PIPE CONSULT: 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 CONSULT
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€20,072
2024 · €79,358-€59,286
Equity
€892,776
2024 · €844,641+€48,134
Cash
€46,433
2024 · €123,869-€77,437
Balance sheet total
€2.9m
2024 · €3.3m-€379,965
Largest movements
Assets
- Tangible fixed assets -€518,495
down €518,495 (-25.3%), from €2.1m to €1.5m
- Receivables within one year +€218,040
up €218,040 (+20.7%), from €1.1m to €1.3m
of which Trade receivables: +€362,384
- Cash -€77,437
down €77,437 (-62.5%), from €123,869 to €46,433
mainly Debts after one year (-€381,231) and Current portion of long-term debt (-€225,164)
Equity and liabilities
- Debts after one year -€381,231
down €381,231 (-28.1%), from €1.4m to €977,704
- Current portion of long-term debt -€225,164
down €225,164 (-38.9%), from €579,400 to €354,235
- Short-term financial debts +€99,974
up €99,974 (+43.3%), from €231,064 to €331,038
- Trade debts +€89,170
up €89,170 (+40.0%), from €223,140 to €312,310
Income statement
- Staff costs +€68,027
up €68,027 (+8.4%), from €810,318 to €878,345
- Depreciation -€49,246
down €49,246 (-8.8%), from €557,999 to €508,753
- Financial income -€32,553
down €32,553 (-35.1%), from €92,622 to €60,069
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
€79,358
Gross operating margin
-€3,593
Staff costs
-€68,027
Depreciation
+€49,246
Other operating charges
-€8,314
Other operating items
-€6,413
Financial income
-€32,553
Financial charges
+€9,650
Taxes
+€717
Result 2025
€20,072
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
+€389,182
Investment
+€11,739
Financing
-€478,358
Cash 2024
€123,869
From operations (derived)
+€389,182
Net result for the year
+€20,072
Depreciation
+€508,753
Smaller working-capital items
-€203
Receivables within one year
-€218,040
Trade debts
+€89,170
Tax, wage and social debts
+€17,654
Accrued charges and deferred income
-€28,223
Investment (derived)
+€11,739
Investment in fixed assets (net)
+€11,739
Financing
-€478,358
Debts after one year
-€381,231
Current portion of long-term debt
-€225,164
Short-term financial debts
+€99,974
Contributions, distributions and other
+€28,063
Cash 2025
€46,433
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,321,309 | €2,941,344 | -€379,965 | -11.4% |
| Fixed assets | 21/28 | €2,065,262 | €1,544,770 | -€520,492 | -25.2% |
| Intangible fixed assets | 21 | €7,771 | €5,773 | -€1,997 | -25.7% |
| Tangible fixed assets | 22/27 | €2,050,318 | €1,531,823 | -€518,495 | -25.3% |
| Land and buildings | 22 | €948,076 | €889,966 | -€58,109 | -6.1% |
| Plant, machinery and equipment | 23 | €386,691 | €265,308 | -€121,382 | -31.4% |
| Furniture and vehicles | 24 | €514,313 | €366,906 | -€147,407 | -28.7% |
| Leasing and similar rights | 25 | €201,239 | €9,643 | -€191,596 | -95.2% |
| Financial fixed assets | 28 | €7,174 | €7,174 | = | 0.0% |
| Current assets | 29/58 | €1,256,047 | €1,396,574 | +€140,527 | +11.2% |
| Stocks and contracts in progress | 3 | €37,169 | €36,513 | -€656 | -1.8% |
| Stocks | 30/36 | €37,169 | €36,513 | -€656 | -1.8% |
| Amounts receivable within one year | 40/41 | €1,053,842 | €1,271,881 | +€218,040 | +20.7% |
| Trade receivables | 40 | €754,988 | €1,117,371 | +€362,384 | +48.0% |
| Other amounts receivable | 41 | €298,854 | €154,510 | -€144,344 | -48.3% |
| Cash at bank and in hand | 54/58 | €123,869 | €46,433 | -€77,437 | -62.5% |
| Deferred charges and accrued income | 490/1 | €41,167 | €41,747 | +€580 | +1.4% |
| Total equity and liabilities | 10/49 | €3,321,309 | €2,941,344 | -€379,965 | -11.4% |
| Equity | 10/15 | €844,641 | €892,776 | +€48,134 | +5.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €697,265 | €717,337 | +€20,072 | +2.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €691,065 | €711,137 | +€20,072 | +2.9% |
| Investment grants | 15 | €85,376 | €113,439 | +€28,063 | +32.9% |
| Amounts payable | 17/49 | €2,476,668 | €2,048,568 | -€428,099 | -17.3% |
| Amounts payable after more than one year | 17 | €1,358,935 | €977,704 | -€381,231 | -28.1% |
| Financial debts | 170/4 | €1,358,935 | €977,704 | -€381,231 | -28.1% |
| Amounts payable within one year | 42/48 | €1,089,510 | €1,070,865 | -€18,646 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €579,400 | €354,235 | -€225,164 | -38.9% |
| Financial debts | 43 | €231,064 | €331,038 | +€99,974 | +43.3% |
| Credit institutions | 430/8 | €231,064 | €331,038 | +€99,974 | +43.3% |
| Trade debts | 44 | €223,140 | €312,310 | +€89,170 | +40.0% |
| Suppliers | 440/4 | €223,140 | €312,310 | +€89,170 | +40.0% |
| Taxes, remuneration and social security | 45 | €45,511 | €63,165 | +€17,654 | +38.8% |
| Taxes | 450/3 | €5,838 | €10,679 | +€4,841 | +82.9% |
| Remuneration and social security | 454/9 | €39,673 | €52,485 | +€12,812 | +32.3% |
| Other amounts payable | 47/48 | €10,396 | €10,117 | -€278 | -2.7% |
| Accrued charges and deferred income | 492/3 | €28,223 | - | -€28,223 | |
| Remuneration, social security and pensions | 62 | €810,318 | €878,345 | +€68,027 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557,999 | €508,753 | -€49,246 | -8.8% |
| Other operating charges | 640/8 | €16,691 | €25,005 | +€8,314 | +49.8% |
| Non-recurring operating charges | 66A | - | €6,413 | +€6,413 | |
| Gross operating margin | 9900 | €1,441,191 | €1,437,598 | -€3,593 | -0.2% |
| Operating profit (loss) | 9901 | €56,183 | €19,083 | -€37,100 | -66.0% |
| Financial income | 75/76B | €92,622 | €60,069 | -€32,553 | -35.1% |
| Recurring financial income | 75 | €92,622 | €60,069 | -€32,553 | -35.1% |
| Financial charges | 65/66B | €68,284 | €58,633 | -€9,650 | -14.1% |
| Recurring financial charges | 65 | €68,284 | €58,633 | -€9,650 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €80,521 | €20,518 | -€60,003 | -74.5% |
| Income taxes | 67/77 | €1,163 | €446 | -€717 | -61.6% |
| Profit (loss) for the period | 9904 | €79,358 | €20,072 | -€59,286 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,358 | €20,072 | -€59,286 | -74.7% |
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 16 October 2026 via checked.be.