FD 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.
FD Projects
Largest movements
- Cash -€756,500
down €756,500 (-99.0%), from €764,482 to €7,981
mainly Other debts (-€694,016) and Tax, wage and social debts (-€109,596)
- Stocks and contracts -€180,112
down €180,112 (-43.3%), from €415,536 to €235,425
- Receivables within one year -€14,975
down €14,975 (-86.3%), from €17,356 to €2,382
of which Trade receivables: -€16,267
- Other debts -€694,016
down €694,016 (-84.1%), from €824,794 to €130,778
- Tax, wage and social debts -€109,596
down €109,596 (-99.8%), from €109,861 to €265
of which Taxes: -€100,998
- Profit (loss) carried forward -€89,617
new in 2025: -€89,617
- Trade debts -€61,455
down €61,455 (-76.2%), from €80,620 to €19,164
- Gross operating margin -€292,850
down €292,850, from €224,657 to -€68,193
- Taxes -€36,652
down €36,652 (-99.3%), from €36,917 to €265
- Financial charges -€20,331
down €20,331 (-95.9%), from €21,210 to €880
- Staff costs -€19,722
down €19,722 (-56.0%), from €35,221 to €15,498
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 | €1,201,178 | €248,213 | -€952,965 | -79.3% |
| Formation expenses | 20 | €134 | €0 | -€134 | -100% |
| Fixed assets | 21/28 | €1,878 | €0 | -€1,878 | -100% |
| Tangible fixed assets | 22/27 | €1,878 | €0 | -€1,878 | -100% |
| Land and buildings | 22 | €1,878 | €0 | -€1,878 | -100% |
| Current assets | 29/58 | €1,199,167 | €248,213 | -€950,954 | -79.3% |
| Stocks and contracts in progress | 3 | €415,536 | €235,425 | -€180,112 | -43.3% |
| Stocks | 30/36 | €415,536 | €235,425 | -€180,112 | -43.3% |
| Amounts receivable within one year | 40/41 | €17,356 | €2,382 | -€14,975 | -86.3% |
| Trade receivables | 40 | €17,356 | €1,089 | -€16,267 | -93.7% |
| Other amounts receivable | 41 | €0 | €1,293 | +€1,293 | |
| Cash at bank and in hand | 54/58 | €764,482 | €7,981 | -€756,500 | -99.0% |
| Deferred charges and accrued income | 490/1 | €1,793 | €2,425 | +€632 | +35.3% |
| Total equity and liabilities | 10/49 | €1,201,178 | €248,213 | -€952,965 | -79.3% |
| Equity | 10/15 | €185,904 | €96,287 | -€89,617 | -48.2% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €178,404 | €178,404 | = | 0.0% |
| Distributable reserves | 133 | €178,404 | €178,404 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€89,617 | -€89,617 | |
| Amounts payable | 17/49 | €1,015,274 | €151,926 | -€863,348 | -85.0% |
| Amounts payable within one year | 42/48 | €1,015,274 | €150,207 | -€865,068 | -85.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €80,620 | €19,164 | -€61,455 | -76.2% |
| Suppliers | 440/4 | €80,620 | €19,164 | -€61,455 | -76.2% |
| Taxes, remuneration and social security | 45 | €109,861 | €265 | -€109,596 | -99.8% |
| Taxes | 450/3 | €101,263 | €265 | -€100,998 | -99.7% |
| Remuneration and social security | 454/9 | €8,598 | €0 | -€8,598 | -100% |
| Other amounts payable | 47/48 | €824,794 | €130,778 | -€694,016 | -84.1% |
| Accrued charges and deferred income | 492/3 | €0 | €1,719 | +€1,719 | |
| Remuneration, social security and pensions | 62 | €35,221 | €15,498 | -€19,722 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,391 | €2,011 | -€1,380 | -40.7% |
| Other operating charges | 640/8 | €783 | €2,903 | +€2,120 | +271% |
| Gross operating margin | 9900 | €224,657 | -€68,193 | -€292,850 | |
| Operating profit (loss) | 9901 | €185,262 | -€88,605 | -€273,867 | |
| Financial income | 75/76B | €695 | €133 | -€562 | -80.9% |
| Recurring financial income | 75 | €695 | €133 | -€562 | -80.9% |
| Financial charges | 65/66B | €21,210 | €880 | -€20,331 | -95.9% |
| Recurring financial charges | 65 | €21,210 | €880 | -€20,331 | -95.9% |
| Profit (loss) for the period before taxes | 9903 | €164,747 | -€89,352 | -€254,099 | |
| Income taxes | 67/77 | €36,917 | €265 | -€36,652 | -99.3% |
| Profit (loss) for the period | 9904 | €127,830 | -€89,617 | -€217,447 | |
| Profit (loss) for the period to be appropriated | 9905 | €127,830 | -€89,617 | -€217,447 |
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 16 October 2026 via checked.be.