IPAL: 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.
IPAL
Largest movements
- Financial fixed assets +€611,603
up €611,603 (+41.8%), from €1.5m to €2.1m
- Cash -€493,732
down €493,732 (-95.9%), from €515,076 to €21,343
mainly Investment in fixed assets (net) (-€628,808) and Debts after one year (-€123,316)
- Receivables within one year -€52,175
down €52,175 (-67.6%), from €77,195 to €25,020
- Tangible fixed assets -€50,519
down €50,519 (-12.4%), from €406,369 to €355,851
- Reserves +€187,378
up €187,378 (+12.0%), from €1.6m to €1.8m
of which Distributable reserves: +€187,378
- Debts after one year -€123,316
down €123,316 (-22.5%), from €548,365 to €425,049
of which Financial debts: -€123,316
- Other debts -€46,040
down €46,040 (-82.5%), from €55,787 to €9,747
- Gross operating margin +€118,143
up €118,143 (+138%), from €85,442 to €203,585
- Financial income -€72,356
down €72,356 (-39.7%), from €182,225 to €109,869
of which Financial income: -€66,780
- Other operating charges -€40,737
down €40,737 (-84.5%), from €48,237 to €7,500
- Depreciation -€12,420
down €12,420 (-15.5%), from €80,144 to €67,724
- Taxes +€5,574
up €5,574 (+23.0%), from €24,196 to €29,769
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 | €2,480,335 | €2,503,345 | +€23,010 | +0.9% |
| Fixed assets | 21/28 | €1,870,027 | €2,431,111 | +€561,085 | +30.0% |
| Tangible fixed assets | 22/27 | €406,369 | €355,851 | -€50,519 | -12.4% |
| Land and buildings | 22 | €361,790 | €338,830 | -€22,960 | -6.3% |
| Furniture and vehicles | 24 | €8,918 | €6,153 | -€2,765 | -31.0% |
| Leasing and similar rights | 25 | €35,662 | €10,868 | -€24,793 | -69.5% |
| Financial fixed assets | 28 | €1,463,658 | €2,075,261 | +€611,603 | +41.8% |
| Current assets | 29/58 | €610,309 | €72,234 | -€538,075 | -88.2% |
| Amounts receivable within one year | 40/41 | €77,195 | €25,020 | -€52,175 | -67.6% |
| Other amounts receivable | 41 | €77,195 | €25,020 | -€52,175 | -67.6% |
| Cash at bank and in hand | 54/58 | €515,076 | €21,343 | -€493,732 | -95.9% |
| Deferred charges and accrued income | 490/1 | €18,038 | €25,870 | +€7,832 | +43.4% |
| Total equity and liabilities | 10/49 | €2,480,335 | €2,503,345 | +€23,010 | +0.9% |
| Equity | 10/15 | €1,594,100 | €1,781,478 | +€187,378 | +11.8% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €1,563,113 | €1,750,491 | +€187,378 | +12.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €360,426 | €360,426 | = | 0.0% |
| Distributable reserves | 133 | €1,199,588 | €1,386,967 | +€187,378 | +15.6% |
| Provisions and deferred taxes | 16 | €141,781 | €141,781 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €21,641 | €21,641 | = | 0.0% |
| Pensions and similar obligations | 160 | €21,641 | €21,641 | = | 0.0% |
| Deferred taxes | 168 | €120,141 | €120,141 | = | 0.0% |
| Amounts payable | 17/49 | €744,455 | €580,086 | -€164,369 | -22.1% |
| Amounts payable after more than one year | 17 | €548,365 | €425,049 | -€123,316 | -22.5% |
| Financial debts | 170/4 | €398,365 | €275,049 | -€123,316 | -31.0% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €196,090 | €155,037 | -€41,053 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €112,169 | €123,317 | +€11,147 | +9.9% |
| Financial debts | 43 | €11,794 | - | -€11,794 | |
| Credit institutions | 430/8 | €11,794 | - | -€11,794 | |
| Trade debts | 44 | €12,822 | €5,074 | -€7,749 | -60.4% |
| Suppliers | 440/4 | €12,822 | €5,074 | -€7,749 | -60.4% |
| Advances received on contracts in progress | 46 | - | €5,709 | +€5,709 | |
| Taxes, remuneration and social security | 45 | €3,518 | €11,191 | +€7,673 | +218% |
| Taxes | 450/3 | €3,518 | €11,191 | +€7,673 | +218% |
| Other amounts payable | 47/48 | €55,787 | €9,747 | -€46,040 | -82.5% |
| Remuneration, social security and pensions | 62 | €2 | - | -€2 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,144 | €67,724 | -€12,420 | -15.5% |
| Other operating charges | 640/8 | €48,237 | €7,500 | -€40,737 | -84.5% |
| Gross operating margin | 9900 | €85,442 | €203,585 | +€118,143 | +138% |
| Operating profit (loss) | 9901 | -€42,940 | €128,361 | +€171,302 | |
| Financial income | 75/76B | €182,225 | €109,869 | -€72,356 | -39.7% |
| Recurring financial income | 75 | €176,649 | €109,869 | -€66,780 | -37.8% |
| Non-recurring financial income | 76B | €5,576 | - | -€5,576 | |
| Financial charges | 65/66B | €22,699 | €18,307 | -€4,393 | -19.4% |
| Recurring financial charges | 65 | €22,699 | €18,307 | -€4,393 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €116,585 | €219,924 | +€103,339 | +88.6% |
| Income taxes | 67/77 | €24,196 | €29,769 | +€5,574 | +23.0% |
| Profit (loss) for the period | 9904 | €92,390 | €190,155 | +€97,765 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €92,390 | €190,155 | +€97,765 | +106% |
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 29 October 2026 via checked.be.