FD 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.
FD PROJECTS
Largest movements
- Receivables within one year -€43,043
down €43,043 (-25.9%), from €166,349 to €123,306
of which Other amounts receivable: -€34,543
- Tangible fixed assets +€38,933
up €38,933 (+165.8%), from €23,484 to €62,417
of which Furniture and vehicles: +€43,357
- Cash -€3,481
down €3,481 (-2.6%), from €133,895 to €130,414
mainly Contributions, distributions and other (-€112,056) and Investment in fixed assets (net) (-€59,843)
- Reserves -€50,368
down €50,368 (-17.3%), from €291,958 to €241,591
of which Distributable reserves: -€50,368
- Debts after one year +€30,359
new in 2025: €30,359
- Current portion of long-term debt +€12,879
up €12,879, from €0 to €12,879
- Gross operating margin -€11,727
down €11,727 (-10.5%), from €111,776 to €100,049
- Taxes -€5,282
down €5,282 (-17.8%), from €29,608 to €24,326
- Depreciation +€4,559
up €4,559 (+27.9%), from €16,351 to €20,910
- Financial income +€2,522
up €2,522 (+40.5%), from €6,233 to €8,755
- Financial charges +€1,139
up €1,139 (+439.8%), from €259 to €1,398
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 | €325,744 | €317,615 | -€8,128 | -2.5% |
| Fixed assets | 21/28 | €23,484 | €62,417 | +€38,933 | +165.8% |
| Tangible fixed assets | 22/27 | €23,484 | €62,417 | +€38,933 | +165.8% |
| Land and buildings | 22 | €8,319 | €4,376 | -€3,943 | -47.4% |
| Plant, machinery and equipment | 23 | €8,706 | €8,225 | -€481 | -5.5% |
| Furniture and vehicles | 24 | €6,459 | €49,816 | +€43,357 | +671.3% |
| Current assets | 29/58 | €302,260 | €255,198 | -€47,061 | -15.6% |
| Amounts receivable within one year | 40/41 | €166,349 | €123,306 | -€43,043 | -25.9% |
| Trade receivables | 40 | €49,288 | €40,788 | -€8,500 | -17.2% |
| Other amounts receivable | 41 | €117,061 | €82,518 | -€34,543 | -29.5% |
| Cash at bank and in hand | 54/58 | €133,895 | €130,414 | -€3,481 | -2.6% |
| Deferred charges and accrued income | 490/1 | €2,016 | €1,479 | -€537 | -26.7% |
| Total equity and liabilities | 10/49 | €325,744 | €317,615 | -€8,128 | -2.5% |
| Equity | 10/15 | €299,930 | €249,562 | -€50,368 | -16.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €291,958 | €241,591 | -€50,368 | -17.3% |
| Tax-exempt reserves | 132 | €131 | €131 | = | 0.0% |
| Distributable reserves | 133 | €291,827 | €241,459 | -€50,368 | -17.3% |
| Profit (loss) carried forward | 14 | €1,771 | €1,771 | = | 0.0% |
| Amounts payable | 17/49 | €25,814 | €68,054 | +€42,239 | +163.6% |
| Amounts payable after more than one year | 17 | - | €30,359 | +€30,359 | |
| Financial debts | 170/4 | - | €30,359 | +€30,359 | |
| Amounts payable within one year | 42/48 | €25,814 | €37,694 | +€11,880 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €12,879 | +€12,879 | |
| Trade debts | 44 | €1,158 | €134 | -€1,024 | -88.4% |
| Suppliers | 440/4 | €1,158 | €134 | -€1,024 | -88.4% |
| Taxes, remuneration and social security | 45 | €24,656 | €24,681 | +€25 | +0.1% |
| Taxes | 450/3 | €21,311 | €21,341 | +€30 | +0.1% |
| Remuneration and social security | 454/9 | €3,345 | €3,340 | -€5 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,351 | €20,910 | +€4,559 | +27.9% |
| Other operating charges | 640/8 | €455 | €482 | +€27 | +5.9% |
| Gross operating margin | 9900 | €111,776 | €100,049 | -€11,727 | -10.5% |
| Operating profit (loss) | 9901 | €94,971 | €78,657 | -€16,313 | -17.2% |
| Financial income | 75/76B | €6,233 | €8,755 | +€2,522 | +40.5% |
| Recurring financial income | 75 | €6,233 | €8,755 | +€2,522 | +40.5% |
| Financial charges | 65/66B | €259 | €1,398 | +€1,139 | +439.8% |
| Recurring financial charges | 65 | €259 | €1,398 | +€1,139 | +439.8% |
| Profit (loss) for the period before taxes | 9903 | €100,945 | €86,014 | -€14,931 | -14.8% |
| Income taxes | 67/77 | €29,608 | €24,326 | -€5,282 | -17.8% |
| Profit (loss) for the period | 9904 | €71,337 | €61,688 | -€9,649 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,337 | €61,688 | -€9,649 | -13.5% |
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 7 October 2026 via checked.be.