Ipsen: 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
Ipsen
NACE 46.460, Wholesale of pharmaceutical and medical goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.2m
2024 · €5.1m-€898,289
Equity
€119.9m
2024 · €115.7m+€4.2m
Cash
€252
2024 · €350-€98
Balance sheet total
€134.4m
2024 · €125.5m+€8.9m
Largest movements
Assets
- Receivables within one year +€4.6m
up €4.6m (+4.0%), from €115.6m to €120.3m
of which Trade receivables: +€3.1m
- Stocks and contracts +€3.9m
up €3.9m (+39.9%), from €9.7m to €13.5m
Equity and liabilities
- Profit (loss) carried forward +€4.0m
up €4.0m (+11.4%), from €34.9m to €38.8m
- Trade debts +€3.6m
up €3.6m (+45.7%), from €8.0m to €11.6m
Income statement
- Turnover +€1.8m
up €1.8m (+2.6%), from €69.5m to €71.3m
- Financial income -€1.7m
down €1.7m (-41.5%), from €4.1m to €2.4m
- Other operating charges +€1.1m
up €1.1m (+8.1%), from €13.6m to €14.7m
- Goods and materials -€814,635
down €814,635 (-2.1%), from €39.0m to €38.2m
of which Change in stocks: decrease (increase): -€937,881
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
€5.1m
Turnover
+€1.8m
Other operating income
+€104,519
Goods and materials
+€814,635
Services and other goods
-€459,776
Staff costs
-€553,907
Depreciation
-€18,390
Write-downs
+€42,052
Other operating charges
-€1.1m
Financial income
-€1.7m
Financial charges
-€15,346
Taxes
+€149,957
Result 2025
€4.2m
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
+€343,229
Investment
-€343,327
Financing
€0
Cash 2024
€350
From operations (derived)
+€343,229
Net result for the year
+€4.2m
Depreciation
+€59,247
Stocks and contracts
-€3.9m
Receivables within one year
-€4.6m
Deferred charges and accrued income
-€55,888
Trade debts
+€3.6m
Tax, wage and social debts
+€1.0m
Accrued charges and deferred income
+€37,276
Investment (derived)
-€343,327
Investment in fixed assets (net)
-€343,327
Cash 2025
€252
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €125,509,757 | €134,360,639 | +€8.9m | +7.1% |
| Fixed assets | 21/28 | €160,285 | €444,365 | +€284,080 | +177.2% |
| Intangible fixed assets | 21 | €86,546 | €73,776 | -€12,771 | -14.8% |
| Tangible fixed assets | 22/27 | €73,739 | €370,589 | +€296,851 | +402.6% |
| Plant, machinery and equipment | 23 | €27,658 | €17,229 | -€10,430 | -37.7% |
| Furniture and vehicles | 24 | €20,757 | €75,455 | +€54,699 | +263.5% |
| Other tangible fixed assets | 26 | €25,324 | €277,905 | +€252,581 | +997.4% |
| Current assets | 29/58 | €125,349,471 | €133,916,274 | +€8.6m | +6.8% |
| Stocks and contracts in progress | 3 | €9,671,484 | €13,532,669 | +€3.9m | +39.9% |
| Stocks | 30/36 | €9,671,484 | €13,532,669 | +€3.9m | +39.9% |
| Goods purchased for resale | 34 | €9,671,484 | €13,532,669 | +€3.9m | +39.9% |
| Amounts receivable within one year | 40/41 | €115,619,697 | €120,269,523 | +€4.6m | +4.0% |
| Trade receivables | 40 | €8,294,100 | €11,363,901 | +€3.1m | +37.0% |
| Other amounts receivable | 41 | €107,325,597 | €108,905,623 | +€1.6m | +1.5% |
| Cash at bank and in hand | 54/58 | €350 | €252 | -€98 | -28.0% |
| Deferred charges and accrued income | 490/1 | €57,941 | €113,829 | +€55,888 | +96.5% |
| Total equity and liabilities | 10/49 | €125,509,757 | €134,360,639 | +€8.9m | +7.1% |
| Equity | 10/15 | €115,714,437 | €119,884,487 | +€4.2m | +3.6% |
