IUPI: 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.
IUPI
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+47.9%), from €3.4m to €5.0m
of which Assets under construction and advance payments: +€1.3m
- Cash -€137,912
down €137,912 (-93.7%), from €147,186 to €9,274
mainly Investment in fixed assets (net) (-€1.8m) and Net result for the year (-€305,812)
- Other debts +€1.4m
up €1.4m (+59.9%), from €2.3m to €3.6m
- Debts after one year +€339,505
up €339,505 (+57.4%), from €591,888 to €931,393
- Profit (loss) carried forward -€305,812
down €305,812 (-34.8%), from -€878,514 to -€1.2m
- Trade debts +€103,953
up €103,953 (+167.5%), from €62,050 to €166,003
- Depreciation +€32,158
up €32,158 (+27.0%), from €119,314 to €151,472
- Gross operating margin -€9,168
down €9,168 (-7.6%), from -€120,773 to -€129,941
- Financial charges +€1,404
up €1,404 (+13.4%), from €10,494 to €11,898
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 | €3,587,000 | €5,081,316 | +€1.5m | +41.7% |
| Fixed assets | 21/28 | €3,365,963 | €4,976,864 | +€1.6m | +47.9% |
| Tangible fixed assets | 22/27 | €3,365,963 | €4,976,864 | +€1.6m | +47.9% |
| Land and buildings | 22 | €2,323,395 | €2,583,287 | +€259,892 | +11.2% |
| Plant, machinery and equipment | 23 | €10,940 | €9,463 | -€1,477 | -13.5% |
| Furniture and vehicles | 24 | €208,771 | €217,449 | +€8,678 | +4.2% |
| Assets under construction and advance payments | 27 | €822,858 | €2,166,665 | +€1.3m | +163.3% |
| Current assets | 29/58 | €221,037 | €104,452 | -€116,585 | -52.7% |
| Amounts receivable within one year | 40/41 | €72,654 | €91,523 | +€18,868 | +26.0% |
| Trade receivables | 40 | €24,208 | €18,083 | -€6,125 | -25.3% |
| Other amounts receivable | 41 | €48,447 | €73,440 | +€24,993 | +51.6% |
| Cash at bank and in hand | 54/58 | €147,186 | €9,274 | -€137,912 | -93.7% |
| Deferred charges and accrued income | 490/1 | €1,197 | €3,656 | +€2,459 | +205.5% |
| Total equity and liabilities | 10/49 | €3,587,000 | €5,081,316 | +€1.5m | +41.7% |
| Equity | 10/15 | €621,486 | €315,674 | -€305,812 | -49.2% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€878,514 | -€1,184,326 | -€305,812 | -34.8% |
| Amounts payable | 17/49 | €2,965,514 | €4,765,642 | +€1.8m | +60.7% |
| Amounts payable after more than one year | 17 | €591,888 | €931,393 | +€339,505 | +57.4% |
| Financial debts | 170/4 | €591,888 | €931,393 | +€339,505 | +57.4% |
| Amounts payable within one year | 42/48 | €2,373,627 | €3,831,504 | +€1.5m | +61.4% |
| Current portion of amounts payable after more than one year | 42 | €49,157 | €49,894 | +€737 | +1.5% |
| Trade debts | 44 | €62,050 | €166,003 | +€103,953 | +167.5% |
| Suppliers | 440/4 | €62,050 | €166,003 | +€103,953 | +167.5% |
| Taxes, remuneration and social security | 45 | €3,058 | €1,923 | -€1,135 | -37.1% |
| Remuneration and social security | 454/9 | €3,058 | €1,923 | -€1,135 | -37.1% |
| Other amounts payable | 47/48 | €2,259,362 | €3,613,685 | +€1.4m | +59.9% |
| Accrued charges and deferred income | 492/3 | - | €2,745 | +€2,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,314 | €151,472 | +€32,158 | +27.0% |
| Other operating charges | 640/8 | €12,415 | €12,084 | -€332 | -2.7% |
| Gross operating margin | 9900 | -€120,773 | -€129,941 | -€9,168 | -7.6% |
| Operating profit (loss) | 9901 | -€252,502 | -€293,497 | -€40,994 | -16.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €10,494 | €11,898 | +€1,404 | +13.4% |
| Recurring financial charges | 65 | €10,494 | €11,898 | +€1,404 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | -€262,996 | -€305,395 | -€42,398 | -16.1% |
| Income taxes | 67/77 | €405 | €418 | +€13 | +3.1% |
| Profit (loss) for the period | 9904 | -€263,401 | -€305,812 | -€42,411 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€263,401 | -€305,812 | -€42,411 | -16.1% |
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 6 October 2026 via checked.be.