A & R 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.
A & R Projects
Largest movements
- Tangible fixed assets +€27,741
up €27,741 (+21.1%), from €131,449 to €159,189
of which Furniture and vehicles: +€14,553
- Receivables within one year -€5,393
down €5,393 (-71.5%), from €7,537 to €2,144
of which Trade receivables: -€4,523
- Debts after one year +€12,273
up €12,273 (+1546.3%), from €794 to €13,067
- Profit (loss) carried forward +€9,259
up €9,259 (+59.8%), from -€15,488 to -€6,229
- Reserves -€6,352
down €6,352 (-8.9%), from €71,322 to €64,970
of which Tax-exempt reserves: -€6,352
- Other debts +€4,205
up €4,205 (+65.9%), from €6,382 to €10,587
- Provisions -€3,271
down €3,271 (-10.0%), from €32,707 to €29,436
- Depreciation +€12,562
up €12,562 (+85.5%), from €14,688 to €27,249
- Gross operating margin +€2,379
up €2,379 (+7.4%), from €32,290 to €34,669
- Taxes -€2,069
down €2,069 (-28.4%), from €7,277 to €5,208
- Financial charges +€692
up €692 (+117.7%), from €588 to €1,280
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 | €146,396 | €168,516 | +€22,120 | +15.1% |
| Fixed assets | 21/28 | €131,449 | €159,189 | +€27,741 | +21.1% |
| Tangible fixed assets | 22/27 | €131,449 | €159,189 | +€27,741 | +21.1% |
| Land and buildings | 22 | €127,528 | €141,066 | +€13,538 | +10.6% |
| Plant, machinery and equipment | 23 | €442 | €380 | -€62 | -14.0% |
| Furniture and vehicles | 24 | €2,613 | €17,166 | +€14,553 | +556.9% |
| Other tangible fixed assets | 26 | €866 | €577 | -€289 | -33.3% |
| Current assets | 29/58 | €14,947 | €9,326 | -€5,621 | -37.6% |
| Amounts receivable within one year | 40/41 | €7,537 | €2,144 | -€5,393 | -71.5% |
| Trade receivables | 40 | €6,121 | €1,597 | -€4,523 | -73.9% |
| Other amounts receivable | 41 | €1,417 | €547 | -€869 | -61.4% |
| Current investments | 50/53 | €7,100 | €7,042 | -€58 | -0.8% |
| Cash at bank and in hand | 54/58 | €310 | €140 | -€170 | -54.9% |
| Total equity and liabilities | 10/49 | €146,396 | €168,516 | +€22,120 | +15.1% |
| Equity | 10/15 | €93,026 | €95,933 | +€2,907 | +3.1% |
| Contributions | 10/11 | €37,192 | €37,192 | = | 0.0% |
| Reserves | 13 | €71,322 | €64,970 | -€6,352 | -8.9% |
| Non-distributable reserves | 130/1 | €3,719 | €3,719 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,719 | €3,719 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,602 | €61,250 | -€6,352 | -9.4% |
| Profit (loss) carried forward | 14 | -€15,488 | -€6,229 | +€9,259 | +59.8% |
| Provisions and deferred taxes | 16 | €32,707 | €29,436 | -€3,271 | -10.0% |
| Deferred taxes | 168 | €32,707 | €29,436 | -€3,271 | -10.0% |
| Amounts payable | 17/49 | €20,663 | €43,147 | +€22,483 | +108.8% |
| Amounts payable after more than one year | 17 | €794 | €13,067 | +€12,273 | +1546.3% |
| Financial debts | 170/4 | €794 | €13,067 | +€12,273 | +1546.3% |
| Amounts payable within one year | 42/48 | €19,870 | €30,080 | +€10,210 | +51.4% |
| Current portion of amounts payable after more than one year | 42 | €4,952 | €8,160 | +€3,208 | +64.8% |
| Financial debts | 43 | €3,000 | €3,123 | +€123 | +4.1% |
| Credit institutions | 430/8 | €3,000 | €3,123 | +€123 | +4.1% |
| Trade debts | 44 | €4,111 | €5,969 | +€1,858 | +45.2% |
| Suppliers | 440/4 | €4,111 | €5,969 | +€1,858 | +45.2% |
| Taxes, remuneration and social security | 45 | €1,425 | €2,242 | +€817 | +57.4% |
| Taxes | 450/3 | €1,425 | €2,242 | +€817 | +57.4% |
| Other amounts payable | 47/48 | €6,382 | €10,587 | +€4,205 | +65.9% |
| Non-recurring operating income | 76A | - | €389 | +€389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,688 | €27,249 | +€12,562 | +85.5% |
| Other operating charges | 640/8 | €1,590 | €1,329 | -€261 | -16.4% |
| Gross operating margin | 9900 | €32,290 | €34,669 | +€2,379 | +7.4% |
| Operating profit (loss) | 9901 | €16,013 | €6,091 | -€9,922 | -62.0% |
| Financial income | 75/76B | €0 | €34 | +€33 | +25730.8% |
| Recurring financial income | 75 | €0 | €34 | +€33 | +25730.8% |
| Financial charges | 65/66B | €588 | €1,280 | +€692 | +117.7% |
| Recurring financial charges | 65 | €588 | €1,280 | +€692 | +117.7% |
| Profit (loss) for the period before taxes | 9903 | €15,425 | €4,845 | -€10,580 | -68.6% |
| Income taxes | 67/77 | €7,277 | €5,208 | -€2,069 | -28.4% |
| Profit (loss) for the period | 9904 | €8,148 | -€364 | -€8,512 | |
| Transfer from tax-exempt reserves | 789 | €9,623 | €9,623 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,771 | €9,259 | -€8,512 | -47.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.