IPWal: what changed
Two fiscal 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.
IPWal
Largest movements
- Receivables within one year -€232,967
down €232,967 (-95.7%), from €243,460 to €10,493
of which Other amounts receivable: -€213,597
- Cash +€98,767
up €98,767 (+2676.6%), from €3,690 to €102,457
mainly Receivables within one year (+€232,967) and Depreciation (+€61,807)
- Tangible fixed assets -€61,807
down €61,807 (-5.6%), from €1.1m to €1.0m
of which Land and buildings: -€61,054
- Debts after one year -€145,827
down €145,827 (-13.7%), from €1.1m to €919,291
- Other debts -€41,062
down €41,062 (-100.0%), from €41,062 to €0
- Profit (loss) carried forward +€17,145
up €17,145 (+20.4%), from €83,876 to €101,020
- Gross operating margin -€83,308
down €83,308 (-42.1%), from €197,831 to €114,522
- Taxes +€5,421
up €5,421 (+3345.0%), from €162 to €5,583
- Financial charges +€2,898
up €2,898 (+18.2%), from €15,926 to €18,824
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 | €1,341,718 | €1,145,712 | -€196,007 | -14.6% |
| Fixed assets | 21/28 | €1,094,568 | €1,032,761 | -€61,807 | -5.6% |
| Tangible fixed assets | 22/27 | €1,094,568 | €1,032,761 | -€61,807 | -5.6% |
| Land and buildings | 22 | €1,090,218 | €1,029,165 | -€61,054 | -5.6% |
| Furniture and vehicles | 24 | €4,349 | €3,596 | -€753 | -17.3% |
| Current assets | 29/58 | €247,150 | €112,951 | -€134,200 | -54.3% |
| Amounts receivable within one year | 40/41 | €243,460 | €10,493 | -€232,967 | -95.7% |
| Trade receivables | 40 | €27,546 | €8,175 | -€19,371 | -70.3% |
| Other amounts receivable | 41 | €215,915 | €2,318 | -€213,597 | -98.9% |
| Cash at bank and in hand | 54/58 | €3,690 | €102,457 | +€98,767 | +2676.6% |
| Total equity and liabilities | 10/49 | €1,341,718 | €1,145,712 | -€196,007 | -14.6% |
| Equity | 10/15 | €90,176 | €107,320 | +€17,145 | +19.0% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,876 | €101,020 | +€17,145 | +20.4% |
| Amounts payable | 17/49 | €1,251,542 | €1,038,391 | -€213,151 | -17.0% |
| Amounts payable after more than one year | 17 | €1,065,118 | €919,291 | -€145,827 | -13.7% |
| Financial debts | 170/4 | €1,065,118 | €919,291 | -€145,827 | -13.7% |
| Amounts payable within one year | 42/48 | €171,436 | €113,837 | -€57,600 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €112,868 | €105,342 | -€7,525 | -6.7% |
| Financial debts | 43 | €6,914 | €6,815 | -€99 | -1.4% |
| Credit institutions | 430/8 | €6,914 | €6,815 | -€99 | -1.4% |
| Trade debts | 44 | €1,177 | €81 | -€1,096 | -93.2% |
| Suppliers | 440/4 | €1,177 | €81 | -€1,096 | -93.2% |
| Taxes, remuneration and social security | 45 | €9,416 | €1,599 | -€7,817 | -83.0% |
| Taxes | 450/3 | €9,416 | €1,599 | -€7,817 | -83.0% |
| Other amounts payable | 47/48 | €41,062 | €0 | -€41,062 | -100.0% |
| Accrued charges and deferred income | 492/3 | €14,989 | €5,264 | -€9,725 | -64.9% |
| Non-recurring operating income | 76A | €65,751 | - | -€65,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,119 | €61,807 | +€688 | +1.1% |
| Other operating charges | 640/8 | €11,684 | €11,163 | -€520 | -4.5% |
| Gross operating margin | 9900 | €197,831 | €114,522 | -€83,308 | -42.1% |
| Operating profit (loss) | 9901 | €125,028 | €41,552 | -€83,476 | -66.8% |
| Financial charges | 65/66B | €15,926 | €18,824 | +€2,898 | +18.2% |
| Recurring financial charges | 65 | €15,926 | €18,824 | +€2,898 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €109,102 | €22,728 | -€86,374 | -79.2% |
| Income taxes | 67/77 | €162 | €5,583 | +€5,421 | +3345.0% |
| Profit (loss) for the period | 9904 | €108,940 | €17,145 | -€91,796 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €108,940 | €17,145 | -€91,796 | -84.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.