PIPSIE: 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.
PIPSIE
Largest movements
- Cash +€97,409
up €97,409 (+321.4%), from €30,309 to €127,718
mainly Net result for the year (+€111,124) and Depreciation (+€70,923)
- Tangible fixed assets -€69,084
down €69,084 (-11.0%), from €625,379 to €556,294
of which Plant, machinery and equipment: -€42,018
- Receivables within one year -€34,735
down €34,735 (-96.3%), from €36,071 to €1,336
of which Other amounts receivable: -€22,654
- Stocks and contracts +€9,927
up €9,927 (+5.6%), from €178,185 to €188,112
- Debts after one year -€45,247
down €45,247 (-12.9%), from €350,821 to €305,574
- Reserves +€31,124
up €31,124 (+12.0%), from €259,301 to €290,425
- Write-downs +€32,796
new in 2025: €32,796
- Staff costs -€14,172
down €14,172 (-24.8%), from €57,086 to €42,914
- Gross operating margin -€9,449
down €9,449 (-3.2%), from €291,920 to €282,472
- Financial income +€7,488
up €7,488 (+77.1%), from €9,708 to €17,196
- Taxes -€4,269
down €4,269 (-18.6%), from €22,912 to €18,643
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 | €876,841 | €878,327 | +€1,486 | +0.2% |
| Fixed assets | 21/28 | €630,239 | €559,316 | -€70,923 | -11.3% |
| Intangible fixed assets | 21 | €4,860 | €3,021 | -€1,839 | -37.8% |
| Tangible fixed assets | 22/27 | €625,379 | €556,294 | -€69,084 | -11.0% |
| Land and buildings | 22 | €243,719 | €219,148 | -€24,571 | -10.1% |
| Plant, machinery and equipment | 23 | €372,693 | €330,675 | -€42,018 | -11.3% |
| Furniture and vehicles | 24 | €8,966 | €6,471 | -€2,495 | -27.8% |
| Current assets | 29/58 | €246,603 | €319,012 | +€72,409 | +29.4% |
| Stocks and contracts in progress | 3 | €178,185 | €188,112 | +€9,927 | +5.6% |
| Stocks | 30/36 | €178,185 | €188,112 | +€9,927 | +5.6% |
| Amounts receivable within one year | 40/41 | €36,071 | €1,336 | -€34,735 | -96.3% |
| Trade receivables | 40 | €13,417 | €1,336 | -€12,081 | -90.0% |
| Other amounts receivable | 41 | €22,654 | €0 | -€22,654 | -100.0% |
| Cash at bank and in hand | 54/58 | €30,309 | €127,718 | +€97,409 | +321.4% |
| Deferred charges and accrued income | 490/1 | €2,038 | €1,846 | -€192 | -9.4% |
| Total equity and liabilities | 10/49 | €876,841 | €878,327 | +€1,486 | +0.2% |
| Equity | 10/15 | €286,682 | €317,806 | +€31,124 | +10.9% |
| Contributions | 10/11 | €26,672 | €26,672 | = | 0.0% |
| Reserves | 13 | €259,301 | €290,425 | +€31,124 | +12.0% |
| Distributable reserves | 133 | €259,301 | €290,425 | +€31,124 | +12.0% |
| Profit (loss) carried forward | 14 | €709 | €709 | = | 0.0% |
| Provisions and deferred taxes | 16 | €16,247 | €10,832 | -€5,416 | -33.3% |
| Deferred taxes | 168 | €16,247 | €10,832 | -€5,416 | -33.3% |
| Amounts payable | 17/49 | €573,912 | €549,690 | -€24,222 | -4.2% |
| Amounts payable after more than one year | 17 | €350,821 | €305,574 | -€45,247 | -12.9% |
| Financial debts | 170/4 | €350,821 | €305,574 | -€45,247 | -12.9% |
| Amounts payable within one year | 42/48 | €221,693 | €234,160 | +€12,467 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €43,078 | €45,247 | +€2,169 | +5.0% |
| Trade debts | 44 | €35,100 | €41,944 | +€6,844 | +19.5% |
| Suppliers | 440/4 | €35,100 | €41,944 | +€6,844 | +19.5% |
| Taxes, remuneration and social security | 45 | €63,515 | €66,969 | +€3,454 | +5.4% |
| Taxes | 450/3 | €59,075 | €62,463 | +€3,388 | +5.7% |
| Remuneration and social security | 454/9 | €4,441 | €4,506 | +€66 | +1.5% |
| Other amounts payable | 47/48 | €80,000 | €80,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,399 | €9,956 | +€8,557 | +611.8% |
| Remuneration, social security and pensions | 62 | €57,086 | €42,914 | -€14,172 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,004 | €70,923 | +€1,919 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,796 | +€32,796 | |
| Other operating charges | 640/8 | €5,150 | €3,636 | -€1,514 | -29.4% |
| Gross operating margin | 9900 | €291,920 | €282,472 | -€9,449 | -3.2% |
| Operating profit (loss) | 9901 | €160,680 | €132,202 | -€28,478 | -17.7% |
| Financial income | 75/76B | €9,708 | €17,196 | +€7,488 | +77.1% |
| Recurring financial income | 75 | €9,708 | €17,196 | +€7,488 | +77.1% |
| Financial charges | 65/66B | €25,699 | €25,047 | -€652 | -2.5% |
| Recurring financial charges | 65 | €25,699 | €25,047 | -€652 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €144,689 | €124,351 | -€20,338 | -14.1% |
| Transfer from deferred taxes | 780 | €5,416 | €5,416 | = | 0.0% |
| Income taxes | 67/77 | €22,912 | €18,643 | -€4,269 | -18.6% |
| Profit (loss) for the period | 9904 | €127,193 | €111,124 | -€16,069 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €127,193 | €111,124 | -€16,069 | -12.6% |
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 3 October 2026 via checked.be.