| Contributions | 10/11 | €78,748,000 | €78,748,000 | = | 0.0% |
| Capital | 10 | €78,748,000 | €78,748,000 | = | 0.0% |
| Issued capital | 100 | €78,748,000 | €78,748,000 | = | 0.0% |
| Reserves | 13 | €2,091,707 | €2,300,209 | +€208,502 | +10.0% |
| Non-distributable reserves | 130/1 | €2,091,707 | €2,300,209 | +€208,502 | +10.0% |
| Legal reserve | 130 | €2,091,707 | €2,300,209 | +€208,502 | +10.0% |
| Profit (loss) carried forward | 14 | €34,874,731 | €38,836,278 | +€4.0m | +11.4% |
| Amounts payable | 17/49 | €9,795,319 | €14,476,152 | +€4.7m | +47.8% |
| Amounts payable within one year | 42/48 | €9,795,319 | €14,438,876 | +€4.6m | +47.4% |
| Trade debts | 44 | €7,950,778 | €11,580,996 | +€3.6m | +45.7% |
| Suppliers | 440/4 | €7,950,778 | €11,580,996 | +€3.6m | +45.7% |
| Taxes, remuneration and social security | 45 | €1,844,541 | €2,857,880 | +€1.0m | +54.9% |
| Taxes | 450/3 | €166,892 | €936,443 | +€769,550 | +461.1% |
| Remuneration and social security | 454/9 | €1,677,649 | €1,921,437 | +€243,788 | +14.5% |
| Accrued charges and deferred income | 492/3 | - | €37,276 | +€37,276 | |
| Operating income | 70/76A | €71,150,149 | €73,080,207 | +€1.9m | +2.7% |
| Turnover | 70 | €69,491,262 | €71,316,801 | +€1.8m | +2.6% |
| Other operating income | 74 | €1,658,887 | €1,763,406 | +€104,519 | +6.3% |
| Operating charges | 60/66A | €68,394,697 | €69,667,969 | +€1.3m | +1.9% |
| Goods for resale, raw materials and consumables | 60 | €38,975,031 | €38,160,395 | -€814,635 | -2.1% |
| Purchases | 600/8 | €41,877,309 | €42,000,555 | +€123,245 | +0.3% |
| Change in stocks: decrease (increase) | 609 | -€2,902,279 | -€3,840,160 | -€937,881 | -32.3% |
| Services and other goods | 61 | €6,825,864 | €7,285,641 | +€459,776 | +6.7% |
| Remuneration, social security and pensions | 62 | €8,920,062 | €9,473,969 | +€553,907 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,857 | €59,247 | +€18,390 | +45.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,026 | -€21,026 | -€42,052 | |
| Other operating charges | 640/8 | €13,611,857 | €14,709,743 | +€1.1m | +8.1% |
| Operating profit (loss) | 9901 | €2,755,452 | €3,412,238 | +€656,786 | +23.8% |
| Financial income | 75/76B | €4,071,503 | €2,381,817 | -€1.7m | -41.5% |
| Recurring financial income | 75 | €4,071,503 | €2,381,817 | -€1.7m | -41.5% |
| Income from current assets | 751 | €4,071,432 | €2,379,406 | -€1.7m | -41.6% |
| Other financial income | 752/9 | €71 | €2,410 | +€2,339 | +3296.8% |
| Financial charges | 65/66B | €125,683 | €141,029 | +€15,346 | +12.2% |
| Recurring financial charges | 65 | €125,683 | €141,029 | +€15,346 | +12.2% |
| Debt charges | 650 | €73,360 | €96,027 | +€22,666 | +30.9% |
| Other financial charges | 652/9 | €52,323 | €45,002 | -€7,320 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €6,701,271 | €5,653,025 | -€1.0m | -15.6% |
| Income taxes | 67/77 | €1,632,932 | €1,482,976 | -€149,957 | -9.2% |
| Taxes | 670/3 | €1,723,460 | €1,482,976 | -€240,484 | -14.0% |
| Tax adjustments and reversals of tax provisions | 77 | €90,528 | - | -€90,528 | |
| Profit (loss) for the period | 9904 | €5,068,339 | €4,170,050 | -€898,289 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,068,339 | €4,170,050 | -€898,289 | -17.7% |
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 28 September 2026 via checked.be.