EXECUTIVE PROJECTS & MANAGEMENT: 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.
EXECUTIVE PROJECTS & MANAGEMENT
Largest movements
- Receivables within one year +€1.7m
up €1.7m (+1866.6%), from €90,004 to €1.8m
of which Trade receivables: +€1.7m
- Stocks and contracts -€587,309
down €587,309 (-34.1%), from €1.7m to €1.1m
- Tangible fixed assets -€149,453
down €149,453 (-5.7%), from €2.6m to €2.5m
of which Land and buildings: -€149,453
- Cash -€83,297
down €83,297 (-21.9%), from €381,000 to €297,703
mainly Receivables within one year (-€1.7m) and Trade debts (-€261,873)
- Other debts +€653,240
up €653,240 (+60.5%), from €1.1m to €1.7m
- Profit (loss) carried forward +€334,905
up €334,905 (+11.7%), from €2.9m to €3.2m
- Trade debts -€261,873
down €261,873 (-88.8%), from €294,998 to €33,125
- Tax, wage and social debts +€210,373
up €210,373 (+1818.6%), from €11,568 to €221,941
- Gross operating margin +€350,960
up €350,960 (+122.9%), from €285,650 to €636,611
- Financial charges -€68,628
down €68,628 (-40.2%), from €170,812 to €102,184
- Taxes +€45,340
up €45,340 (+1128.7%), from €4,017 to €49,357
- Financial income -€10,576
down €10,576 (-99.9%), from €10,590 to €14
- Other operating charges -€9,267
down €9,267 (-15.9%), from €58,453 to €49,186
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 | €4,824,305 | €5,680,768 | +€856,463 | +17.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,607,916 | €2,458,463 | -€149,453 | -5.7% |
| Tangible fixed assets | 22/27 | €2,607,916 | €2,458,463 | -€149,453 | -5.7% |
| Land and buildings | 22 | €2,595,916 | €2,446,463 | -€149,453 | -5.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €2,216,389 | €3,222,305 | +€1.0m | +45.4% |
| Stocks and contracts in progress | 3 | €1,723,074 | €1,135,765 | -€587,309 | -34.1% |
| Stocks | 30/36 | €1,723,074 | €1,135,765 | -€587,309 | -34.1% |
| Amounts receivable within one year | 40/41 | €90,004 | €1,770,021 | +€1.7m | +1866.6% |
| Trade receivables | 40 | €57,203 | €1,757,972 | +€1.7m | +2973.2% |
| Other amounts receivable | 41 | €32,801 | €12,049 | -€20,751 | -63.3% |
| Current investments | 50/53 | - | €1,395 | +€1,395 | |
| Cash at bank and in hand | 54/58 | €381,000 | €297,703 | -€83,297 | -21.9% |
| Deferred charges and accrued income | 490/1 | €22,312 | €17,422 | -€4,890 | -21.9% |
| Total equity and liabilities | 10/49 | €4,824,305 | €5,680,768 | +€856,463 | +17.8% |
| Equity | 10/15 | €3,271,682 | €3,606,587 | +€334,905 | +10.2% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €37,184 | €37,184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,862,657 | €3,197,563 | +€334,905 | +11.7% |
| Amounts payable | 17/49 | €1,552,623 | €2,074,181 | +€521,558 | +33.6% |
| Amounts payable after more than one year | 17 | €81,846 | €57,783 | -€24,063 | -29.4% |
| Financial debts | 170/4 | €81,846 | €57,783 | -€24,063 | -29.4% |
| Amounts payable within one year | 42/48 | €1,429,267 | €2,012,307 | +€583,040 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €42,762 | €24,063 | -€18,700 | -43.7% |
| Trade debts | 44 | €294,998 | €33,125 | -€261,873 | -88.8% |
| Suppliers | 440/4 | €294,998 | €33,125 | -€261,873 | -88.8% |
| Taxes, remuneration and social security | 45 | €11,568 | €221,941 | +€210,373 | +1818.6% |
| Taxes | 450/3 | €11,568 | €221,941 | +€210,373 | +1818.6% |
| Other amounts payable | 47/48 | €1,079,939 | €1,733,179 | +€653,240 | +60.5% |
| Accrued charges and deferred income | 492/3 | €41,510 | €4,090 | -€37,420 | -90.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,679 | €100,993 | -€7,686 | -7.1% |
| Other operating charges | 640/8 | €58,453 | €49,186 | -€9,267 | -15.9% |
| Non-recurring operating charges | 66A | €5,000 | - | -€5,000 | |
| Gross operating margin | 9900 | €285,650 | €636,611 | +€350,960 | +122.9% |
| Operating profit (loss) | 9901 | €113,519 | €486,432 | +€372,913 | +328.5% |
| Financial income | 75/76B | €10,590 | €14 | -€10,576 | -99.9% |
| Recurring financial income | 75 | €10,590 | €14 | -€10,576 | -99.9% |
| Financial charges | 65/66B | €170,812 | €102,184 | -€68,628 | -40.2% |
| Recurring financial charges | 65 | €170,812 | €102,184 | -€68,628 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | -€46,702 | €384,262 | +€430,965 | |
| Income taxes | 67/77 | €4,017 | €49,357 | +€45,340 | +1128.7% |
| Profit (loss) for the period | 9904 | -€50,720 | €334,905 | +€385,625 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,720 | €334,905 | +€385,625 |
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 3 October 2026 via checked.be.