3 A PROJECTEN: 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.
3 A PROJECTEN
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-90.7%), from €1.3m to €123,096
- Current investments +€975,000
new in 2025: €975,000
- Receivables within one year -€630,715
down €630,715 (-84.0%), from €751,155 to €120,440
of which Trade receivables: -€413,019
- Cash -€143,335
down €143,335 (-80.3%), from €178,588 to €35,253
mainly Current investments (-€975,000) and Trade debts (-€409,372)
- Deferred charges and accrued income +€82,266
up €82,266 (+575%), from €14,316 to €96,583
- Trade debts -€409,372
down €409,372 (-68.2%), from €600,521 to €191,148
- Reserves -€312,331
down €312,331 (-22.7%), from €1.4m to €1.1m
of which Distributable reserves: -€312,331
- Short-term financial debts -€82,000
down €82,000 (-23.2%), from €354,000 to €272,000
- Debts after one year -€59,597
down €59,597 (-7.0%), from €852,137 to €792,540
of which Financial debts: -€59,678
- Gross operating margin -€227,804
down €227,804 (-62.2%), from €366,231 to €138,427
- Depreciation -€157,227
down €157,227 (-76.6%), from €205,150 to €47,923
- Staff costs -€29,496
down €29,496 (-59.9%), from €49,236 to €19,740
- Financial income -€25,434
down €25,434 (-63.2%), from €40,244 to €14,810
- Financial charges -€22,947
down €22,947 (-28.5%), from €80,650 to €57,703
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.
Derived cash bridge
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 | €3,393,435 | €2,501,048 | -€892,387 | -26.3% |
| Fixed assets | 21/28 | €1,130,803 | €1,150,677 | +€19,874 | +1.8% |
| Tangible fixed assets | 22/27 | €1,130,803 | €1,150,677 | +€19,874 | +1.8% |
| Land and buildings | 22 | €1,096,688 | €1,116,791 | +€20,103 | +1.8% |
| Plant, machinery and equipment | 23 | €33,886 | €33,886 | = | 0.0% |
| Furniture and vehicles | 24 | €229 | - | -€229 | |
| Current assets | 29/58 | €2,262,633 | €1,350,372 | -€912,261 | -40.3% |
| Stocks and contracts in progress | 3 | €1,318,573 | €123,096 | -€1.2m | -90.7% |
| Stocks | 30/36 | €1,318,573 | €123,096 | -€1.2m | -90.7% |
| Amounts receivable within one year | 40/41 | €751,155 | €120,440 | -€630,715 | -84.0% |
| Trade receivables | 40 | €435,905 | €22,886 | -€413,019 | -94.7% |
| Other amounts receivable | 41 | €315,250 | €97,554 | -€217,696 | -69.1% |
| Current investments | 50/53 | - | €975,000 | +€975,000 | |
| Cash at bank and in hand | 54/58 | €178,588 | €35,253 | -€143,335 | -80.3% |
| Deferred charges and accrued income | 490/1 | €14,316 | €96,583 | +€82,266 | +575% |
| Total equity and liabilities | 10/49 | €3,393,435 | €2,501,048 | -€892,387 | -26.3% |
| Equity | 10/15 | €1,381,241 | €1,068,910 | -€312,331 | -22.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,375,041 | €1,062,710 | -€312,331 | -22.7% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €1,374,421 | €1,062,090 | -€312,331 | -22.7% |
| Amounts payable | 17/49 | €2,012,195 | €1,432,139 | -€580,056 | -28.8% |
| Amounts payable after more than one year | 17 | €852,137 | €792,540 | -€59,597 | -7.0% |
| Financial debts | 170/4 | €833,183 | €773,504 | -€59,678 | -7.2% |
| Other amounts payable | 178/9 | €18,954 | €19,036 | +€81 | +0.4% |
| Amounts payable within one year | 42/48 | €1,114,428 | €608,282 | -€506,146 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €51,569 | €59,678 | +€8,109 | +15.7% |
| Financial debts | 43 | €354,000 | €272,000 | -€82,000 | -23.2% |
| Credit institutions | 430/8 | €354,000 | €272,000 | -€82,000 | -23.2% |
| Trade debts | 44 | €600,521 | €191,148 | -€409,372 | -68.2% |
| Suppliers | 440/4 | €600,521 | €191,148 | -€409,372 | -68.2% |
| Taxes, remuneration and social security | 45 | €23,338 | €456 | -€22,883 | -98.0% |
| Taxes | 450/3 | €23,338 | €456 | -€22,883 | -98.0% |
| Other amounts payable | 47/48 | €85,000 | €85,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €45,630 | €31,316 | -€14,314 | -31.4% |
| Non-recurring operating income | 76A | €4,887 | - | -€4,887 | |
| Remuneration, social security and pensions | 62 | €49,236 | €19,740 | -€29,496 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,150 | €47,923 | -€157,227 | -76.6% |
| Other operating charges | 640/8 | €8,595 | €7,506 | -€1,089 | -12.7% |
| Non-recurring operating charges | 66A | - | €105 | +€105 | |
| Gross operating margin | 9900 | €366,231 | €138,427 | -€227,804 | -62.2% |
| Operating profit (loss) | 9901 | €103,251 | €63,154 | -€40,097 | -38.8% |
| Financial income | 75/76B | €40,244 | €14,810 | -€25,434 | -63.2% |
| Recurring financial income | 75 | €40,244 | €14,810 | -€25,434 | -63.2% |
| Financial charges | 65/66B | €80,650 | €57,703 | -€22,947 | -28.5% |
| Recurring financial charges | 65 | €80,650 | €57,703 | -€22,947 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €62,845 | €20,261 | -€42,585 | -67.8% |
| Income taxes | 67/77 | €18,756 | €7,591 | -€11,165 | -59.5% |
| Profit (loss) for the period | 9904 | €44,089 | €12,669 | -€31,420 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,089 | €12,669 | -€31,420 | -71.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.