A 12 Projects: 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.
A 12 Projects
Largest movements
- Deferred charges and accrued income +€22,473
up €22,473 (+2432.6%), from €924 to €23,396
- Receivables within one year -€20,247
down €20,247 (-33.6%), from €60,253 to €40,006
of which Trade receivables: -€18,837
- Tangible fixed assets -€11,029
down €11,029 (-23.5%), from €46,930 to €35,901
- Cash -€1,703
down €1,703 (-58.6%), from €2,903 to €1,200
mainly Deferred charges and accrued income (-€22,473) and Net result for the year (-€14,865)
- Profit (loss) carried forward -€14,865
down €14,865 (-71.6%), from -€20,757 to -€35,622
- Other debts +€11,884
up €11,884 (+17.9%), from €66,259 to €78,143
- Accrued charges and deferred income -€8,000
no longer reported in 2025 (was €8,000)
- Debts after one year -€7,265
down €7,265 (-41.5%), from €17,500 to €10,235
- Trade debts +€4,886
up €4,886 (+16.7%), from €29,251 to €34,138
- Gross operating margin -€18,237
down €18,237, from €16,894 to -€1,343
- Depreciation +€2,805
up €2,805 (+34.1%), from €8,223 to €11,029
- Taxes -€1,186
down €1,186 (-87.1%), from €1,362 to €176
- Other operating charges -€1,034
down €1,034 (-47.6%), from €2,172 to €1,138
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 | €122,409 | €111,904 | -€10,505 | -8.6% |
| Fixed assets | 21/28 | €46,930 | €35,901 | -€11,029 | -23.5% |
| Tangible fixed assets | 22/27 | €46,930 | €35,901 | -€11,029 | -23.5% |
| Furniture and vehicles | 24 | €46,930 | €35,901 | -€11,029 | -23.5% |
| Current assets | 29/58 | €75,479 | €76,003 | +€523 | +0.7% |
| Stocks and contracts in progress | 3 | €11,400 | €11,400 | = | 0.0% |
| Stocks | 30/36 | €11,400 | €11,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,253 | €40,006 | -€20,247 | -33.6% |
| Trade receivables | 40 | €54,610 | €35,773 | -€18,837 | -34.5% |
| Other amounts receivable | 41 | €5,642 | €4,233 | -€1,409 | -25.0% |
| Cash at bank and in hand | 54/58 | €2,903 | €1,200 | -€1,703 | -58.6% |
| Deferred charges and accrued income | 490/1 | €924 | €23,396 | +€22,473 | +2432.6% |
| Total equity and liabilities | 10/49 | €122,409 | €111,904 | -€10,505 | -8.6% |
| Equity | 10/15 | -€1,202 | -€16,067 | -€14,865 | -1236.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €963 | €963 | = | 0.0% |
| Non-distributable reserves | 130/1 | €963 | €963 | = | 0.0% |
| Reserves not available under the articles | 1311 | €963 | €963 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,757 | -€35,622 | -€14,865 | -71.6% |
| Amounts payable | 17/49 | €123,611 | €127,971 | +€4,359 | +3.5% |
| Amounts payable after more than one year | 17 | €17,500 | €10,235 | -€7,265 | -41.5% |
| Financial debts | 170/4 | €17,500 | €10,235 | -€7,265 | -41.5% |
| Amounts payable within one year | 42/48 | €98,111 | €117,736 | +€19,625 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | - | €3,917 | +€3,917 | |
| Trade debts | 44 | €29,251 | €34,138 | +€4,886 | +16.7% |
| Suppliers | 440/4 | €29,251 | €34,138 | +€4,886 | +16.7% |
| Taxes, remuneration and social security | 45 | €2,601 | €1,538 | -€1,063 | -40.9% |
| Taxes | 450/3 | €2,601 | €1,538 | -€1,063 | -40.9% |
| Other amounts payable | 47/48 | €66,259 | €78,143 | +€11,884 | +17.9% |
| Accrued charges and deferred income | 492/3 | €8,000 | - | -€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,223 | €11,029 | +€2,805 | +34.1% |
| Other operating charges | 640/8 | €2,172 | €1,138 | -€1,034 | -47.6% |
| Gross operating margin | 9900 | €16,894 | -€1,343 | -€18,237 | |
| Operating profit (loss) | 9901 | €6,499 | -€13,509 | -€20,008 | |
| Financial charges | 65/66B | €1,038 | €1,179 | +€141 | +13.6% |
| Recurring financial charges | 65 | €1,038 | €1,179 | +€141 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €5,461 | -€14,688 | -€20,149 | |
| Income taxes | 67/77 | €1,362 | €176 | -€1,186 | -87.1% |
| Profit (loss) for the period | 9904 | €4,099 | -€14,865 | -€18,963 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,099 | -€14,865 | -€18,963 |
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 5 October 2026 via checked.be.