PIPE CONSTRUCT: 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
PIPE CONSTRUCT
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
€1.4m
2023 · €1.2m+€187,044
Equity
€840,149
2023 · €480,104+€360,045
Cash
€373,447
2023 · €839,369-€465,922
Balance sheet total
€8.5m
2023 · €9.7m-€1.2m
Largest movements
Assets
- Receivables within one year -€832,179
down €832,179 (-21.6%), from €3.9m to €3.0m
of which Trade receivables: -€894,067
- Cash -€465,922
down €465,922 (-55.5%), from €839,369 to €373,447
mainly Advances received (-€1.4m) and Contributions, distributions and other (-€1.0m)
- Tangible fixed assets +€226,056
up €226,056 (+48.7%), from €463,816 to €689,871
of which Furniture and vehicles: +€182,781
- Stocks and contracts -€184,487
down €184,487 (-4.1%), from €4.5m to €4.3m
Equity and liabilities
- Advances received -€1.4m
down €1.4m (-23.6%), from €5.7m to €4.4m
- Other debts -€1.0m
down €1.0m (-40.7%), from €2.5m to €1.5m
- Provisions +€634,463
up €634,463 (+280%), from €226,816 to €861,279
of which Provisions for liabilities and charges: +€640,838
- Reserves +€430,875
up €430,875 (+180%), from €239,049 to €669,924
of which Distributable reserves: +€450,000
- Trade debts +€305,280
up €305,280 (+61.2%), from €499,178 to €804,458
Income statement
- Turnover +€3.0m
up €3.0m (+49.0%), from €6.2m to €9.2m
- Goods and materials -€1.6m
down €1.6m (-25.7%), from €6.2m to €4.6m
- Provisions +€455,371
up €455,371 (+246%), from €185,467 to €640,838
- Taxes +€206,400
up €206,400 (+42.3%), from €488,082 to €694,482
From the 2023 result to the 2024 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 2023
€1.2m
Turnover
+€3.0m
Other operating income
+€9,659
Goods and materials
+€1.6m
Services and other goods
-€65,159
Staff costs
+€77,575
Depreciation
-€42,207
Provisions
-€455,371
Other operating charges
+€2,005
Other operating items
-€3.8m
Financial income
+€36,002
Financial charges
+€2,387
Taxes
-€206,400
Result 2024
€1.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€929,217
Investment
-€386,630
Financing
-€1.0m
Cash 2023
€839,369
From operations (derived)
+€929,217
Net result for the year
+€1.4m
Depreciation
+€165,241
Stocks and contracts
+€184,487
Receivables within one year
+€832,179
Deferred charges and accrued income
-€37,116
Provisions
+€634,463
Trade debts
+€305,280
Tax, wage and social debts
-€159,047
Advances received
-€1.4m
Other debts
-€1.0m
Accrued charges and deferred income
-€4,161
Investment (derived)
-€386,630
Investment in fixed assets (net)
-€386,630
Financing
-€1.0m
Current portion of long-term debt
-€5,881
Contributions, distributions and other
-€1.0m
Cash 2024
€373,447
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,684,988 | €8,460,905 | -€1.2m | -12.6% |
| Fixed assets | 21/28 | €499,356 | €720,746 | +€221,389 | +44.3% |
| Intangible fixed assets | 21 | €10,541 | €5,874 | -€4,666 | -44.3% |
| Tangible fixed assets | 22/27 | €463,816 | €689,871 | +€226,056 | +48.7% |
| Land and buildings | 22 | €351,164 | €334,450 | -€16,713 | -4.8% |
| Plant, machinery and equipment | 23 | €47,601 | €109,332 | +€61,730 | +130% |
| Furniture and vehicles | 24 | €60,232 | €243,013 | +€182,781 | +303% |
| Other tangible fixed assets | 26 | €4,819 | €3,076 | -€1,743 | -36.2% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Affiliated companies | 280/1 | €25,000 | €25,000 | = | 0.0% |
| Participating interests | 280 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €9,185,632 | €7,740,160 | -€1.4m | -15.7% |
| Stocks and contracts in progress | 3 | €4,464,837 | €4,280,350 | -€184,487 | -4.1% |
| Contracts in progress | 37 | €4,464,837 | €4,280,350 | -€184,487 | -4.1% |
| Amounts receivable within one year | 40/41 | €3,855,814 | €3,023,635 | -€832,179 | -21.6% |
| Trade receivables | 40 | €3,790,303 | €2,896,236 | -€894,067 | -23.6% |
| Other amounts receivable | 41 | €65,510 | €127,399 | +€61,889 | +94.5% |
| Cash at bank and in hand | 54/58 | €839,369 | €373,447 | -€465,922 | -55.5% |
