IPF BELCO: what changed
What changed
IPF BELCO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€53,233
2024 · €59,959-€6,726
Equity
€12.2m
2024 · €12.1m+€53,233
Cash
€8,187
2024 · €18,283-€10,096
Balance sheet total
€12.2m
2024 · €12.2m+€51,672
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€6,072
down €6,072 (-35.2%), from -€17,259 to -€23,331
- Financial charges +€1,906
up €1,906 (+119%), from €1,595 to €3,501
- Financial income +€755
up €755 (+0.9%), from €80,389 to €81,144
- Other operating charges -€480
down €480 (-32.5%), from €1,479 to €998
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€59,959
Gross operating margin
-€6,072
Other operating charges
+€480
Financial income
+€755
Financial charges
-€1,906
Taxes
+€16
Result 2025
€53,233
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€10,096
Investment
€0
Financing
€0
Cash 2024
€18,283
From operations (derived)
-€10,096
Net result for the year
+€53,233
Receivables within one year
-€55,456
Deferred charges and accrued income
-€6,311
Trade debts
+€234
Tax, wage and social debts
-€16
Other debts
-€1,779
Cash 2025
€8,187
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,163,231 | €12,214,903 | +€51,672 | +0.4% |
| Fixed assets | 21/28 | €9,375,499 | €9,375,499 | = | 0.0% |
| Financial fixed assets | 28 | €9,375,499 | €9,375,499 | = | 0.0% |
| Current assets | 29/58 | €2,787,732 | €2,839,404 | +€51,672 | +1.9% |
| Amounts receivable within one year | 40/41 | €2,769,450 | €2,824,906 | +€55,456 | +2.0% |
| Other amounts receivable | 41 | €2,769,450 | €2,824,906 | +€55,456 | +2.0% |
| Cash at bank and in hand | 54/58 | €18,283 | €8,187 | -€10,096 | -55.2% |
| Deferred charges and accrued income | 490/1 | - | €6,311 | +€6,311 | |
| Total equity and liabilities | 10/49 | €12,163,231 | €12,214,903 | +€51,672 | +0.4% |
| Equity | 10/15 | €12,123,950 | €12,177,183 | +€53,233 | +0.4% |
| Contributions | 10/11 | €11,493,145 | €11,493,145 | = | 0.0% |
| Reserves | 13 | €41,248 | €41,248 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €41,248 | €41,248 | = | 0.0% |
| Profit (loss) carried forward | 14 | €589,557 | €642,790 | +€53,233 | +9.0% |
| Amounts payable | 17/49 | €39,282 | €37,720 | -€1,561 | -4.0% |
| Amounts payable within one year | 42/48 | €39,282 | €37,720 | -€1,561 | -4.0% |
| Trade debts | 44 | €7,403 | €7,637 | +€234 | +3.2% |
| Suppliers | 440/4 | €7,403 | €7,637 | +€234 | +3.2% |
| Taxes, remuneration and social security | 45 | €97 | €81 | -€16 | -16.4% |
| Taxes | 450/3 | €97 | €81 | -€16 | -16.4% |
| Other amounts payable | 47/48 | €31,782 | €30,003 | -€1,779 | -5.6% |
| Other operating charges | 640/8 | €1,479 | €998 | -€480 | -32.5% |
| Gross operating margin | 9900 | -€17,259 | -€23,331 | -€6,072 | -35.2% |
| Operating profit (loss) | 9901 | -€18,738 | -€24,329 | -€5,591 | -29.8% |
| Financial income | 75/76B | €80,389 | €81,144 | +€755 | +0.9% |
| Recurring financial income | 75 | €80,389 | €81,144 | +€755 | +0.9% |
| Financial charges | 65/66B | €1,595 | €3,501 | +€1,906 | +119% |
| Recurring financial charges | 65 | €1,595 | €3,501 | +€1,906 | +119% |
| Profit (loss) for the period before taxes | 9903 | €60,056 | €53,314 | -€6,742 | -11.2% |
| Income taxes | 67/77 | €97 | €81 | -€16 | -16.4% |
| Profit (loss) for the period | 9904 | €59,959 | €53,233 | -€6,726 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,959 | €53,233 | -€6,726 | -11.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.