24 Projects: 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.
24 Projects
Largest movements
- Cash -€77,922
down €77,922 (-90.6%), from €86,029 to €8,107
mainly Other debts (-€57,727) and Debts after one year (-€10,909)
- Tangible fixed assets -€9,772
down €9,772 (-3.5%), from €276,941 to €267,169
of which Land and buildings: -€6,971
- Deferred charges and accrued income +€5,660
new in 2025: €5,660
- Other debts -€57,727
down €57,727 (-81.3%), from €70,995 to €13,268
- Debts after one year -€10,909
down €10,909 (-7.9%), from €137,564 to €126,655
- Profit (loss) carried forward -€8,002
down €8,002 (-35.5%), from €22,516 to €14,514
- Gross operating margin -€13,870
down €13,870 (-63.4%), from €21,874 to €8,004
- Taxes -€1,904
down €1,904 (-94.1%), from €2,022 to €118
- Financial charges -€1,756
down €1,756 (-38.7%), from €4,540 to €2,784
- Financial income -€1,336
down €1,336 (-99.5%), from €1,342 to €6
- Depreciation -€1,181
down €1,181 (-10.8%), from €10,953 to €9,772
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 | €380,356 | €298,488 | -€81,867 | -21.5% |
| Fixed assets | 21/28 | €276,941 | €267,169 | -€9,772 | -3.5% |
| Tangible fixed assets | 22/27 | €276,941 | €267,169 | -€9,772 | -3.5% |
| Land and buildings | 22 | €272,236 | €265,265 | -€6,971 | -2.6% |
| Plant, machinery and equipment | 23 | €236 | - | -€236 | |
| Furniture and vehicles | 24 | €4,468 | €1,904 | -€2,564 | -57.4% |
| Current assets | 29/58 | €103,415 | €31,319 | -€72,095 | -69.7% |
| Amounts receivable within one year | 40/41 | €17,385 | €17,552 | +€167 | +1.0% |
| Trade receivables | 40 | €17,385 | €17,552 | +€167 | +1.0% |
| Cash at bank and in hand | 54/58 | €86,029 | €8,107 | -€77,922 | -90.6% |
| Deferred charges and accrued income | 490/1 | - | €5,660 | +€5,660 | |
| Total equity and liabilities | 10/49 | €380,356 | €298,488 | -€81,867 | -21.5% |
| Equity | 10/15 | €149,112 | €141,111 | -€8,002 | -5.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €106,597 | €106,597 | = | 0.0% |
| Distributable reserves | 133 | €106,597 | €106,597 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,516 | €14,514 | -€8,002 | -35.5% |
| Amounts payable | 17/49 | €231,243 | €157,378 | -€73,866 | -31.9% |
| Amounts payable after more than one year | 17 | €137,564 | €126,655 | -€10,909 | -7.9% |
| Financial debts | 170/4 | €137,564 | €126,655 | -€10,909 | -7.9% |
| Amounts payable within one year | 42/48 | €92,568 | €30,609 | -€61,959 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €10,706 | €10,909 | +€203 | +1.9% |
| Trade debts | 44 | €5,398 | €4,394 | -€1,004 | -18.6% |
| Suppliers | 440/4 | €5,398 | €4,394 | -€1,004 | -18.6% |
| Taxes, remuneration and social security | 45 | €5,469 | €2,038 | -€3,431 | -62.7% |
| Taxes | 450/3 | €5,469 | €2,038 | -€3,431 | -62.7% |
| Other amounts payable | 47/48 | €70,995 | €13,268 | -€57,727 | -81.3% |
| Accrued charges and deferred income | 492/3 | €1,111 | €113 | -€998 | -89.8% |
| Non-recurring operating income | 76A | €228 | - | -€228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,953 | €9,772 | -€1,181 | -10.8% |
| Other operating charges | 640/8 | €3,080 | €3,246 | +€166 | +5.4% |
| Non-recurring operating charges | 66A | €248 | €92 | -€156 | -63.0% |
| Gross operating margin | 9900 | €21,874 | €8,004 | -€13,870 | -63.4% |
| Operating profit (loss) | 9901 | €7,593 | -€5,106 | -€12,699 | |
| Financial income | 75/76B | €1,342 | €6 | -€1,336 | -99.5% |
| Recurring financial income | 75 | €1,342 | €6 | -€1,336 | -99.5% |
| Financial charges | 65/66B | €4,540 | €2,784 | -€1,756 | -38.7% |
| Recurring financial charges | 65 | €4,540 | €2,784 | -€1,756 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €4,396 | -€7,883 | -€12,279 | |
| Income taxes | 67/77 | €2,022 | €118 | -€1,904 | -94.1% |
| Profit (loss) for the period | 9904 | €2,374 | -€8,002 | -€10,375 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,374 | -€8,002 | -€10,375 |
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 10 October 2026 via checked.be.