PIPELEERS: 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.
PIPELEERS
Largest movements
- Deferred charges and accrued income +€420,081
new in 2025: €420,081
- Receivables within one year -€131,906
down €131,906 (-37.8%), from €348,698 to €216,792
of which Trade receivables: -€114,744
- Tangible fixed assets -€99,448
down €99,448 (-14.1%), from €707,413 to €607,965
of which Furniture and vehicles: -€92,555
- Reserves +€441,995
up €441,995 (+46.0%), from €961,326 to €1.4m
of which Distributable reserves: +€424,310
- Debts after one year -€114,722
down €114,722 (-100%), from €114,722 to €0
- Trade debts -€85,521
down €85,521 (-36.3%), from €235,287 to €149,766
- Tax, wage and social debts -€48,179
down €48,179 (-50.6%), from €95,127 to €46,949
of which Taxes: -€31,054
- Financial income +€407,044
up €407,044 (+1,071,169%), from €38 to €407,082
- Gross operating margin -€68,971
down €68,971 (-12.6%), from €546,984 to €478,013
- Depreciation +€43,774
up €43,774 (+27.0%), from €161,861 to €205,635
- Staff costs -€10,238
down €10,238 (-6.7%), from €153,518 to €143,281
- Taxes -€7,595
down €7,595 (-10.9%), from €69,459 to €61,864
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 | €1,856,003 | €2,045,948 | +€189,946 | +10.2% |
| Fixed assets | 21/28 | €1,253,223 | €1,153,775 | -€99,448 | -7.9% |
| Tangible fixed assets | 22/27 | €707,413 | €607,965 | -€99,448 | -14.1% |
| Land and buildings | 22 | €221,688 | €233,088 | +€11,400 | +5.1% |
| Plant, machinery and equipment | 23 | €56,664 | €38,370 | -€18,294 | -32.3% |
| Furniture and vehicles | 24 | €429,061 | €336,506 | -€92,555 | -21.6% |
| Financial fixed assets | 28 | €545,810 | €545,810 | = | 0.0% |
| Current assets | 29/58 | €602,780 | €892,174 | +€289,394 | +48.0% |
| Stocks and contracts in progress | 3 | - | €4,750 | +€4,750 | |
| Stocks | 30/36 | - | €4,750 | +€4,750 | |
| Amounts receivable within one year | 40/41 | €348,698 | €216,792 | -€131,906 | -37.8% |
| Trade receivables | 40 | €331,497 | €216,754 | -€114,744 | -34.6% |
| Other amounts receivable | 41 | €17,200 | €38 | -€17,162 | -99.8% |
| Cash at bank and in hand | 54/58 | €254,082 | €250,551 | -€3,532 | -1.4% |
| Deferred charges and accrued income | 490/1 | - | €420,081 | +€420,081 | |
| Total equity and liabilities | 10/49 | €1,856,003 | €2,045,948 | +€189,946 | +10.2% |
| Equity | 10/15 | €979,926 | €1,421,921 | +€441,995 | +45.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €961,326 | €1,403,321 | +€441,995 | +46.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €17,686 | +€17,686 | |
| Distributable reserves | 133 | €959,466 | €1,383,776 | +€424,310 | +44.2% |
| Provisions and deferred taxes | 16 | - | €5,895 | +€5,895 | |
| Deferred taxes | 168 | - | €5,895 | +€5,895 | |
| Amounts payable | 17/49 | €876,077 | €618,132 | -€257,945 | -29.4% |
| Amounts payable after more than one year | 17 | €114,722 | €0 | -€114,722 | -100% |
| Financial debts | 170/4 | €114,722 | €0 | -€114,722 | -100% |
| Amounts payable within one year | 42/48 | €760,487 | €617,648 | -€142,839 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €11,667 | €0 | -€11,667 | -100% |
| Trade debts | 44 | €235,287 | €149,766 | -€85,521 | -36.3% |
| Suppliers | 440/4 | €235,287 | €149,766 | -€85,521 | -36.3% |
| Taxes, remuneration and social security | 45 | €95,127 | €46,949 | -€48,179 | -50.6% |
| Taxes | 450/3 | €70,944 | €39,890 | -€31,054 | -43.8% |
| Remuneration and social security | 454/9 | €24,184 | €7,058 | -€17,125 | -70.8% |
| Other amounts payable | 47/48 | €418,406 | €420,934 | +€2,528 | +0.6% |
| Accrued charges and deferred income | 492/3 | €868 | €484 | -€384 | -44.3% |
| Non-recurring operating income | 76A | - | €39,000 | +€39,000 | |
| Remuneration, social security and pensions | 62 | €153,518 | €143,281 | -€10,238 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,861 | €205,635 | +€43,774 | +27.0% |
| Other operating charges | 640/8 | €11,574 | €12,213 | +€639 | +5.5% |
| Non-recurring operating charges | 66A | €701 | €5,029 | +€4,328 | +618% |
| Gross operating margin | 9900 | €546,984 | €478,013 | -€68,971 | -12.6% |
| Operating profit (loss) | 9901 | €219,330 | €111,856 | -€107,474 | -49.0% |
| Financial income | 75/76B | €38 | €407,082 | +€407,044 | +1,071,169% |
| Recurring financial income | 75 | €38 | €407,082 | +€407,044 | +1,071,169% |
| Financial charges | 65/66B | €8,084 | €9,184 | +€1,100 | +13.6% |
| Recurring financial charges | 65 | €8,084 | €9,184 | +€1,100 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €211,285 | €509,755 | +€298,470 | +141% |
| Transfer from deferred taxes | 780 | - | €1,605 | +€1,605 | |
| Transfer to deferred taxes | 680 | - | €7,500 | +€7,500 | |
| Income taxes | 67/77 | €69,459 | €61,864 | -€7,595 | -10.9% |
| Profit (loss) for the period | 9904 | €141,826 | €441,995 | +€300,170 | +212% |
| Transfer from tax-exempt reserves | 789 | - | €4,814 | +€4,814 | |
| Transfer to tax-exempt reserves | 689 | - | €22,500 | +€22,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €141,826 | €424,310 | +€282,484 | +199% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.