A & B PROJECT: 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.
A & B PROJECT
Largest movements
- Receivables within one year +€390,265
up €390,265 (+107%), from €364,483 to €754,748
of which Trade receivables: +€391,301
- Cash +€115,189
up €115,189 (+65.2%), from €176,723 to €291,912
mainly Trade debts (+€417,884) and Accrued charges and deferred income (+€141,723)
- Deferred charges and accrued income +€53,739
up €53,739 (+1,933%), from €2,780 to €56,520
- Trade debts +€417,884
up €417,884 (+1,906%), from €21,928 to €439,812
- Accrued charges and deferred income +€141,723
up €141,723 (+138%), from €102,605 to €244,328
- Short-term financial debts -€79,103
down €79,103 (-71.4%), from €110,819 to €31,716
- Other debts +€64,762
up €64,762 (+84.7%), from €76,477 to €141,239
- Tax, wage and social debts +€14,790
up €14,790 (+73.6%), from €20,102 to €34,893
of which Taxes: +€8,280
- Gross operating margin +€96,667
up €96,667 (+39.5%), from €244,445 to €341,111
- Taxes +€20,783
up €20,783 (+66.6%), from €31,208 to €51,992
- Staff costs +€18,360
up €18,360 (+17.0%), from €107,831 to €126,192
- Financial income +€6,708
up €6,708 (+3,354,120%), from €0 to €6,708
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 | €586,584 | €1,136,336 | +€549,752 | +93.7% |
| Fixed assets | 21/28 | €42,598 | €33,157 | -€9,441 | -22.2% |
| Intangible fixed assets | 21 | €10,384 | €6,885 | -€3,500 | -33.7% |
| Tangible fixed assets | 22/27 | €26,933 | €20,992 | -€5,941 | -22.1% |
| Furniture and vehicles | 24 | €23,073 | €17,935 | -€5,139 | -22.3% |
| Other tangible fixed assets | 26 | €3,860 | €3,057 | -€803 | -20.8% |
| Financial fixed assets | 28 | €5,280 | €5,280 | = | 0.0% |
| Current assets | 29/58 | €543,987 | €1,103,179 | +€559,193 | +103% |
| Amounts receivable within one year | 40/41 | €364,483 | €754,748 | +€390,265 | +107% |
| Trade receivables | 40 | €361,819 | €753,119 | +€391,301 | +108% |
| Other amounts receivable | 41 | €2,664 | €1,628 | -€1,036 | -38.9% |
| Cash at bank and in hand | 54/58 | €176,723 | €291,912 | +€115,189 | +65.2% |
| Deferred charges and accrued income | 490/1 | €2,780 | €56,520 | +€53,739 | +1,933% |
| Total equity and liabilities | 10/49 | €586,584 | €1,136,336 | +€549,752 | +93.7% |
| Equity | 10/15 | €219,069 | €219,069 | = | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €83,450 | €83,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €21 | €21 | = | 0.0% |
| Distributable reserves | 133 | €77,229 | €77,229 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,619 | €73,619 | = | 0.0% |
| Amounts payable | 17/49 | €367,515 | €917,267 | +€549,752 | +150% |
| Amounts payable after more than one year | 17 | €25,279 | €15,105 | -€10,174 | -40.2% |
| Financial debts | 170/4 | €25,279 | €15,105 | -€10,174 | -40.2% |
| Amounts payable within one year | 42/48 | €239,631 | €657,834 | +€418,202 | +175% |
| Current portion of amounts payable after more than one year | 42 | €10,305 | €10,174 | -€132 | -1.3% |
| Financial debts | 43 | €110,819 | €31,716 | -€79,103 | -71.4% |
| Credit institutions | 430/8 | €110,819 | €31,716 | -€79,103 | -71.4% |
| Trade debts | 44 | €21,928 | €439,812 | +€417,884 | +1,906% |
| Suppliers | 440/4 | €21,928 | €439,812 | +€417,884 | +1,906% |
| Taxes, remuneration and social security | 45 | €20,102 | €34,893 | +€14,790 | +73.6% |
| Taxes | 450/3 | €6,767 | €15,047 | +€8,280 | +122% |
| Remuneration and social security | 454/9 | €13,336 | €19,846 | +€6,510 | +48.8% |
| Other amounts payable | 47/48 | €76,477 | €141,239 | +€64,762 | +84.7% |
| Accrued charges and deferred income | 492/3 | €102,605 | €244,328 | +€141,723 | +138% |
| Non-recurring operating income | 76A | €8,597 | €0 | -€8,597 | -100% |
| Remuneration, social security and pensions | 62 | €107,831 | €126,192 | +€18,360 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,385 | €13,478 | +€1,093 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €135 | +€135 | |
| Other operating charges | 640/8 | €7,539 | €6,757 | -€782 | -10.4% |
| Non-recurring operating charges | 66A | €713 | €0 | -€713 | -100% |
| Gross operating margin | 9900 | €244,445 | €341,111 | +€96,667 | +39.5% |
| Operating profit (loss) | 9901 | €115,976 | €194,549 | +€78,573 | +67.7% |
| Financial income | 75/76B | €0 | €6,708 | +€6,708 | +3,354,120% |
| Recurring financial income | 75 | €0 | €6,708 | +€6,708 | +3,354,120% |
| Financial charges | 65/66B | €8,111 | €8,077 | -€35 | -0.4% |
| Recurring financial charges | 65 | €8,111 | €8,077 | -€35 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €107,865 | €193,181 | +€85,316 | +79.1% |
| Income taxes | 67/77 | €31,208 | €51,992 | +€20,783 | +66.6% |
| Profit (loss) for the period | 9904 | €76,657 | €141,189 | +€64,532 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,657 | €141,189 | +€64,532 | +84.2% |
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 15 October 2026 via checked.be.