A - R 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 - R PROJECTS
Largest movements
- Stocks and contracts -€24,914
down €24,914 (-14.4%), from €173,420 to €148,506
- Deferred charges and accrued income -€21,287
down €21,287 (-79.0%), from €26,930 to €5,643
- Cash -€2,987
down €2,987 (-78.3%), from €3,815 to €828
mainly Short-term financial debts (-€54,166) and Net result for the year (-€19,947)
- Short-term financial debts -€54,166
down €54,166 (-50.6%), from €107,000 to €52,834
- Profit (loss) carried forward -€19,947
down €19,947 (-2709.7%), from -€736 to -€20,684
- Debts after one year +€13,729
up €13,729 (+146.4%), from €9,379 to €23,108
- Other debts +€13,000
up €13,000 (+104.0%), from €12,500 to €25,500
- Gross operating margin -€31,602
down €31,602, from €13,926 to -€17,676
- Other operating charges -€1,806
down €1,806 (-47.2%), from €3,827 to €2,021
- Financial charges -€366
down €366 (-39.1%), from €937 to €571
- Financial income +€320
new in 2025: €320
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 | €204,165 | €154,977 | -€49,189 | -24.1% |
| Current assets | 29/58 | €204,165 | €154,977 | -€49,189 | -24.1% |
| Stocks and contracts in progress | 3 | €173,420 | €148,506 | -€24,914 | -14.4% |
| Stocks | 30/36 | €173,420 | €148,506 | -€24,914 | -14.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,815 | €828 | -€2,987 | -78.3% |
| Deferred charges and accrued income | 490/1 | €26,930 | €5,643 | -€21,287 | -79.0% |
| Total equity and liabilities | 10/49 | €204,165 | €154,977 | -€49,189 | -24.1% |
| Equity | 10/15 | €71,547 | €51,599 | -€19,947 | -27.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €47,283 | €47,283 | = | 0.0% |
| Distributable reserves | 133 | €47,283 | €47,283 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€736 | -€20,684 | -€19,947 | -2709.7% |
| Amounts payable | 17/49 | €132,619 | €103,377 | -€29,241 | -22.0% |
| Amounts payable after more than one year | 17 | €9,379 | €23,108 | +€13,729 | +146.4% |
| Financial debts | 170/4 | €9,379 | €23,108 | +€13,729 | +146.4% |
| Amounts payable within one year | 42/48 | €123,239 | €80,269 | -€42,970 | -34.9% |
| Financial debts | 43 | €107,000 | €52,834 | -€54,166 | -50.6% |
| Credit institutions | 430/8 | €107,000 | €52,834 | -€54,166 | -50.6% |
| Trade debts | 44 | €679 | €778 | +€98 | +14.5% |
| Suppliers | 440/4 | €679 | €778 | +€98 | +14.5% |
| Taxes, remuneration and social security | 45 | €3,060 | €1,158 | -€1,902 | -62.2% |
| Taxes | 450/3 | €3,060 | €1,158 | -€1,902 | -62.2% |
| Other amounts payable | 47/48 | €12,500 | €25,500 | +€13,000 | +104.0% |
| Other operating charges | 640/8 | €3,827 | €2,021 | -€1,806 | -47.2% |
| Gross operating margin | 9900 | €13,926 | -€17,676 | -€31,602 | |
| Operating profit (loss) | 9901 | €10,099 | -€19,697 | -€29,796 | |
| Financial income | 75/76B | - | €320 | +€320 | |
| Recurring financial income | 75 | - | €320 | +€320 | |
| Financial charges | 65/66B | €937 | €571 | -€366 | -39.1% |
| Recurring financial charges | 65 | €937 | €571 | -€366 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €9,162 | -€19,947 | -€29,109 | |
| Profit (loss) for the period | 9904 | €9,162 | -€19,947 | -€29,109 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,162 | -€19,947 | -€29,109 |
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 4 October 2026 via checked.be.