AS Project: 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.
AS Project
Largest movements
- Tangible fixed assets -€32,939
down €32,939 (-18.0%), from €182,781 to €149,842
of which Land and buildings: -€32,152
- Receivables within one year -€24,342
down €24,342 (-34.7%), from €70,145 to €45,803
of which Other amounts receivable: -€19,340
- Cash +€3,820
up €3,820 (+926.8%), from €412 to €4,233
mainly Receivables within one year (+€24,342) and Investment in fixed assets (net) (+€18,389)
- Profit (loss) carried forward -€25,564
down €25,564 (-65.1%), from -€39,280 to -€64,844
- Trade debts -€19,689
down €19,689 (-20.0%), from €98,211 to €78,522
- Debts after one year -€9,398
down €9,398 (-14.0%), from €67,126 to €57,728
- Gross operating margin -€11,791
down €11,791 (-71.1%), from €16,577 to €4,787
- Other operating charges -€4,433
down €4,433 (-87.9%), from €5,046 to €613
- Depreciation -€3,377
down €3,377 (-18.8%), from €17,927 to €14,550
- Financial charges -€2,839
down €2,839 (-14.5%), from €19,523 to €16,684
of which Non-recurring financial charges: -€2,054
- Financial income +€527
up €527 (+54.4%), from €969 to €1,497
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 | €253,793 | €199,877 | -€53,916 | -21.2% |
| Fixed assets | 21/28 | €182,781 | €149,842 | -€32,939 | -18.0% |
| Tangible fixed assets | 22/27 | €182,781 | €149,842 | -€32,939 | -18.0% |
| Land and buildings | 22 | €180,312 | €148,160 | -€32,152 | -17.8% |
| Furniture and vehicles | 24 | €2,469 | €1,682 | -€787 | -31.9% |
| Current assets | 29/58 | €71,012 | €50,035 | -€20,977 | -29.5% |
| Amounts receivable within one year | 40/41 | €70,145 | €45,803 | -€24,342 | -34.7% |
| Trade receivables | 40 | €32,400 | €27,398 | -€5,002 | -15.4% |
| Other amounts receivable | 41 | €37,745 | €18,405 | -€19,340 | -51.2% |
| Cash at bank and in hand | 54/58 | €412 | €4,233 | +€3,820 | +926.8% |
| Deferred charges and accrued income | 490/1 | €455 | - | -€455 | |
| Total equity and liabilities | 10/49 | €253,793 | €199,877 | -€53,916 | -21.2% |
| Equity | 10/15 | -€20,680 | -€46,244 | -€25,564 | -123.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,280 | -€64,844 | -€25,564 | -65.1% |
| Amounts payable | 17/49 | €274,473 | €246,121 | -€28,352 | -10.3% |
| Amounts payable after more than one year | 17 | €67,126 | €57,728 | -€9,398 | -14.0% |
| Financial debts | 170/4 | €67,126 | €57,728 | -€9,398 | -14.0% |
| Amounts payable within one year | 42/48 | €207,332 | €187,934 | -€19,398 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €9,121 | €9,398 | +€277 | +3.0% |
| Trade debts | 44 | €98,211 | €78,522 | -€19,689 | -20.0% |
| Suppliers | 440/4 | €98,211 | €78,522 | -€19,689 | -20.0% |
| Taxes, remuneration and social security | 45 | - | €13 | +€13 | |
| Taxes | 450/3 | - | €13 | +€13 | |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €16 | €459 | +€443 | +2795.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,927 | €14,550 | -€3,377 | -18.8% |
| Other operating charges | 640/8 | €5,046 | €613 | -€4,433 | -87.9% |
| Gross operating margin | 9900 | €16,577 | €4,787 | -€11,791 | -71.1% |
| Operating profit (loss) | 9901 | -€6,396 | -€10,376 | -€3,980 | -62.2% |
| Financial income | 75/76B | €969 | €1,497 | +€527 | +54.4% |
| Recurring financial income | 75 | €969 | €1,497 | +€527 | +54.4% |
| Financial charges | 65/66B | €19,523 | €16,684 | -€2,839 | -14.5% |
| Recurring financial charges | 65 | €3,069 | €2,284 | -€785 | -25.6% |
| Non-recurring financial charges | 66B | €16,454 | €14,400 | -€2,054 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,949 | -€25,564 | -€614 | -2.5% |
| Profit (loss) for the period | 9904 | -€24,949 | -€25,564 | -€614 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,949 | -€25,564 | -€614 | -2.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.