AT THE PROJECT: 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.
AT THE PROJECT
Largest movements
- Cash +€22,893
up €22,893 (+216.7%), from €10,565 to €33,458
mainly Net result for the year (+€31,444) and Other debts (+€25,633)
- Receivables within one year +€3,669
up €3,669 (+11.8%), from €31,218 to €34,887
of which Trade receivables: +€3,669
- Deferred charges and accrued income +€970
new in 2025: €970
- Other debts +€25,633
up €25,633 (+1953.9%), from €1,312 to €26,944
- Reserves -€6,186
down €6,186 (-20.5%), from €30,130 to €23,944
- Current portion of long-term debt +€3,878
up €3,878 (+317.8%), from €1,220 to €5,098
- Tax, wage and social debts +€3,153
up €3,153 (+28.4%), from €11,086 to €14,239
of which Taxes: +€3,153
- Gross operating margin +€33,675
up €33,675 (+140.4%), from €23,989 to €57,663
- Taxes +€13,124
up €13,124 (+288.1%), from €4,556 to €17,680
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 | €48,864 | €76,008 | +€27,145 | +55.6% |
| Fixed assets | 21/28 | €7,080 | €6,693 | -€387 | -5.5% |
| Tangible fixed assets | 22/27 | €7,080 | €6,693 | -€387 | -5.5% |
| Plant, machinery and equipment | 23 | €1,738 | €3,351 | +€1,613 | +92.8% |
| Furniture and vehicles | 24 | €4,176 | €2,326 | -€1,850 | -44.3% |
| Other tangible fixed assets | 26 | €1,166 | €1,016 | -€150 | -12.9% |
| Current assets | 29/58 | €41,783 | €69,315 | +€27,532 | +65.9% |
| Amounts receivable within one year | 40/41 | €31,218 | €34,887 | +€3,669 | +11.8% |
| Trade receivables | 40 | €8,274 | €11,943 | +€3,669 | +44.3% |
| Other amounts receivable | 41 | €22,944 | €22,944 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,565 | €33,458 | +€22,893 | +216.7% |
| Deferred charges and accrued income | 490/1 | - | €970 | +€970 | |
| Total equity and liabilities | 10/49 | €48,864 | €76,008 | +€27,145 | +55.6% |
| Equity | 10/15 | €33,130 | €26,944 | -€6,186 | -18.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €30,130 | €23,944 | -€6,186 | -20.5% |
| Distributable reserves | 133 | €30,130 | €23,944 | -€6,186 | -20.5% |
| Amounts payable | 17/49 | €15,734 | €49,064 | +€33,331 | +211.8% |
| Amounts payable after more than one year | 17 | €1,264 | €1,601 | +€337 | +26.7% |
| Financial debts | 170/4 | €1,264 | €1,601 | +€337 | +26.7% |
| Amounts payable within one year | 42/48 | €14,469 | €47,463 | +€32,994 | +228.0% |
| Current portion of amounts payable after more than one year | 42 | €1,220 | €5,098 | +€3,878 | +317.8% |
| Trade debts | 44 | €852 | €1,182 | +€330 | +38.7% |
| Suppliers | 440/4 | €852 | €1,182 | +€330 | +38.7% |
| Taxes, remuneration and social security | 45 | €11,086 | €14,239 | +€3,153 | +28.4% |
| Taxes | 450/3 | €9,401 | €12,554 | +€3,153 | +33.5% |
| Remuneration and social security | 454/9 | €1,685 | €1,685 | = | 0.0% |
| Other amounts payable | 47/48 | €1,312 | €26,944 | +€25,633 | +1953.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,116 | €2,187 | +€71 | +3.4% |
| Other operating charges | 640/8 | €1,044 | €854 | -€190 | -18.2% |
| Gross operating margin | 9900 | €23,989 | €57,663 | +€33,675 | +140.4% |
| Operating profit (loss) | 9901 | €20,829 | €54,622 | +€33,794 | +162.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,055 | €5,498 | +€444 | +8.8% |
| Recurring financial charges | 65 | €5,055 | €5,498 | +€444 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €15,774 | €49,124 | +€33,350 | +211.4% |
| Income taxes | 67/77 | €4,556 | €17,680 | +€13,124 | +288.1% |
| Profit (loss) for the period | 9904 | €11,218 | €31,444 | +€20,226 | +180.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,218 | €31,444 | +€20,226 | +180.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.