| Deferred charges and accrued income | 490/1 | €25,612 | €62,729 | +€37,116 | +145% |
| Total equity and liabilities | 10/49 | €9,684,988 | €8,460,905 | -€1.2m | -12.6% |
| Equity | 10/15 | €480,104 | €840,149 | +€360,045 | +75.0% |
| 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 | €239,049 | €669,924 | +€430,875 | +180% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €124,049 | €104,924 | -€19,125 | -15.4% |
| Distributable reserves | 133 | €100,000 | €550,000 | +€450,000 | +450% |
| Profit (loss) carried forward | 14 | €74,045 | €5,843 | -€68,202 | -92.1% |
| Investment grants | 15 | €17,011 | €14,382 | -€2,628 | -15.5% |
| Provisions and deferred taxes | 16 | €226,816 | €861,279 | +€634,463 | +280% |
| Provisions for liabilities and charges | 160/5 | €185,467 | €826,305 | +€640,838 | +346% |
| Other liabilities and charges | 164/5 | €185,467 | €826,305 | +€640,838 | +346% |
| Deferred taxes | 168 | €41,350 | €34,975 | -€6,375 | -15.4% |
| Amounts payable | 17/49 | €8,978,068 | €6,759,477 | -€2.2m | -24.7% |
| Amounts payable within one year | 42/48 | €8,971,527 | €6,757,097 | -€2.2m | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €5,881 | - | -€5,881 | |
| Trade debts | 44 | €499,178 | €804,458 | +€305,280 | +61.2% |
| Suppliers | 440/4 | €499,178 | €804,458 | +€305,280 | +61.2% |
| Advances received on contracts in progress | 46 | €5,748,117 | €4,393,335 | -€1.4m | -23.6% |
| Taxes, remuneration and social security | 45 | €263,934 | €104,887 | -€159,047 | -60.3% |
| Taxes | 450/3 | €203,129 | €44,741 | -€158,387 | -78.0% |
| Remuneration and social security | 454/9 | €60,806 | €60,146 | -€660 | -1.1% |
| Other amounts payable | 47/48 | €2,454,417 | €1,454,417 | -€1.0m | -40.7% |
| Accrued charges and deferred income | 492/3 | €6,541 | €2,380 | -€4,161 | -63.6% |
| Operating income | 70/76A | €9,783,966 | €9,023,119 | -€760,847 | -7.8% |
| Turnover | 70 | €6,158,565 | €9,174,956 | +€3.0m | +49.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €3,498,380 | -€184,487 | -€3.7m | |
| Other operating income | 74 | €12,021 | €21,680 | +€9,659 | +80.4% |
| Non-recurring operating income | 76A | €115,000 | €10,971 | -€104,029 | -90.5% |
| Operating charges | 60/66A | €8,124,368 | €7,008,466 | -€1.1m | -13.7% |
| Goods for resale, raw materials and consumables | 60 | €6,233,056 | €4,633,997 | -€1.6m | -25.7% |
| Purchases | 600/8 | €6,233,056 | €4,633,997 | -€1.6m | -25.7% |
| Services and other goods | 61 | €1,002,265 | €1,067,424 | +€65,159 | +6.5% |
| Remuneration, social security and pensions | 62 | €557,835 | €480,260 | -€77,575 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,033 | €165,241 | +€42,207 | +34.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €185,467 | €640,838 | +€455,371 | +246% |
| Other operating charges | 640/8 | €22,712 | €20,707 | -€2,005 | -8.8% |
| Operating profit (loss) | 9901 | €1,659,598 | €2,014,653 | +€355,055 | +21.4% |
| Financial income | 75/76B | €2,628 | €38,630 | +€36,002 | +1,370% |
| Recurring financial income | 75 | €2,628 | €38,630 | +€36,002 | +1,370% |
| Income from current assets | 751 | - | €36,002 | +€36,002 | |
| Other financial income | 752/9 | €2,628 | €2,628 | = | 0.0% |
| Financial charges | 65/66B | €4,891 | €2,504 | -€2,387 | -48.8% |
| Recurring financial charges | 65 | €4,891 | €2,504 | -€2,387 | -48.8% |
| Debt charges | 650 | €186 | €15 | -€171 | -92.0% |
| Other financial charges | 652/9 | €4,705 | €2,489 | -€2,216 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €1,657,336 | €2,050,780 | +€393,444 | +23.7% |
| Transfer from deferred taxes | 780 | €6,375 | €6,375 | = | 0.0% |
| Income taxes | 67/77 | €488,082 | €694,482 | +€206,400 | +42.3% |
| Taxes | 670/3 | €488,082 | €694,482 | +€206,400 | +42.3% |
| Profit (loss) for the period | 9904 | €1,175,629 | €1,362,673 | +€187,044 | +15.9% |
| Transfer from tax-exempt reserves | 789 | €19,125 | €19,125 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,194,754 | €1,381,798 | +€187,044 | +15.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.