D³ 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.
What changed
D³ PROJECTS
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€509,498
2024 · €135,308-€644,805
Equity
€3.1m
2024 · €3.6m-€509,498
Cash
€1.8m
2024 · €422,275+€1.4m
Balance sheet total
€37.2m
2024 · €39.8m-€2.6m
Largest movements
Assets
- Receivables within one year -€5.6m
down €5.6m (-29.9%), from €18.9m to €13.2m
of which Other amounts receivable: -€5.9m
- Stocks and contracts +€1.6m
up €1.6m (+7.8%), from €20.3m to €21.9m
- Cash +€1.4m
up €1.4m (+320.3%), from €422,275 to €1.8m
mainly Receivables within one year (+€5.6m) and Short-term financial debts (+€3.7m)
Equity and liabilities
- Debts after one year -€6.6m
no longer reported in 2025 (was €6.6m)
- Short-term financial debts +€3.7m
up €3.7m (+14.2%), from €25.9m to €29.6m
- Trade debts +€786,334
up €786,334 (+36.1%), from €2.2m to €3.0m
- Reserves -€500,000
down €500,000 (-14.3%), from €3.5m to €3.0m
of which Distributable reserves: -€500,000
Income statement
- Goods and materials -€3.8m
down €3.8m (-20.3%), from €18.6m to €14.9m
of which Purchases: -€2.8m
- Turnover +€2.9m
up €2.9m (+17.6%), from €16.3m to €19.1m
- Financial charges -€326,660
down €326,660 (-22.8%), from €1.4m to €1.1m
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.
Result 2024
€135,308
Turnover
+€2.9m
Other operating income
+€5,997
Goods and materials
+€3.8m
Services and other goods
+€705
Staff costs
+€39,964
Depreciation
+€365
Write-downs
+€59,590
Other operating charges
+€30,763
Other operating items
-€7.8m
Financial income
-€24,797
Financial charges
+€326,660
Taxes
+€56,637
Result 2025
-€509,498
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.
From operations
+€4.3m
Investment
-€42,834
Financing
-€2.9m
Cash 2024
€422,275
From operations (derived)
+€4.3m
Net result for the year
-€509,498
Depreciation
+€34,358
Stocks and contracts
-€1.6m
Receivables within one year
+€5.6m
Deferred charges and accrued income
-€106,973
Trade debts
+€786,334
Tax, wage and social debts
+€130,761
Other debts
-€349,963
Accrued charges and deferred income
+€240,911
Investment (derived)
-€42,834
Investment in fixed assets (net)
-€42,834
Financing
-€2.9m
Debts after one year
-€6.6m
Short-term financial debts
+€3.7m
Cash 2025
€1.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,841,732 | €37,237,642 | -€2.6m | -6.5% |
| Fixed assets | 21/28 | €219,935 | €228,410 | +€8,476 | +3.9% |
| Tangible fixed assets | 22/27 | €113,956 | €79,598 | -€34,358 | -30.2% |
| Plant, machinery and equipment | 23 | €98,792 | €74,048 | -€24,744 | -25.0% |
| Furniture and vehicles | 24 | €15,164 | €5,550 | -€9,614 | -63.4% |
| Financial fixed assets | 28 | €105,979 | €148,812 | +€42,834 | +40.4% |
| Other financial fixed assets | 284/8 | €105,979 | €148,812 | +€42,834 | +40.4% |
| Amounts receivable and cash guarantees | 285/8 | €105,979 | €148,812 | +€42,834 | +40.4% |
| Current assets | 29/58 | €39,621,797 | €37,009,232 | -€2.6m | -6.6% |
| Stocks and contracts in progress | 3 | €20,302,249 | €21,878,187 | +€1.6m | +7.8% |
| Stocks | 30/36 | €20,302,249 | €21,878,187 | +€1.6m | +7.8% |
| Property held for sale | 35 | €20,302,249 | €21,878,187 | +€1.6m | +7.8% |
| Amounts receivable within one year | 40/41 | €18,876,114 | €13,227,889 | -€5.6m | -29.9% |
| Trade receivables | 40 | €175,523 | €398,360 | +€222,837 | +127.0% |
| Other amounts receivable | 41 | €18,700,591 | €12,829,529 | -€5.9m | -31.4% |
| Cash at bank and in hand | 54/58 | €422,275 | €1,775,023 | +€1.4m | +320.3% |
| Deferred charges and accrued income | 490/1 | €21,160 | €128,133 | +€106,973 | +505.5% |
