IPO SOLUTIONS: what changed
IPO SOLUTIONS
Largest movements
- Receivables within one year +€30,885
up €30,885 (+245%), from €12,628 to €43,513
of which Trade receivables: +€31,639
- Tangible fixed assets +€5,234
new in 2025: €5,234
- Cash +€2,954
up €2,954 (+33.0%), from €8,941 to €11,895
mainly Trade debts (+€18,806) and Net result for the year (+€13,942)
- Deferred charges and accrued income +€1,150
up €1,150 (+31.6%), from €3,638 to €4,788
- Stocks and contracts -€707
down €707 (-37.2%), from €1,901 to €1,194
- Trade debts +€18,806
up €18,806 (+234%), from €8,026 to €26,832
- Reserves +€13,063
new in 2025: €13,063
- Tax, wage and social debts +€7,601
up €7,601 (+1,315%), from €578 to €8,179
of which Taxes: +€6,120
- Other operating charges -€6,698
down €6,698 (-89.8%), from €7,462 to €764
- Gross operating margin +€6,410
up €6,410 (+47.7%), from €13,452 to €19,862
- Taxes +€4,241
up €4,241 (+382%), from €1,110 to €5,351
- Depreciation -€1,234
down €1,234 (-96.8%), from €1,275 to €41
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,158 | €66,674 | +€39,516 | +146% |
| Fixed assets | 21/28 | €50 | €5,284 | +€5,234 | +10,468% |
| Tangible fixed assets | 22/27 | - | €5,234 | +€5,234 | |
| Other tangible fixed assets | 26 | - | €5,234 | +€5,234 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €27,108 | €61,390 | +€34,282 | +126% |
| Stocks and contracts in progress | 3 | €1,901 | €1,194 | -€707 | -37.2% |
| Stocks | 30/36 | €1,901 | €1,194 | -€707 | -37.2% |
| Amounts receivable within one year | 40/41 | €12,628 | €43,513 | +€30,885 | +245% |
| Trade receivables | 40 | €4,734 | €36,373 | +€31,639 | +668% |
| Other amounts receivable | 41 | €7,894 | €7,140 | -€754 | -9.6% |
| Cash at bank and in hand | 54/58 | €8,941 | €11,895 | +€2,954 | +33.0% |
| Deferred charges and accrued income | 490/1 | €3,638 | €4,788 | +€1,150 | +31.6% |
| Total equity and liabilities | 10/49 | €27,158 | €66,674 | +€39,516 | +146% |
| Equity | 10/15 | €18,554 | €31,663 | +€13,109 | +70.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €13,063 | +€13,063 | |
| Distributable reserves | 133 | - | €13,063 | +€13,063 | |
| Profit (loss) carried forward | 14 | -€46 | - | +€46 | |
| Amounts payable | 17/49 | €8,604 | €35,011 | +€26,407 | +307% |
| Amounts payable within one year | 42/48 | €8,604 | €35,011 | +€26,407 | +307% |
| Trade debts | 44 | €8,026 | €26,832 | +€18,806 | +234% |
| Suppliers | 440/4 | €8,026 | €26,832 | +€18,806 | +234% |
| Taxes, remuneration and social security | 45 | €578 | €8,179 | +€7,601 | +1,315% |
| Taxes | 450/3 | €578 | €6,698 | +€6,120 | +1,059% |
| Remuneration and social security | 454/9 | - | €1,481 | +€1,481 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,275 | €41 | -€1,234 | -96.8% |
| Other operating charges | 640/8 | €7,462 | €764 | -€6,698 | -89.8% |
| Gross operating margin | 9900 | €13,452 | €19,862 | +€6,410 | +47.7% |
| Operating profit (loss) | 9901 | €4,715 | €19,057 | +€14,342 | +304% |
| Financial income | 75/76B | €337 | €387 | +€50 | +14.8% |
| Recurring financial income | 75 | €337 | €387 | +€50 | +14.8% |
| Financial charges | 65/66B | €189 | €151 | -€38 | -20.1% |
| Recurring financial charges | 65 | €189 | €151 | -€38 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €4,863 | €19,293 | +€14,430 | +297% |
| Income taxes | 67/77 | €1,110 | €5,351 | +€4,241 | +382% |
| Profit (loss) for the period | 9904 | €3,753 | €13,942 | +€10,189 | +271% |
| Profit (loss) for the period to be appropriated | 9905 | €3,753 | €13,942 | +€10,189 | +271% |
Next steps
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 2 November 2026 via checked.be.