B.S.R. 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.S.R. PROJECTS
Largest movements
- Cash +€69,885
up €69,885 (+92.0%), from €76,001 to €145,886
mainly Trade debts (+€84,231) and Net result for the year (+€27,761)
- Tangible fixed assets +€66,123
up €66,123 (+160%), from €41,431 to €107,555
of which Furniture and vehicles: +€67,338
- Receivables within one year +€8,141
up €8,141 (+2.7%), from €304,514 to €312,655
of which Other amounts receivable: +€16,245
- Deferred charges and accrued income +€6,152
up €6,152 (+390%), from €1,576 to €7,728
- Trade debts +€84,231
up €84,231 (+198%), from €42,521 to €126,752
- Reserves +€27,761
up €27,761 (+12.7%), from €218,894 to €246,655
- Debts after one year +€26,712
new in 2025: €26,712
- Current portion of long-term debt +€8,585
up €8,585, from €0 to €8,585
- Gross operating margin +€54,973
up €54,973 (+34.8%), from €157,802 to €212,776
- Financial income -€39,592
down €39,592 (-97.8%), from €40,503 to €911
- Staff costs +€9,266
up €9,266 (+6.3%), from €146,647 to €155,913
- Write-downs -€8,999
down €8,999 (-100%), from €8,999 to €0
- Taxes +€2,673
up €2,673 (+349%), from €767 to €3,440
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 | €441,016 | €586,708 | +€145,693 | +33.0% |
| Fixed assets | 21/28 | €49,710 | €114,333 | +€64,623 | +130% |
| Intangible fixed assets | 21 | €6,303 | €4,803 | -€1,500 | -23.8% |
| Tangible fixed assets | 22/27 | €41,431 | €107,555 | +€66,123 | +160% |
| Plant, machinery and equipment | 23 | €3,764 | €2,550 | -€1,215 | -32.3% |
| Furniture and vehicles | 24 | €37,667 | €105,005 | +€67,338 | +179% |
| Financial fixed assets | 28 | €1,975 | €1,975 | = | 0.0% |
| Current assets | 29/58 | €391,306 | €472,375 | +€81,069 | +20.7% |
| Stocks and contracts in progress | 3 | €9,216 | €6,106 | -€3,109 | -33.7% |
| Stocks | 30/36 | €9,216 | €6,106 | -€3,109 | -33.7% |
| Amounts receivable within one year | 40/41 | €304,514 | €312,655 | +€8,141 | +2.7% |
| Trade receivables | 40 | €295,097 | €286,993 | -€8,104 | -2.7% |
| Other amounts receivable | 41 | €9,417 | €25,662 | +€16,245 | +173% |
| Cash at bank and in hand | 54/58 | €76,001 | €145,886 | +€69,885 | +92.0% |
| Deferred charges and accrued income | 490/1 | €1,576 | €7,728 | +€6,152 | +390% |
| Total equity and liabilities | 10/49 | €441,016 | €586,708 | +€145,693 | +33.0% |
| Equity | 10/15 | €231,294 | €259,055 | +€27,761 | +12.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €218,894 | €246,655 | +€27,761 | +12.7% |
| Distributable reserves | 133 | €218,894 | €246,655 | +€27,761 | +12.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €209,722 | €327,654 | +€117,932 | +56.2% |
| Amounts payable after more than one year | 17 | - | €26,712 | +€26,712 | |
| Financial debts | 170/4 | - | €26,712 | +€26,712 | |
| Amounts payable within one year | 42/48 | €209,722 | €300,942 | +€91,220 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €8,585 | +€8,585 | |
| Trade debts | 44 | €42,521 | €126,752 | +€84,231 | +198% |
| Suppliers | 440/4 | €42,521 | €126,752 | +€84,231 | +198% |
| Taxes, remuneration and social security | 45 | €31,997 | €35,347 | +€3,350 | +10.5% |
| Taxes | 450/3 | €7,473 | €21,784 | +€14,311 | +192% |
| Remuneration and social security | 454/9 | €24,525 | €13,563 | -€10,961 | -44.7% |
| Other amounts payable | 47/48 | €135,204 | €130,258 | -€4,946 | -3.7% |
| Remuneration, social security and pensions | 62 | €146,647 | €155,913 | +€9,266 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,730 | €17,504 | -€1,227 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,999 | €0 | -€8,999 | -100% |
| Other operating charges | 640/8 | €2,937 | €4,672 | +€1,735 | +59.1% |
| Non-recurring operating charges | 66A | - | €2,723 | +€2,723 | |
| Gross operating margin | 9900 | €157,802 | €212,776 | +€54,973 | +34.8% |
| Operating profit (loss) | 9901 | -€19,510 | €31,964 | +€51,474 | |
| Financial income | 75/76B | €40,503 | €911 | -€39,592 | -97.8% |
| Recurring financial income | 75 | €40,503 | €911 | -€39,592 | -97.8% |
| Financial charges | 65/66B | €209 | €1,675 | +€1,466 | +701% |
| Recurring financial charges | 65 | €209 | €1,675 | +€1,466 | +701% |
| Profit (loss) for the period before taxes | 9903 | €20,784 | €31,200 | +€10,416 | +50.1% |
| Income taxes | 67/77 | €767 | €3,440 | +€2,673 | +349% |
| Profit (loss) for the period | 9904 | €20,017 | €27,761 | +€7,743 | +38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,017 | €27,761 | +€7,743 | +38.7% |
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 16 October 2026 via checked.be.