IPSO FACTO: 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.
IPSO FACTO
Largest movements
- Tangible fixed assets -€394,859
no longer reported in 2025 (was €394,859)
of which Land and buildings: -€393,401
- Receivables within one year +€278,330
up €278,330 (+428%), from €65,046 to €343,376
of which Other amounts receivable: +€343,376
- Cash +€134,421
up €134,421 (+3,796%), from €3,541 to €137,961
- Debts after one year -€282,221
down €282,221 (-100%), from €282,221 to €0
of which Other amounts payable: -€152,329
- Reserves +€213,975
up €213,975 (+144%), from €148,473 to €362,449
of which Tax-exempt reserves: +€213,975
- Provisions +€58,397
up €58,397 (+159%), from €36,659 to €95,056
- Profit (loss) carried forward +€41,918
up €41,918 (+55.7%), from -€75,290 to -€33,372
- Current portion of long-term debt -€18,938
no longer reported in 2025 (was €18,938)
- Depreciation -€43,268
down €43,268 (-100%), from €43,268 to €0
- Gross operating margin -€34,751
down €34,751, from €31,489 to -€3,261
- Financial income +€12,515
new in 2025: €12,515
- Other operating charges +€11,203
up €11,203 (+827%), from €1,355 to €12,558
- Financial charges -€6,886
down €6,886 (-96.2%), from €7,156 to €270
From the 2023 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
A cash bridge needs two consecutive financial 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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €464,835 | €481,422 | +€16,587 | +3.6% |
| Fixed assets | 21/28 | €394,944 | €84 | -€394,859 | -100.0% |
| Tangible fixed assets | 22/27 | €394,859 | - | -€394,859 | |
| Land and buildings | 22 | €393,401 | - | -€393,401 | |
| Plant, machinery and equipment | 23 | €1,375 | - | -€1,375 | |
| Furniture and vehicles | 24 | €84 | - | -€84 | |
| Financial fixed assets | 28 | €84 | €84 | = | 0.0% |
| Current assets | 29/58 | €69,891 | €481,338 | +€411,446 | +589% |
| Amounts receivable within one year | 40/41 | €65,046 | €343,376 | +€278,330 | +428% |
| Trade receivables | 40 | €65,046 | €0 | -€65,046 | -100% |
| Other amounts receivable | 41 | - | €343,376 | +€343,376 | |
| Cash at bank and in hand | 54/58 | €3,541 | €137,961 | +€134,421 | +3,796% |
| Deferred charges and accrued income | 490/1 | €1,304 | €0 | -€1,304 | -100% |
| Total equity and liabilities | 10/49 | €464,835 | €481,422 | +€16,587 | +3.6% |
| Equity | 10/15 | €111,783 | €367,676 | +€255,893 | +229% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €148,473 | €362,449 | +€213,975 | +144% |
| Non-distributable reserves | 130/1 | €3,860 | €3,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,860 | €3,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,193 | €285,168 | +€213,975 | +301% |
| Distributable reserves | 133 | €73,421 | €73,421 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,290 | -€33,372 | +€41,918 | +55.7% |
| Provisions and deferred taxes | 16 | €36,659 | €95,056 | +€58,397 | +159% |
| Deferred taxes | 168 | €36,659 | €95,056 | +€58,397 | +159% |
| Amounts payable | 17/49 | €316,393 | €18,689 | -€297,703 | -94.1% |
| Amounts payable after more than one year | 17 | €282,221 | €0 | -€282,221 | -100% |
| Financial debts | 170/4 | €129,892 | - | -€129,892 | |
| Other amounts payable | 178/9 | €152,329 | €0 | -€152,329 | -100% |
| Amounts payable within one year | 42/48 | €34,171 | €18,689 | -€15,482 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €18,938 | - | -€18,938 | |
| Trade debts | 44 | €544 | €1,839 | +€1,295 | +238% |
| Suppliers | 440/4 | €544 | €1,839 | +€1,295 | +238% |
| Taxes, remuneration and social security | 45 | €707 | €16,851 | +€16,144 | +2,284% |
| Taxes | 450/3 | €707 | €16,851 | +€16,144 | +2,284% |
| Other amounts payable | 47/48 | €13,983 | - | -€13,983 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,268 | €0 | -€43,268 | -100% |
| Other operating charges | 640/8 | €1,355 | €12,558 | +€11,203 | +827% |
| Gross operating margin | 9900 | €31,489 | -€3,261 | -€34,751 | |
| Operating profit (loss) | 9901 | -€13,133 | -€15,819 | -€2,686 | -20.5% |
| Financial income | 75/76B | - | €12,515 | +€12,515 | |
| Recurring financial income | 75 | - | €12,515 | +€12,515 | |
| Financial charges | 65/66B | €7,156 | €270 | -€6,886 | -96.2% |
| Recurring financial charges | 65 | €7,156 | €270 | -€6,886 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | -€20,289 | -€3,575 | +€16,715 | +82.4% |
| Transfer from deferred taxes | 780 | €6,725 | €0 | -€6,725 | -100% |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€13,565 | -€3,575 | +€9,990 | +73.6% |
| Transfer from tax-exempt reserves | 789 | €13,059 | €0 | -€13,059 | -100% |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€506 | -€3,575 | -€3,069 | -607% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 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.