AR 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.
AR PROJECTS
Largest movements
- Cash +€26,891
up €26,891 (+2380.5%), from €1,130 to €28,020
mainly Debts after one year (+€33,933) and Depreciation (+€13,754)
- Tangible fixed assets -€10,990
down €10,990 (-9.4%), from €116,855 to €105,866
of which Furniture and vehicles: -€10,440
- Deferred charges and accrued income -€10,209
down €10,209 (-87.5%), from €11,663 to €1,454
- Debts after one year +€33,933
up €33,933 (+214.5%), from €15,820 to €49,752
- Profit (loss) carried forward -€28,004
down €28,004, from €0 to -€28,004
- Tax, wage and social debts +€3,417
up €3,417 (+109.0%), from €3,136 to €6,553
- Gross operating margin -€18,086
down €18,086 (-37.9%), from €47,745 to €29,659
- Depreciation -€11,153
down €11,153 (-44.8%), from €24,907 to €13,754
- Taxes +€7,782
up €7,782 (+152.1%), from €5,115 to €12,897
- Other operating charges +€4,105
up €4,105 (+373.2%), from €1,100 to €5,206
- Financial charges +€3,706
up €3,706 (+135.7%), from €2,730 to €6,436
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 | €132,161 | €138,308 | +€6,147 | +4.7% |
| Fixed assets | 21/28 | €116,855 | €105,866 | -€10,990 | -9.4% |
| Tangible fixed assets | 22/27 | €116,855 | €105,866 | -€10,990 | -9.4% |
| Plant, machinery and equipment | 23 | €2,327 | €1,777 | -€550 | -23.6% |
| Furniture and vehicles | 24 | €114,529 | €104,089 | -€10,440 | -9.1% |
| Current assets | 29/58 | €15,305 | €32,443 | +€17,137 | +112.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,513 | €2,968 | +€456 | +18.1% |
| Trade receivables | 40 | €1,216 | €0 | -€1,216 | -100.0% |
| Other amounts receivable | 41 | €1,297 | €2,968 | +€1,672 | +129.0% |
| Cash at bank and in hand | 54/58 | €1,130 | €28,020 | +€26,891 | +2380.5% |
| Deferred charges and accrued income | 490/1 | €11,663 | €1,454 | -€10,209 | -87.5% |
| Total equity and liabilities | 10/49 | €132,161 | €138,308 | +€6,147 | +4.7% |
| Equity | 10/15 | €43,721 | €15,717 | -€28,004 | -64.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,521 | €37,521 | = | 0.0% |
| Distributable reserves | 133 | €37,521 | €37,521 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€28,004 | -€28,004 | |
| Amounts payable | 17/49 | €88,440 | €122,591 | +€34,152 | +38.6% |
| Amounts payable after more than one year | 17 | €15,820 | €49,752 | +€33,933 | +214.5% |
| Financial debts | 170/4 | €15,820 | €49,752 | +€33,933 | +214.5% |
| Amounts payable within one year | 42/48 | €72,292 | €72,839 | +€547 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €36,473 | €35,136 | -€1,337 | -3.7% |
| Trade debts | 44 | €1,335 | €920 | -€415 | -31.1% |
| Suppliers | 440/4 | €1,335 | €920 | -€415 | -31.1% |
| Taxes, remuneration and social security | 45 | €3,136 | €6,553 | +€3,417 | +109.0% |
| Taxes | 450/3 | €3,136 | €6,553 | +€3,417 | +109.0% |
| Other amounts payable | 47/48 | €31,348 | €30,231 | -€1,117 | -3.6% |
| Accrued charges and deferred income | 492/3 | €328 | €0 | -€328 | -100.0% |
| Non-recurring operating income | 76A | €47 | €6,044 | +€5,997 | +12784.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,907 | €13,754 | -€11,153 | -44.8% |
| Other operating charges | 640/8 | €1,100 | €5,206 | +€4,105 | +373.2% |
| Non-recurring operating charges | 66A | €1,520 | €19,426 | +€17,906 | +1177.6% |
| Gross operating margin | 9900 | €47,745 | €29,659 | -€18,086 | -37.9% |
| Operating profit (loss) | 9901 | €20,218 | -€8,727 | -€28,945 | |
| Financial income | 75/76B | €62 | €57 | -€6 | -8.9% |
| Recurring financial income | 75 | €62 | €57 | -€6 | -8.9% |
| Financial charges | 65/66B | €2,730 | €6,436 | +€3,706 | +135.7% |
| Recurring financial charges | 65 | €2,730 | €6,436 | +€3,706 | +135.7% |
| Profit (loss) for the period before taxes | 9903 | €17,550 | -€15,107 | -€32,657 | |
| Income taxes | 67/77 | €5,115 | €12,897 | +€7,782 | +152.1% |
| Profit (loss) for the period | 9904 | €12,435 | -€28,004 | -€40,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,435 | -€28,004 | -€40,439 |
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 6 October 2026 via checked.be.