| Total equity and liabilities | 10/49 | €39,841,732 | €37,237,642 | -€2.6m | -6.5% |
| Equity | 10/15 | €3,617,695 | €3,108,197 | -€509,498 | -14.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,500,000 | €3,000,000 | -€500,000 | -14.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €3,490,000 | €2,990,000 | -€500,000 | -14.3% |
| Profit (loss) carried forward | 14 | €17,695 | €8,197 | -€9,498 | -53.7% |
| Amounts payable | 17/49 | €36,224,037 | €34,129,445 | -€2.1m | -5.8% |
| Amounts payable after more than one year | 17 | €6,571,429 | - | -€6.6m | |
| Financial debts | 170/4 | €6,571,429 | - | -€6.6m | |
| Credit institutions | 173 | €6,571,429 | - | -€6.6m | |
| Amounts payable within one year | 42/48 | €28,648,382 | €32,884,308 | +€4.2m | +14.8% |
| Financial debts | 43 | €25,881,682 | €29,550,477 | +€3.7m | +14.2% |
| Credit institutions | 430/8 | €25,881,682 | €29,550,477 | +€3.7m | +14.2% |
| Trade debts | 44 | €2,179,951 | €2,966,285 | +€786,334 | +36.1% |
| Suppliers | 440/4 | €2,179,951 | €2,966,285 | +€786,334 | +36.1% |
| Taxes, remuneration and social security | 45 | €236,749 | €367,509 | +€130,761 | +55.2% |
| Taxes | 450/3 | €146,668 | €298,825 | +€152,157 | +103.7% |
| Remuneration and social security | 454/9 | €90,080 | €68,684 | -€21,396 | -23.8% |
| Other amounts payable | 47/48 | €350,000 | €37 | -€349,963 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,004,226 | €1,245,137 | +€240,911 | +24.0% |
| Operating income | 70/76A | €24,556,368 | €19,640,040 | -€4.9m | -20.0% |
| Turnover | 70 | €16,252,280 | €19,110,374 | +€2.9m | +17.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €8,241,696 | €461,276 | -€7.8m | -94.4% |
| Other operating income | 74 | €62,393 | €68,390 | +€5,997 | +9.6% |
| Operating charges | 60/66A | €23,009,294 | €19,096,270 | -€3.9m | -17.0% |
| Goods for resale, raw materials and consumables | 60 | €18,631,012 | €14,850,611 | -€3.8m | -20.3% |
| Purchases | 600/8 | €18,781,463 | €15,965,273 | -€2.8m | -15.0% |
| Change in stocks: decrease (increase) | 609 | -€150,451 | -€1,114,663 | -€964,212 | -640.9% |
| Services and other goods | 61 | €3,413,324 | €3,412,619 | -€705 | 0.0% |
| Remuneration, social security and pensions | 62 | €831,810 | €791,846 | -€39,964 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,722 | €34,358 | -€365 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €59,590 | - | -€59,590 | |
| Other operating charges | 640/8 | €37,599 | €6,836 | -€30,763 | -81.8% |
| Non-recurring operating charges | 66A | €1,236 | - | -€1,236 | |
| Operating profit (loss) | 9901 | €1,547,074 | €543,769 | -€1.0m | -64.9% |
| Financial income | 75/76B | €78,296 | €53,498 | -€24,797 | -31.7% |
| Recurring financial income | 75 | €78,296 | €53,498 | -€24,797 | -31.7% |
| Income from current assets | 751 | - | €9,239 | +€9,239 | |
| Other financial income | 752/9 | €78,296 | €44,259 | -€34,036 | -43.5% |
| Financial charges | 65/66B | €1,431,010 | €1,104,349 | -€326,660 | -22.8% |
| Recurring financial charges | 65 | €1,431,010 | €1,104,349 | -€326,660 | -22.8% |
| Debt charges | 650 | €1,350,673 | €1,031,529 | -€319,144 | -23.6% |
| Other financial charges | 652/9 | €80,336 | €72,820 | -€7,516 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €194,360 | -€507,082 | -€701,442 | |
| Income taxes | 67/77 | €59,053 | €2,416 | -€56,637 | -95.9% |
| Taxes | 670/3 | €59,053 | €2,416 | -€56,637 | -95.9% |
| Profit (loss) for the period | 9904 | €135,308 | -€509,498 | -€644,805 | |
| Profit (loss) for the period to be appropriated | 9905 | €135,308 | -€509,498 | -€644,805 |
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 4 October 2026 via checked.be.