A PROJECT: what changed
What changed
A PROJECT
NACE 43.333, Wallpapering and laying of floor and wall coverings in other materials
filed annual accounts (NBB)
Net result for the year
€296,772
2024 · €326,673-€29,900
Equity
€1.3m
2024 · €1.1m+€229,772
Cash
€453,578
2024 · €632,957-€179,380
Balance sheet total
€1.9m
2024 · €1.6m+€242,258
Largest movements
Assets
- Current investments +€395,359
up €395,359 (+136%), from €291,238 to €686,597
- Cash -€179,380
down €179,380 (-28.3%), from €632,957 to €453,578
mainly Current investments (-€395,359) and Accrued charges and deferred income (-€138,895)
- Receivables within one year +€65,640
up €65,640 (+21.5%), from €305,995 to €371,635
of which Trade receivables: +€34,594
- Tangible fixed assets -€38,862
down €38,862 (-10.6%), from €367,126 to €328,264
of which Other tangible fixed assets: -€25,843
Equity and liabilities
- Reserves +€229,217
up €229,217 (+22.0%), from €1.0m to €1.3m
of which Distributable reserves: +€233,000
- Accrued charges and deferred income -€138,895
down €138,895 (-87.0%), from €159,727 to €20,833
- Other debts +€77,981
up €77,981 (+159%), from €49,149 to €127,130
- Trade debts +€74,682
up €74,682 (+34.5%), from €216,746 to €291,428
- Debts after one year -€37,205
down €37,205 (-61.2%), from €60,762 to €23,556
Income statement
- Staff costs +€91,346
up €91,346 (+23.4%), from €389,554 to €480,899
- Taxes -€45,237
down €45,237 (-27.2%), from €166,507 to €121,270
- Financial income +€13,160
up €13,160 (+175%), from €7,504 to €20,664
- Gross operating margin +€12,651
up €12,651 (+1.3%), from €975,622 to €988,273
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
€326,673
Gross operating margin
+€12,651
Staff costs
-€91,346
Depreciation
-€6,304
Other operating charges
+€2,239
Other operating items
+€602
Financial income
+€13,160
Financial charges
-€6,140
Taxes
+€45,237
Result 2025
€296,772
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
+€359,110
Investment
-€435,236
Financing
-€103,254
Cash 2024
€632,957
From operations (derived)
+€359,110
Net result for the year
+€296,772
Depreciation
+€78,739
Smaller working-capital items
+€499
Receivables within one year
-€65,640
Provisions
-€1,261
Trade debts
+€74,682
Tax, wage and social debts
+€36,231
Other debts
+€77,981
Accrued charges and deferred income
-€138,895
Investment (derived)
-€435,236
Investment in fixed assets (net)
-€39,877
Current investments
-€395,359
Financing
-€103,254
Debts after one year
-€37,205
Current portion of long-term debt
+€952
Contributions, distributions and other
-€67,000
Cash 2025
€453,578
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,633,299 | €1,875,557 | +€242,258 | +14.8% |
| Fixed assets | 21/28 | €367,126 | €328,264 | -€38,862 | -10.6% |
| Tangible fixed assets | 22/27 | €367,126 | €328,264 | -€38,862 | -10.6% |
| Land and buildings | 22 | €98,000 | €87,095 | -€10,905 | -11.1% |
| Plant, machinery and equipment | 23 | €10,950 | €6,493 | -€4,457 | -40.7% |
| Furniture and vehicles | 24 | €77,028 | €79,371 | +€2,343 | +3.0% |
| Other tangible fixed assets | 26 | €181,149 | €155,306 | -€25,843 | -14.3% |
| Current assets | 29/58 | €1,266,173 | €1,547,293 | +€281,120 | +22.2% |
| Stocks and contracts in progress | 3 | €7,854 | €7,990 | +€136 | +1.7% |
| Stocks | 30/36 | €7,854 | €7,990 | +€136 | +1.7% |
| Amounts receivable within one year | 40/41 | €305,995 | €371,635 | +€65,640 | +21.5% |
