BN 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.
BN Projects
Largest movements
- Receivables within one year +€71,550
up €71,550 (+137%), from €52,249 to €123,800
of which Trade receivables: +€71,671
- Cash -€38,653
down €38,653 (-34.5%), from €112,130 to €73,477
mainly Receivables within one year (-€71,550) and Investment in fixed assets (net) (-€6,226)
- Stocks and contracts -€18,277
down €18,277 (-59.1%), from €30,913 to €12,635
of which Contracts in progress: -€17,000
- Deferred charges and accrued income -€2,489
down €2,489 (-47.8%), from €5,203 to €2,714
- Reserves +€13,571
up €13,571 (+9.4%), from €144,382 to €157,952
- Trade debts +€9,823
up €9,823 (+55.6%), from €17,658 to €27,481
- Other debts -€5,461
down €5,461 (-28.3%), from €19,299 to €13,838
- Tax, wage and social debts -€5,330
down €5,330 (-36.4%), from €14,652 to €9,321
of which Taxes: -€5,442
- Gross operating margin +€10,004
up €10,004 (+11.4%), from €87,574 to €97,579
- Staff costs +€3,884
up €3,884 (+6.0%), from €64,225 to €68,109
- Taxes +€1,909
up €1,909 (+41.1%), from €4,644 to €6,553
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 | €220,915 | €231,565 | +€10,649 | +4.8% |
| Fixed assets | 21/28 | €20,420 | €18,938 | -€1,481 | -7.3% |
| Tangible fixed assets | 22/27 | €20,420 | €18,938 | -€1,481 | -7.3% |
| Land and buildings | 22 | €1,166 | €1,033 | -€134 | -11.4% |
| Plant, machinery and equipment | 23 | €13,205 | €14,050 | +€846 | +6.4% |
| Furniture and vehicles | 24 | €6,049 | €3,856 | -€2,193 | -36.3% |
| Current assets | 29/58 | €200,496 | €212,626 | +€12,131 | +6.1% |
| Stocks and contracts in progress | 3 | €30,913 | €12,635 | -€18,277 | -59.1% |
| Stocks | 30/36 | €4,213 | €2,935 | -€1,277 | -30.3% |
| Contracts in progress | 37 | €26,700 | €9,700 | -€17,000 | -63.7% |
| Amounts receivable within one year | 40/41 | €52,249 | €123,800 | +€71,550 | +137% |
| Trade receivables | 40 | €51,502 | €123,173 | +€71,671 | +139% |
| Other amounts receivable | 41 | €748 | €626 | -€121 | -16.2% |
| Cash at bank and in hand | 54/58 | €112,130 | €73,477 | -€38,653 | -34.5% |
| Deferred charges and accrued income | 490/1 | €5,203 | €2,714 | -€2,489 | -47.8% |
| Total equity and liabilities | 10/49 | €220,915 | €231,565 | +€10,649 | +4.8% |
| Equity | 10/15 | €162,982 | €176,552 | +€13,571 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,382 | €157,952 | +€13,571 | +9.4% |
| Distributable reserves | 133 | €144,382 | €157,952 | +€13,571 | +9.4% |
| Amounts payable | 17/49 | €57,934 | €55,012 | -€2,921 | -5.0% |
| Amounts payable after more than one year | 17 | €4,372 | €2,326 | -€2,046 | -46.8% |
| Financial debts | 170/4 | €4,372 | €2,326 | -€2,046 | -46.8% |
| Amounts payable within one year | 42/48 | €53,561 | €52,686 | -€875 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €1,953 | €2,046 | +€93 | +4.7% |
| Trade debts | 44 | €17,658 | €27,481 | +€9,823 | +55.6% |
| Suppliers | 440/4 | €17,658 | €27,481 | +€9,823 | +55.6% |
| Taxes, remuneration and social security | 45 | €14,652 | €9,321 | -€5,330 | -36.4% |
| Taxes | 450/3 | €12,089 | €6,648 | -€5,442 | -45.0% |
| Remuneration and social security | 454/9 | €2,562 | €2,674 | +€111 | +4.3% |
| Other amounts payable | 47/48 | €19,299 | €13,838 | -€5,461 | -28.3% |
| Remuneration, social security and pensions | 62 | €64,225 | €68,109 | +€3,884 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,194 | €7,708 | +€514 | +7.1% |
| Other operating charges | 640/8 | €1,568 | €1,202 | -€366 | -23.3% |
| Gross operating margin | 9900 | €87,574 | €97,579 | +€10,004 | +11.4% |
| Operating profit (loss) | 9901 | €14,588 | €20,560 | +€5,972 | +40.9% |
| Financial income | 75/76B | €71 | €183 | +€112 | +158% |
| Recurring financial income | 75 | €71 | €183 | +€112 | +158% |
| Financial charges | 65/66B | €593 | €619 | +€26 | +4.4% |
| Recurring financial charges | 65 | €593 | €619 | +€26 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €14,066 | €20,124 | +€6,058 | +43.1% |
| Income taxes | 67/77 | €4,644 | €6,553 | +€1,909 | +41.1% |
| Profit (loss) for the period | 9904 | €9,421 | €13,571 | +€4,149 | +44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,421 | €13,571 | +€4,149 | +44.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.