IPW PolConstruct: 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.
IPW PolConstruct
Largest movements
- Deferred charges and accrued income +€22,659
up €22,659 (+98.9%), from €22,902 to €45,561
- Cash -€9,208
down €9,208 (-20.1%), from €45,790 to €36,582
mainly Deferred charges and accrued income (-€22,659) and Investment in fixed assets (net) (-€6,034)
- Receivables within one year -€3,969
down €3,969 (-25.8%), from €15,382 to €11,414
of which Trade receivables: -€5,289
- Tax, wage and social debts +€7,317
up €7,317 (+168.2%), from €4,350 to €11,667
- Profit (loss) carried forward +€5,025
up €5,025 (+7.1%), from €71,197 to €76,222
- Trade debts -€2,437
down €2,437 (-19.0%), from €12,796 to €10,359
- Gross operating margin +€18,575
up €18,575 (+98.8%), from €18,794 to €37,369
- Other operating charges +€8,108
up €8,108 (+354.7%), from €2,286 to €10,394
- Taxes +€6,040
up €6,040 (+293.9%), from €2,055 to €8,095
- Financial charges +€2,186
up €2,186 (+36.1%), from €6,060 to €8,246
- Depreciation +€476
up €476 (+9.3%), from €5,138 to €5,613
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,344 | €102,248 | +€9,904 | +10.7% |
| Fixed assets | 21/28 | €8,270 | €8,691 | +€421 | +5.1% |
| Tangible fixed assets | 22/27 | €8,270 | €8,691 | +€421 | +5.1% |
| Plant, machinery and equipment | 23 | €7,241 | €4,888 | -€2,353 | -32.5% |
| Furniture and vehicles | 24 | €1,029 | €3,803 | +€2,774 | +269.6% |
| Current assets | 29/58 | €84,074 | €93,557 | +€9,483 | +11.3% |
| Amounts receivable within one year | 40/41 | €15,382 | €11,414 | -€3,969 | -25.8% |
| Trade receivables | 40 | €9,789 | €4,500 | -€5,289 | -54.0% |
| Other amounts receivable | 41 | €5,593 | €6,914 | +€1,320 | +23.6% |
| Cash at bank and in hand | 54/58 | €45,790 | €36,582 | -€9,208 | -20.1% |
| Deferred charges and accrued income | 490/1 | €22,902 | €45,561 | +€22,659 | +98.9% |
| Total equity and liabilities | 10/49 | €92,344 | €102,248 | +€9,904 | +10.7% |
| Equity | 10/15 | €75,197 | €80,222 | +€5,025 | +6.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,197 | €76,222 | +€5,025 | +7.1% |
| Amounts payable | 17/49 | €17,146 | €22,026 | +€4,879 | +28.5% |
| Amounts payable within one year | 42/48 | €17,146 | €22,026 | +€4,879 | +28.5% |
| Trade debts | 44 | €12,796 | €10,359 | -€2,437 | -19.0% |
| Suppliers | 440/4 | €12,796 | €10,359 | -€2,437 | -19.0% |
| Taxes, remuneration and social security | 45 | €4,350 | €11,667 | +€7,317 | +168.2% |
| Taxes | 450/3 | €4,350 | €11,667 | +€7,317 | +168.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,138 | €5,613 | +€476 | +9.3% |
| Other operating charges | 640/8 | €2,286 | €10,394 | +€8,108 | +354.7% |
| Gross operating margin | 9900 | €18,794 | €37,369 | +€18,575 | +98.8% |
| Operating profit (loss) | 9901 | €11,371 | €21,362 | +€9,991 | +87.9% |
| Financial income | 75/76B | €351 | €3 | -€347 | -99.0% |
| Recurring financial income | 75 | €351 | €3 | -€347 | -99.0% |
| Financial charges | 65/66B | €6,060 | €8,246 | +€2,186 | +36.1% |
| Recurring financial charges | 65 | €6,060 | €8,246 | +€2,186 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €5,662 | €13,120 | +€7,458 | +131.7% |
| Income taxes | 67/77 | €2,055 | €8,095 | +€6,040 | +293.9% |
| Profit (loss) for the period | 9904 | €3,606 | €5,025 | +€1,418 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,606 | €5,025 | +€1,418 | +39.3% |
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 9 October 2026 via checked.be.