DAP PIEPAUW: 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.
DAP PIEPAUW
Largest movements
- Tangible fixed assets -€44,026
down €44,026 (-12.4%), from €354,454 to €310,428
of which Land and buildings: -€25,000
- Receivables within one year -€27,993
down €27,993 (-94.0%), from €29,780 to €1,787
of which Other amounts receivable: -€16,723
- Debts after one year -€51,653
down €51,653 (-20.2%), from €255,775 to €204,122
- Short-term financial debts -€25,000
no longer reported in 2025 (was €25,000)
- Other debts +€15,472
new in 2025: €15,472
- Trade debts -€4,598
down €4,598 (-45.6%), from €10,078 to €5,479
- Gross operating margin +€11,481
up €11,481 (+20.2%), from €56,973 to €68,454
- Taxes +€4,613
up €4,613 (+268%), from €1,720 to €6,332
- Financial charges -€2,080
down €2,080 (-21.9%), from €9,488 to €7,408
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 | €397,457 | €326,399 | -€71,057 | -17.9% |
| Fixed assets | 21/28 | €354,454 | €310,428 | -€44,026 | -12.4% |
| Tangible fixed assets | 22/27 | €354,454 | €310,428 | -€44,026 | -12.4% |
| Land and buildings | 22 | €288,581 | €263,581 | -€25,000 | -8.7% |
| Plant, machinery and equipment | 23 | €3,843 | €1,496 | -€2,347 | -61.1% |
| Furniture and vehicles | 24 | €62,031 | €45,351 | -€16,680 | -26.9% |
| Current assets | 29/58 | €43,003 | €15,972 | -€27,031 | -62.9% |
| Amounts receivable within one year | 40/41 | €29,780 | €1,787 | -€27,993 | -94.0% |
| Trade receivables | 40 | €11,270 | - | -€11,270 | |
| Other amounts receivable | 41 | €18,510 | €1,787 | -€16,723 | -90.3% |
| Current investments | 50/53 | - | €3,400 | +€3,400 | |
| Cash at bank and in hand | 54/58 | €10,701 | €8,170 | -€2,531 | -23.7% |
| Deferred charges and accrued income | 490/1 | €2,521 | €2,614 | +€93 | +3.7% |
| Total equity and liabilities | 10/49 | €397,457 | €326,399 | -€71,057 | -17.9% |
| Equity | 10/15 | €48,562 | €45,072 | -€3,490 | -7.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €5,139 | €5,139 | = | 0.0% |
| Distributable reserves | 133 | €5,139 | €5,139 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,872 | €21,383 | -€3,490 | -14.0% |
| Amounts payable | 17/49 | €348,895 | €281,327 | -€67,568 | -19.4% |
| Amounts payable after more than one year | 17 | €255,775 | €204,122 | -€51,653 | -20.2% |
| Financial debts | 170/4 | €255,775 | €204,122 | -€51,653 | -20.2% |
| Amounts payable within one year | 42/48 | €92,828 | €76,099 | -€16,729 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €57,303 | €53,335 | -€3,969 | -6.9% |
| Financial debts | 43 | €25,000 | - | -€25,000 | |
| Credit institutions | 430/8 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €10,078 | €5,479 | -€4,598 | -45.6% |
| Suppliers | 440/4 | €10,078 | €5,479 | -€4,598 | -45.6% |
| Taxes, remuneration and social security | 45 | €447 | €1,813 | +€1,366 | +306% |
| Taxes | 450/3 | €447 | €1,813 | +€1,366 | +306% |
| Other amounts payable | 47/48 | - | €15,472 | +€15,472 | |
| Accrued charges and deferred income | 492/3 | €292 | €1,106 | +€814 | +278% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,093 | €44,026 | -€67 | -0.2% |
| Other operating charges | 640/8 | €4,053 | €4,181 | +€128 | +3.2% |
| Gross operating margin | 9900 | €56,973 | €68,454 | +€11,481 | +20.2% |
| Operating profit (loss) | 9901 | €8,827 | €20,246 | +€11,419 | +129% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €9,488 | €7,408 | -€2,080 | -21.9% |
| Recurring financial charges | 65 | €9,488 | €7,408 | -€2,080 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | -€661 | €12,843 | +€13,504 | |
| Income taxes | 67/77 | €1,720 | €6,332 | +€4,613 | +268% |
| Profit (loss) for the period | 9904 | -€2,381 | €6,510 | +€8,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,381 | €6,510 | +€8,891 |
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 30 October 2026 via checked.be.