IPVA: 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.
IPVA
Largest movements
- Cash -€76,526
down €76,526 (-61.1%), from €125,215 to €48,689
mainly Investment in fixed assets (net) (-€59,669) and Other debts (-€45,169)
- Tangible fixed assets +€38,425
up €38,425 (+99.5%), from €38,607 to €77,032
of which Furniture and vehicles: +€46,577
- Stocks and contracts -€27,173
down €27,173 (-26.8%), from €101,395 to €74,222
- Receivables within one year +€14,757
up €14,757 (+36.5%), from €40,395 to €55,152
of which Trade receivables: +€14,945
- Other debts -€45,169
down €45,169 (-28.2%), from €160,078 to €114,910
- Reserves -€4,011
down €4,011 (-3.5%), from €115,946 to €111,936
- Gross operating margin +€15,426
up €15,426 (+33.0%), from €46,715 to €62,141
- Taxes +€4,617
up €4,617 (+802%), from €576 to €5,192
- Depreciation -€3,557
down €3,557 (-14.3%), from €24,801 to €21,244
- Staff costs +€3,313
up €3,313 (+36.4%), from €9,098 to €12,412
- Financial charges -€1,343
down €1,343 (-13.9%), from €9,656 to €8,313
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €307,780 | €259,812 | -€47,968 | -15.6% |
| Fixed assets | 21/28 | €38,742 | €77,167 | +€38,425 | +99.2% |
| Tangible fixed assets | 22/27 | €38,607 | €77,032 | +€38,425 | +99.5% |
| Land and buildings | 22 | €1,745 | €1,307 | -€438 | -25.1% |
| Plant, machinery and equipment | 23 | €23,673 | €15,958 | -€7,715 | -32.6% |
| Furniture and vehicles | 24 | €13,188 | €59,766 | +€46,577 | +353% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €269,038 | €182,645 | -€86,393 | -32.1% |
| Stocks and contracts in progress | 3 | €101,395 | €74,222 | -€27,173 | -26.8% |
| Stocks | 30/36 | €101,395 | €74,222 | -€27,173 | -26.8% |
| Amounts receivable within one year | 40/41 | €40,395 | €55,152 | +€14,757 | +36.5% |
| Trade receivables | 40 | €35,792 | €50,737 | +€14,945 | +41.8% |
| Other amounts receivable | 41 | €4,603 | €4,415 | -€188 | -4.1% |
| Cash at bank and in hand | 54/58 | €125,215 | €48,689 | -€76,526 | -61.1% |
| Deferred charges and accrued income | 490/1 | €2,033 | €4,581 | +€2,548 | +125% |
| Total equity and liabilities | 10/49 | €307,780 | €259,812 | -€47,968 | -15.6% |
| Equity | 10/15 | €136,624 | €132,613 | -€4,010 | -2.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €115,946 | €111,936 | -€4,011 | -3.5% |
| Distributable reserves | 133 | €115,946 | €111,936 | -€4,011 | -3.5% |
| Profit (loss) carried forward | 14 | €677 | €678 | +€0 | +0.1% |
| Amounts payable | 17/49 | €171,156 | €127,198 | -€43,958 | -25.7% |
| Amounts payable within one year | 42/48 | €168,656 | €124,698 | -€43,958 | -26.1% |
| Trade debts | 44 | €5,509 | €6,226 | +€717 | +13.0% |
| Suppliers | 440/4 | €5,509 | €6,226 | +€717 | +13.0% |
| Taxes, remuneration and social security | 45 | €3,069 | €3,563 | +€494 | +16.1% |
| Taxes | 450/3 | €3,069 | €3,563 | +€494 | +16.1% |
| Other amounts payable | 47/48 | €160,078 | €114,910 | -€45,169 | -28.2% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €9,098 | €12,412 | +€3,313 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,801 | €21,244 | -€3,557 | -14.3% |
| Other operating charges | 640/8 | €2,679 | €2,349 | -€330 | -12.3% |
| Gross operating margin | 9900 | €46,715 | €62,141 | +€15,426 | +33.0% |
| Operating profit (loss) | 9901 | €10,137 | €26,136 | +€15,999 | +158% |
| Financial income | 75/76B | €894 | €315 | -€579 | -64.8% |
| Recurring financial income | 75 | €894 | €315 | -€579 | -64.8% |
| Financial charges | 65/66B | €9,656 | €8,313 | -€1,343 | -13.9% |
| Recurring financial charges | 65 | €9,656 | €8,313 | -€1,343 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €1,374 | €18,137 | +€16,763 | +1,220% |
| Income taxes | 67/77 | €576 | €5,192 | +€4,617 | +802% |
| Profit (loss) for the period | 9904 | €798 | €12,945 | +€12,147 | +1,522% |
| Profit (loss) for the period to be appropriated | 9905 | €798 | €12,945 | +€12,147 | +1,522% |
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 18 October 2026 via checked.be.