Pidpa: 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.
What changed
Pidpa
NACE 36.000, Water collection, treatment and supply
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€31.3m
2024 · -€20.4m+€51.7m
Equity
€859.3m
2024 · €817.2m+€42.1m
Cash
€14.8m
2024 · €4.7m+€10.1m
Balance sheet total
€1.59bn
2024 · €1.47bn+€126.1m
Largest movements
Assets
- Tangible fixed assets +€103.8m
up €103.8m (+7.9%), from €1.31bn to €1.42bn
of which Plant, machinery and equipment: +€82.9m
- Deferred charges and accrued income +€22.0m
up €22.0m (+52.2%), from €42.1m to €64.1m
Equity and liabilities
- Debts after one year +€45.1m
up €45.1m (+13.9%), from €325.7m to €370.8m
- Reserves +€41.2m
up €41.2m (+12.4%), from €333.4m to €374.6m
of which Non-distributable reserves: +€27.8m
- Accrued charges and deferred income +€19.2m
up €19.2m (+30.0%), from €64.1m to €83.4m
Income statement
- Turnover +€87.7m
up €87.7m (+27.8%), from €315.1m to €402.7m
- Other operating income -€29.9m
down €29.9m (-46.0%), from €65.1m to €35.2m
- Goods and materials +€13.9m
up €13.9m (+7.2%), from €193.3m to €207.2m
of which Purchases: +€13.3m
- Depreciation -€9.6m
down €9.6m (-10.5%), from €91.4m to €81.8m
- Financial income -€4.7m
down €4.7m (-51.3%), from €9.1m to €4.4m
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.
Result 2024
-€20.4m
Turnover
+€87.7m
Other operating income
-€29.9m
Goods and materials
-€13.9m
Services and other goods
-€1.8m
Staff costs
-€3.3m
Depreciation
+€9.6m
Write-downs
-€657,155
Provisions
-€607,339
Other operating charges
-€146,354
Other operating items
+€10.5m
Financial income
-€4.7m
Financial charges
-€1.0m
Result 2025
€31.3m
Cash bridge derived
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.
From operations
+€125.5m
Investment
-€182.5m
Financing
+€67.2m
Cash 2024
€4.7m
From operations (derived)
+€125.5m
Net result for the year
+€31.3m
Depreciation
+€81.8m
Stocks and contracts
+€778,722
Receivables within one year
+€5.9m
Deferred charges and accrued income
-€22.0m
Provisions
+€5.9m
Trade debts
+€2.0m
Tax, wage and social debts
+€732,475
Other debts
-€234,908
Accrued charges and deferred income
+€19.2m
Investment (derived)
-€182.5m
Investment in fixed assets (net)
-€182.5m
Financing
+€67.2m
Debts after one year
+€45.1m
Current portion of long-term debt
+€1.1m
Short-term financial debts
+€10.2m
Contributions, distributions and other
+€10.8m
Cash 2025
€14.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,468,732,529 | €1,594,848,019 | +€126.1m | +8.6% |
| Fixed assets | 21/28 | €1,358,192,013 | €1,458,890,099 | +€100.7m | +7.4% |
| Intangible fixed assets | 21 | €45,952,477 | €42,848,580 | -€3.1m | -6.8% |
| Tangible fixed assets | 22/27 | €1,312,070,691 | €1,415,872,270 | +€103.8m | +7.9% |
| Land and buildings | 22 | €49,559,908 | €63,588,199 | +€14.0m | +28.3% |
| Plant, machinery and equipment | 23 | €1,081,308,098 | €1,164,217,044 | +€82.9m | +7.7% |
| Furniture and vehicles | 24 | €3,594,848 | €3,213,164 | -€381,684 | -10.6% |
| Assets under construction and advance payments | 27 | €177,607,837 | €184,853,863 | +€7.2m | +4.1% |
| Financial fixed assets | 28 | €168,845 | €169,250 | +€405 | +0.2% |
| Other financial fixed assets | 284/8 | €168,845 | €169,250 | +€405 | +0.2% |
| Shares | 284 | €6,505 | €6,505 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €162,340 | €162,745 | +€405 | +0.2% |
| Current assets | 29/58 | €110,540,516 | €135,957,920 | +€25.4m | +23.0% |
| Stocks and contracts in progress | 3 | €7,657,149 | €6,878,427 | -€778,722 | -10.2% |
| Stocks | 30/36 | €5,690,199 | €5,581,074 | -€109,125 | -1.9% |
| Raw materials and consumables | 30/31 | €5,690,199 | €5,581,074 | -€109,125 | -1.9% |
| Contracts in progress | 37 | €1,966,951 | €1,297,353 | -€669,597 | -34.0% |
| Amounts receivable within one year | 40/41 | €56,061,466 | €50,201,642 | -€5.9m | -10.5% |
| Trade receivables | 40 | €50,790,522 | €50,148,812 | -€641,710 | -1.3% |
| Other amounts receivable | 41 | €5,270,945 | €52,830 | -€5.2m | -99.0% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €4,725,736 | €14,823,521 | +€10.1m | +213.7% |
| Deferred charges and accrued income | 490/1 | €42,096,164 | €64,054,329 | +€22.0m | +52.2% |
| Total equity and liabilities | 10/49 | €1,468,732,529 | €1,594,848,019 | +€126.1m | +8.6% |
| Equity | 10/15 | €817,210,893 | €859,347,279 | +€42.1m | +5.2% |
| Contributions | 10/11 | €19,377,373 | €19,377,373 | = | 0.0% |
| Revaluation surpluses | 12 | €352,750,561 | €342,856,522 | -€9.9m | -2.8% |
| Reserves | 13 | €333,412,079 | €374,627,241 | +€41.2m | +12.4% |
