LIPA: 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.
LIPA
Largest movements
- Cash -€124,316
down €124,316 (-46.1%), from €269,441 to €145,125
mainly Current investments (-€78,694) and Investment in fixed assets (net) (-€50,226)
- Current investments +€78,694
new in 2025: €78,694
- Intangible fixed assets +€49,030
up €49,030 (+5,916%), from €829 to €49,858
- Receivables within one year +€36,458
up €36,458 (+18.1%), from €201,487 to €237,945
of which Trade receivables: +€25,471
- Tangible fixed assets -€32,977
down €32,977 (-10.9%), from €303,033 to €270,057
- Trade debts -€28,476
down €28,476 (-27.4%), from €104,103 to €75,627
- Reserves +€22,024
up €22,024 (+6.8%), from €325,740 to €347,764
of which Distributable reserves: +€22,024
- Gross operating margin +€37,908
up €37,908 (+9.5%), from €399,270 to €437,177
- Staff costs +€19,956
up €19,956 (+6.0%), from €332,723 to €352,679
- Financial charges +€7,899
up €7,899 (+101%), from €7,809 to €15,708
of which Financial charges: +€6,103
- Financial income +€5,649
up €5,649 (+362%), from €1,558 to €7,207
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.
Derived cash bridge
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 | €818,173 | €833,648 | +€15,475 | +1.9% |
| Fixed assets | 21/28 | €321,886 | €337,738 | +€15,852 | +4.9% |
| Intangible fixed assets | 21 | €829 | €49,858 | +€49,030 | +5,916% |
| Tangible fixed assets | 22/27 | €303,033 | €270,057 | -€32,977 | -10.9% |
| Land and buildings | 22 | €202,813 | €191,766 | -€11,047 | -5.4% |
| Plant, machinery and equipment | 23 | €48,507 | €41,954 | -€6,553 | -13.5% |
| Furniture and vehicles | 24 | €51,713 | €36,337 | -€15,376 | -29.7% |
| Financial fixed assets | 28 | €18,024 | €17,823 | -€201 | -1.1% |
| Current assets | 29/58 | €496,287 | €495,911 | -€377 | -0.1% |
| Stocks and contracts in progress | 3 | €16,761 | €28,324 | +€11,563 | +69.0% |
| Stocks | 30/36 | €16,761 | €28,324 | +€11,563 | +69.0% |
| Amounts receivable within one year | 40/41 | €201,487 | €237,945 | +€36,458 | +18.1% |
| Trade receivables | 40 | €170,351 | €195,822 | +€25,471 | +15.0% |
| Other amounts receivable | 41 | €31,136 | €42,122 | +€10,986 | +35.3% |
| Current investments | 50/53 | - | €78,694 | +€78,694 | |
| Cash at bank and in hand | 54/58 | €269,441 | €145,125 | -€124,316 | -46.1% |
| Deferred charges and accrued income | 490/1 | €8,598 | €5,822 | -€2,776 | -32.3% |
| Total equity and liabilities | 10/49 | €818,173 | €833,648 | +€15,475 | +1.9% |
| Equity | 10/15 | €405,066 | €427,090 | +€22,024 | +5.4% |
| Contributions | 10/11 | €79,326 | €79,326 | = | 0.0% |
| Capital | 10 | €79,326 | €79,326 | = | 0.0% |
| Issued capital | 100 | €79,326 | €79,326 | = | 0.0% |
| Reserves | 13 | €325,740 | €347,764 | +€22,024 | +6.8% |
| Non-distributable reserves | 130/1 | €7,933 | €7,933 | = | 0.0% |
| Legal reserve | 130 | €7,933 | €7,933 | = | 0.0% |
| Distributable reserves | 133 | €317,807 | €339,832 | +€22,024 | +6.9% |
| Amounts payable | 17/49 | €413,107 | €406,558 | -€6,549 | -1.6% |
| Amounts payable after more than one year | 17 | €225,543 | €232,184 | +€6,641 | +2.9% |
| Financial debts | 170/4 | €225,543 | €232,184 | +€6,641 | +2.9% |
| Amounts payable within one year | 42/48 | €187,564 | €174,374 | -€13,190 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €16,406 | €22,847 | +€6,440 | +39.3% |
| Trade debts | 44 | €104,103 | €75,627 | -€28,476 | -27.4% |
| Suppliers | 440/4 | €104,103 | €75,627 | -€28,476 | -27.4% |
| Advances received on contracts in progress | 46 | - | €190 | +€190 | |
| Taxes, remuneration and social security | 45 | €65,989 | €73,366 | +€7,377 | +11.2% |
| Taxes | 450/3 | €20,516 | €19,964 | -€552 | -2.7% |
| Remuneration and social security | 454/9 | €45,473 | €53,403 | +€7,930 | +17.4% |
| Other amounts payable | 47/48 | €1,066 | €2,345 | +€1,279 | +120% |
| Remuneration, social security and pensions | 62 | €332,723 | €352,679 | +€19,956 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,328 | €34,374 | +€46 | +0.1% |
| Other operating charges | 640/8 | €9,248 | €5,965 | -€3,283 | -35.5% |
| Gross operating margin | 9900 | €399,270 | €437,177 | +€37,908 | +9.5% |
| Operating profit (loss) | 9901 | €22,971 | €44,159 | +€21,188 | +92.2% |
| Financial income | 75/76B | €1,558 | €7,207 | +€5,649 | +362% |
| Recurring financial income | 75 | €1,558 | €7,207 | +€5,649 | +362% |
| Financial charges | 65/66B | €7,809 | €15,708 | +€7,899 | +101% |
| Recurring financial charges | 65 | €7,809 | €13,912 | +€6,103 | +78.1% |
| Non-recurring financial charges | 66B | - | €1,796 | +€1,796 | |
| Profit (loss) for the period before taxes | 9903 | €16,720 | €35,658 | +€18,938 | +113% |
| Income taxes | 67/77 | €6,933 | €10,942 | +€4,009 | +57.8% |
| Profit (loss) for the period | 9904 | €9,787 | €24,716 | +€14,929 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €9,787 | €24,716 | +€14,929 | +153% |
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 15 October 2026 via checked.be.