PIPE CONSTRUCT: what changed
What changed
PIPE CONSTRUCT
NACE 25.110, Manufacture of metal structures and parts of structures
filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €1.4m+€1.0m
Equity
€3.2m
2024 · €840,149+€2.4m
Cash
€988,370
2024 · €373,447+€614,923
Balance sheet total
€12.8m
2024 · €8.5m+€4.3m
Largest movements
Assets
- Stocks and contracts +€4.7m
up €4.7m (+109%), from €4.3m to €9.0m
- Receivables within one year -€1.1m
down €1.1m (-35.4%), from €3.0m to €2.0m
of which Trade receivables: -€1.1m
- Cash +€614,923
up €614,923 (+165%), from €373,447 to €988,370
mainly Advances received (+€2.6m) and Net result for the year (+€2.4m)
Equity and liabilities
- Advances received +€2.6m
up €2.6m (+60.1%), from €4.4m to €7.0m
- Reserves +€2.4m
up €2.4m (+355%), from €669,924 to €3.1m
of which Distributable reserves: +€2.4m
- Other debts -€1.0m
down €1.0m (-68.8%), from €1.5m to €454,417
- Trade debts +€234,920
up €234,920 (+29.2%), from €804,458 to €1.0m
- Tax, wage and social debts +€180,239
up €180,239 (+172%), from €104,887 to €285,127
of which Taxes: +€182,351
Income statement
- Goods and materials +€5.1m
up €5.1m (+109%), from €4.6m to €9.7m
- Turnover +€1.4m
up €1.4m (+15.3%), from €9.2m to €10.6m
- Provisions -€794,407
down €794,407, from €640,838 to -€153,569
- Services and other goods +€562,766
up €562,766 (+52.7%), from €1.1m to €1.6m
- Staff costs +€162,901
up €162,901 (+33.9%), from €480,260 to €643,161
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.4m
Turnover
+€1.4m
Other operating income
+€1,643
Goods and materials
-€5.1m
Services and other goods
-€562,766
Staff costs
-€162,901
Depreciation
-€68,128
Provisions
+€794,407
Other operating charges
-€27,842
Other operating items
+€4.9m
Financial income
-€35,274
Financial charges
-€1,415
Taxes
-€137,973
Result 2025
€2.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€955,032
Investment
-€339,453
Financing
-€656
Cash 2024
€373,447
From operations (derived)
+€955,032
Net result for the year
+€2.4m
Depreciation
+€233,368
Stocks and contracts
-€4.7m
Receivables within one year
+€1.1m
Deferred charges and accrued income
+€31,937
Provisions
-€159,944
Trade debts
+€234,920
Tax, wage and social debts
+€180,239
Advances received
+€2.6m
Other debts
-€1.0m
Accrued charges and deferred income
+€2,507
Investment (derived)
-€339,453
Investment in fixed assets (net)
-€339,453
Financing
-€656
Short-term financial debts
+€1,972
Contributions, distributions and other
-€2,628
Cash 2025
€988,370
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,460,905 | €12,750,604 | +€4.3m | +50.7% |
| Fixed assets | 21/28 | €720,746 | €826,830 | +€106,085 | +14.7% |
| Intangible fixed assets | 21 | €5,874 | €1,208 | -€4,667 | -79.4% |
| Tangible fixed assets | 22/27 | €689,871 | €798,622 | +€108,751 | +15.8% |
| Land and buildings | 22 | €334,450 | €288,107 | -€46,344 | -13.9% |
| Plant, machinery and equipment | 23 | €109,332 | €33,336 | -€75,996 | -69.5% |
| Furniture and vehicles | 24 | €243,013 | €477,180 | +€234,167 | +96.4% |
| Other tangible fixed assets | 26 | €3,076 | - | -€3,076 | |
| Financial fixed assets | 28 | €25,000 | €27,000 | +€2,000 | +8.0% |
| Affiliated companies | 280/1 | €25,000 | €25,000 | = | 0.0% |
| Participating interests | 280 | €25,000 | €25,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €2,000 | +€2,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €7,740,160 | €11,923,774 | +€4.2m | +54.1% |
| Stocks and contracts in progress | 3 | €4,280,350 | €8,952,242 | +€4.7m | +109% |
| Contracts in progress | 37 | €4,280,350 | €8,952,242 | +€4.7m | +109% |
| Amounts receivable within one year | 40/41 | €3,023,635 | €1,952,370 | -€1.1m | -35.4% |
| Trade receivables | 40 | €2,896,236 | €1,806,437 | -€1.1m | -37.6% |
| Other amounts receivable | 41 | €127,399 | €145,933 | +€18,534 | +14.5% |
| Cash at bank and in hand | 54/58 | €373,447 | €988,370 | +€614,923 | +165% |
| Deferred charges and accrued income | 490/1 | €62,729 | €30,792 | -€31,937 | -50.9% |
