BL 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.
BL Project
Largest movements
- Current investments +€3.3m
up €3.3m (+3725.3%), from €88,824 to €3.4m
- Financial fixed assets -€2.6m
down €2.6m (-100.0%), from €2.6m to €0
- Receivables within one year +€383,948
up €383,948 (+2538.5%), from €15,125 to €399,073
of which Other amounts receivable: +€386,675
- Cash -€118,881
down €118,881 (-77.4%), from €153,545 to €34,664
mainly Current investments (-€3.3m) and Receivables within one year (-€383,948)
- Reserves +€1.1m
up €1.1m (+45.1%), from €2.4m to €3.5m
- Other debts -€196,070
down €196,070 (-96.0%), from €204,290 to €8,220
- Tax, wage and social debts +€67,681
up €67,681 (+294.4%), from €22,991 to €90,672
of which Taxes: +€66,011
- Financial income +€1.3m
up €1.3m (+10055.0%), from €12,629 to €1.3m
of which Non-recurring financial income: +€1.2m
- Gross operating margin -€242,115
down €242,115, from €190,035 to -€52,080
- Taxes +€51,230
up €51,230 (+87.8%), from €58,372 to €109,602
- Depreciation +€10,100
up €10,100 (+175.5%), from €5,755 to €15,855
- Financial charges -€6,249
down €6,249 (-43.2%), from €14,466 to €8,217
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 | €2,930,908 | €3,902,032 | +€971,124 | +33.1% |
| Fixed assets | 21/28 | €2,673,414 | €63,659 | -€2.6m | -97.6% |
| Tangible fixed assets | 22/27 | €35,914 | €63,659 | +€27,745 | +77.3% |
| Furniture and vehicles | 24 | €13,871 | €46,150 | +€32,279 | +232.7% |
| Other tangible fixed assets | 26 | €22,042 | €17,508 | -€4,534 | -20.6% |
| Financial fixed assets | 28 | €2,637,500 | €0 | -€2.6m | -100.0% |
| Current assets | 29/58 | €257,494 | €3,838,373 | +€3.6m | +1390.7% |
| Stocks and contracts in progress | 3 | - | €6,556 | +€6,556 | |
| Stocks | 30/36 | - | €6,556 | +€6,556 | |
| Amounts receivable within one year | 40/41 | €15,125 | €399,073 | +€383,948 | +2538.5% |
| Trade receivables | 40 | €15,125 | €12,398 | -€2,727 | -18.0% |
| Other amounts receivable | 41 | - | €386,675 | +€386,675 | |
| Current investments | 50/53 | €88,824 | €3,397,787 | +€3.3m | +3725.3% |
| Cash at bank and in hand | 54/58 | €153,545 | €34,664 | -€118,881 | -77.4% |
| Deferred charges and accrued income | 490/1 | - | €294 | +€294 | |
| Total equity and liabilities | 10/49 | €2,930,908 | €3,902,032 | +€971,124 | +33.1% |
| Equity | 10/15 | €2,681,985 | €3,778,003 | +€1.1m | +40.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,431,985 | €3,528,003 | +€1.1m | +45.1% |
| Distributable reserves | 133 | €2,431,985 | €3,528,003 | +€1.1m | +45.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €248,923 | €124,029 | -€124,894 | -50.2% |
| Amounts payable within one year | 42/48 | €234,946 | €102,466 | -€132,480 | -56.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,665 | €3,574 | -€4,091 | -53.4% |
| Suppliers | 440/4 | €7,665 | €3,574 | -€4,091 | -53.4% |
| Taxes, remuneration and social security | 45 | €22,991 | €90,672 | +€67,681 | +294.4% |
| Taxes | 450/3 | €22,991 | €89,002 | +€66,011 | +287.1% |
| Remuneration and social security | 454/9 | - | €1,670 | +€1,670 | |
| Other amounts payable | 47/48 | €204,290 | €8,220 | -€196,070 | -96.0% |
| Accrued charges and deferred income | 492/3 | €13,977 | €21,563 | +€7,586 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,755 | €15,855 | +€10,100 | +175.5% |
| Other operating charges | 640/8 | €353 | €705 | +€352 | +99.8% |
| Gross operating margin | 9900 | €190,035 | -€52,080 | -€242,115 | |
| Operating profit (loss) | 9901 | €183,927 | -€68,640 | -€252,567 | |
| Financial income | 75/76B | €12,629 | €1,282,477 | +€1.3m | +10055.0% |
| Recurring financial income | 75 | €12,629 | €69,977 | +€57,348 | +454.1% |
| Non-recurring financial income | 76B | €0 | €1,212,500 | +€1.2m | |
| Financial charges | 65/66B | €14,466 | €8,217 | -€6,249 | -43.2% |
| Recurring financial charges | 65 | €14,466 | €8,217 | -€6,249 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | €182,090 | €1,205,620 | +€1.0m | +562.1% |
| Income taxes | 67/77 | €58,372 | €109,602 | +€51,230 | +87.8% |
| Profit (loss) for the period | 9904 | €123,718 | €1,096,018 | +€972,300 | +785.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,718 | €1,096,018 | +€972,300 | +785.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.