PIPE INSTAL: 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.
PIPE INSTAL
Largest movements
- Receivables within one year +€182,570
up €182,570 (+48.4%), from €376,966 to €559,536
of which Trade receivables: +€204,132
- Tangible fixed assets +€139,586
up €139,586 (+1,658%), from €8,417 to €148,003
of which Furniture and vehicles: +€81,331
- Cash +€50,833
up €50,833 (+5,028%), from €1,011 to €51,844
mainly Trade debts (+€149,506) and Net result for the year (+€117,954)
- Trade debts +€149,506
up €149,506 (+39.8%), from €375,382 to €524,888
- Reserves +€100,000
up €100,000 (+3,333%), from €3,000 to €103,000
- Tax, wage and social debts +€53,980
up €53,980 (+1,784%), from €3,025 to €57,005
- Advances received +€33,463
new in 2025: €33,463
- Debts after one year +€23,463
new in 2025: €23,463
- Gross operating margin +€194,019
up €194,019 (+1,233%), from €15,740 to €209,759
- Taxes +€53,966
up €53,966 (+1,784%), from €3,025 to €56,991
- Financial charges +€15,472
up €15,472 (+267%), from €5,795 to €21,267
- Depreciation +€10,505
up €10,505 (+898%), from €1,170 to €11,675
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €387,516 | €770,726 | +€383,210 | +98.9% |
| Fixed assets | 21/28 | €8,654 | €152,740 | +€144,086 | +1,665% |
| Tangible fixed assets | 22/27 | €8,417 | €148,003 | +€139,586 | +1,658% |
| Plant, machinery and equipment | 23 | €5,222 | €31,035 | +€25,813 | +494% |
| Furniture and vehicles | 24 | €3,195 | €84,526 | +€81,331 | +2,546% |
| Leasing and similar rights | 25 | - | €32,442 | +€32,442 | |
| Financial fixed assets | 28 | €237 | €4,737 | +€4,500 | +1,899% |
| Current assets | 29/58 | €378,862 | €617,986 | +€239,124 | +63.1% |
| Amounts receivable within one year | 40/41 | €376,966 | €559,536 | +€182,570 | +48.4% |
| Trade receivables | 40 | €331,954 | €536,086 | +€204,132 | +61.5% |
| Other amounts receivable | 41 | €45,012 | €23,450 | -€21,562 | -47.9% |
| Cash at bank and in hand | 54/58 | €1,011 | €51,844 | +€50,833 | +5,028% |
| Deferred charges and accrued income | 490/1 | €885 | €6,606 | +€5,721 | +646% |
| Total equity and liabilities | 10/49 | €387,516 | €770,726 | +€383,210 | +98.9% |
| Equity | 10/15 | €8,531 | €126,485 | +€117,954 | +1,383% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €103,000 | +€100,000 | +3,333% |
| Distributable reserves | 133 | €3,000 | €103,000 | +€100,000 | +3,333% |
| Profit (loss) carried forward | 14 | €1,531 | €19,485 | +€17,954 | +1,173% |
| Amounts payable | 17/49 | €378,985 | €644,241 | +€265,256 | +70.0% |
| Amounts payable after more than one year | 17 | - | €23,463 | +€23,463 | |
| Financial debts | 170/4 | - | €23,463 | +€23,463 | |
| Amounts payable within one year | 42/48 | €378,985 | €620,318 | +€241,333 | +63.7% |
| Current portion of amounts payable after more than one year | 42 | - | €4,800 | +€4,800 | |
| Financial debts | 43 | €578 | €162 | -€416 | -72.0% |
| Credit institutions | 430/8 | €578 | €162 | -€416 | -72.0% |
| Trade debts | 44 | €375,382 | €524,888 | +€149,506 | +39.8% |
| Suppliers | 440/4 | €375,382 | €524,888 | +€149,506 | +39.8% |
| Advances received on contracts in progress | 46 | - | €33,463 | +€33,463 | |
| Taxes, remuneration and social security | 45 | €3,025 | €57,005 | +€53,980 | +1,784% |
| Taxes | 450/3 | €3,025 | €57,005 | +€53,980 | +1,784% |
| Accrued charges and deferred income | 492/3 | - | €460 | +€460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,170 | €11,675 | +€10,505 | +898% |
| Other operating charges | 640/8 | €1,221 | €2,026 | +€805 | +65.9% |
| Gross operating margin | 9900 | €15,740 | €209,759 | +€194,019 | +1,233% |
| Operating profit (loss) | 9901 | €13,349 | €196,058 | +€182,709 | +1,369% |
| Financial income | 75/76B | €2 | €154 | +€152 | +7,600% |
| Recurring financial income | 75 | €2 | €154 | +€152 | +7,600% |
| Financial charges | 65/66B | €5,795 | €21,267 | +€15,472 | +267% |
| Recurring financial charges | 65 | €5,795 | €21,267 | +€15,472 | +267% |
| Profit (loss) for the period before taxes | 9903 | €7,556 | €174,945 | +€167,389 | +2,215% |
| Income taxes | 67/77 | €3,025 | €56,991 | +€53,966 | +1,784% |
| Profit (loss) for the period | 9904 | €4,531 | €117,954 | +€113,423 | +2,503% |
| Profit (loss) for the period to be appropriated | 9905 | €4,531 | €117,954 | +€113,423 | +2,503% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.