IPSUM VERZEKERINGEN: 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.
IPSUM VERZEKERINGEN
Largest movements
- Cash +€175,610
up €175,610 (+472%), from €37,212 to €212,822
mainly Net result for the year (+€223,569) and Current investments (+€130,000)
- Current investments -€130,000
no longer reported in 2025 (was €130,000)
- Tangible fixed assets -€26,416
down €26,416 (-4.8%), from €544,932 to €518,516
- Receivables within one year +€11,648
up €11,648 (+14.4%), from €81,009 to €92,657
of which Other amounts receivable: +€18,512
- Reserves +€73,569
up €73,569 (+39.4%), from €186,511 to €260,081
- Debts after one year -€41,596
down €41,596 (-12.6%), from €330,518 to €288,921
- Other debts -€10,000
down €10,000 (-6.3%), from €160,000 to €150,000
- Taxes -€27,756
down €27,756 (-46.4%), from €59,780 to €32,024
- Staff costs +€26,147
up €26,147 (+17.8%), from €146,804 to €172,951
- Gross operating margin +€19,640
up €19,640 (+4.3%), from €456,791 to €476,431
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 | €902,432 | €933,482 | +€31,051 | +3.4% |
| Fixed assets | 21/28 | €650,191 | €623,120 | -€27,072 | -4.2% |
| Intangible fixed assets | 21 | €105,260 | €104,603 | -€656 | -0.6% |
| Tangible fixed assets | 22/27 | €544,932 | €518,516 | -€26,416 | -4.8% |
| Land and buildings | 22 | €380,389 | €373,879 | -€6,510 | -1.7% |
| Plant, machinery and equipment | 23 | €123,735 | €114,278 | -€9,456 | -7.6% |
| Furniture and vehicles | 24 | €40,108 | €29,659 | -€10,449 | -26.1% |
| Other tangible fixed assets | 26 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €252,240 | €310,363 | +€58,122 | +23.0% |
| Amounts receivable within one year | 40/41 | €81,009 | €92,657 | +€11,648 | +14.4% |
| Trade receivables | 40 | €43,470 | €36,606 | -€6,864 | -15.8% |
| Other amounts receivable | 41 | €37,539 | €56,051 | +€18,512 | +49.3% |
| Current investments | 50/53 | €130,000 | - | -€130,000 | |
| Cash at bank and in hand | 54/58 | €37,212 | €212,822 | +€175,610 | +472% |
| Deferred charges and accrued income | 490/1 | €4,020 | €4,884 | +€864 | +21.5% |
| Total equity and liabilities | 10/49 | €902,432 | €933,482 | +€31,051 | +3.4% |
| Equity | 10/15 | €337,569 | €411,138 | +€73,569 | +21.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €132,457 | €132,457 | = | 0.0% |
| Reserves | 13 | €186,511 | €260,081 | +€73,569 | +39.4% |
| Distributable reserves | 133 | €186,511 | €260,081 | +€73,569 | +39.4% |
| Amounts payable | 17/49 | €564,863 | €522,344 | -€42,519 | -7.5% |
| Amounts payable after more than one year | 17 | €330,518 | €288,921 | -€41,596 | -12.6% |
| Financial debts | 170/4 | €330,518 | €288,921 | -€41,596 | -12.6% |
| Amounts payable within one year | 42/48 | €234,345 | €233,423 | -€922 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €39,946 | €41,596 | +€1,651 | +4.1% |
| Trade debts | 44 | €4,901 | €4,972 | +€70 | +1.4% |
| Suppliers | 440/4 | €4,901 | €4,972 | +€70 | +1.4% |
| Taxes, remuneration and social security | 45 | €29,498 | €36,855 | +€7,357 | +24.9% |
| Taxes | 450/3 | €2,782 | €5,372 | +€2,589 | +93.1% |
| Remuneration and social security | 454/9 | €26,716 | €31,483 | +€4,767 | +17.8% |
| Other amounts payable | 47/48 | €160,000 | €150,000 | -€10,000 | -6.3% |
| Remuneration, social security and pensions | 62 | €146,804 | €172,951 | +€26,147 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,241 | €34,671 | +€430 | +1.3% |
| Other operating charges | 640/8 | €3,148 | €2,874 | -€274 | -8.7% |
| Gross operating margin | 9900 | €456,791 | €476,431 | +€19,640 | +4.3% |
| Operating profit (loss) | 9901 | €272,599 | €265,936 | -€6,663 | -2.4% |
| Financial income | 75/76B | €1,067 | €3,785 | +€2,718 | +255% |
| Recurring financial income | 75 | €1,067 | €3,785 | +€2,718 | +255% |
| Financial charges | 65/66B | €10,994 | €14,128 | +€3,133 | +28.5% |
| Recurring financial charges | 65 | €10,994 | €14,128 | +€3,133 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €262,672 | €255,593 | -€7,078 | -2.7% |
| Income taxes | 67/77 | €59,780 | €32,024 | -€27,756 | -46.4% |
| Profit (loss) for the period | 9904 | €202,891 | €223,569 | +€20,678 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €202,891 | €223,569 | +€20,678 | +10.2% |
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 15 October 2026 via checked.be.