PIPELINK: 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
PIPELINK
NACE 49.500, Land transport and transport via pipelines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.1m
2024 · €4.2m-€21,636
Equity
€37.3m
2024 · €33.2m+€4.1m
Cash
€23,773
2024 · €18,878+€4,895
Balance sheet total
€51.3m
2024 · €43.9m+€7.4m
Largest movements
Assets
- Receivables within one year +€11.0m
up €11.0m (+58.1%), from €19.0m to €30.0m
of which Other amounts receivable: +€7.4m
- Financial fixed assets -€4.7m
down €4.7m (-53.1%), from €8.9m to €4.1m
of which Affiliated companies: -€7.1m
- Tangible fixed assets +€2.5m
up €2.5m (+17.6%), from €14.4m to €16.9m
of which Assets under construction and advance payments: +€1.4m
- Deferred charges and accrued income -€1.3m
down €1.3m (-91.6%), from €1.4m to €121,050
Equity and liabilities
- Profit (loss) carried forward +€4.1m
up €4.1m (+103%), from €4.0m to €8.2m
- Trade debts +€2.4m
up €2.4m (+213%), from €1.1m to €3.6m
- Current portion of long-term debt +€652,335
up €652,335 (+62.2%), from €1.0m to €1.7m
Income statement
- Financial charges +€3.0m
up €3.0m (+2,055%), from €144,062 to €3.1m
of which Non-recurring financial charges: +€2.9m
- Financial income +€2.6m
up €2.6m (+206%), from €1.3m to €3.9m
of which Non-recurring financial income: +€2.7m
- Turnover +€1.4m
up €1.4m (+7.0%), from €19.7m to €21.1m
- Services and other goods +€970,352
up €970,352 (+166%), from €585,322 to €1.6m
- Goods and materials -€783,100
down €783,100 (-6.5%), from €12.1m to €11.3m
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
€4.2m
Turnover
+€1.4m
Other operating income
-€37,120
Goods and materials
+€783,100
Services and other goods
-€970,352
Staff costs
+€60,824
Depreciation
-€683,411
Provisions
-€197,410
Other operating charges
-€7,726
Other operating items
-€780
Financial income
+€2.6m
Financial charges
-€3.0m
Taxes
-€5,352
Result 2025
€4.1m
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
-€1.0m
Investment
-€26,990
Financing
+€1.1m
Cash 2024
€18,878
From operations (derived)
-€1.0m
Net result for the year
+€4.1m
Depreciation
+€2.3m
Receivables within one year
-€11.0m
Deferred charges and accrued income
+€1.3m
Trade debts
+€2.4m
Tax, wage and social debts
-€225,527
Accrued charges and deferred income
+€5,441
Investment (derived)
-€26,990
Investment in fixed assets (net)
-€26,990
Financing
+€1.1m
Debts after one year
+€402,434
Current portion of long-term debt
+€652,335
Cash 2025
€23,773
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,915,084 | €51,309,910 | +€7.4m | +16.8% |
| Fixed assets | 21/28 | €23,500,958 | €21,180,546 | -€2.3m | -9.9% |
| Intangible fixed assets | 21 | €296,310 | €153,169 | -€143,141 | -48.3% |
| Tangible fixed assets | 22/27 | €14,354,102 | €16,879,720 | +€2.5m | +17.6% |
| Land and buildings | 22 | - | €6,552 | +€6,552 | |
| Plant, machinery and equipment | 23 | €11,714,519 | €12,868,214 | +€1.2m | +9.8% |
| Furniture and vehicles | 24 | €19,244 | €11,616 | -€7,628 | -39.6% |
| Leasing and similar rights | 25 | €1,864 | €1,821 | -€43 | -2.3% |
| Other tangible fixed assets | 26 | €61,861 | €51,859 | -€10,002 | -16.2% |
| Assets under construction and advance payments | 27 | €2,556,614 | €3,939,658 | +€1.4m | +54.1% |
| Financial fixed assets | 28 | €8,850,547 | €4,147,657 | -€4.7m | -53.1% |
| Affiliated companies | 280/1 | €7,123,090 | - | -€7.1m | |
| Participating interests | 280 | €7,123,090 | - | -€7.1m | |
| Companies linked by participating interests | 282/3 | €1,727,300 | €4,147,300 | +€2.4m | +140% |
| Participating interests | 282 | €1,727,300 | €4,147,300 | +€2.4m | +140% |
| Other financial fixed assets | 284/8 | €157 | €357 | +€200 | +127% |
| Amounts receivable and cash guarantees | 285/8 | €157 | €357 | +€200 | +127% |
| Current assets | 29/58 | €20,414,125 | €30,129,364 | +€9.7m | +47.6% |
| Amounts receivable within one year | 40/41 | €18,961,280 | €29,984,540 | +€11.0m | +58.1% |
| Trade receivables | 40 | €4,576,517 | €8,212,521 | +€3.6m | +79.4% |
| Other amounts receivable | 41 | €14,384,764 | €21,772,019 | +€7.4m | +51.4% |
| Cash at bank and in hand | 54/58 | €18,878 | €23,773 | +€4,895 | +25.9% |
| Deferred charges and accrued income | 490/1 | €1,433,967 | €121,050 | -€1.3m | -91.6% |
