019 | +€3.6m | |
| Tangible fixed assets | 22/27 | €0 | €649,019 | +€649,019 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | €1,819 | +€1,819 | |
| Other tangible fixed assets | 26 | - | €647,201 | +€647,201 | |
| Financial fixed assets | 28 | - | €2,950,000 | +€3.0m | |
| Current assets | 29/58 | €7,658 | €205,500 | +€197,842 | +2583.6% |
| Amounts receivable within one year | 40/41 | €2,500 | €0 | -€2,500 | -100.0% |
| Trade receivables | 40 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,158 | €205,500 | +€200,342 | +3884.4% |
| Total equity and liabilities | 10/49 | €8,981 | €3,804,689 | +€3.8m | +42265.6% |
| Equity | 10/15 | €3,376 | €1,595,971 | +€1.6m | +47176.1% |
| Contributions | 10/11 | €50,000 | €1,298,771 | +€1.2m | +2497.5% |
| Reserves | 13 | - | €297,200 | +€297,200 | |
| Distributable reserves | 133 | - | €297,200 | +€297,200 | |
| Profit (loss) carried forward | 14 | -€46,624 | €0 | +€46,624 | |
| Amounts payable | 17/49 | €5,605 | €2,208,718 | +€2.2m | +39307.9% |
| Amounts payable after more than one year | 17 | - | €1,590,971 | +€1.6m | |
| Financial debts | 170/4 | - | €1,590,971 | +€1.6m | |
| Amounts payable within one year | 42/48 | €5,605 | €617,747 | +€612,142 | +10921.8% |
| Current portion of amounts payable after more than one year | 42 | - | €223,027 | +€223,027 | |
| Trade debts | 44 | €411 | €11,838 | +€11,427 | +2781.1% |
| Suppliers | 440/4 | €411 | €11,838 | +€11,427 | +2781.1% |
| Taxes, remuneration and social security | 45 | €1,152 | €1,974 | +€821 | +71.3% |
| Taxes | 450/3 | €1,152 | €1,974 | +€821 | +71.3% |
| Other amounts payable | 47/48 | €4,042 | €380,908 | +€376,867 | +9324.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €658 | €84,634 | +€83,976 | +12764.0% |
| Other operating charges | 640/8 | €126 | €271 | +€145 | +115.8% |
| Non-recurring operating charges | 66A | €29,693 | €0 | -€29,693 | -100.0% |
| Gross operating margin | 9900 | -€978 | -€40,570 | -€39,592 | -4048.7% |
| Operating profit (loss) | 9901 | -€31,455 | -€125,475 | -€94,020 | -298.9% |
| Financial income | 75/76B | €0 | €600,000 | +€600,000 | |
| Recurring financial income | 75 | €0 | €600,000 | +€600,000 | |
| Financial charges | 65/66B | €164 | €130,701 | +€130,537 | +79654.3% |
| Recurring financial charges | 65 | €164 | €130,701 | +€130,537 | +79654.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,619 | €343,824 | +€375,442 | |
| Profit (loss) for the period | 9904 | -€31,619 | €343,824 | +€375,442 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,619 | €343,824 | +€375,442 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.