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 +€28,211
up €28,211 (+227.3%), from €12,410 to €40,621
of which Trade receivables: +€28,055
- Tangible fixed assets -€22,045
down €22,045 (-17.4%), from €126,891 to €104,846
of which Plant, machinery and equipment: -€18,314
- Stocks and contracts -€7,276
down €7,276 (-15.6%), from €46,626 to €39,349
- Cash +€5,983
up €5,983 (+9.2%), from €65,383 to €71,366
mainly Net result for the year (+€38,269) and Depreciation (+€37,945)
- Reserves +€31,404
new in 2025: €31,404
- Debts after one year -€18,906
down €18,906 (-36.0%), from €52,563 to €33,656
- Other debts -€17,467
down €17,467 (-39.6%), from €44,100 to €26,633
- Profit (loss) carried forward +€6,865
no longer reported in 2025 (was -€6,865)
- Trade debts -€4,352
down €4,352 (-6.5%), from €66,717 to €62,365
- Gross operating margin +€58,303
up €58,303 (+15.8%), from €369,260 to €427,563
- Staff costs +€14,382
up €14,382 (+4.5%), from €316,330 to €330,712
- Taxes +€10,383
up €10,383 (+811.5%), from €1,279 to €11,662
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 | €255,409 | €260,218 | +€4,809 | +1.9% |
| Fixed assets | 21/28 | €126,891 | €104,846 | -€22,045 | -17.4% |
| Tangible fixed assets | 22/27 | €126,891 | €104,846 | -€22,045 | -17.4% |
| Plant, machinery and equipment | 23 | €109,917 | €91,603 | -€18,314 | -16.7% |
| Other tangible fixed assets | 26 | €16,974 | €13,243 | -€3,731 | -22.0% |
| Current assets | 29/58 | €128,518 | €155,372 | +€26,854 | +20.9% |
| Stocks and contracts in progress | 3 | €46,626 | €39,349 | -€7,276 | -15.6% |
| Stocks | 30/36 | €46,626 | €39,349 | -€7,276 | -15.6% |
| Amounts receivable within one year | 40/41 | €12,410 | €40,621 | +€28,211 | +227.3% |
| Trade receivables | 40 | €12,410 | €40,465 | +€28,055 | +226.1% |
| Other amounts receivable | 41 | - | €156 | +€156 | |
| Cash at bank and in hand | 54/58 | €65,383 | €71,366 | +€5,983 | +9.2% |
| Deferred charges and accrued income | 490/1 | €4,099 | €4,035 | -€64 | -1.6% |
| Total equity and liabilities | 10/49 | €255,409 | €260,218 | +€4,809 | +1.9% |
| Equity | 10/15 | -€4,865 | €33,404 | +€38,269 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €31,404 | +€31,404 | |
| Distributable reserves | 133 | - | €31,404 | +€31,404 | |
| Profit (loss) carried forward | 14 | -€6,865 | - | +€6,865 | |
| Amounts payable | 17/49 | €260,274 | €226,814 | -€33,460 | -12.9% |
| Amounts payable after more than one year | 17 | €52,563 | €33,656 | -€18,906 | -36.0% |
| Financial debts | 170/4 | €52,563 | €33,656 | -€18,906 | -36.0% |
| Amounts payable within one year | 42/48 | €207,711 | €193,158 | -€14,553 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €31,373 | €34,806 | +€3,434 | +10.9% |
| Trade debts | 44 | €66,717 | €62,365 | -€4,352 | -6.5% |
| Suppliers | 440/4 | €66,717 | €62,365 | -€4,352 | -6.5% |
| Taxes, remuneration and social security | 45 | €65,522 | €69,353 | +€3,832 | +5.8% |
| Taxes | 450/3 | €2,630 | €18,172 | +€15,543 | +591.1% |
| Remuneration and social security | 454/9 | €62,892 | €51,181 | -€11,711 | -18.6% |
| Other amounts payable | 47/48 | €44,100 | €26,633 | -€17,467 | -39.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €316,330 | €330,712 | +€14,382 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,918 | €37,945 | +€2,027 | +5.6% |
| Other operating charges | 640/8 | €1,675 | €1,812 | +€137 | +8.2% |
| Gross operating margin | 9900 | €369,260 | €427,563 | +€58,303 | +15.8% |
| Operating profit (loss) | 9901 | €15,337 | €57,094 | +€41,757 | +272.3% |
| Financial income | 75/76B | €433 | €951 | +€519 | +119.9% |
| Recurring financial income | 75 | €433 | €951 | +€519 | +119.9% |
| Financial charges | 65/66B | €7,156 | €8,115 | +€959 | +13.4% |
| Recurring financial charges | 65 | €7,156 | €8,115 | +€959 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €8,614 | €49,931 | +€41,317 | +479.7% |
| Income taxes | 67/77 | €1,279 | €11,662 | +€10,383 | +811.5% |
| Profit (loss) for the period | 9904 | €7,335 | €38,269 | +€30,934 | +421.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,335 | €38,269 | +€30,934 | +421.8% |
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 9 October 2026 via checked.be.