PIP-MARGRAFF: 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
PIP-MARGRAFF
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€84,761
2024 · €147,759-€62,998
Equity
€2.2m
2024 · €2.1m+€71,657
Cash
€147,616
2024 · €859,475-€711,859
Balance sheet total
€3.6m
2024 · €3.8m-€167,534
Largest movements
Assets
- Cash -€711,859
down €711,859 (-82.8%), from €859,475 to €147,616
mainly Investment in fixed assets (net) (-€971,642) and Debts after one year (-€241,642)
- Tangible fixed assets +€535,904
up €535,904 (+19.4%), from €2.8m to €3.3m
of which Land and buildings: +€659,774
Equity and liabilities
- Debts after one year -€241,642
down €241,642 (-21.3%), from €1.1m to €893,574
- Reserves +€84,761
up €84,761 (+43.9%), from €193,220 to €277,981
of which Distributable reserves: +€84,761
Income statement
- Depreciation +€45,127
up €45,127 (+11.6%), from €389,612 to €434,739
- Staff costs +€40,516
up €40,516 (+3.9%), from €1.0m to €1.1m
- Taxes -€26,651
down €26,651 (-46.0%), from €57,916 to €31,266
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
€147,759
Gross operating margin
+€12,813
Staff costs
-€40,516
Depreciation
-€45,127
Other operating charges
-€2,371
Financial income
-€13,158
Financial charges
-€1,290
Taxes
+€26,651
Result 2025
€84,761
raises the resultlowers the result
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.
From operations
+€547,238
Investment
-€971,642
Financing
-€287,454
Cash 2024
€859,475
From operations (derived)
+€547,238
Net result for the year
+€84,761
Depreciation
+€434,739
Stocks and contracts
-€6,818
Smaller working-capital items
-€3,139
Trade debts
+€37,696
Investment (derived)
-€971,642
Investment in fixed assets (net)
-€971,642
Financing
-€287,454
Debts after one year
-€241,642
Current portion of long-term debt
-€32,709
Contributions, distributions and other
-€13,104
Cash 2025
€147,616
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,788,963 | €3,621,428 | -€167,534 | -4.4% |
| Fixed assets | 21/28 | €2,767,927 | €3,304,831 | +€536,904 | +19.4% |
| Tangible fixed assets | 22/27 | €2,767,677 | €3,303,581 | +€535,904 | +19.4% |
| Land and buildings | 22 | €1,350,792 | €2,010,566 | +€659,774 | +48.8% |
| Plant, machinery and equipment | 23 | €1,416,885 | €1,249,948 | -€166,937 | -11.8% |
| Furniture and vehicles | 24 | - | €43,067 | +€43,067 | |
| Financial fixed assets | 28 | €250 | €1,250 | +€1,000 | +400% |
| Current assets | 29/58 | €1,021,036 | €316,598 | -€704,438 | -69.0% |
| Stocks and contracts in progress | 3 | €38,818 | €45,636 | +€6,818 | +17.6% |
| Stocks | 30/36 | €38,818 | €45,636 | +€6,818 | +17.6% |
| Amounts receivable within one year | 40/41 | €100,749 | €99,202 | -€1,547 | -1.5% |
| Trade receivables | 40 | €62,527 | €45,432 | -€17,095 | -27.3% |
| Other amounts receivable | 41 | €38,222 | €53,770 | +€15,548 | +40.7% |
| Cash at bank and in hand | 54/58 | €859,475 | €147,616 | -€711,859 | -82.8% |
| Deferred charges and accrued income | 490/1 | €21,993 | €24,144 | +€2,151 | +9.8% |
| Total equity and liabilities | 10/49 | €3,788,963 | €3,621,428 | -€167,534 | -4.4% |
| Equity | 10/15 | €2,122,141 | €2,193,798 | +€71,657 | +3.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €193,220 | €277,981 | +€84,761 | +43.9% |
| Non-distributable reserves | 130/1 | €38,742 | €38,742 | = | 0.0% |
| Legal reserve | 130 | €38,742 | €38,742 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,719 | €6,719 | = | 0.0% |
| Distributable reserves | 133 | €147,759 | €232,519 | +€84,761 | +57.4% |
| Profit (loss) carried forward | 14 | €1,689,914 | €1,689,914 | = | 0.0% |
| Investment grants | 15 | €89,007 | €75,904 | -€13,104 | -14.7% |
| Provisions and deferred taxes | 16 | €10,606 | €9,673 | -€933 | -8.8% |
| Deferred taxes | 168 | €10,606 | €9,673 | -€933 | -8.8% |
| Amounts payable | 17/49 | €1,656,216 | €1,417,958 | -€238,258 | -14.4% |
| Amounts payable after more than one year | 17 | €1,135,216 | €893,574 | -€241,642 | -21.3% |
| Financial debts | 170/4 | €1,135,216 | €893,574 | -€241,642 | -21.3% |
| Amounts payable within one year | 42/48 | €516,999 | €520,883 | +€3,884 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €276,496 | €243,787 | -€32,709 | -11.8% |
| Trade debts | 44 | €117,196 | €154,891 | +€37,696 | +32.2% |
| Suppliers | 440/4 | €117,196 | €154,891 | +€37,696 | +32.2% |
| Taxes, remuneration and social security | 45 | €123,250 | €121,997 | -€1,254 | -1.0% |
| Taxes | 450/3 | €43,965 | €48,094 | +€4,130 | +9.4% |
| Remuneration and social security | 454/9 | €79,285 | €73,902 | -€5,383 | -6.8% |
| Other amounts payable | 47/48 | €58 | €209 | +€151 | +261% |
| Accrued charges and deferred income | 492/3 | €4,000 | €3,500 | -€500 | -12.5% |
| Remuneration, social security and pensions | 62 | €1,046,495 | €1,087,011 | +€40,516 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €389,612 | €434,739 | +€45,127 | +11.6% |
| Other operating charges | 640/8 | €21,469 | €23,841 | +€2,371 | +11.0% |
| Gross operating margin | 9900 | €1,659,178 | €1,671,991 | +€12,813 | +0.8% |
| Operating profit (loss) | 9901 | €201,602 | €126,400 | -€75,201 | -37.3% |
| Financial income | 75/76B | €36,198 | €23,040 | -€13,158 | -36.3% |
| Recurring financial income | 75 | €28,625 | €16,169 | -€12,455 | -43.5% |
| Non-recurring financial income | 76B | €7,573 | €6,871 | -€702 | -9.3% |
| Financial charges | 65/66B | €33,057 | €34,347 | +€1,290 | +3.9% |
| Recurring financial charges | 65 | €33,057 | €34,347 | +€1,290 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €204,742 | €115,093 | -€89,649 | -43.8% |
| Transfer from deferred taxes | 780 | €933 | €933 | = | 0.0% |
| Income taxes | 67/77 | €57,916 | €31,266 | -€26,651 | -46.0% |
| Profit (loss) for the period | 9904 | €147,759 | €84,761 | -€62,998 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €147,759 | €84,761 | -€62,998 | -42.6% |
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 19 October 2026 via checked.be.