Global PipeLine Solutions: 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.
Global PipeLine Solutions
Largest movements
- Cash -€345,581
down €345,581 (-26.9%), from €1.3m to €939,730
mainly Current investments (-€328,640) and Contributions, distributions and other (-€297,790)
- Current investments +€328,640
up €328,640 (+81.8%), from €401,969 to €730,610
- Receivables within one year +€290,204
up €290,204 (+57.6%), from €503,996 to €794,201
of which Trade receivables: +€275,616
- Tangible fixed assets -€69,009
down €69,009 (-10.1%), from €685,935 to €616,926
of which Furniture and vehicles: -€34,885
- Stocks and contracts +€64,872
up €64,872 (+49.3%), from €131,514 to €196,386
- Reserves +€238,009
up €238,009 (+9.4%), from €2.5m to €2.8m
of which Distributable reserves: +€238,009
- Trade debts +€102,598
up €102,598 (+68.7%), from €149,329 to €251,927
- Debts after one year -€60,738
down €60,738 (-40.7%), from €149,348 to €88,610
- Gross operating margin +€227,899
up €227,899 (+32.0%), from €712,619 to €940,518
- Taxes +€89,887
up €89,887 (+58.5%), from €153,645 to €243,533
- Financial income +€70,753
up €70,753 (+377%), from €18,768 to €89,521
- Financial charges -€20,366
down €20,366 (-79.2%), from €25,699 to €5,333
- Write-downs +€11,889
new in 2025: €11,889
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 | €3,016,730 | €3,287,937 | +€271,208 | +9.0% |
| Fixed assets | 21/28 | €685,935 | €616,926 | -€69,009 | -10.1% |
| Tangible fixed assets | 22/27 | €685,935 | €616,926 | -€69,009 | -10.1% |
| Land and buildings | 22 | €501,345 | €479,986 | -€21,359 | -4.3% |
| Plant, machinery and equipment | 23 | €79,406 | €66,641 | -€12,765 | -16.1% |
| Furniture and vehicles | 24 | €105,184 | €70,300 | -€34,885 | -33.2% |
| Current assets | 29/58 | €2,330,795 | €2,671,011 | +€340,216 | +14.6% |
| Stocks and contracts in progress | 3 | €131,514 | €196,386 | +€64,872 | +49.3% |
| Stocks | 30/36 | €131,514 | €196,386 | +€64,872 | +49.3% |
| Amounts receivable within one year | 40/41 | €503,996 | €794,201 | +€290,204 | +57.6% |
| Trade receivables | 40 | €481,246 | €756,863 | +€275,616 | +57.3% |
| Other amounts receivable | 41 | €22,750 | €37,338 | +€14,588 | +64.1% |
| Current investments | 50/53 | €401,969 | €730,610 | +€328,640 | +81.8% |
| Cash at bank and in hand | 54/58 | €1,285,311 | €939,730 | -€345,581 | -26.9% |
| Deferred charges and accrued income | 490/1 | €8,003 | €10,085 | +€2,081 | +26.0% |
| Total equity and liabilities | 10/49 | €3,016,730 | €3,287,937 | +€271,208 | +9.0% |
| Equity | 10/15 | €2,600,336 | €2,838,345 | +€238,009 | +9.2% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €2,530,336 | €2,768,345 | +€238,009 | +9.4% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,100 | €5,100 | = | 0.0% |
| Distributable reserves | 133 | €2,518,236 | €2,756,245 | +€238,009 | +9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €416,393 | €449,592 | +€33,199 | +8.0% |
| Amounts payable after more than one year | 17 | €149,348 | €88,610 | -€60,738 | -40.7% |
| Financial debts | 170/4 | €149,348 | €88,610 | -€60,738 | -40.7% |
| Amounts payable within one year | 42/48 | €255,763 | €357,331 | +€101,568 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €61,326 | +€1,326 | +2.2% |
| Financial debts | 43 | €10,540 | €13,603 | +€3,063 | +29.1% |
| Credit institutions | 430/8 | €10,540 | €13,603 | +€3,063 | +29.1% |
| Trade debts | 44 | €149,329 | €251,927 | +€102,598 | +68.7% |
| Suppliers | 440/4 | €149,329 | €251,927 | +€102,598 | +68.7% |
| Advances received on contracts in progress | 46 | €1,317 | €0 | -€1,317 | -100% |
| Taxes, remuneration and social security | 45 | €34,577 | €30,474 | -€4,103 | -11.9% |
| Taxes | 450/3 | €20,475 | €15,989 | -€4,486 | -21.9% |
| Remuneration and social security | 454/9 | €14,102 | €14,485 | +€383 | +2.7% |
| Accrued charges and deferred income | 492/3 | €11,282 | €3,652 | -€7,631 | -67.6% |
| Remuneration, social security and pensions | 62 | €148,675 | €153,027 | +€4,351 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,685 | €75,830 | +€1,145 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,889 | +€11,889 | |
| Other operating charges | 640/8 | €10,612 | €4,628 | -€5,984 | -56.4% |
| Gross operating margin | 9900 | €712,619 | €940,518 | +€227,899 | +32.0% |
| Operating profit (loss) | 9901 | €478,646 | €695,144 | +€216,498 | +45.2% |
| Financial income | 75/76B | €18,768 | €89,521 | +€70,753 | +377% |
| Recurring financial income | 75 | €18,768 | €89,521 | +€70,753 | +377% |
| Financial charges | 65/66B | €25,699 | €5,333 | -€20,366 | -79.2% |
| Recurring financial charges | 65 | €25,699 | €5,333 | -€20,366 | -79.2% |
| Profit (loss) for the period before taxes | 9903 | €471,715 | €779,331 | +€307,617 | +65.2% |
| Income taxes | 67/77 | €153,645 | €243,533 | +€89,887 | +58.5% |
| Profit (loss) for the period | 9904 | €318,069 | €535,799 | +€217,729 | +68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €318,069 | €535,799 | +€217,729 | +68.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.