PIPA Holding: 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
PIPA Holding
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €1.6m+€435,797
Equity
€4.9m
2024 · €4.8m+€73,273
Cash
€560,900
2024 · €345,664+€215,236
Balance sheet total
€6.3m
2024 · €6.3m+€13,772
Largest movements
Assets
- Receivables within one year +€255,750
up €255,750 (+314%), from €81,562 to €337,313
of which Other amounts receivable: +€253,916
- Current investments -€250,000
down €250,000 (-33.3%), from €750,000 to €500,000
- Cash +€215,236
up €215,236 (+62.3%), from €345,664 to €560,900
mainly Net result for the year (+€2.1m) and Current investments (+€250,000)
- Receivables after one year -€140,006
down €140,006 (-46.0%), from €304,132 to €164,126
Equity and liabilities
- Reserves +€73,273
up €73,273 (+1.7%), from €4.3m to €4.3m
of which Distributable reserves: +€73,273
Income statement
- Financial income +€458,663
up €458,663 (+29.5%), from €1.6m to €2.0m
- Services and other goods +€101,849
up €101,849 (+19.6%), from €519,346 to €621,195
- Taxes -€46,951
down €46,951 (-46.2%), from €101,602 to €54,652
- Turnover +€34,494
up €34,494 (+4.3%), from €796,200 to €830,693
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
€1.6m
Turnover
+€34,494
Other operating income
+€1,271
Services and other goods
-€101,849
Depreciation
-€4,576
Other operating charges
-€280
Other operating items
-€2,599
Financial income
+€458,663
Financial charges
+€3,722
Taxes
+€46,951
Result 2025
€2.1m
raises the resultlowers the resultnot broken down further in the accounts
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
+€2.0m
Investment
+€255,749
Financing
-€2.0m
Cash 2024
€345,664
From operations (derived)
+€2.0m
Net result for the year
+€2.1m
Depreciation
+€55,748
Receivables after one year
+€140,006
Receivables within one year
-€255,750
Deferred charges and accrued income
+€5,712
Trade debts
+€19,013
Tax, wage and social debts
-€38,686
Accrued charges and deferred income
-€2,500
Investment (derived)
+€255,749
Investment in fixed assets (net)
+€5,749
Current investments
+€250,000
Financing
-€2.0m
Debts after one year
-€38,927
Current portion of long-term debt
+€1,599
Contributions, distributions and other
-€2.0m
Cash 2025
€560,900
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,317,383 | €6,331,155 | +€13,772 | +0.2% |
| Fixed assets | 21/28 | €4,817,929 | €4,756,432 | -€61,496 | -1.3% |
| Tangible fixed assets | 22/27 | €192,498 | €141,215 | -€51,283 | -26.6% |
| Plant, machinery and equipment | 23 | €1,411 | €162 | -€1,249 | -88.5% |
| Furniture and vehicles | 24 | €186,447 | €140,432 | -€46,014 | -24.7% |
| Other tangible fixed assets | 26 | €4,640 | €621 | -€4,019 | -86.6% |
| Financial fixed assets | 28 | €4,625,431 | €4,615,217 | -€10,214 | -0.2% |
| Affiliated companies | 280/1 | €4,625,431 | €4,615,217 | -€10,214 | -0.2% |
| Participating interests | 280 | €4,549,451 | €4,549,451 | = | 0.0% |
| Amounts receivable | 281 | €75,980 | €65,766 | -€10,214 | -13.4% |
| Current assets | 29/58 | €1,499,454 | €1,574,722 | +€75,268 | +5.0% |
| Amounts receivable after more than one year | 29 | €304,132 | €164,126 | -€140,006 | -46.0% |
| Other amounts receivable | 291 | €304,132 | €164,126 | -€140,006 | -46.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €81,562 | €337,313 | +€255,750 | +314% |
| Trade receivables | 40 | €71,302 | €73,136 | +€1,834 | +2.6% |
| Other amounts receivable | 41 | €10,261 | €264,177 | +€253,916 | +2,475% |
