PIPELINE SOLUTIONS: 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.
PIPELINE SOLUTIONS
Largest movements
- Receivables within one year +€364,845
up €364,845 (+396%), from €92,122 to €456,967
of which Other amounts receivable: +€364,845
- Current investments -€140,000
down €140,000 (-100%), from €140,000 to €0
- Cash +€35,501
up €35,501 (+136%), from €26,126 to €61,628
mainly Net result for the year (+€258,246) and Current investments (+€140,000)
- Reserves +€184,644
up €184,644 (+65.7%), from €280,903 to €465,547
of which Distributable reserves: +€184,644
- Other debts +€35,159
up €35,159 (+86.9%), from €40,455 to €75,614
- Tax, wage and social debts +€34,204
up €34,204 (+471%), from €7,259 to €41,464
- Trade debts +€10,804
up €10,804 (+1,028%), from €1,051 to €11,856
- Debts after one year -€8,467
down €8,467 (-9.5%), from €88,752 to €80,284
- Financial income +€133,846
up €133,846 (+143%), from €93,305 to €227,151
- Gross operating margin -€9,743
down €9,743 (-10.2%), from €95,346 to €85,603
- Taxes +€9,051
up €9,051 (+26.4%), from €34,330 to €43,381
- Depreciation -€1,851
down €1,851 (-25.2%), from €7,340 to €5,489
- Financial charges +€1,553
up €1,553 (+55.7%), from €2,789 to €4,342
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 | €492,933 | €748,446 | +€255,513 | +51.8% |
| Fixed assets | 21/28 | €199,791 | €194,302 | -€5,489 | -2.7% |
| Tangible fixed assets | 22/27 | €135,591 | €130,102 | -€5,489 | -4.0% |
| Land and buildings | 22 | €133,735 | €129,535 | -€4,200 | -3.1% |
| Plant, machinery and equipment | 23 | €1,311 | €567 | -€744 | -56.8% |
| Furniture and vehicles | 24 | €545 | €0 | -€545 | -100% |
| Financial fixed assets | 28 | €64,200 | €64,200 | = | 0.0% |
| Current assets | 29/58 | €293,142 | €554,144 | +€261,002 | +89.0% |
| Amounts receivable after more than one year | 29 | €33,000 | €33,000 | = | 0.0% |
| Other amounts receivable | 291 | €33,000 | €33,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €92,122 | €456,967 | +€364,845 | +396% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €92,122 | €456,967 | +€364,845 | +396% |
| Current investments | 50/53 | €140,000 | €0 | -€140,000 | -100% |
| Cash at bank and in hand | 54/58 | €26,126 | €61,628 | +€35,501 | +136% |
| Deferred charges and accrued income | 490/1 | €1,893 | €2,549 | +€656 | +34.6% |
| Total equity and liabilities | 10/49 | €492,933 | €748,446 | +€255,513 | +51.8% |
| Equity | 10/15 | €346,966 | €530,761 | +€183,794 | +53.0% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €280,903 | €465,547 | +€184,644 | +65.7% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €278,903 | €463,547 | +€184,644 | +66.2% |
| Profit (loss) carried forward | 14 | €59,563 | €58,713 | -€850 | -1.4% |
| Amounts payable | 17/49 | €145,966 | €217,685 | +€71,719 | +49.1% |
| Amounts payable after more than one year | 17 | €88,752 | €80,284 | -€8,467 | -9.5% |
| Financial debts | 170/4 | €88,752 | €80,284 | -€8,467 | -9.5% |
| Amounts payable within one year | 42/48 | €57,096 | €137,401 | +€80,305 | +141% |
| Current portion of amounts payable after more than one year | 42 | €8,330 | €8,467 | +€137 | +1.6% |
| Trade debts | 44 | €1,051 | €11,856 | +€10,804 | +1,028% |
| Suppliers | 440/4 | €1,051 | €11,856 | +€10,804 | +1,028% |
| Taxes, remuneration and social security | 45 | €7,259 | €41,464 | +€34,204 | +471% |
| Taxes | 450/3 | €7,259 | €41,464 | +€34,204 | +471% |
| Other amounts payable | 47/48 | €40,455 | €75,614 | +€35,159 | +86.9% |
| Accrued charges and deferred income | 492/3 | €119 | €0 | -€119 | -100% |
| Non-recurring operating income | 76A | - | €13,409 | +€13,409 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,340 | €5,489 | -€1,851 | -25.2% |
| Other operating charges | 640/8 | €989 | €1,295 | +€306 | +31.0% |
| Gross operating margin | 9900 | €95,346 | €85,603 | -€9,743 | -10.2% |
| Operating profit (loss) | 9901 | €87,017 | €78,819 | -€8,198 | -9.4% |
| Financial income | 75/76B | €93,305 | €227,151 | +€133,846 | +143% |
| Recurring financial income | 75 | €93,305 | €227,151 | +€133,846 | +143% |
| Financial charges | 65/66B | €2,789 | €4,342 | +€1,553 | +55.7% |
| Recurring financial charges | 65 | €2,789 | €4,342 | +€1,553 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €177,533 | €301,627 | +€124,094 | +69.9% |
| Income taxes | 67/77 | €34,330 | €43,381 | +€9,051 | +26.4% |
| Profit (loss) for the period | 9904 | €143,203 | €258,246 | +€115,043 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €143,203 | €258,246 | +€115,043 | +80.3% |
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.