PIPE CONSTRUCT
ActiveSummary
PIPE CONSTRUCT has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €840,149 and a net result of €1.4m. Equity is shrinking by ~31.2% per year across the filed fiscal years. Its solvency ranks better than 11% of 759 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability93▲+4
Solvency35▲+5
Growth72▲+4
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity tight (current ratio 1.15 against 1.02 in 2023; short-term debt: 79.9% and cash: 4.4% of total assets), and 90.1% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
about 50% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
9.9%
Return on assets
16.1%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 759 sector peers (2024).
NBB · sector comparisonPosition among 759 sector peers
Solvency
better than 11%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
21 d late
2022
10 d late
2021
30 d late
2020
30 d late
2019
47 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 28 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#6 company by total assets in Frameries, Manufacturing sector#9 company by equity in Frameries, Manufacturing sector#9 oldest company in Frameries, Manufacturing sector
Turnover
€9.2m▲ 49.0%
2023 · €6.2m
EBIT margin
22.0%▼ 5.0pp
2023 · 26.9%
Net result
€1.4m▲ 15.9%
2023 · €1.2m
Working capital
€983,063▲ 359%
2023 · €214,105
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€1.4m▼ 62.8%€10.2m▲ 650%€2.8m▼ 72.7%€6.2m▲ 122%€9.2m▲ 49.0%
Operating result€399,797▼ 3.6%€138,951▼ 65.2%-€41,807€1.7m€2.0m▲ 21.4%
Net result€291,353▲ 0.9%€101,826▼ 65.1%-€39,232€1.2m€1.4m▲ 15.9%
EBIT margin29.5%▲ 18.1pp1.4%▼ 28.1pp-1.5%▼ 2.9pp26.9%▲ 28.5pp22.0%▼ 5.0pp
Equity€5.7m▲ 5.5%€5.8m▲ 1.7%€1.3m▼ 77.7%€480,104▼ 63.3%€840,149▲ 75.0%
Total assets€11.5m▲ 91.2%€7.7m▼ 33.0%€3.0m▼ 60.7%€9.7m▲ 218%€8.5m▼ 12.6%
Debt€5.7m▲ 1,024%€1.8m▼ 68.0%€1.7m▼ 8.0%€9.0m▲ 432%€6.8m▼ 24.7%
Working capital€5.2m▲ 6.4%€5.3m▲ 3.2%€849,808▼ 84.1%€214,105▼ 74.8%€983,063▲ 359%
Staff (FTE)7.5=8▲ 6.7%8=8.1▲ 1.3%7.4▼ 8.6%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 21% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €8.5m
Fixed assets
€720,746 ▲ 44.3%
Current assets
€7.7m ▼ 15.7%
Equity and liabilities €8.5m
Equity
€840,149 ▲ 75.0%
Provisions
€861,279 ▲ 280%
Debt
€6.8m ▼ 24.7%
Debt's share of the balance-sheet total falls from 92.7% to 79.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.2m▲
2023 · €1.8m
Cash flow
€1.5m▲
2023 · €1.3m
Current ratio
1.15▲
2023 · 1.02
Quick ratio
0.51▼
2023 · 0.53
Debt to equity
8.05▼
2023 · 18.70
ROE
162.2%▼
2023 · 244.9%
ROA
16.1%▲
2023 · 12.1%
Interest coverage
147290.13▲
2023 · 9605.73
Debt ≤ 1 year
€6.8m▼
2023 · €9.0m
Income taxes
€694,482▲
2023 · €488,082
Staff costs
€480,260▼
2023 · €557,835
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €5.2m | €2.6m | €9.8m | €9.0m | ▼ 7.8% |
| Turnover70 | €1.4m | €10.2m | €2.8m | €6.2m | €9.2m | ▲ 49.0% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | -€5.0m | -€236,311 | €3.5m | -€184,487 | ▼ 105% |
| Other operating income74 | - | €3,706 | €16,678 | €12,021 | €21,680 | ▲ 80.4% |
| Non-recurring operating income76A | - | €18,855 | €3,000 | €115,000 | €10,971 | ▼ 90.5% |
| Operating charges60/66A | - | €5.0m | €2.6m | €8.1m | €7.0m | ▼ 13.7% |
| Goods for resale, raw materials and consumables60 | - | €3.9m | €1.5m | €6.2m | €4.6m | ▼ 25.7% |
| Purchases600/8 | - | €3.9m | €1.5m | €6.2m | €4.6m | ▼ 25.7% |
| Services and other goods61 | - | €657,733 | €593,849 | €1.0m | €1.1m | ▲ 6.5% |
| Remuneration, social security and pensions62 | - | €358,443 | €389,377 | €557,835 | €480,260 | ▼ 13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €107,318 | €117,132 | €107,555 | €123,033 | €165,241 | ▲ 34.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €185,467 | €640,838 | ▲ 246% |
| Other operating charges640/8 | - | €15,111 | €13,398 | €22,712 | €20,707 | ▼ 8.8% |
| Operating profit (loss)9901 | €399,797 | €138,951 | -€41,807 | €1.7m | €2.0m | ▲ 21.4% |