| Current investments | 50/53 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Other investments | 51/53 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €345,664 | €560,900 | +€215,236 | +62.3% |
| Deferred charges and accrued income | 490/1 | €18,096 | €12,384 | -€5,712 | -31.6% |
| Total equity and liabilities | 10/49 | €6,317,383 | €6,331,155 | +€13,772 | +0.2% |
| Equity | 10/15 | €4,799,118 | €4,872,391 | +€73,273 | +1.5% |
| Contributions | 10/11 | €529,867 | €529,867 | = | 0.0% |
| Reserves | 13 | €4,269,251 | €4,342,524 | +€73,273 | +1.7% |
| Non-distributable reserves | 130/1 | €128,256 | €128,256 | = | 0.0% |
| Reserves not available under the articles | 1311 | €128,256 | €128,256 | = | 0.0% |
| Distributable reserves | 133 | €4,140,995 | €4,214,268 | +€73,273 | +1.8% |
| Amounts payable | 17/49 | €1,518,265 | €1,458,764 | -€59,501 | -3.9% |
| Amounts payable after more than one year | 17 | €1,395,251 | €1,356,324 | -€38,927 | -2.8% |
| Financial debts | 170/4 | €1,395,251 | €1,356,324 | -€38,927 | -2.8% |
| Credit institutions | 173 | €118,251 | €79,324 | -€38,927 | -32.9% |
| Other loans | 174 | €1,277,000 | €1,277,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €111,062 | €92,988 | -€18,074 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €37,328 | €38,927 | +€1,599 | +4.3% |
| Trade debts | 44 | €18,973 | €37,986 | +€19,013 | +100% |
| Suppliers | 440/4 | €18,973 | €37,986 | +€19,013 | +100% |
| Taxes, remuneration and social security | 45 | €49,291 | €10,605 | -€38,686 | -78.5% |
| Taxes | 450/3 | €47,251 | €10,605 | -€36,645 | -77.6% |
| Remuneration and social security | 454/9 | €2,040 | €0 | -€2,040 | -100% |
| Other amounts payable | 47/48 | €5,469 | €5,469 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,952 | €9,452 | -€2,500 | -20.9% |
| Operating income | 70/76A | €812,535 | €845,701 | +€33,166 | +4.1% |
| Turnover | 70 | €796,200 | €830,693 | +€34,494 | +4.3% |
| Other operating income | 74 | €13,737 | €15,008 | +€1,271 | +9.3% |
| Non-recurring operating income | 76A | €2,599 | €0 | -€2,599 | -100% |
| Operating charges | 60/66A | €571,980 | €678,684 | +€106,704 | +18.7% |
| Services and other goods | 61 | €519,346 | €621,195 | +€101,849 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,172 | €55,748 | +€4,576 | +8.9% |
| Other operating charges | 640/8 | €1,461 | €1,742 | +€280 | +19.2% |
| Operating profit (loss) | 9901 | €240,556 | €167,017 | -€73,539 | -30.6% |
| Financial income | 75/76B | €1,552,743 | €2,011,406 | +€458,663 | +29.5% |
| Recurring financial income | 75 | €1,552,743 | €2,011,406 | +€458,663 | +29.5% |
| Income from financial fixed assets | 750 | €1,517,001 | €1,980,428 | +€463,426 | +30.5% |
| Income from current assets | 751 | €35,742 | €30,978 | -€4,763 | -13.3% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €54,220 | €50,498 | -€3,722 | -6.9% |
| Recurring financial charges | 65 | €54,220 | €50,498 | -€3,722 | -6.9% |
| Debt charges | 650 | €54,220 | €50,498 | -€3,722 | -6.9% |
| Other financial charges | 652/9 | €0 | €0 | +€0 | +500% |
| Profit (loss) for the period before taxes | 9903 | €1,739,079 | €2,127,925 | +€388,846 | +22.4% |
| Income taxes | 67/77 | €101,602 | €54,652 | -€46,951 | -46.2% |
| Taxes | 670/3 | €101,602 | €54,652 | -€46,951 | -46.2% |
| Profit (loss) for the period | 9904 | €1,637,476 | €2,073,273 | +€435,797 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,637,476 | €2,073,273 | +€435,797 | +26.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.