Pijpers: 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.
Pijpers
Largest movements
- Current investments -€71,393
no longer reported in 2025 (was €71,393)
- Cash +€56,368
up €56,368 (+311%), from €18,137 to €74,505
mainly Current investments (+€71,393) and Net result for the year (+€37,359)
- Stocks and contracts +€39,295
up €39,295 (+15.6%), from €251,765 to €291,060
- Tangible fixed assets -€26,043
down €26,043 (-18.6%), from €139,888 to €113,845
of which Furniture and vehicles: -€20,723
- Intangible fixed assets +€25,797
new in 2025: €25,797
- Reserves +€37,359
up €37,359 (+10.3%), from €361,406 to €398,765
- Trade debts -€24,084
down €24,084 (-88.9%), from €27,103 to €3,019
- Tax, wage and social debts +€17,284
up €17,284 (+148%), from €11,667 to €28,951
of which Taxes: +€17,952
- Debts after one year -€7,200
down €7,200 (-56.8%), from €12,684 to €5,484
- Gross operating margin +€72,239
up €72,239 (+107%), from €67,622 to €139,860
- Taxes +€9,993
up €9,993 (+2,332%), from €429 to €10,422
- Depreciation +€9,643
new in 2025: €9,643
- Financial charges -€2,165
down €2,165 (-29.7%), from €7,301 to €5,136
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 | €526,941 | €545,893 | +€18,952 | +3.6% |
| Fixed assets | 21/28 | €139,888 | €139,642 | -€245 | -0.2% |
| Intangible fixed assets | 21 | - | €25,797 | +€25,797 | |
| Tangible fixed assets | 22/27 | €139,888 | €113,845 | -€26,043 | -18.6% |
| Land and buildings | 22 | €54,636 | €49,361 | -€5,274 | -9.7% |
| Plant, machinery and equipment | 23 | €620 | €2,064 | +€1,445 | +233% |
| Furniture and vehicles | 24 | €58,695 | €37,973 | -€20,723 | -35.3% |
| Leasing and similar rights | 25 | €25,937 | €24,447 | -€1,490 | -5.7% |
| Current assets | 29/58 | €387,053 | €406,250 | +€19,197 | +5.0% |
| Stocks and contracts in progress | 3 | €251,765 | €291,060 | +€39,295 | +15.6% |
| Stocks | 30/36 | €251,765 | €291,060 | +€39,295 | +15.6% |
| Amounts receivable within one year | 40/41 | €35,508 | €40,685 | +€5,178 | +14.6% |
| Trade receivables | 40 | €15,508 | €15,891 | +€383 | +2.5% |
| Other amounts receivable | 41 | €20,000 | €24,794 | +€4,794 | +24.0% |
| Current investments | 50/53 | €71,393 | - | -€71,393 | |
| Cash at bank and in hand | 54/58 | €18,137 | €74,505 | +€56,368 | +311% |
| Deferred charges and accrued income | 490/1 | €10,250 | - | -€10,250 | |
| Total equity and liabilities | 10/49 | €526,941 | €545,893 | +€18,952 | +3.6% |
| Equity | 10/15 | €448,276 | €485,635 | +€37,359 | +8.3% |
| Contributions | 10/11 | €86,870 | €86,870 | = | 0.0% |
| Reserves | 13 | €361,406 | €398,765 | +€37,359 | +10.3% |
| Distributable reserves | 133 | €361,406 | €398,765 | +€37,359 | +10.3% |
| Amounts payable | 17/49 | €78,665 | €60,258 | -€18,408 | -23.4% |
| Amounts payable after more than one year | 17 | €12,684 | €5,484 | -€7,200 | -56.8% |
| Financial debts | 170/4 | €12,684 | €5,484 | -€7,200 | -56.8% |
| Amounts payable within one year | 42/48 | €65,755 | €54,774 | -€10,980 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €8,822 | €6,617 | -€2,205 | -25.0% |
| Trade debts | 44 | €27,103 | €3,019 | -€24,084 | -88.9% |
| Suppliers | 440/4 | €27,103 | €3,019 | -€24,084 | -88.9% |
| Taxes, remuneration and social security | 45 | €11,667 | €28,951 | +€17,284 | +148% |
| Taxes | 450/3 | €1,920 | €19,872 | +€17,952 | +935% |
| Remuneration and social security | 454/9 | €9,747 | €9,079 | -€667 | -6.8% |
| Other amounts payable | 47/48 | €18,162 | €16,186 | -€1,976 | -10.9% |
| Accrued charges and deferred income | 492/3 | €227 | - | -€227 | |
| Remuneration, social security and pensions | 62 | €73,456 | €73,359 | -€97 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €9,643 | +€9,643 | |
| Other operating charges | 640/8 | €5,166 | €3,790 | -€1,377 | -26.6% |
| Non-recurring operating charges | 66A | - | €571 | +€571 | |
| Gross operating margin | 9900 | €67,622 | €139,860 | +€72,239 | +107% |
| Operating profit (loss) | 9901 | -€11,001 | €52,498 | +€63,499 | |
| Financial income | 75/76B | €146 | €420 | +€274 | +187% |
| Recurring financial income | 75 | €146 | €420 | +€274 | +187% |
| Financial charges | 65/66B | €7,301 | €5,136 | -€2,165 | -29.7% |
| Recurring financial charges | 65 | €7,301 | €5,136 | -€2,165 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | -€18,156 | €47,781 | +€65,938 | |
| Income taxes | 67/77 | €429 | €10,422 | +€9,993 | +2,332% |
| Profit (loss) for the period | 9904 | -€18,585 | €37,359 | +€55,944 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,585 | €37,359 | +€55,944 |
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 29 October 2026 via checked.be.