PIPPA SHIPPING: 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 SHIPPING
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m, from €0 to €2.4m
- Receivables within one year +€94,239
up €94,239 (+142.3%), from €66,224 to €160,464
of which Other amounts receivable: +€52,843
- Cash -€29,639
down €29,639 (-42.4%), from €69,984 to €40,345
mainly Investment in fixed assets (net) (-€2.5m) and Receivables within one year (-€94,239)
- Debts after one year +€1.4m
up €1.4m, from €0 to €1.4m
- Other debts +€926,552
up €926,552 (+980.5%), from €94,500 to €1.0m
- Current portion of long-term debt +€92,674
up €92,674, from €0 to €92,674
- Profit (loss) carried forward +€45,307
up €45,307 (+15.5%), from -€291,645 to -€246,338
- Gross operating margin -€281,954
down €281,954 (-70.6%), from €399,323 to €117,369
- Depreciation +€51,370
up €51,370, from €0 to €51,370
- Provisions +€15,000
up €15,000, from -€15,000 to €0
- Financial charges -€10,698
down €10,698 (-37.6%), from €28,469 to €17,771
- Other operating charges +€4,336
up €4,336 (+205.4%), from €2,111 to €6,447
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 | €140,142 | €2,653,434 | +€2.5m | +1793.4% |
| Fixed assets | 21/28 | €3,574 | €2,452,205 | +€2.4m | +68504.6% |
| Tangible fixed assets | 22/27 | €0 | €2,448,630 | +€2.4m | |
| Furniture and vehicles | 24 | €0 | €2,448,630 | +€2.4m | |
| Financial fixed assets | 28 | €3,574 | €3,574 | = | 0.0% |
| Current assets | 29/58 | €136,568 | €201,230 | +€64,662 | +47.3% |
| Amounts receivable within one year | 40/41 | €66,224 | €160,464 | +€94,239 | +142.3% |
| Trade receivables | 40 | €0 | €41,396 | +€41,396 | |
| Other amounts receivable | 41 | €66,224 | €119,068 | +€52,843 | +79.8% |
| Cash at bank and in hand | 54/58 | €69,984 | €40,345 | -€29,639 | -42.4% |
| Deferred charges and accrued income | 490/1 | €359 | €421 | +€62 | +17.2% |
| Total equity and liabilities | 10/49 | €140,142 | €2,653,434 | +€2.5m | +1793.4% |
| Equity | 10/15 | €45,168 | €90,474 | +€45,307 | +100.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €330,612 | €330,612 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €328,752 | €328,752 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€291,645 | -€246,338 | +€45,307 | +15.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €94,975 | €2,562,960 | +€2.5m | +2598.6% |
| Amounts payable after more than one year | 17 | €0 | €1,436,133 | +€1.4m | |
| Financial debts | 170/4 | €0 | €1,436,133 | +€1.4m | |
| Amounts payable within one year | 42/48 | €94,975 | €1,126,827 | +€1.0m | +1086.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €92,674 | +€92,674 | |
| Trade debts | 44 | €0 | €13,101 | +€13,101 | |
| Suppliers | 440/4 | €0 | €13,101 | +€13,101 | |
| Taxes, remuneration and social security | 45 | €475 | €0 | -€475 | -100.0% |
| Taxes | 450/3 | €475 | €0 | -€475 | -100.0% |
| Other amounts payable | 47/48 | €94,500 | €1,021,052 | +€926,552 | +980.5% |
| Non-recurring operating income | 76A | €351,252 | €0 | -€351,252 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €51,370 | +€51,370 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€15,000 | €0 | +€15,000 | |
| Other operating charges | 640/8 | €2,111 | €6,447 | +€4,336 | +205.4% |
| Non-recurring operating charges | 66A | €1,142 | €0 | -€1,142 | -100.0% |
| Gross operating margin | 9900 | €399,323 | €117,369 | -€281,954 | -70.6% |
| Operating profit (loss) | 9901 | €411,070 | €59,553 | -€351,518 | -85.5% |
| Financial income | 75/76B | €3,723 | €3,525 | -€198 | -5.3% |
| Recurring financial income | 75 | €3,723 | €3,525 | -€198 | -5.3% |
| Financial charges | 65/66B | €28,469 | €17,771 | -€10,698 | -37.6% |
| Recurring financial charges | 65 | €28,469 | €17,771 | -€10,698 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €386,324 | €45,307 | -€341,018 | -88.3% |
| Income taxes | 67/77 | €15 | €0 | -€15 | -100.0% |
| Profit (loss) for the period | 9904 | €386,310 | €45,307 | -€341,003 | -88.3% |
| Transfer to tax-exempt reserves | 689 | €328,752 | €0 | -€328,752 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,558 | €45,307 | -€12,251 | -21.3% |
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 12 October 2026 via checked.be.