IPWT: 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.
IPWT
Largest movements
- Financial fixed assets +€395,750
up €395,750 (+9311.8%), from €4,250 to €400,000
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Cash -€40,235
down €40,235 (-17.4%), from €231,310 to €191,075
mainly Investment in fixed assets (net) (-€397,319) and Contributions, distributions and other (-€150,833)
- Receivables within one year -€28,648
down €28,648 (-29.9%), from €95,954 to €67,306
of which Trade receivables: -€32,191
- Tangible fixed assets -€7,544
down €7,544 (-39.5%), from €19,114 to €11,570
of which Furniture and vehicles: -€6,675
- Debts after one year +€149,032
up €149,032 (+5143.6%), from €2,897 to €151,930
- Profit (loss) carried forward -€136,661
down €136,661 (-44.4%), from €308,112 to €171,451
- Other debts +€85,182
up €85,182 (+159.0%), from €53,572 to €138,754
- Reserves +€67,360
up €67,360 (+5812.2%), from €1,159 to €68,519
of which Tax-exempt reserves: +€67,360
- Provisions +€61,949
new in 2025: €61,949
- Provisions +€61,949
new in 2025: €61,949
- Financial income +€27,179
up €27,179 (+1025.6%), from €2,650 to €29,829
- Financial charges +€13,203
up €13,203 (+6159.4%), from €214 to €13,418
- Depreciation -€7,554
down €7,554 (-45.3%), from €16,667 to €9,113
- Gross operating margin +€5,573
up €5,573 (+3.1%), from €178,681 to €184,254
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 | €427,687 | €670,979 | +€243,292 | +56.9% |
| Fixed assets | 21/28 | €23,364 | €411,570 | +€388,206 | +1661.6% |
| Tangible fixed assets | 22/27 | €19,114 | €11,570 | -€7,544 | -39.5% |
| Furniture and vehicles | 24 | €13,036 | €6,361 | -€6,675 | -51.2% |
| Other tangible fixed assets | 26 | €6,078 | €5,209 | -€869 | -14.3% |
| Financial fixed assets | 28 | €4,250 | €400,000 | +€395,750 | +9311.8% |
| Current assets | 29/58 | €404,323 | €259,409 | -€144,914 | -35.8% |
| Amounts receivable within one year | 40/41 | €95,954 | €67,306 | -€28,648 | -29.9% |
| Trade receivables | 40 | €95,954 | €63,763 | -€32,191 | -33.5% |
| Other amounts receivable | 41 | - | €3,543 | +€3,543 | |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €231,310 | €191,075 | -€40,235 | -17.4% |
| Deferred charges and accrued income | 490/1 | €2,059 | €1,029 | -€1,031 | -50.1% |
| Total equity and liabilities | 10/49 | €427,687 | €670,979 | +€243,292 | +56.9% |
| Equity | 10/15 | €327,871 | €258,570 | -€69,301 | -21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,159 | €68,519 | +€67,360 | +5812.2% |
| Non-distributable reserves | 130/1 | €1,159 | - | -€1,159 | |
| Reserves not available under the articles | 1311 | €1,159 | - | -€1,159 | |
| Tax-exempt reserves | 132 | - | €67,360 | +€67,360 | |
| Distributable reserves | 133 | - | €1,159 | +€1,159 | |
| Profit (loss) carried forward | 14 | €308,112 | €171,451 | -€136,661 | -44.4% |
| Provisions and deferred taxes | 16 | - | €61,949 | +€61,949 | |
| Provisions for liabilities and charges | 160/5 | - | €61,949 | +€61,949 | |
| Environmental obligations | 163 | - | €61,949 | +€61,949 | |
| Amounts payable | 17/49 | €99,816 | €350,460 | +€250,644 | +251.1% |
| Amounts payable after more than one year | 17 | €2,897 | €151,930 | +€149,032 | +5143.6% |
| Financial debts | 170/4 | €2,897 | €151,930 | +€149,032 | +5143.6% |
| Amounts payable within one year | 42/48 | €96,795 | €191,307 | +€94,512 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €6,906 | €29,472 | +€22,566 | +326.7% |
| Trade debts | 44 | €1,563 | €3,334 | +€1,771 | +113.3% |
| Suppliers | 440/4 | €1,563 | €3,334 | +€1,771 | +113.3% |
| Taxes, remuneration and social security | 45 | €34,754 | €19,747 | -€15,007 | -43.2% |
| Taxes | 450/3 | €19,754 | €19,747 | -€7 | 0.0% |
| Remuneration and social security | 454/9 | €15,000 | - | -€15,000 | |
| Other amounts payable | 47/48 | €53,572 | €138,754 | +€85,182 | +159.0% |
| Accrued charges and deferred income | 492/3 | €124 | €7,224 | +€7,100 | +5729.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,667 | €9,113 | -€7,554 | -45.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €61,949 | +€61,949 | |
| Other operating charges | 640/8 | €1,119 | €3,477 | +€2,357 | +210.6% |
| Gross operating margin | 9900 | €178,681 | €184,254 | +€5,573 | +3.1% |
| Operating profit (loss) | 9901 | €160,895 | €109,716 | -€51,179 | -31.8% |
| Financial income | 75/76B | €2,650 | €29,829 | +€27,179 | +1025.6% |
| Recurring financial income | 75 | €2,650 | €29,829 | +€27,179 | +1025.6% |
| Financial charges | 65/66B | €214 | €13,418 | +€13,203 | +6159.4% |
| Recurring financial charges | 65 | €214 | €13,418 | +€13,203 | +6159.4% |
| Profit (loss) for the period before taxes | 9903 | €163,330 | €126,127 | -€37,203 | -22.8% |
| Income taxes | 67/77 | €40,085 | €44,595 | +€4,510 | +11.3% |
| Profit (loss) for the period | 9904 | €123,246 | €81,532 | -€41,713 | -33.8% |
| Transfer to tax-exempt reserves | 689 | - | €67,360 | +€67,360 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,246 | €14,172 | -€109,073 | -88.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.