| Financial income75/76B | - | €16,366 | €2,629 | €2,628 | €38,630 | ▲ 1,370% |
| Recurring financial income75 | €2,907 | €16,366 | €2,629 | €2,628 | €38,630 | ▲ 1,370% |
| Income from current assets751 | - | - | - | - | €36,002 | - |
| Other financial income752/9 | - | €16,366 | €2,629 | €2,628 | €2,628 | = |
| Financial charges65/66B | - | €12,503 | €5,776 | €4,891 | €2,504 | ▼ 48.8% |
| Recurring financial charges65 | €3,820 | €12,503 | €5,776 | €4,891 | €2,504 | ▼ 48.8% |
| Debt charges650 | €22 | €4,366 | €826 | €186 | €15 | ▼ 92.0% |
| Other financial charges652/9 | - | €8,137 | €4,950 | €4,705 | €2,489 | ▼ 47.1% |
| Profit (loss) for the period before taxes9903 | €398,884 | €142,814 | -€44,954 | €1.7m | €2.1m | ▲ 23.7% |
| Transfer from deferred taxes780 | - | €6,375 | €6,375 | €6,375 | €6,375 | = |
| Income taxes67/77 | €114,250 | €47,363 | €653 | €488,082 | €694,482 | ▲ 42.3% |
| Taxes670/3 | - | €47,363 | €653 | €488,082 | €694,482 | ▲ 42.3% |
| Profit (loss) for the period9904 | €291,353 | €101,826 | -€39,232 | €1.2m | €1.4m | ▲ 15.9% |
| Transfer from tax-exempt reserves789 | - | €19,125 | €19,125 | €19,125 | €19,125 | = |
| Profit (loss) for the period to be appropriated9905 | €330,262 | €120,951 | -€20,107 | €1.2m | €1.4m | ▲ 15.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.5m | €7.7m | €3.0m | €9.7m | €8.5m | ▼ 12.6% |
| Fixed assets21/28 | €641,274 | €591,595 | €511,029 | €499,356 | €720,746 | ▲ 44.3% |
| Intangible fixed assets21 | - | - | - | €10,541 | €5,874 | ▼ 44.3% |
| Tangible fixed assets22/27 | €615,983 | €566,304 | €486,029 | €463,816 | €689,871 | ▲ 48.7% |
| Land and buildings22 | - | €443,009 | €397,086 | €351,164 | €334,450 | ▼ 4.8% |
| Plant, machinery and equipment23 | - | €32,514 | €35,643 | €47,601 | €109,332 | ▲ 130% |
| Furniture and vehicles24 | - | €86,824 | €50,813 | €60,232 | €243,013 | ▲ 303% |
| Other tangible fixed assets26 | - | €3,957 | €2,487 | €4,819 | €3,076 | ▼ 36.2% |
| Financial fixed assets28 | €25,291 | €25,291 | €25,000 | €25,000 | €25,000 | = |
| Affiliated companies280/1 | - | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Participating interests280 | - | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Other financial fixed assets284/8 | - | €291 | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €291 | - | - | - | - |
| Current assets29/58 | €10.9m | €7.1m | €2.5m | €9.2m | €7.7m | ▼ 15.7% |
| Stocks and contracts in progress3 | €6.2m | €1.2m | €966,457 | €4.5m | €4.3m | ▼ 4.1% |
| Contracts in progress37 | - | €1.2m | €966,457 | €4.5m | €4.3m | ▼ 4.1% |
| Amounts receivable within one year40/41 | €3.2m | €264,270 | €203,732 | €3.9m | €3.0m | ▼ 21.6% |
| Trade receivables40 | - | €218,690 | €85,007 | €3.8m | €2.9m | ▼ 23.6% |
| Other amounts receivable41 | - | €45,581 | €118,724 | €65,510 | €127,399 | ▲ 94.5% |
| Cash at bank and in hand54/58 | €1.4m | €5.7m | €1.3m | €839,369 | €373,447 | ▼ 55.5% |
| Deferred charges and accrued income490/1 | - | €15,030 | €16,260 | €25,612 | €62,729 | ▲ 145% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.5m | €7.7m | €3.0m | €9.7m | €8.5m | ▼ 12.6% |
| Equity10/15 | €5.7m | €5.8m | €1.3m | €480,104 | €840,149 | ▲ 75.0% |
| Contributions10/11 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Capital10 | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Issued capital100 | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €4.8m | €5.6m | €1.1m | €239,049 | €669,924 | ▲ 180% |
| Non-distributable reserves130/1 | - | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Legal reserve130 | - | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Tax-exempt reserves132 | - | €162,299 | €143,174 | €124,049 | €104,924 | ▼ 15.4% |
| Distributable reserves133 | - | €5.4m | €900,000 | €100,000 | €550,000 | ▲ 450% |
| Profit (loss) carried forward14 | €748,523 | €99,398 | €79,291 | €74,045 | €5,843 | ▼ 92.1% |
