Piper: 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.
Piper
Largest movements
- Stocks and contracts +€828,083
up €828,083 (+4.0%), from €20.6m to €21.4m
- Debts after one year +€11.0m
new in 2025: €11.0m
- Current portion of long-term debt -€11.0m
down €11.0m (-97.8%), from €11.3m to €250,000
- Short-term financial debts +€661,848
up €661,848 (+7.3%), from €9.1m to €9.7m
of which Other loans: +€660,000
- Gross operating margin -€21,365
down €21,365, from €13,964 to -€7,402
- Financial charges -€2,084
down €2,084 (-79.5%), from €2,621 to €537
- Financial income -€485
no longer reported in 2025 (was €485)
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 | €20,644,874 | €21,421,738 | +€776,864 | +3.8% |
| Current assets | 29/58 | €20,644,874 | €21,421,738 | +€776,864 | +3.8% |
| Stocks and contracts in progress | 3 | €20,593,655 | €21,421,738 | +€828,083 | +4.0% |
| Contracts in progress | 37 | €20,593,655 | €21,421,738 | +€828,083 | +4.0% |
| Amounts receivable within one year | 40/41 | €10,916 | - | -€10,916 | |
| Trade receivables | 40 | €688 | - | -€688 | |
| Other amounts receivable | 41 | €10,228 | - | -€10,228 | |
| Cash at bank and in hand | 54/58 | €40,303 | - | -€40,303 | |
| Total equity and liabilities | 10/49 | €20,644,874 | €21,421,738 | +€776,864 | +3.8% |
| Equity | 10/15 | €24,183 | €15,093 | -€9,090 | -37.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,541 | €4,541 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,541 | €4,541 | = | 0.0% |
| Legal reserve | 130 | €4,541 | €4,541 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,358 | -€51,448 | -€9,090 | -21.5% |
| Amounts payable | 17/49 | €20,620,691 | €21,406,645 | +€785,954 | +3.8% |
| Amounts payable after more than one year | 17 | - | €11,000,000 | +€11.0m | |
| Financial debts | 170/4 | - | €11,000,000 | +€11.0m | |
| Amounts payable within one year | 42/48 | €20,577,336 | €10,399,601 | -€10.2m | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €11,250,000 | €250,000 | -€11.0m | -97.8% |
| Financial debts | 43 | €9,060,000 | €9,721,848 | +€661,848 | +7.3% |
| Credit institutions | 430/8 | - | €1,848 | +€1,848 | |
| Other loans | 439 | €9,060,000 | €9,720,000 | +€660,000 | +7.3% |
| Trade debts | 44 | €4,780 | €4,256 | -€523 | -10.9% |
| Suppliers | 440/4 | €4,780 | €4,256 | -€523 | -10.9% |
| Taxes, remuneration and social security | 45 | - | €383 | +€383 | |
| Taxes | 450/3 | - | €383 | +€383 | |
| Other amounts payable | 47/48 | €262,556 | €423,113 | +€160,557 | +61.2% |
| Accrued charges and deferred income | 492/3 | €43,355 | €7,044 | -€36,311 | -83.8% |
| Other operating charges | 640/8 | €1,108 | €1,151 | +€43 | +3.9% |
| Gross operating margin | 9900 | €13,964 | -€7,402 | -€21,365 | |
| Operating profit (loss) | 9901 | €12,856 | -€8,553 | -€21,409 | |
| Financial income | 75/76B | €485 | - | -€485 | |
| Recurring financial income | 75 | €485 | - | -€485 | |
| Financial charges | 65/66B | €2,621 | €537 | -€2,084 | -79.5% |
| Recurring financial charges | 65 | €2,621 | €537 | -€2,084 | -79.5% |
| Profit (loss) for the period before taxes | 9903 | €10,720 | -€9,090 | -€19,810 | |
| Profit (loss) for the period | 9904 | €10,720 | -€9,090 | -€19,810 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,720 | -€9,090 | -€19,810 |
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 3 October 2026 via checked.be.