B en S 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.
B en S PROJECTS
Largest movements
- Cash +€213,136
up €213,136 (+147%), from €145,331 to €358,467
mainly Other debts (+€344,849) and Net result for the year (+€236,209)
- Current investments +€44,587
up €44,587 (+5.3%), from €838,393 to €882,980
- Tangible fixed assets -€34,593
down €34,593 (-10.2%), from €338,054 to €303,461
of which Furniture and vehicles: -€23,048
- Receivables within one year +€25,521
up €25,521 (+40.7%), from €62,748 to €88,269
of which Trade receivables: +€27,395
- Other debts +€344,849
up €344,849 (+501%), from €68,869 to €413,719
- Reserves -€115,791
down €115,791 (-10.3%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€63,150
- Tax, wage and social debts +€70,841
up €70,841 (+521%), from €13,599 to €84,439
of which Taxes: +€67,915
- Accrued charges and deferred income -€36,312
down €36,312 (-47.1%), from €77,133 to €40,821
- Gross operating margin +€173,663
up €173,663 (+93.7%), from €185,382 to €359,045
- Taxes +€59,113
up €59,113 (+109%), from €53,993 to €113,106
- Financial income +€20,458
up €20,458 (+92.7%), from €22,060 to €42,519
- Depreciation +€10,415
up €10,415 (+38.9%), from €26,791 to €37,206
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.
Derived cash bridge
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 | €1,387,718 | €1,636,259 | +€248,541 | +17.9% |
| Fixed assets | 21/28 | €338,054 | €303,461 | -€34,593 | -10.2% |
| Tangible fixed assets | 22/27 | €338,054 | €303,461 | -€34,593 | -10.2% |
| Land and buildings | 22 | €270,848 | €260,529 | -€10,320 | -3.8% |
| Plant, machinery and equipment | 23 | €1,945 | €1,939 | -€5 | -0.3% |
| Furniture and vehicles | 24 | €60,332 | €37,284 | -€23,048 | -38.2% |
| Other tangible fixed assets | 26 | €4,929 | €3,710 | -€1,220 | -24.7% |
| Current assets | 29/58 | €1,049,664 | €1,332,798 | +€283,134 | +27.0% |
| Amounts receivable within one year | 40/41 | €62,748 | €88,269 | +€25,521 | +40.7% |
| Trade receivables | 40 | €60,874 | €88,269 | +€27,395 | +45.0% |
| Other amounts receivable | 41 | €1,874 | €0 | -€1,874 | -100% |
| Current investments | 50/53 | €838,393 | €882,980 | +€44,587 | +5.3% |
| Cash at bank and in hand | 54/58 | €145,331 | €358,467 | +€213,136 | +147% |
| Deferred charges and accrued income | 490/1 | €3,192 | €3,083 | -€110 | -3.4% |
| Total equity and liabilities | 10/49 | €1,387,718 | €1,636,259 | +€248,541 | +17.9% |
| Equity | 10/15 | €1,162,825 | €1,047,035 | -€115,791 | -10.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,122,390 | €1,006,599 | -€115,791 | -10.3% |
| Tax-exempt reserves | 132 | €63,150 | €0 | -€63,150 | -100% |
| Distributable reserves | 133 | €1,059,240 | €1,006,599 | -€52,641 | -5.0% |
| Profit (loss) carried forward | 14 | €21,843 | €21,843 | = | 0.0% |
| Amounts payable | 17/49 | €224,893 | €589,225 | +€364,331 | +162% |
| Amounts payable after more than one year | 17 | €34,976 | €27,887 | -€7,089 | -20.3% |
| Financial debts | 170/4 | €34,976 | €27,887 | -€7,089 | -20.3% |
| Amounts payable within one year | 42/48 | €112,784 | €520,517 | +€407,733 | +362% |
| Current portion of amounts payable after more than one year | 42 | €6,948 | €7,089 | +€141 | +2.0% |
| Trade debts | 44 | €23,368 | €15,270 | -€8,098 | -34.7% |
| Suppliers | 440/4 | €23,368 | €15,270 | -€8,098 | -34.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,599 | €84,439 | +€70,841 | +521% |
| Taxes | 450/3 | €13,584 | €81,498 | +€67,915 | +500% |
| Remuneration and social security | 454/9 | €15 | €2,941 | +€2,926 | +19,784% |
| Other amounts payable | 47/48 | €68,869 | €413,719 | +€344,849 | +501% |
| Accrued charges and deferred income | 492/3 | €77,133 | €40,821 | -€36,312 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,791 | €37,206 | +€10,415 | +38.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,185 | €4,235 | +€49 | +1.2% |
| Gross operating margin | 9900 | €185,382 | €359,045 | +€173,663 | +93.7% |
| Operating profit (loss) | 9901 | €154,406 | €317,604 | +€163,199 | +106% |
| Financial income | 75/76B | €22,060 | €42,519 | +€20,458 | +92.7% |
| Recurring financial income | 75 | €22,060 | €42,519 | +€20,458 | +92.7% |
| Financial charges | 65/66B | €13,983 | €10,808 | -€3,175 | -22.7% |
| Recurring financial charges | 65 | €13,983 | €10,808 | -€3,175 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €162,484 | €349,315 | +€186,831 | +115% |
| Income taxes | 67/77 | €53,993 | €113,106 | +€59,113 | +109% |
| Profit (loss) for the period | 9904 | €108,491 | €236,209 | +€127,719 | +118% |
| Transfer from tax-exempt reserves | 789 | - | €63,150 | +€63,150 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €108,491 | €299,359 | +€190,869 | +176% |
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 20 October 2026 via checked.be.