Pipeprotector: what changed
Two fiscal 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.
Pipeprotector
Largest movements
- Receivables within one year -€17,953
down €17,953 (-50.9%), from €35,265 to €17,312
of which Trade receivables: -€17,349
- Stocks and contracts +€16,382
up €16,382 (+151.9%), from €10,787 to €27,169
- Intangible fixed assets +€15,727
up €15,727 (+229587.6%), from €7 to €15,734
- Cash +€13,491
up €13,491 (+273.9%), from €4,926 to €18,417
mainly Other debts (+€59,204) and Receivables within one year (+€17,953)
- Tangible fixed assets +€1,405
up €1,405 (+29.9%), from €4,703 to €6,108
of which Plant, machinery and equipment: +€4,145
- Other debts +€59,204
up €59,204 (+427.0%), from €13,865 to €73,070
- Profit (loss) carried forward -€48,926
new in 2025: -€48,926
- Trade debts +€17,169
up €17,169 (+564.2%), from €3,043 to €20,212
- Tax, wage and social debts +€1,730
new in 2025: €1,730
of which Remuneration and social security: +€921
- Staff costs +€31,889
new in 2025: €31,889
- Gross operating margin -€21,832
down €21,832, from €10,957 to -€10,875
- Depreciation +€2,352
up €2,352 (+91.4%), from €2,575 to €4,927
- Financial income -€370
down €370 (-99.7%), from €371 to €1
- Other operating charges -€214
down €214 (-28.8%), from €744 to €530
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.
Cash bridge derived
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 | €55,964 | €85,406 | +€29,443 | +52.6% |
| Fixed assets | 21/28 | €4,710 | €21,842 | +€17,132 | +363.7% |
| Intangible fixed assets | 21 | €7 | €15,734 | +€15,727 | +229587.6% |
| Tangible fixed assets | 22/27 | €4,703 | €6,108 | +€1,405 | +29.9% |
| Plant, machinery and equipment | 23 | - | €4,145 | +€4,145 | |
| Furniture and vehicles | 24 | €4,703 | €1,963 | -€2,740 | -58.3% |
| Current assets | 29/58 | €51,254 | €63,564 | +€12,311 | +24.0% |
| Stocks and contracts in progress | 3 | €10,787 | €27,169 | +€16,382 | +151.9% |
| Stocks | 30/36 | €10,787 | €27,169 | +€16,382 | +151.9% |
| Amounts receivable within one year | 40/41 | €35,265 | €17,312 | -€17,953 | -50.9% |
| Trade receivables | 40 | €34,566 | €17,217 | -€17,349 | -50.2% |
| Other amounts receivable | 41 | €699 | €95 | -€605 | -86.4% |
| Cash at bank and in hand | 54/58 | €4,926 | €18,417 | +€13,491 | +273.9% |
| Deferred charges and accrued income | 490/1 | €276 | €667 | +€391 | +141.9% |
| Total equity and liabilities | 10/49 | €55,964 | €85,406 | +€29,443 | +52.6% |
| Equity | 10/15 | €39,055 | -€9,870 | -€48,926 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,455 | €20,455 | = | 0.0% |
| Distributable reserves | 133 | €20,455 | €20,455 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€48,926 | -€48,926 | |
| Amounts payable | 17/49 | €16,908 | €95,277 | +€78,368 | +463.5% |
| Amounts payable within one year | 42/48 | €16,908 | €95,277 | +€78,368 | +463.5% |
| Trade debts | 44 | €3,043 | €20,212 | +€17,169 | +564.2% |
| Suppliers | 440/4 | €3,043 | €20,212 | +€17,169 | +564.2% |
| Advances received on contracts in progress | 46 | - | €265 | +€265 | |
| Taxes, remuneration and social security | 45 | - | €1,730 | +€1,730 | |
| Taxes | 450/3 | - | €810 | +€810 | |
| Remuneration and social security | 454/9 | - | €921 | +€921 | |
| Other amounts payable | 47/48 | €13,865 | €73,070 | +€59,204 | +427.0% |
| Remuneration, social security and pensions | 62 | - | €31,889 | +€31,889 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,575 | €4,927 | +€2,352 | +91.4% |
| Other operating charges | 640/8 | €744 | €530 | -€214 | -28.8% |
| Gross operating margin | 9900 | €10,957 | -€10,875 | -€21,832 | |
| Operating profit (loss) | 9901 | €7,638 | -€48,220 | -€55,859 | |
| Financial income | 75/76B | €371 | €1 | -€370 | -99.7% |
| Recurring financial income | 75 | €371 | €1 | -€370 | -99.7% |
| Financial charges | 65/66B | €421 | €504 | +€82 | +19.6% |
| Recurring financial charges | 65 | €421 | €504 | +€82 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €7,588 | -€48,723 | -€56,311 | |
| Income taxes | 67/77 | - | €203 | +€203 | |
| Profit (loss) for the period | 9904 | €7,588 | -€48,926 | -€56,514 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,588 | -€48,926 | -€56,514 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.