PIPA Immo: 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 Immo
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€80,975
2024 · €24,387+€56,589
Equity
€1.3m
2024 · €1.3m
Cash
€189,977
2024 · €214,042-€24,066
Balance sheet total
€3.3m
2024 · €3.4m-€92,934
Largest movements
Assets
- Tangible fixed assets -€119,188
down €119,188 (-3.9%), from €3.0m to €2.9m
of which Land and buildings: -€167,315
- Current investments +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
Equity and liabilities
- Debts after one year -€159,871
down €159,871 (-8.3%), from €1.9m to €1.8m
- Other debts +€80,975
new in 2025: €80,975
Income statement
- Gross operating margin +€38,101
up €38,101 (+8.8%), from €434,050 to €472,151
- Depreciation -€36,609
down €36,609 (-17.2%), from €213,009 to €176,400
- Taxes +€19,163
up €19,163 (+237%), from €8,101 to €27,264
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
€24,387
Gross operating margin
+€38,101
Staff costs
-€988
Depreciation
+€36,609
Other operating charges
+€514
Financial income
+€1,405
Financial charges
+€110
Taxes
-€19,163
Result 2025
€80,975
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
+€322,616
Investment
-€107,212
Financing
-€239,470
Cash 2024
€214,042
From operations (derived)
+€322,616
Net result for the year
+€80,975
Depreciation
+€176,400
Receivables within one year
+€298
Deferred charges and accrued income
-€617
Trade debts
-€12,359
Tax, wage and social debts
-€3,056
Other debts
+€80,975
Investment (derived)
-€107,212
Investment in fixed assets (net)
-€57,212
Current investments
-€50,000
Financing
-€239,470
Debts after one year
-€159,871
Current portion of long-term debt
+€1,377
Contributions, distributions and other
-€80,975
Cash 2025
€189,977
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,431,401 | €3,338,467 | -€92,934 | -2.7% |
| Fixed assets | 21/28 | €3,035,994 | €2,916,806 | -€119,188 | -3.9% |
| Tangible fixed assets | 22/27 | €3,035,994 | €2,916,806 | -€119,188 | -3.9% |
| Land and buildings | 22 | €3,028,556 | €2,861,241 | -€167,315 | -5.5% |
| Furniture and vehicles | 24 | €7,438 | €55,565 | +€48,127 | +647% |
| Current assets | 29/58 | €395,408 | €421,661 | +€26,253 | +6.6% |
| Amounts receivable within one year | 40/41 | €28,016 | €27,718 | -€298 | -1.1% |
| Trade receivables | 40 | €25,045 | €20,476 | -€4,569 | -18.2% |
| Other amounts receivable | 41 | €2,971 | €7,242 | +€4,271 | +144% |
| Current investments | 50/53 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €214,042 | €189,977 | -€24,066 | -11.2% |
| Deferred charges and accrued income | 490/1 | €3,349 | €3,966 | +€617 | +18.4% |
| Total equity and liabilities | 10/49 | €3,431,401 | €3,338,467 | -€92,934 | -2.7% |
| Equity | 10/15 | €1,269,077 | €1,269,077 | = | 0.0% |
| Contributions | 10/11 | €1,039,400 | €1,039,400 | = | 0.0% |
| Reserves | 13 | €229,677 | €229,677 | = | 0.0% |
| Distributable reserves | 133 | €229,677 | €229,677 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,162,325 | €2,069,390 | -€92,934 | -4.3% |
| Amounts payable after more than one year | 17 | €1,916,729 | €1,756,857 | -€159,871 | -8.3% |
| Financial debts | 170/4 | €1,916,729 | €1,756,857 | -€159,871 | -8.3% |
| Amounts payable within one year | 42/48 | €245,596 | €312,533 | +€66,937 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €207,285 | €208,662 | +€1,377 | +0.7% |
| Trade debts | 44 | €13,998 | €1,638 | -€12,359 | -88.3% |
| Suppliers | 440/4 | €13,998 | €1,638 | -€12,359 | -88.3% |
| Taxes, remuneration and social security | 45 | €24,314 | €21,258 | -€3,056 | -12.6% |
| Taxes | 450/3 | €8,839 | €5,189 | -€3,650 | -41.3% |
| Remuneration and social security | 454/9 | €15,475 | €16,069 | +€594 | +3.8% |
| Other amounts payable | 47/48 | - | €80,975 | +€80,975 | |
| Remuneration, social security and pensions | 62 | €138,721 | €139,709 | +€988 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,009 | €176,400 | -€36,609 | -17.2% |
| Other operating charges | 640/8 | €3,595 | €3,081 | -€514 | -14.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €434,050 | €472,151 | +€38,101 | +8.8% |
| Operating profit (loss) | 9901 | €78,725 | €152,962 | +€74,237 | +94.3% |
| Financial income | 75/76B | €3,193 | €4,598 | +€1,405 | +44.0% |
| Recurring financial income | 75 | €3,193 | €4,598 | +€1,405 | +44.0% |
| Financial charges | 65/66B | €49,431 | €49,321 | -€110 | -0.2% |
| Recurring financial charges | 65 | €49,431 | €49,321 | -€110 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €32,487 | €108,239 | +€75,752 | +233% |
| Income taxes | 67/77 | €8,101 | €27,264 | +€19,163 | +237% |
| Profit (loss) for the period | 9904 | €24,387 | €80,975 | +€56,589 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €24,387 | €80,975 | +€56,589 | +232% |
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 14 October 2026 via checked.be.