Pippa: 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.
Pippa
Largest movements
- Receivables within one year +€27,681
up €27,681 (+478%), from €5,786 to €33,467
of which Trade receivables: +€30,138
- Tangible fixed assets -€9,472
down €9,472 (-16.4%), from €57,723 to €48,252
of which Leasing and similar rights: -€7,149
- Cash -€3,236
down €3,236 (-95.3%), from €3,395 to €159
mainly Receivables within one year (-€27,681) and Debts after one year (-€3,720)
- Stocks and contracts +€2,967
up €2,967 (+27.5%), from €10,776 to €13,744
- Other debts +€11,264
up €11,264 (+34.6%), from €32,530 to €43,794
- Trade debts +€7,407
up €7,407 (+155%), from €4,777 to €12,184
- Tax, wage and social debts +€3,743
up €3,743, from €0 to €3,743
- Debts after one year -€3,720
down €3,720 (-41.0%), from €9,082 to €5,362
- Current portion of long-term debt -€1,657
down €1,657 (-30.8%), from €5,377 to €3,720
- Gross operating margin +€12,951
up €12,951 (+489%), from €2,650 to €15,600
- Depreciation +€12,472
new in 2025: €12,472
- Financial charges -€189
down €189 (-18.9%), from €1,000 to €811
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 | €77,680 | €95,621 | +€17,941 | +23.1% |
| Fixed assets | 21/28 | €57,723 | €48,252 | -€9,472 | -16.4% |
| Tangible fixed assets | 22/27 | €57,723 | €48,252 | -€9,472 | -16.4% |
| Furniture and vehicles | 24 | €23,956 | €21,633 | -€2,322 | -9.7% |
| Leasing and similar rights | 25 | €33,768 | €26,619 | -€7,149 | -21.2% |
| Current assets | 29/58 | €19,957 | €47,369 | +€27,412 | +137% |
| Stocks and contracts in progress | 3 | €10,776 | €13,744 | +€2,967 | +27.5% |
| Stocks | 30/36 | €10,776 | €13,744 | +€2,967 | +27.5% |
| Amounts receivable within one year | 40/41 | €5,786 | €33,467 | +€27,681 | +478% |
| Trade receivables | 40 | €3,314 | €33,452 | +€30,138 | +910% |
| Other amounts receivable | 41 | €2,472 | €15 | -€2,457 | -99.4% |
| Cash at bank and in hand | 54/58 | €3,395 | €159 | -€3,236 | -95.3% |
| Total equity and liabilities | 10/49 | €77,680 | €95,621 | +€17,941 | +23.1% |
| Equity | 10/15 | €25,915 | €26,818 | +€904 | +3.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €24,415 | €25,318 | +€904 | +3.7% |
| Distributable reserves | 133 | €24,415 | €25,318 | +€904 | +3.7% |
| Amounts payable | 17/49 | €51,766 | €68,803 | +€17,037 | +32.9% |
| Amounts payable after more than one year | 17 | €9,082 | €5,362 | -€3,720 | -41.0% |
| Financial debts | 170/4 | €9,082 | €5,362 | -€3,720 | -41.0% |
| Amounts payable within one year | 42/48 | €42,684 | €63,441 | +€20,757 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €5,377 | €3,720 | -€1,657 | -30.8% |
| Trade debts | 44 | €4,777 | €12,184 | +€7,407 | +155% |
| Suppliers | 440/4 | €4,777 | €12,184 | +€7,407 | +155% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €3,743 | +€3,743 | |
| Taxes | 450/3 | €0 | €3,743 | +€3,743 | |
| Other amounts payable | 47/48 | €32,530 | €43,794 | +€11,264 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €12,472 | +€12,472 | |
| Other operating charges | 640/8 | €817 | €828 | +€11 | +1.3% |
| Gross operating margin | 9900 | €2,650 | €15,600 | +€12,951 | +489% |
| Operating profit (loss) | 9901 | €1,832 | €2,301 | +€468 | +25.6% |
| Financial income | 75/76B | €8 | €3 | -€5 | -65.6% |
| Recurring financial income | 75 | €8 | €3 | -€5 | -65.6% |
| Financial charges | 65/66B | €1,000 | €811 | -€189 | -18.9% |
| Recurring financial charges | 65 | €1,000 | €811 | -€189 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €840 | €1,492 | +€652 | +77.5% |
| Income taxes | 67/77 | €641 | €588 | -€53 | -8.3% |
| Profit (loss) for the period | 9904 | €199 | €904 | +€705 | +354% |
| Profit (loss) for the period to be appropriated | 9905 | €199 | €904 | +€705 | +354% |
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 15 October 2026 via checked.be.