| Non-distributable reserves | 130/1 | €265,349,078 | €293,187,625 | +€27.8m | +10.5% |
| Other | 1319 | €265,349,078 | €293,187,625 | +€27.8m | +10.5% |
| Distributable reserves | 133 | €68,063,001 | €81,439,617 | +€13.4m | +19.7% |
| Investment grants | 15 | €111,670,880 | €122,486,143 | +€10.8m | +9.7% |
| Provisions and deferred taxes | 16 | €113,548,410 | €119,408,117 | +€5.9m | +5.2% |
| Provisions for liabilities and charges | 160/5 | €113,548,410 | €119,408,117 | +€5.9m | +5.2% |
| Pensions and similar obligations | 160 | €108,859,989 | €114,030,510 | +€5.2m | +4.7% |
| Environmental obligations | 163 | €333,898 | €552,340 | +€218,442 | +65.4% |
| Other liabilities and charges | 164/5 | €4,354,524 | €4,825,267 | +€470,744 | +10.8% |
| Amounts payable | 17/49 | €537,973,227 | €616,092,623 | +€78.1m | +14.5% |
| Amounts payable after more than one year | 17 | €325,667,591 | €370,778,720 | +€45.1m | +13.9% |
| Financial debts | 170/4 | €325,667,591 | €370,778,720 | +€45.1m | +13.9% |
| Subordinated loans | 170 | €171,240,272 | €167,309,704 | -€3.9m | -2.3% |
| Credit institutions | 173 | €154,427,318 | €203,469,016 | +€49.0m | +31.8% |
| Amounts payable within one year | 42/48 | €148,194,945 | €161,957,735 | +€13.8m | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €10,939,834 | €12,018,528 | +€1.1m | +9.9% |
| Financial debts | 43 | €78,850,000 | €89,000,000 | +€10.2m | +12.9% |
| Credit institutions | 430/8 | €78,850,000 | €89,000,000 | +€10.2m | +12.9% |
| Trade debts | 44 | €47,509,933 | €49,546,463 | +€2.0m | +4.3% |
| Suppliers | 440/4 | €47,509,933 | €49,546,463 | +€2.0m | +4.3% |
| Taxes, remuneration and social security | 45 | €10,001,211 | €10,733,686 | +€732,475 | +7.3% |
| Taxes | 450/3 | €2,483,622 | €3,319,131 | +€835,509 | +33.6% |
| Remuneration and social security | 454/9 | €7,517,590 | €7,414,556 | -€103,034 | -1.4% |
| Other amounts payable | 47/48 | €893,966 | €659,058 | -€234,908 | -26.3% |
| Accrued charges and deferred income | 492/3 | €64,110,691 | €83,356,168 | +€19.2m | +30.0% |
| Operating income | 70/76A | €403,282,954 | €470,532,880 | +€67.2m | +16.7% |
| Turnover | 70 | €315,056,973 | €402,730,385 | +€87.7m | +27.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €27,192 | -€754,464 | -€781,656 | |
| Own construction capitalised | 72 | €22,918,564 | €32,867,510 | +€9.9m | +43.4% |
| Other operating income | 74 | €65,066,937 | €35,166,222 | -€29.9m | -46.0% |
| Non-recurring operating income | 76A | €213,287 | €523,228 | +€309,940 | +145.3% |
| Operating charges | 60/66A | €425,967,074 | €435,826,256 | +€9.9m | +2.3% |
| Goods for resale, raw materials and consumables | 60 | €193,261,830 | €207,185,330 | +€13.9m | +7.2% |
| Purchases | 600/8 | €193,853,584 | €207,115,945 | +€13.3m | +6.8% |
| Change in stocks: decrease (increase) | 609 | -€591,754 | €69,385 | +€661,139 | |
| Services and other goods | 61 | €46,912,172 | €48,702,978 | +€1.8m | +3.8% |
| Remuneration, social security and pensions | 62 | €82,888,507 | €86,195,168 | +€3.3m | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,384,438 | €81,810,702 | -€9.6m | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €408,255 | €1,065,410 | +€657,155 | +161.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,252,369 | €5,859,707 | +€607,339 | +11.6% |
| Other operating charges | 640/8 | €4,821,080 | €4,967,434 | +€146,354 | +3.0% |
| Non-recurring operating charges | 66A | €1,038,425 | €39,527 | -€998,898 | -96.2% |
| Operating profit (loss) | 9901 | -€22,684,120 | €34,706,624 | +€57.4m | |
| Financial income | 75/76B | €9,116,737 | €4,440,093 | -€4.7m | -51.3% |
| Recurring financial income | 75 | €9,116,737 | €4,440,093 | -€4.7m | -51.3% |
| Income from current assets | 751 | €130,635 | €78,941 | -€51,693 | -39.6% |
| Other financial income | 752/9 | €8,986,103 | €4,361,152 | -€4.6m | -51.5% |
| Financial charges | 65/66B | €6,824,333 | €7,825,594 | +€1.0m | +14.7% |
| Recurring financial charges | 65 | €6,824,333 | €7,825,594 | +€1.0m | +14.7% |
| Debt charges | 650 | €6,995,090 | €7,714,962 | +€719,871 | +10.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€564,000 | - | +€564,000 | |
| Other financial charges | 652/9 | €393,242 | €110,632 | -€282,610 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,391,716 | €31,321,123 | +€51.7m | |
| Profit (loss) for the period | 9904 | -€20,391,716 | €31,321,123 | +€51.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,391,716 | €31,321,123 | +€51.7m |
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 10 October 2026 via checked.be.