GROEP PIPELEERS: 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.
GROEP PIPELEERS
Largest movements
- Cash +€54,359
up €54,359 (+19.1%), from €284,471 to €338,830
mainly Net result for the year (+€110,649) and Other debts (+€74,441)
- Receivables within one year +€14,811
up €14,811 (+405%), from €3,655 to €18,466
- Tangible fixed assets -€11,371
down €11,371 (-3.2%), from €351,998 to €340,627
of which Land and buildings: -€16,193
- Other debts +€74,441
up €74,441 (+176%), from €42,234 to €116,675
- Tax, wage and social debts -€17,148
down €17,148 (-100%), from €17,148 to €0
- Gross operating margin -€121,234
down €121,234 (-37.4%), from €324,237 to €203,003
- Taxes -€42,615
down €42,615 (-45.3%), from €94,148 to €51,534
- Depreciation +€9,251
up €9,251 (+31.6%), from €29,240 to €38,491
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 | €641,393 | €699,235 | +€57,842 | +9.0% |
| Fixed assets | 21/28 | €351,998 | €340,627 | -€11,371 | -3.2% |
| Tangible fixed assets | 22/27 | €351,998 | €340,627 | -€11,371 | -3.2% |
| Land and buildings | 22 | €149,187 | €132,994 | -€16,193 | -10.9% |
| Furniture and vehicles | 24 | €20,729 | €10,109 | -€10,620 | -51.2% |
| Other tangible fixed assets | 26 | €182,082 | €197,523 | +€15,442 | +8.5% |
| Current assets | 29/58 | €289,395 | €358,609 | +€69,213 | +23.9% |
| Amounts receivable within one year | 40/41 | €3,655 | €18,466 | +€14,811 | +405% |
| Other amounts receivable | 41 | €3,655 | €18,466 | +€14,811 | +405% |
| Cash at bank and in hand | 54/58 | €284,471 | €338,830 | +€54,359 | +19.1% |
| Deferred charges and accrued income | 490/1 | €1,269 | €1,312 | +€43 | +3.4% |
| Total equity and liabilities | 10/49 | €641,393 | €699,235 | +€57,842 | +9.0% |
| Equity | 10/15 | €571,567 | €574,124 | +€2,557 | +0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €559,167 | €561,724 | +€2,557 | +0.5% |
| Distributable reserves | 133 | €559,167 | €561,724 | +€2,557 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,826 | €125,111 | +€55,285 | +79.2% |
| Amounts payable within one year | 42/48 | €69,826 | €125,111 | +€55,285 | +79.2% |
| Current portion of amounts payable after more than one year | 42 | - | €275 | +€275 | |
| Trade debts | 44 | €10,443 | €8,161 | -€2,283 | -21.9% |
| Suppliers | 440/4 | €10,443 | €8,161 | -€2,283 | -21.9% |
| Taxes, remuneration and social security | 45 | €17,148 | €0 | -€17,148 | -100% |
| Taxes | 450/3 | €17,148 | €0 | -€17,148 | -100% |
| Other amounts payable | 47/48 | €42,234 | €116,675 | +€74,441 | +176% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,240 | €38,491 | +€9,251 | +31.6% |
| Other operating charges | 640/8 | €2,226 | €2,240 | +€14 | +0.6% |
| Gross operating margin | 9900 | €324,237 | €203,003 | -€121,234 | -37.4% |
| Operating profit (loss) | 9901 | €292,771 | €162,272 | -€130,500 | -44.6% |
| Financial income | 75/76B | €109 | €16 | -€93 | -85.7% |
| Recurring financial income | 75 | €109 | €16 | -€93 | -85.7% |
| Financial charges | 65/66B | €104 | €105 | +€1 | +1.4% |
| Recurring financial charges | 65 | €104 | €105 | +€1 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €292,777 | €162,182 | -€130,594 | -44.6% |
| Income taxes | 67/77 | €94,148 | €51,534 | -€42,615 | -45.3% |
| Profit (loss) for the period | 9904 | €198,628 | €110,649 | -€87,979 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €198,628 | €110,649 | -€87,979 | -44.3% |
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 25 October 2026 via checked.be.