| Total equity and liabilities | 10/49 | €43,915,084 | €51,309,910 | +€7.4m | +16.8% |
| Equity | 10/15 | €33,198,612 | €37,343,274 | +€4.1m | +12.5% |
| Contributions | 10/11 | €27,035,889 | €27,035,889 | = | 0.0% |
| Capital | 10 | €15,706,406 | €15,706,406 | = | 0.0% |
| Issued capital | 100 | €15,706,406 | €15,706,406 | = | 0.0% |
| Contributions outside capital | 11 | €11,329,483 | €11,329,483 | = | 0.0% |
| Share premium | 1100/10 | €11,329,483 | €11,329,483 | = | 0.0% |
| Reserves | 13 | €2,136,353 | €2,136,353 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,570,641 | €1,570,641 | = | 0.0% |
| Legal reserve | 130 | €1,570,641 | €1,570,641 | = | 0.0% |
| Distributable reserves | 133 | €565,713 | €565,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,026,370 | €8,171,031 | +€4.1m | +103% |
| Amounts payable | 17/49 | €10,716,472 | €13,966,636 | +€3.3m | +30.3% |
| Amounts payable after more than one year | 17 | €8,096,531 | €8,498,965 | +€402,434 | +5.0% |
| Financial debts | 170/4 | €8,096,531 | €8,498,965 | +€402,434 | +5.0% |
| Credit institutions | 173 | €8,096,531 | €8,498,965 | +€402,434 | +5.0% |
| Amounts payable within one year | 42/48 | €2,573,443 | €5,415,732 | +€2.8m | +110% |
| Current portion of amounts payable after more than one year | 42 | €1,048,628 | €1,700,963 | +€652,335 | +62.2% |
| Trade debts | 44 | €1,135,124 | €3,550,605 | +€2.4m | +213% |
| Suppliers | 440/4 | €1,135,124 | €3,550,605 | +€2.4m | +213% |
| Taxes, remuneration and social security | 45 | €389,691 | €164,164 | -€225,527 | -57.9% |
| Taxes | 450/3 | €186,151 | €73,348 | -€112,803 | -60.6% |
| Remuneration and social security | 454/9 | €203,541 | €90,816 | -€112,724 | -55.4% |
| Accrued charges and deferred income | 492/3 | €46,497 | €51,939 | +€5,441 | +11.7% |
| Operating income | 70/76A | €19,766,041 | €21,105,524 | +€1.3m | +6.8% |
| Turnover | 70 | €19,692,873 | €21,070,255 | +€1.4m | +7.0% |
| Other operating income | 74 | €72,389 | €35,269 | -€37,120 | -51.3% |
| Non-recurring operating income | 76A | €780 | - | -€780 | |
| Operating charges | 60/66A | €15,558,320 | €16,573,295 | +€1.0m | +6.5% |
| Goods for resale, raw materials and consumables | 60 | €12,106,378 | €11,323,278 | -€783,100 | -6.5% |
| Purchases | 600/8 | €12,106,378 | €11,323,278 | -€783,100 | -6.5% |
| Services and other goods | 61 | €585,322 | €1,555,673 | +€970,352 | +166% |
| Remuneration, social security and pensions | 62 | €1,328,227 | €1,267,402 | -€60,824 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,663,991 | €2,347,402 | +€683,411 | +41.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€197,410 | - | +€197,410 | |
| Other operating charges | 640/8 | €71,813 | €79,539 | +€7,726 | +10.8% |
| Operating profit (loss) | 9901 | €4,207,721 | €4,532,230 | +€324,508 | +7.7% |
| Financial income | 75/76B | €1,271,463 | €3,891,656 | +€2.6m | +206% |
| Recurring financial income | 75 | €1,113,313 | €987,509 | -€125,805 | -11.3% |
| Income from financial fixed assets | 750 | €658,720 | €674,258 | +€15,538 | +2.4% |
| Income from current assets | 751 | €454,563 | €313,251 | -€141,312 | -31.1% |
| Other financial income | 752/9 | €30 | - | -€30 | |
| Non-recurring financial income | 76B | €158,150 | €2,904,148 | +€2.7m | +1,736% |
| Financial charges | 65/66B | €144,062 | €3,105,047 | +€3.0m | +2,055% |
| Recurring financial charges | 65 | €144,062 | €200,899 | +€56,837 | +39.5% |
| Debt charges | 650 | €142,217 | €197,427 | +€55,210 | +38.8% |
| Other financial charges | 652/9 | €1,845 | €3,472 | +€1,627 | +88.2% |
| Non-recurring financial charges | 66B | - | €2,904,148 | +€2.9m | |
| Profit (loss) for the period before taxes | 9903 | €5,335,123 | €5,318,839 | -€16,284 | -0.3% |
| Income taxes | 67/77 | €1,168,825 | €1,174,178 | +€5,352 | +0.5% |
| Taxes | 670/3 | €1,170,062 | €1,176,055 | +€5,992 | +0.5% |
| Tax adjustments and reversals of tax provisions | 77 | €1,237 | €1,877 | +€640 | +51.7% |
| Profit (loss) for the period | 9904 | €4,166,297 | €4,144,662 | -€21,636 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,166,297 | €4,144,662 | -€21,636 | -0.5% |
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 14 October 2026 via checked.be.