B. 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.
B. PROJECT
Largest movements
- Receivables within one year -€33,912
down €33,912 (-14.8%), from €229,049 to €195,137
- Tangible fixed assets +€10,300
new in 2025: €10,300
- Debts after one year -€25,000
down €25,000 (-10.0%), from €250,000 to €225,000
- Profit (loss) carried forward +€14,922
up €14,922, from -€12,330 to €2,592
- Short-term financial debts -€12,538
down €12,538 (-90.2%), from €13,902 to €1,364
- Other debts +€11,477
up €11,477 (+161.2%), from €7,121 to €18,598
- Tax, wage and social debts -€9,095
down €9,095 (-28.1%), from €32,383 to €23,289
of which Taxes: -€8,457
- Gross operating margin -€53,098
down €53,098 (-39.6%), from €133,965 to €80,867
- Taxes -€16,897
down €16,897 (-56.1%), from €30,144 to €13,247
- Staff costs +€14,388
up €14,388 (+50.7%), from €28,373 to €42,760
- Depreciation -€1,844
down €1,844 (-37.6%), from €4,906 to €3,062
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 | €407,838 | €387,609 | -€20,229 | -5.0% |
| Fixed assets | 21/28 | €170,323 | €180,623 | +€10,300 | +6.0% |
| Tangible fixed assets | 22/27 | - | €10,300 | +€10,300 | |
| Furniture and vehicles | 24 | - | €10,300 | +€10,300 | |
| Financial fixed assets | 28 | €170,323 | €170,323 | = | 0.0% |
| Current assets | 29/58 | €237,515 | €206,987 | -€30,529 | -12.9% |
| Amounts receivable after more than one year | 29 | €4,820 | €4,820 | = | 0.0% |
| Other amounts receivable | 291 | €4,820 | €4,820 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €229,049 | €195,137 | -€33,912 | -14.8% |
| Trade receivables | 40 | €229,049 | €195,137 | -€33,912 | -14.8% |
| Cash at bank and in hand | 54/58 | €1,396 | €4,900 | +€3,504 | +251.1% |
| Deferred charges and accrued income | 490/1 | €2,250 | €2,129 | -€121 | -5.4% |
| Total equity and liabilities | 10/49 | €407,838 | €387,609 | -€20,229 | -5.0% |
| Equity | 10/15 | €97,670 | €112,592 | +€14,922 | +15.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,330 | €2,592 | +€14,922 | |
| Amounts payable | 17/49 | €310,168 | €275,017 | -€35,151 | -11.3% |
| Amounts payable after more than one year | 17 | €250,000 | €225,000 | -€25,000 | -10.0% |
| Financial debts | 170/4 | €250,000 | €225,000 | -€25,000 | -10.0% |
| Amounts payable within one year | 42/48 | €60,168 | €50,017 | -€10,151 | -16.9% |
| Financial debts | 43 | €13,902 | €1,364 | -€12,538 | -90.2% |
| Credit institutions | 430/8 | €13,902 | €1,364 | -€12,538 | -90.2% |
| Trade debts | 44 | €6,761 | €6,766 | +€5 | +0.1% |
| Suppliers | 440/4 | €6,761 | €6,766 | +€5 | +0.1% |
| Taxes, remuneration and social security | 45 | €32,383 | €23,289 | -€9,095 | -28.1% |
| Taxes | 450/3 | €28,940 | €20,483 | -€8,457 | -29.2% |
| Remuneration and social security | 454/9 | €3,443 | €2,806 | -€638 | -18.5% |
| Other amounts payable | 47/48 | €7,121 | €18,598 | +€11,477 | +161.2% |
| Remuneration, social security and pensions | 62 | €28,373 | €42,760 | +€14,388 | +50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,906 | €3,062 | -€1,844 | -37.6% |
| Other operating charges | 640/8 | €3,054 | €3,401 | +€347 | +11.4% |
| Gross operating margin | 9900 | €133,965 | €80,867 | -€53,098 | -39.6% |
| Operating profit (loss) | 9901 | €97,632 | €31,643 | -€65,988 | -67.6% |
| Financial charges | 65/66B | €4,073 | €3,474 | -€598 | -14.7% |
| Recurring financial charges | 65 | €4,073 | €3,474 | -€598 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €93,559 | €28,169 | -€65,390 | -69.9% |
| Income taxes | 67/77 | €30,144 | €13,247 | -€16,897 | -56.1% |
| Profit (loss) for the period | 9904 | €63,415 | €14,922 | -€48,493 | -76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,415 | €14,922 | -€48,493 | -76.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.