| Investment grants15 | - | €22,268 | €19,639 | €17,011 | €14,382 | ▼ 15.5% |
| Provisions and deferred taxes16 | €60,475 | €54,100 | €47,725 | €226,816 | €861,279 | ▲ 280% |
| Provisions for liabilities and charges160/5 | - | - | - | €185,467 | €826,305 | ▲ 346% |
| Other liabilities and charges164/5 | - | - | - | €185,467 | €826,305 | ▲ 346% |
| Deferred taxes168 | - | €54,100 | €47,725 | €41,350 | €34,975 | ▼ 15.4% |
| Amounts payable17/49 | €5.7m | €1.8m | €1.7m | €9.0m | €6.8m | ▼ 24.7% |
| Amounts payable after more than one year17 | - | €23,381 | €5,881 | - | - | - |
| Financial debts170/4 | - | €23,381 | €5,881 | - | - | - |
| Credit institutions173 | - | €23,381 | €5,881 | - | - | - |
| Amounts payable within one year42/48 | €5.7m | €1.8m | €1.7m | €9.0m | €6.8m | ▼ 24.7% |
| Current portion of amounts payable after more than one year42 | - | €17,291 | €17,501 | €5,881 | - | - |
| Trade debts44 | €1.5m | €144,321 | €231,775 | €499,178 | €804,458 | ▲ 61.2% |
| Suppliers440/4 | - | €144,321 | €231,775 | €499,178 | €804,458 | ▲ 61.2% |
| Advances received on contracts in progress46 | - | €1.1m | €916,195 | €5.7m | €4.4m | ▼ 23.6% |
| Taxes, remuneration and social security45 | - | €57,343 | €60,179 | €263,934 | €104,887 | ▼ 60.3% |
| Taxes450/3 | - | €21,506 | €10,818 | €203,129 | €44,741 | ▼ 78.0% |
| Remuneration and social security454/9 | - | €35,837 | €49,361 | €60,806 | €60,146 | ▼ 1.1% |
| Other amounts payable47/48 | - | €453,987 | €454,417 | €2.5m | €1.5m | ▼ 40.7% |
| Accrued charges and deferred income492/3 | - | €110 | €128 | €6,541 | €2,380 | ▼ 63.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €291,353 | €101,826 | -€39,232 | €1.2m | €1.4m | ▲ 15.9% |
| + Depreciation and write-downs630 | €107,318 | €117,132 | €107,555 | €123,033 | €165,241 | ▲ 34.3% |
| Operating cash flow (approximation) | €398,671 | €218,959 | €68,323 | €1.3m | €1.5m | ▲ 17.7% |
| Investment in fixed assets (approximation) | - | -€67,453 | -€26,989 | -€111,360 | -€386,630 | ▼ 247% |
| Change in cash | - | €4.2m | -€4.3m | -€504,058 | -€465,922 | ▲ 7.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
31-12
Financial
Highest result since 2018net €1.4m ▲15.9%
Operating result €2.0m, net result €1.4m, both a record.
31-12
Financial
Equity above €500,000Eq €840,149 ▲75%
2 profitable years in a row build equity to €840,149.
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 21 days late
2023
31-12
Financial
Back to profitnet €1.2m
Net result €1.2m after one loss-making year.
10-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 10 days late
2022
31-12
Financial
Weakest financial yearnet -€39,232
Net result drops to -€39,232, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 3.95
Current ratio from 1.90 to 3.95; short-term debt falls from €5.7m to €1.8m.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
2020
16-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 47 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 10.53
Current ratio from 5.22 to 10.53; short-term debt falls from €1.2m to €509,834.
Show earlier events
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2017
22-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
12-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 43 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
14 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Frameries · 1 establishment unit since 1993
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de l'Europe 177080 Frameries1 establishment unit
PIPE CONSTRUCT
since 19932.061.981.854
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Of 3,984 companies in sector 25110 we hold annual accounts for 2,145. 1,412 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-04-1993
Fiscal year end31-12
Activities, NACEBEL 2025
25110Manufacture of metal structures and parts of structures
25210Manufacture of fabricated metal products, except machinery and equipment
Scores and ratios are computed by Checked and are not a credit decision.