BEAU PROJET: 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.
BEAU PROJET
Largest movements
- Tangible fixed assets -€545,252
down €545,252 (-37.3%), from €1.5m to €917,531
of which Leasing and similar rights: -€402,044
- Receivables within one year +€506,908
up €506,908 (+89.9%), from €563,883 to €1.1m
of which Other amounts receivable: +€341,588
- Cash -€157,212
down €157,212 (-38.3%), from €410,770 to €253,558
mainly Contributions, distributions and other (-€800,000) and Receivables within one year (-€506,908)
- Stocks and contracts -€79,980
down €79,980 (-44.8%), from €178,681 to €98,701
- Debts after one year -€438,808
down €438,808 (-26.2%), from €1.7m to €1.2m
of which Financial debts: -€301,760
- Current portion of long-term debt +€69,242
up €69,242 (+24.5%), from €282,168 to €351,410
- Trade debts +€65,604
up €65,604 (+36.3%), from €180,918 to €246,521
- Reserves +€45,405
up €45,405 (+12.2%), from €372,432 to €417,837
of which Distributable reserves: +€45,405
- Gross operating margin +€37,236
up €37,236 (+2.7%), from €1.4m to €1.4m
- Depreciation -€36,022
down €36,022 (-19.0%), from €189,498 to €153,476
- Taxes -€34,363
down €34,363 (-71.7%), from €47,911 to €13,548
- Staff costs -€25,120
down €25,120 (-6.8%), from €371,162 to €346,042
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 | €2,631,800 | €2,352,473 | -€279,327 | -10.6% |
| Fixed assets | 21/28 | €1,468,323 | €922,571 | -€545,752 | -37.2% |
| Intangible fixed assets | 21 | €3,500 | €3,000 | -€500 | -14.3% |
| Tangible fixed assets | 22/27 | €1,462,783 | €917,531 | -€545,252 | -37.3% |
| Land and buildings | 22 | €352,350 | €326,376 | -€25,974 | -7.4% |
| Plant, machinery and equipment | 23 | €663,964 | €552,890 | -€111,074 | -16.7% |
| Furniture and vehicles | 24 | €44,426 | €38,266 | -€6,160 | -13.9% |
| Leasing and similar rights | 25 | €402,044 | - | -€402,044 | |
| Financial fixed assets | 28 | €2,040 | €2,040 | = | 0.0% |
| Current assets | 29/58 | €1,163,477 | €1,429,902 | +€266,425 | +22.9% |
| Stocks and contracts in progress | 3 | €178,681 | €98,701 | -€79,980 | -44.8% |
| Stocks | 30/36 | €178,681 | €98,701 | -€79,980 | -44.8% |
| Amounts receivable within one year | 40/41 | €563,883 | €1,070,791 | +€506,908 | +89.9% |
| Trade receivables | 40 | €516,508 | €681,829 | +€165,321 | +32.0% |
| Other amounts receivable | 41 | €47,375 | €388,963 | +€341,588 | +721% |
| Cash at bank and in hand | 54/58 | €410,770 | €253,558 | -€157,212 | -38.3% |
| Deferred charges and accrued income | 490/1 | €10,144 | €6,852 | -€3,292 | -32.5% |
| Total equity and liabilities | 10/49 | €2,631,800 | €2,352,473 | -€279,327 | -10.6% |
| Equity | 10/15 | €391,032 | €436,437 | +€45,405 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €372,432 | €417,837 | +€45,405 | +12.2% |
| Tax-exempt reserves | 132 | €14,674 | €14,674 | = | 0.0% |
| Distributable reserves | 133 | €357,759 | €403,164 | +€45,405 | +12.7% |
| Amounts payable | 17/49 | €2,240,768 | €1,916,035 | -€324,732 | -14.5% |
| Amounts payable after more than one year | 17 | €1,677,150 | €1,238,343 | -€438,808 | -26.2% |
| Financial debts | 170/4 | €766,435 | €464,675 | -€301,760 | -39.4% |
| Other amounts payable | 178/9 | €910,715 | €773,668 | -€137,047 | -15.0% |
| Amounts payable within one year | 42/48 | €563,617 | €677,693 | +€114,076 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €282,168 | €351,410 | +€69,242 | +24.5% |
| Trade debts | 44 | €180,918 | €246,521 | +€65,604 | +36.3% |
| Suppliers | 440/4 | €180,918 | €246,521 | +€65,604 | +36.3% |
| Advances received on contracts in progress | 46 | €1,466 | - | -€1,466 | |
| Taxes, remuneration and social security | 45 | €99,065 | €79,762 | -€19,303 | -19.5% |
| Taxes | 450/3 | €46,601 | €48,781 | +€2,179 | +4.7% |
| Remuneration and social security | 454/9 | €52,464 | €30,981 | -€21,483 | -40.9% |
| Non-recurring operating income | 76A | - | €900 | +€900 | |
| Remuneration, social security and pensions | 62 | €371,162 | €346,042 | -€25,120 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,498 | €153,476 | -€36,022 | -19.0% |
| Other operating charges | 640/8 | €13,275 | €27,080 | +€13,805 | +104% |
| Non-recurring operating charges | 66A | €804 | - | -€804 | |
| Gross operating margin | 9900 | €1,394,208 | €1,431,444 | +€37,236 | +2.7% |
| Operating profit (loss) | 9901 | €819,469 | €904,845 | +€85,376 | +10.4% |
| Financial income | 75/76B | €165 | €5,691 | +€5,526 | +3,343% |
| Recurring financial income | 75 | €165 | €5,691 | +€5,526 | +3,343% |
| Financial charges | 65/66B | €55,586 | €51,584 | -€4,002 | -7.2% |
| Recurring financial charges | 65 | €55,586 | €51,584 | -€4,002 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €764,049 | €858,953 | +€94,904 | +12.4% |
| Income taxes | 67/77 | €47,911 | €13,548 | -€34,363 | -71.7% |
| Profit (loss) for the period | 9904 | €716,138 | €845,405 | +€129,267 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €716,138 | €845,405 | +€129,267 | +18.1% |
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 19 October 2026 via checked.be.