EUROPIPE: 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.
EUROPIPE
Largest movements
- Stocks and contracts -€35,382
down €35,382 (-12.7%), from €278,424 to €243,042
- Cash +€18,525
up €18,525 (+92.3%), from €20,069 to €38,594
mainly Stocks and contracts (+€35,382) and Net result for the year (+€6,811)
- Receivables within one year -€6,568
down €6,568 (-84.1%), from €7,807 to €1,238
of which Trade receivables: -€5,163
- Other debts -€19,797
down €19,797 (-47.3%), from €41,886 to €22,089
- Reserves +€6,811
up €6,811 (+1.8%), from €372,238 to €379,049
of which Distributable reserves: +€6,811
- Tax, wage and social debts -€6,775
down €6,775 (-95.4%), from €7,100 to €324
of which Remuneration and social security: -€4,575
- Gross operating margin -€33,038
down €33,038 (-68.3%), from €48,363 to €15,325
- Financial charges -€4,124
down €4,124 (-53.0%), from €7,780 to €3,656
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 | €445,551 | €421,932 | -€23,619 | -5.3% |
| Fixed assets | 21/28 | €136,039 | €135,860 | -€179 | -0.1% |
| Intangible fixed assets | 21 | €3,088 | €1,936 | -€1,152 | -37.3% |
| Tangible fixed assets | 22/27 | €132,522 | €133,495 | +€973 | +0.7% |
| Land and buildings | 22 | €132,522 | €132,522 | = | 0.0% |
| Furniture and vehicles | 24 | - | €973 | +€973 | |
| Financial fixed assets | 28 | €429 | €429 | = | 0.0% |
| Current assets | 29/58 | €309,512 | €286,072 | -€23,440 | -7.6% |
| Stocks and contracts in progress | 3 | €278,424 | €243,042 | -€35,382 | -12.7% |
| Stocks | 30/36 | €278,424 | €243,042 | -€35,382 | -12.7% |
| Amounts receivable within one year | 40/41 | €7,807 | €1,238 | -€6,568 | -84.1% |
| Trade receivables | 40 | €5,163 | €0 | -€5,163 | -100% |
| Other amounts receivable | 41 | €2,644 | €1,238 | -€1,405 | -53.2% |
| Cash at bank and in hand | 54/58 | €20,069 | €38,594 | +€18,525 | +92.3% |
| Deferred charges and accrued income | 490/1 | €3,212 | €3,198 | -€14 | -0.4% |
| Total equity and liabilities | 10/49 | €445,551 | €421,932 | -€23,619 | -5.3% |
| Equity | 10/15 | €391,238 | €398,049 | +€6,811 | +1.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €372,238 | €379,049 | +€6,811 | +1.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €372,238 | €379,049 | +€6,811 | +1.8% |
| Amounts payable | 17/49 | €54,312 | €23,883 | -€30,429 | -56.0% |
| Amounts payable within one year | 42/48 | €54,312 | €23,723 | -€30,589 | -56.3% |
| Trade debts | 44 | €5,327 | €1,310 | -€4,017 | -75.4% |
| Suppliers | 440/4 | €5,327 | €1,310 | -€4,017 | -75.4% |
| Taxes, remuneration and social security | 45 | €7,100 | €324 | -€6,775 | -95.4% |
| Taxes | 450/3 | €2,525 | €324 | -€2,200 | -87.2% |
| Remuneration and social security | 454/9 | €4,575 | €0 | -€4,575 | -100% |
| Other amounts payable | 47/48 | €41,886 | €22,089 | -€19,797 | -47.3% |
| Accrued charges and deferred income | 492/3 | €0 | €160 | +€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,152 | €1,319 | +€167 | +14.5% |
| Other operating charges | 640/8 | €5,007 | €4,875 | -€132 | -2.6% |
| Gross operating margin | 9900 | €48,363 | €15,325 | -€33,038 | -68.3% |
| Operating profit (loss) | 9901 | €42,205 | €9,132 | -€33,073 | -78.4% |
| Financial income | 75/76B | €1,236 | €1,508 | +€272 | +22.0% |
| Recurring financial income | 75 | €1,236 | €1,508 | +€272 | +22.0% |
| Financial charges | 65/66B | €7,780 | €3,656 | -€4,124 | -53.0% |
| Recurring financial charges | 65 | €7,780 | €3,656 | -€4,124 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €35,661 | €6,984 | -€28,677 | -80.4% |
| Income taxes | 67/77 | €178 | €173 | -€5 | -2.8% |
| Profit (loss) for the period | 9904 | €35,482 | €6,811 | -€28,672 | -80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,482 | €6,811 | -€28,672 | -80.8% |
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 24 October 2026 via checked.be.