IPSILON Belgium: 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.
IPSILON Belgium
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+80.7%), from €1.8m to €3.3m
of which Trade receivables: +€1.1m
- Cash -€443,365
down €443,365 (-54.9%), from €807,306 to €363,942
mainly Receivables within one year (-€1.5m) and Stocks and contracts (-€274,649)
- Stocks and contracts +€274,649
new in 2025: €274,649
- Tangible fixed assets +€108,811
up €108,811 (+128%), from €84,923 to €193,734
of which Other tangible fixed assets: +€57,700
- Other debts +€1.1m
up €1.1m (+179%), from €600,000 to €1.7m
- Profit (loss) carried forward +€176,094
up €176,094 (+11.5%), from €1.5m to €1.7m
- Trade debts +€129,897
up €129,897 (+37.5%), from €346,278 to €476,175
- Tax, wage and social debts +€63,100
up €63,100 (+29.9%), from €211,141 to €274,241
of which Remuneration and social security: +€60,965
- Gross operating margin -€431,200
down €431,200 (-21.7%), from €2.0m to €1.6m
- Taxes -€85,991
down €85,991 (-47.9%), from €179,338 to €93,348
- Staff costs -€23,842
down €23,842 (-1.8%), from €1.3m to €1.3m
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.
Derived cash bridge
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 | €2,808,445 | €4,243,555 | +€1.4m | +51.1% |
| Fixed assets | 21/28 | €110,157 | €236,363 | +€126,206 | +115% |
| Tangible fixed assets | 22/27 | €84,923 | €193,734 | +€108,811 | +128% |
| Plant, machinery and equipment | 23 | €21,670 | €30,565 | +€8,895 | +41.0% |
| Furniture and vehicles | 24 | €1,193 | €43,409 | +€42,216 | +3,539% |
| Other tangible fixed assets | 26 | €62,060 | €119,760 | +€57,700 | +93.0% |
| Financial fixed assets | 28 | €25,235 | €42,630 | +€17,395 | +68.9% |
| Current assets | 29/58 | €2,698,287 | €4,007,192 | +€1.3m | +48.5% |
| Stocks and contracts in progress | 3 | - | €274,649 | +€274,649 | |
| Contracts in progress | 37 | - | €274,649 | +€274,649 | |
| Amounts receivable within one year | 40/41 | €1,833,356 | €3,313,677 | +€1.5m | +80.7% |
| Trade receivables | 40 | €942,860 | €2,051,951 | +€1.1m | +118% |
| Other amounts receivable | 41 | €890,496 | €1,261,726 | +€371,230 | +41.7% |
| Cash at bank and in hand | 54/58 | €807,306 | €363,942 | -€443,365 | -54.9% |
| Deferred charges and accrued income | 490/1 | €57,626 | €54,925 | -€2,701 | -4.7% |
| Total equity and liabilities | 10/49 | €2,808,445 | €4,243,555 | +€1.4m | +51.1% |
| Equity | 10/15 | €1,634,640 | €1,810,734 | +€176,094 | +10.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,524,640 | €1,700,734 | +€176,094 | +11.5% |
| Amounts payable | 17/49 | €1,173,804 | €2,432,821 | +€1.3m | +107% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,168,548 | €2,426,319 | +€1.3m | +108% |
| Current portion of amounts payable after more than one year | 42 | €11,128 | €0 | -€11,128 | -100% |
| Trade debts | 44 | €346,278 | €476,175 | +€129,897 | +37.5% |
| Suppliers | 440/4 | €346,278 | €476,175 | +€129,897 | +37.5% |
| Taxes, remuneration and social security | 45 | €211,141 | €274,241 | +€63,100 | +29.9% |
| Taxes | 450/3 | €61,208 | €63,344 | +€2,136 | +3.5% |
| Remuneration and social security | 454/9 | €149,933 | €210,897 | +€60,965 | +40.7% |
| Other amounts payable | 47/48 | €600,000 | €1,675,903 | +€1.1m | +179% |
| Accrued charges and deferred income | 492/3 | €5,257 | €6,502 | +€1,245 | +23.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,304,747 | €1,280,904 | -€23,842 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,944 | €23,329 | +€6,385 | +37.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,182 | +€4,182 | |
| Other operating charges | 640/8 | €1,108 | €3,678 | +€2,570 | +232% |
| Gross operating margin | 9900 | €1,983,112 | €1,551,912 | -€431,200 | -21.7% |
| Operating profit (loss) | 9901 | €660,313 | €239,818 | -€420,495 | -63.7% |
| Financial income | 75/76B | €46,234 | €46,490 | +€257 | +0.6% |
| Recurring financial income | 75 | €46,234 | €46,490 | +€257 | +0.6% |
| Financial charges | 65/66B | €20,793 | €16,867 | -€3,926 | -18.9% |
| Recurring financial charges | 65 | €20,793 | €16,867 | -€3,926 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €685,754 | €269,441 | -€416,313 | -60.7% |
| Income taxes | 67/77 | €179,338 | €93,348 | -€85,991 | -47.9% |
| Profit (loss) for the period | 9904 | €506,416 | €176,094 | -€330,322 | -65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €506,416 | €176,094 | -€330,322 | -65.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.