IPSE: 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.
IPSE
Largest movements
- Receivables within one year -€47,336
down €47,336 (-61.8%), from €76,585 to €29,249
of which Other amounts receivable: -€50,131
- Tangible fixed assets -€12,129
down €12,129 (-24.0%), from €50,496 to €38,367
of which Furniture and vehicles: -€11,353
- Current investments -€10,000
down €10,000 (-99.8%), from €10,016 to €17
- Reserves -€74,684
down €74,684 (-94.5%), from €79,000 to €4,315
of which Distributable reserves: -€74,684
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Debts after one year -€8,351
down €8,351 (-38.8%), from €21,516 to €13,165
- Tax, wage and social debts +€4,384
up €4,384 (+27.8%), from €15,787 to €20,171
of which Remuneration and social security: +€2,400
- Other debts -€1,735
down €1,735 (-14.0%), from €12,433 to €10,698
- Gross operating margin +€4,849
up €4,849 (+28.0%), from €17,291 to €22,139
- Financial charges -€1,432
down €1,432 (-52.2%), from €2,745 to €1,314
- Other operating charges -€1,336
down €1,336 (-37.8%), from €3,535 to €2,200
- Taxes +€1,102
up €1,102 (+26.6%), from €4,146 to €5,249
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 | €154,437 | €84,636 | -€69,802 | -45.2% |
| Fixed assets | 21/28 | €52,746 | €40,617 | -€12,129 | -23.0% |
| Tangible fixed assets | 22/27 | €50,496 | €38,367 | -€12,129 | -24.0% |
| Furniture and vehicles | 24 | €40,803 | €29,450 | -€11,353 | -27.8% |
| Other tangible fixed assets | 26 | €9,693 | €8,917 | -€776 | -8.0% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €101,692 | €44,019 | -€57,673 | -56.7% |
| Amounts receivable within one year | 40/41 | €76,585 | €29,249 | -€47,336 | -61.8% |
| Trade receivables | 40 | €23,391 | €26,186 | +€2,795 | +12.0% |
| Other amounts receivable | 41 | €53,194 | €3,062 | -€50,131 | -94.2% |
| Current investments | 50/53 | €10,016 | €17 | -€10,000 | -99.8% |
| Cash at bank and in hand | 54/58 | €7,992 | €8,106 | +€114 | +1.4% |
| Deferred charges and accrued income | 490/1 | €7,099 | €6,648 | -€451 | -6.4% |
| Total equity and liabilities | 10/49 | €154,437 | €84,636 | -€69,802 | -45.2% |
| Equity | 10/15 | €85,200 | €22,915 | -€62,284 | -73.1% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €79,000 | €4,315 | -€74,684 | -94.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €77,140 | €2,455 | -€74,684 | -96.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €69,238 | €61,720 | -€7,518 | -10.9% |
| Amounts payable after more than one year | 17 | €21,516 | €13,165 | -€8,351 | -38.8% |
| Financial debts | 170/4 | €21,516 | €13,165 | -€8,351 | -38.8% |
| Amounts payable within one year | 42/48 | €47,721 | €48,482 | +€760 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €8,465 | €9,050 | +€585 | +6.9% |
| Financial debts | 43 | €1,845 | €993 | -€852 | -46.2% |
| Credit institutions | 430/8 | €1,845 | €993 | -€852 | -46.2% |
| Trade debts | 44 | €9,191 | €7,570 | -€1,621 | -17.6% |
| Suppliers | 440/4 | €9,191 | €7,570 | -€1,621 | -17.6% |
| Taxes, remuneration and social security | 45 | €15,787 | €20,171 | +€4,384 | +27.8% |
| Taxes | 450/3 | €15,787 | €17,771 | +€1,984 | +12.6% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €12,433 | €10,698 | -€1,735 | -14.0% |
| Accrued charges and deferred income | 492/3 | - | €74 | +€74 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,082 | €13,970 | -€112 | -0.8% |
| Other operating charges | 640/8 | €3,535 | €2,200 | -€1,336 | -37.8% |
| Gross operating margin | 9900 | €17,291 | €22,139 | +€4,849 | +28.0% |
| Operating profit (loss) | 9901 | -€327 | €5,970 | +€6,296 | |
| Financial income | 75/76B | €2,866 | €3,048 | +€182 | +6.4% |
| Recurring financial income | 75 | €2,866 | €3,048 | +€182 | +6.4% |
| Financial charges | 65/66B | €2,745 | €1,314 | -€1,432 | -52.2% |
| Recurring financial charges | 65 | €2,745 | €1,314 | -€1,432 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | -€206 | €7,704 | +€7,910 | |
| Income taxes | 67/77 | €4,146 | €5,249 | +€1,102 | +26.6% |
| Profit (loss) for the period | 9904 | -€4,352 | €2,455 | +€6,808 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,352 | €2,455 | +€6,808 |
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 5 October 2026 via checked.be.