T.E. PIP: 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.
T.E. PIP
Largest movements
- Cash +€110,550
up €110,550 (+72.0%), from €153,518 to €264,068
mainly Net result for the year (+€205,026) and Depreciation (+€128,228)
- Stocks and contracts -€19,693
down €19,693 (-12.5%), from €157,300 to €137,607
of which Contracts in progress: -€34,399
- Reserves +€205,026
up €205,026 (+74.1%), from €276,532 to €481,558
of which Distributable reserves: +€209,526
- Trade debts -€114,896
down €114,896 (-93.1%), from €123,403 to €8,507
- Debts after one year -€38,058
down €38,058 (-19.4%), from €196,531 to €158,473
- Tax, wage and social debts +€32,248
up €32,248 (+95.6%), from €33,740 to €65,987
of which Taxes: +€32,717
- Gross operating margin +€131,783
up €131,783 (+27.6%), from €477,657 to €609,440
- Taxes +€50,515
up €50,515 (+128.1%), from €39,445 to €89,960
- Staff costs +€42,582
up €42,582 (+32.6%), from €130,516 to €173,098
- Depreciation +€16,118
up €16,118 (+14.4%), from €112,110 to €128,228
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 | €927,604 | €1,010,464 | +€82,860 | +8.9% |
| Fixed assets | 21/28 | €566,386 | €562,860 | -€3,526 | -0.6% |
| Tangible fixed assets | 22/27 | €565,931 | €562,405 | -€3,526 | -0.6% |
| Land and buildings | 22 | €12,042 | €10,057 | -€1,985 | -16.5% |
| Plant, machinery and equipment | 23 | €62,162 | €46,027 | -€16,135 | -26.0% |
| Furniture and vehicles | 24 | €491,727 | €506,321 | +€14,594 | +3.0% |
| Financial fixed assets | 28 | €455 | €455 | = | 0.0% |
| Current assets | 29/58 | €361,218 | €447,604 | +€86,386 | +23.9% |
| Stocks and contracts in progress | 3 | €157,300 | €137,607 | -€19,693 | -12.5% |
| Stocks | 30/36 | €122,901 | €137,607 | +€14,706 | +12.0% |
| Contracts in progress | 37 | €34,399 | - | -€34,399 | |
| Amounts receivable within one year | 40/41 | €38,572 | €32,443 | -€6,128 | -15.9% |
| Trade receivables | 40 | €1,839 | €8,859 | +€7,021 | +381.9% |
| Other amounts receivable | 41 | €36,733 | €23,584 | -€13,149 | -35.8% |
| Cash at bank and in hand | 54/58 | €153,518 | €264,068 | +€110,550 | +72.0% |
| Deferred charges and accrued income | 490/1 | €11,828 | €13,485 | +€1,657 | +14.0% |
| Total equity and liabilities | 10/49 | €927,604 | €1,010,464 | +€82,860 | +8.9% |
| Equity | 10/15 | €497,905 | €702,896 | +€204,991 | +41.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €276,532 | €481,558 | +€205,026 | +74.1% |
| Tax-exempt reserves | 132 | €41,573 | €37,073 | -€4,500 | -10.8% |
| Distributable reserves | 133 | €234,959 | €444,485 | +€209,526 | +89.2% |
| Profit (loss) carried forward | 14 | €196,106 | €196,106 | = | 0.0% |
| Investment grants | 15 | €268 | €232 | -€35 | -13.2% |
| Provisions and deferred taxes | 16 | €13,858 | €12,358 | -€1,500 | -10.8% |
| Deferred taxes | 168 | €13,858 | €12,358 | -€1,500 | -10.8% |
| Amounts payable | 17/49 | €415,841 | €295,210 | -€120,631 | -29.0% |
| Amounts payable after more than one year | 17 | €196,531 | €158,473 | -€38,058 | -19.4% |
| Financial debts | 170/4 | €196,531 | €158,473 | -€38,058 | -19.4% |
| Amounts payable within one year | 42/48 | €216,212 | €133,477 | -€82,735 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €38,721 | €38,058 | -€663 | -1.7% |
| Trade debts | 44 | €123,403 | €8,507 | -€114,896 | -93.1% |
| Suppliers | 440/4 | €123,403 | €8,507 | -€114,896 | -93.1% |
| Taxes, remuneration and social security | 45 | €33,740 | €65,987 | +€32,248 | +95.6% |
| Taxes | 450/3 | €28,740 | €61,457 | +€32,717 | +113.8% |
| Remuneration and social security | 454/9 | €5,000 | €4,530 | -€470 | -9.4% |
| Other amounts payable | 47/48 | €20,348 | €20,925 | +€577 | +2.8% |
| Accrued charges and deferred income | 492/3 | €3,098 | €3,260 | +€162 | +5.2% |
| Non-recurring operating income | 76A | €60,000 | €12,824 | -€47,176 | -78.6% |
| Remuneration, social security and pensions | 62 | €130,516 | €173,098 | +€42,582 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,110 | €128,228 | +€16,118 | +14.4% |
| Other operating charges | 640/8 | €6,501 | €6,796 | +€294 | +4.5% |
| Non-recurring operating charges | 66A | - | €600 | +€600 | |
| Gross operating margin | 9900 | €477,657 | €609,440 | +€131,783 | +27.6% |
| Operating profit (loss) | 9901 | €228,529 | €300,718 | +€72,189 | +31.6% |
| Financial income | 75/76B | €13,399 | €18,348 | +€4,950 | +36.9% |
| Recurring financial income | 75 | €13,399 | €18,348 | +€4,950 | +36.9% |
| Financial charges | 65/66B | €28,475 | €25,580 | -€2,894 | -10.2% |
| Recurring financial charges | 65 | €28,475 | €25,580 | -€2,894 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €213,453 | €293,486 | +€80,033 | +37.5% |
| Transfer from deferred taxes | 780 | €1,142 | €1,500 | +€358 | +31.3% |
| Transfer to deferred taxes | 680 | €15,000 | - | -€15,000 | |
| Income taxes | 67/77 | €39,445 | €89,960 | +€50,515 | +128.1% |
| Profit (loss) for the period | 9904 | €160,150 | €205,026 | +€44,876 | +28.0% |
| Transfer from tax-exempt reserves | 789 | €3,427 | €4,500 | +€1,073 | +31.3% |
| Transfer to tax-exempt reserves | 689 | €45,000 | - | -€45,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,578 | €209,526 | +€90,948 | +76.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.