PIPPA: 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.
PIPPA
Largest movements
- Tangible fixed assets +€434,218
up €434,218 (+11444.9%), from €3,794 to €438,012
of which Land and buildings: +€422,003
- Cash +€28,593
up €28,593 (+51.5%), from €55,521 to €84,114
mainly Debts after one year (+€578,597) and Current portion of long-term debt (+€25,467)
- Stocks and contracts +€15,342
up €15,342 (+10.9%), from €140,988 to €156,330
- Debts after one year +€578,597
new in 2025: €578,597
- Other debts -€105,849
no longer reported in 2025 (was €105,849)
- Current portion of long-term debt +€25,467
new in 2025: €25,467
- Trade debts -€12,718
down €12,718 (-69.4%), from €18,336 to €5,619
- Depreciation +€17,845
up €17,845 (+1047.9%), from €1,703 to €19,548
- Financial charges +€14,206
new in 2025: €14,206
- Gross operating margin -€11,700
down €11,700 (-24.0%), from €48,671 to €36,971
- Taxes -€9,988
down €9,988 (-93.3%), from €10,710 to €722
- Financial income -€740
down €740 (-73.2%), from €1,011 to €271
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 | €212,189 | €695,212 | +€483,023 | +227.6% |
| Fixed assets | 21/28 | €3,794 | €438,012 | +€434,218 | +11444.9% |
| Tangible fixed assets | 22/27 | €3,794 | €438,012 | +€434,218 | +11444.9% |
| Land and buildings | 22 | - | €422,003 | +€422,003 | |
| Plant, machinery and equipment | 23 | €3,794 | €16,009 | +€12,215 | +322.0% |
| Current assets | 29/58 | €208,395 | €257,199 | +€48,804 | +23.4% |
| Stocks and contracts in progress | 3 | €140,988 | €156,330 | +€15,342 | +10.9% |
| Stocks | 30/36 | €140,988 | €156,330 | +€15,342 | +10.9% |
| Amounts receivable within one year | 40/41 | €10,932 | €16,755 | +€5,823 | +53.3% |
| Trade receivables | 40 | €10,564 | €6,802 | -€3,762 | -35.6% |
| Other amounts receivable | 41 | €369 | €9,954 | +€9,585 | +2599.5% |
| Cash at bank and in hand | 54/58 | €55,521 | €84,114 | +€28,593 | +51.5% |
| Deferred charges and accrued income | 490/1 | €954 | - | -€954 | |
| Total equity and liabilities | 10/49 | €212,189 | €695,212 | +€483,023 | +227.6% |
| Equity | 10/15 | €62,389 | €65,155 | +€2,766 | +4.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,389 | €60,155 | +€2,766 | +4.8% |
| Amounts payable | 17/49 | €149,800 | €630,057 | +€480,257 | +320.6% |
| Amounts payable after more than one year | 17 | - | €578,597 | +€578,597 | |
| Financial debts | 170/4 | - | €578,597 | +€578,597 | |
| Amounts payable within one year | 42/48 | €149,800 | €51,460 | -€98,340 | -65.6% |
| Current portion of amounts payable after more than one year | 42 | - | €25,467 | +€25,467 | |
| Trade debts | 44 | €18,336 | €5,619 | -€12,718 | -69.4% |
| Suppliers | 440/4 | €18,336 | €5,619 | -€12,718 | -69.4% |
| Taxes, remuneration and social security | 45 | €25,615 | €20,374 | -€5,240 | -20.5% |
| Taxes | 450/3 | €25,615 | €20,374 | -€5,240 | -20.5% |
| Other amounts payable | 47/48 | €105,849 | - | -€105,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,703 | €19,548 | +€17,845 | +1047.9% |
| Gross operating margin | 9900 | €48,671 | €36,971 | -€11,700 | -24.0% |
| Operating profit (loss) | 9901 | €46,968 | €17,422 | -€29,546 | -62.9% |
| Financial income | 75/76B | €1,011 | €271 | -€740 | -73.2% |
| Recurring financial income | 75 | €1,011 | €271 | -€740 | -73.2% |
| Financial charges | 65/66B | - | €14,206 | +€14,206 | |
| Recurring financial charges | 65 | - | €14,206 | +€14,206 | |
| Profit (loss) for the period before taxes | 9903 | €47,979 | €3,487 | -€44,492 | -92.7% |
| Income taxes | 67/77 | €10,710 | €722 | -€9,988 | -93.3% |
| Profit (loss) for the period | 9904 | €37,269 | €2,766 | -€34,504 | -92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,269 | €2,766 | -€34,504 | -92.6% |
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 28 September 2026 via checked.be.