BELGIAN PROJECTS COMPANY: 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.
BELGIAN PROJECTS COMPANY
Largest movements
- Cash -€119,403
down €119,403 (-19.0%), from €629,675 to €510,272
mainly Investment in fixed assets (net) (-€149,543) and Contributions, distributions and other (-€98,470)
- Tangible fixed assets +€74,317
up €74,317 (+11.5%), from €647,528 to €721,845
of which Assets under construction and advance payments: +€147,851
- Deferred charges and accrued income +€15,786
up €15,786 (+103%), from €15,341 to €31,128
- Reserves -€82,323
down €82,323 (-10.2%), from €807,297 to €724,973
of which Distributable reserves: -€71,806
- Accrued charges and deferred income +€25,778
up €25,778 (+421%), from €6,116 to €31,894
- Trade debts +€22,440
up €22,440 (+7,324%), from €306 to €22,746
- Gross operating margin -€7,688
down €7,688 (-5.9%), from €130,743 to €123,055
- Depreciation +€6,230
up €6,230 (+9.0%), from €68,996 to €75,227
- Taxes -€4,786
down €4,786 (-26.7%), from €17,952 to €13,165
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 | €1,420,873 | €1,383,441 | -€37,432 | -2.6% |
| Fixed assets | 21/28 | €647,528 | €721,845 | +€74,317 | +11.5% |
| Tangible fixed assets | 22/27 | €647,528 | €721,845 | +€74,317 | +11.5% |
| Land and buildings | 22 | €556,298 | €507,035 | -€49,263 | -8.9% |
| Plant, machinery and equipment | 23 | €30,498 | €21,469 | -€9,029 | -29.6% |
| Furniture and vehicles | 24 | €60,732 | €45,490 | -€15,242 | -25.1% |
| Assets under construction and advance payments | 27 | - | €147,851 | +€147,851 | |
| Current assets | 29/58 | €773,345 | €661,596 | -€111,749 | -14.5% |
| Amounts receivable within one year | 40/41 | €14,602 | €6,471 | -€8,132 | -55.7% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €14,602 | €6,471 | -€8,132 | -55.7% |
| Current investments | 50/53 | €113,726 | €113,726 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €629,675 | €510,272 | -€119,403 | -19.0% |
| Deferred charges and accrued income | 490/1 | €15,341 | €31,128 | +€15,786 | +103% |
| Total equity and liabilities | 10/49 | €1,420,873 | €1,383,441 | -€37,432 | -2.6% |
| Equity | 10/15 | €1,402,297 | €1,319,973 | -€82,323 | -5.9% |
| Contributions | 10/11 | €595,000 | €595,000 | = | 0.0% |
| Capital | 10 | €595,000 | €595,000 | = | 0.0% |
| Issued capital | 100 | €595,000 | €595,000 | = | 0.0% |
| Reserves | 13 | €807,297 | €724,973 | -€82,323 | -10.2% |
| Non-distributable reserves | 130/1 | €65,220 | €65,220 | = | 0.0% |
| Legal reserve | 130 | €65,220 | €65,220 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,034 | €10,517 | -€10,517 | -50.0% |
| Distributable reserves | 133 | €721,042 | €649,236 | -€71,806 | -10.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €10,831 | €5,416 | -€5,416 | -50.0% |
| Deferred taxes | 168 | €10,831 | €5,416 | -€5,416 | -50.0% |
| Amounts payable | 17/49 | €7,745 | €58,052 | +€50,307 | +650% |
| Amounts payable within one year | 42/48 | €1,629 | €26,158 | +€24,529 | +1,505% |
| Financial debts | 43 | €828 | €0 | -€828 | -100% |
| Credit institutions | 430/8 | €828 | €0 | -€828 | -100% |
| Trade debts | 44 | €306 | €22,746 | +€22,440 | +7,324% |
| Suppliers | 440/4 | €306 | €22,746 | +€22,440 | +7,324% |
| Taxes, remuneration and social security | 45 | - | €2,810 | +€2,810 | |
| Taxes | 450/3 | - | €2,810 | +€2,810 | |
| Other amounts payable | 47/48 | €495 | €602 | +€107 | +21.6% |
| Accrued charges and deferred income | 492/3 | €6,116 | €31,894 | +€25,778 | +421% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,996 | €75,227 | +€6,230 | +9.0% |
| Other operating charges | 640/8 | €20,574 | €21,382 | +€808 | +3.9% |
| Gross operating margin | 9900 | €130,743 | €123,055 | -€7,688 | -5.9% |
| Operating profit (loss) | 9901 | €41,172 | €26,447 | -€14,726 | -35.8% |
| Financial income | 75/76B | €234 | €246 | +€12 | +5.0% |
| Recurring financial income | 75 | €234 | €246 | +€12 | +5.0% |
| Financial charges | 65/66B | €1,156 | €1,364 | +€208 | +18.0% |
| Recurring financial charges | 65 | €1,156 | €1,364 | +€208 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €40,251 | €25,329 | -€14,922 | -37.1% |
| Transfer from deferred taxes | 780 | €5,416 | €3,983 | -€1,432 | -26.4% |
| Income taxes | 67/77 | €17,952 | €13,165 | -€4,786 | -26.7% |
| Profit (loss) for the period | 9904 | €27,715 | €16,147 | -€11,568 | -41.7% |
| Transfer from tax-exempt reserves | 789 | €10,517 | €11,950 | +€1,432 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,232 | €28,097 | -€10,135 | -26.5% |
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 21 October 2026 via checked.be.