CAD & PROJECTS: 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.
CAD & PROJECTS
Largest movements
- Cash +€320,193
up €320,193 (+279.9%), from €114,388 to €434,581
mainly Net result for the year (+€499,309) and Investment in fixed assets (net) (+€169,035)
- Receivables within one year +€226,170
up €226,170 (+494.0%), from €45,784 to €271,954
of which Other amounts receivable: +€225,000
- Financial fixed assets -€169,035
down €169,035 (-99.5%), from €169,835 to €800
- Receivables after one year +€100,000
up €100,000 (+35.3%), from €283,500 to €383,500
- Reserves +€469,059
up €469,059 (+75.4%), from €621,884 to €1.1m
- Financial income +€368,221
up €368,221 (+286.5%), from €128,513 to €496,734
- Taxes +€36,209
up €36,209 (+95.4%), from €37,944 to €74,153
- Gross operating margin -€4,473
down €4,473 (-5.2%), from €86,516 to €82,043
- Depreciation -€1,459
down €1,459 (-28.5%), from €5,119 to €3,660
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 | €751,179 | €1,224,054 | +€472,875 | +63.0% |
| Fixed assets | 21/28 | €183,289 | €10,594 | -€172,695 | -94.2% |
| Tangible fixed assets | 22/27 | €13,454 | €9,794 | -€3,660 | -27.2% |
| Furniture and vehicles | 24 | €13,454 | €9,794 | -€3,660 | -27.2% |
| Financial fixed assets | 28 | €169,835 | €800 | -€169,035 | -99.5% |
| Current assets | 29/58 | €567,890 | €1,213,460 | +€645,571 | +113.7% |
| Amounts receivable after more than one year | 29 | €283,500 | €383,500 | +€100,000 | +35.3% |
| Other amounts receivable | 291 | €283,500 | €383,500 | +€100,000 | +35.3% |
| Amounts receivable within one year | 40/41 | €45,784 | €271,954 | +€226,170 | +494.0% |
| Trade receivables | 40 | €43,024 | €44,194 | +€1,170 | +2.7% |
| Other amounts receivable | 41 | €2,760 | €227,760 | +€225,000 | +8153.1% |
| Current investments | 50/53 | €123,081 | €123,081 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €114,388 | €434,581 | +€320,193 | +279.9% |
| Deferred charges and accrued income | 490/1 | €1,137 | €344 | -€793 | -69.7% |
| Total equity and liabilities | 10/49 | €751,179 | €1,224,054 | +€472,875 | +63.0% |
| Equity | 10/15 | €735,476 | €1,204,534 | +€469,059 | +63.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €621,884 | €1,090,943 | +€469,059 | +75.4% |
| Distributable reserves | 133 | €621,884 | €1,090,943 | +€469,059 | +75.4% |
| Profit (loss) carried forward | 14 | €107,391 | €107,391 | = | 0.0% |
| Amounts payable | 17/49 | €15,703 | €19,520 | +€3,817 | +24.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €15,703 | €19,520 | +€3,817 | +24.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,012 | €487 | -€525 | -51.9% |
| Suppliers | 440/4 | €1,012 | €487 | -€525 | -51.9% |
| Taxes, remuneration and social security | 45 | €14,681 | €17,424 | +€2,744 | +18.7% |
| Taxes | 450/3 | €14,681 | €17,424 | +€2,744 | +18.7% |
| Other amounts payable | 47/48 | €11 | €1,609 | +€1,598 | +14836.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,119 | €3,660 | -€1,459 | -28.5% |
| Other operating charges | 640/8 | €2,063 | €1,229 | -€834 | -40.4% |
| Non-recurring operating charges | 66A | €6,283 | €0 | -€6,283 | -100.0% |
| Gross operating margin | 9900 | €86,516 | €82,043 | -€4,473 | -5.2% |
| Operating profit (loss) | 9901 | €73,051 | €77,154 | +€4,103 | +5.6% |
| Financial income | 75/76B | €128,513 | €496,734 | +€368,221 | +286.5% |
| Recurring financial income | 75 | €128,513 | €496,734 | +€368,221 | +286.5% |
| Financial charges | 65/66B | €784 | €426 | -€359 | -45.7% |
| Recurring financial charges | 65 | €784 | €426 | -€359 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €200,780 | €573,462 | +€372,683 | +185.6% |
| Income taxes | 67/77 | €37,944 | €74,153 | +€36,209 | +95.4% |
| Profit (loss) for the period | 9904 | €162,836 | €499,309 | +€336,473 | +206.6% |
| Profit (loss) for the period to be appropriated | 9905 | €162,836 | €499,309 | +€336,473 | +206.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.