| Total equity and liabilities | 10/49 | €8,460,905 | €12,750,604 | +€4.3m | +50.7% |
| Equity | 10/15 | €840,149 | €3,229,350 | +€2.4m | +284% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €669,924 | €3,050,799 | +€2.4m | +355% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €104,924 | €85,799 | -€19,125 | -18.2% |
| Distributable reserves | 133 | €550,000 | €2,950,000 | +€2.4m | +436% |
| Profit (loss) carried forward | 14 | €5,843 | €16,797 | +€10,954 | +187% |
| Investment grants | 15 | €14,382 | €11,754 | -€2,628 | -18.3% |
| Provisions and deferred taxes | 16 | €861,279 | €701,335 | -€159,944 | -18.6% |
| Provisions for liabilities and charges | 160/5 | €826,305 | €672,736 | -€153,569 | -18.6% |
| Other liabilities and charges | 164/5 | €826,305 | €672,736 | -€153,569 | -18.6% |
| Deferred taxes | 168 | €34,975 | €28,600 | -€6,375 | -18.2% |
| Amounts payable | 17/49 | €6,759,477 | €8,819,919 | +€2.1m | +30.5% |
| Amounts payable within one year | 42/48 | €6,757,097 | €8,815,031 | +€2.1m | +30.5% |
| Financial debts | 43 | - | €1,972 | +€1,972 | |
| Credit institutions | 430/8 | - | €1,972 | +€1,972 | |
| Trade debts | 44 | €804,458 | €1,039,378 | +€234,920 | +29.2% |
| Suppliers | 440/4 | €804,458 | €1,039,378 | +€234,920 | +29.2% |
| Advances received on contracts in progress | 46 | €4,393,335 | €7,034,137 | +€2.6m | +60.1% |
| Taxes, remuneration and social security | 45 | €104,887 | €285,127 | +€180,239 | +172% |
| Taxes | 450/3 | €44,741 | €227,092 | +€182,351 | +408% |
| Remuneration and social security | 454/9 | €60,146 | €58,034 | -€2,112 | -3.5% |
| Other amounts payable | 47/48 | €1,454,417 | €454,417 | -€1.0m | -68.8% |
| Accrued charges and deferred income | 492/3 | €2,380 | €4,887 | +€2,507 | +105% |
| Operating income | 70/76A | €9,023,119 | €15,324,665 | +€6.3m | +69.8% |
| Turnover | 70 | €9,174,956 | €10,581,526 | +€1.4m | +15.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€184,487 | €4,671,892 | +€4.9m | |
| Other operating income | 74 | €21,680 | €23,322 | +€1,643 | +7.6% |
| Non-recurring operating income | 76A | €10,971 | €47,924 | +€36,954 | +337% |
| Operating charges | 60/66A | €7,008,466 | €12,106,193 | +€5.1m | +72.7% |
| Goods for resale, raw materials and consumables | 60 | €4,633,997 | €9,704,496 | +€5.1m | +109% |
| Purchases | 600/8 | €4,633,997 | €9,704,496 | +€5.1m | +109% |
| Services and other goods | 61 | €1,067,424 | €1,630,190 | +€562,766 | +52.7% |
| Remuneration, social security and pensions | 62 | €480,260 | €643,161 | +€162,901 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,241 | €233,368 | +€68,128 | +41.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €640,838 | -€153,569 | -€794,407 | |
| Other operating charges | 640/8 | €20,707 | €48,548 | +€27,842 | +134% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Operating profit (loss) | 9901 | €2,014,653 | €3,218,471 | +€1.2m | +59.8% |
| Financial income | 75/76B | €38,630 | €3,357 | -€35,274 | -91.3% |
| Recurring financial income | 75 | €38,630 | €3,357 | -€35,274 | -91.3% |
| Income from current assets | 751 | €36,002 | - | -€36,002 | |
| Other financial income | 752/9 | €2,628 | €3,357 | +€728 | +27.7% |
| Financial charges | 65/66B | €2,504 | €3,919 | +€1,415 | +56.5% |
| Recurring financial charges | 65 | €2,504 | €3,919 | +€1,415 | +56.5% |
| Debt charges | 650 | €15 | €1,197 | +€1,183 | +7,990% |
| Other financial charges | 652/9 | €2,489 | €2,722 | +€233 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €2,050,780 | €3,217,909 | +€1.2m | +56.9% |
| Transfer from deferred taxes | 780 | €6,375 | €6,375 | = | 0.0% |
| Income taxes | 67/77 | €694,482 | €832,454 | +€137,973 | +19.9% |
| Taxes | 670/3 | €694,482 | €832,454 | +€137,973 | +19.9% |
| Profit (loss) for the period | 9904 | €1,362,673 | €2,391,829 | +€1.0m | +75.5% |
| Transfer from tax-exempt reserves | 789 | €19,125 | €19,125 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,381,798 | €2,410,954 | +€1.0m | +74.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.