| Trade receivables | 40 | €187,758 | €222,351 | +€34,594 | +18.4% |
| Other amounts receivable | 41 | €118,237 | €149,283 | +€31,046 | +26.3% |
| Current investments | 50/53 | €291,238 | €686,597 | +€395,359 | +136% |
| Cash at bank and in hand | 54/58 | €632,957 | €453,578 | -€179,380 | -28.3% |
| Deferred charges and accrued income | 490/1 | €28,128 | €27,494 | -€635 | -2.3% |
| Total equity and liabilities | 10/49 | €1,633,299 | €1,875,557 | +€242,258 | +14.8% |
| Equity | 10/15 | €1,067,694 | €1,297,467 | +€229,772 | +21.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,041,585 | €1,270,802 | +€229,217 | +22.0% |
| Tax-exempt reserves | 132 | €27,785 | €24,002 | -€3,783 | -13.6% |
| Distributable reserves | 133 | €1,013,800 | €1,246,800 | +€233,000 | +23.0% |
| Profit (loss) carried forward | 14 | €6,109 | €6,665 | +€556 | +9.1% |
| Provisions and deferred taxes | 16 | €3,012 | €1,751 | -€1,261 | -41.9% |
| Deferred taxes | 168 | €3,012 | €1,751 | -€1,261 | -41.9% |
| Amounts payable | 17/49 | €562,593 | €576,340 | +€13,747 | +2.4% |
| Amounts payable after more than one year | 17 | €60,762 | €23,556 | -€37,205 | -61.2% |
| Financial debts | 170/4 | €60,762 | €23,556 | -€37,205 | -61.2% |
| Amounts payable within one year | 42/48 | €342,105 | €531,951 | +€189,847 | +55.5% |
| Current portion of amounts payable after more than one year | 42 | €36,254 | €37,205 | +€952 | +2.6% |
| Trade debts | 44 | €216,746 | €291,428 | +€74,682 | +34.5% |
| Suppliers | 440/4 | €216,746 | €291,428 | +€74,682 | +34.5% |
| Taxes, remuneration and social security | 45 | €39,956 | €76,188 | +€36,231 | +90.7% |
| Taxes | 450/3 | €28,353 | €33,780 | +€5,426 | +19.1% |
| Remuneration and social security | 454/9 | €11,603 | €42,408 | +€30,805 | +265% |
| Other amounts payable | 47/48 | €49,149 | €127,130 | +€77,981 | +159% |
| Accrued charges and deferred income | 492/3 | €159,727 | €20,833 | -€138,895 | -87.0% |
| Non-recurring operating income | 76A | €1,110 | €0 | -€1,110 | -100% |
| Remuneration, social security and pensions | 62 | €389,554 | €480,899 | +€91,346 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,435 | €78,739 | +€6,304 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €20,669 | €18,429 | -€2,239 | -10.8% |
| Non-recurring operating charges | 66A | €602 | €0 | -€602 | -100% |
| Gross operating margin | 9900 | €975,622 | €988,273 | +€12,651 | +1.3% |
| Operating profit (loss) | 9901 | €492,362 | €410,206 | -€82,157 | -16.7% |
| Financial income | 75/76B | €7,504 | €20,664 | +€13,160 | +175% |
| Recurring financial income | 75 | €7,504 | €20,664 | +€13,160 | +175% |
| Financial charges | 65/66B | €7,948 | €14,089 | +€6,140 | +77.3% |
| Recurring financial charges | 65 | €7,948 | €14,089 | +€6,140 | +77.3% |
| Profit (loss) for the period before taxes | 9903 | €491,918 | €416,781 | -€75,137 | -15.3% |
| Transfer from deferred taxes | 780 | €1,261 | €1,261 | = | 0.0% |
| Income taxes | 67/77 | €166,507 | €121,270 | -€45,237 | -27.2% |
| Profit (loss) for the period | 9904 | €326,673 | €296,772 | -€29,900 | -9.2% |
| Transfer from tax-exempt reserves | 789 | €3,783 | €3,783 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €330,456 | €300,556 | -€29,900 | -9.0% |
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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 2 November 2026 via checked.be.