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
- Cash +€73,927
up €73,927 (+106.3%), from €69,530 to €143,458
mainly Net result for the year (+€187,975) and Depreciation (+€22,000)
- Receivables within one year +€30,662
up €30,662 (+13.1%), from €233,950 to €264,612
of which Other amounts receivable: +€31,779
- Tangible fixed assets -€18,000
down €18,000 (-30.3%), from €59,340 to €41,339
of which Land and buildings: -€13,177
- Reserves +€95,548
up €95,548 (+15.9%), from €601,632 to €697,180
- Other debts -€15,698
down €15,698 (-14.5%), from €108,126 to €92,427
- Gross operating margin -€25,875
down €25,875 (-8.5%), from €302,744 to €276,870
- Taxes -€7,875
down €7,875 (-8.4%), from €93,453 to €85,578
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 | €773,820 | €860,409 | +€86,589 | +11.2% |
| Fixed assets | 21/28 | €59,340 | €41,339 | -€18,000 | -30.3% |
| Tangible fixed assets | 22/27 | €59,340 | €41,339 | -€18,000 | -30.3% |
| Land and buildings | 22 | €49,347 | €36,170 | -€13,177 | -26.7% |
| Plant, machinery and equipment | 23 | €2,904 | €1,664 | -€1,240 | -42.7% |
| Furniture and vehicles | 24 | €7,089 | €3,505 | -€3,584 | -50.6% |
| Current assets | 29/58 | €714,480 | €819,069 | +€104,589 | +14.6% |
| Amounts receivable after more than one year | 29 | €411,000 | €411,000 | = | 0.0% |
| Other amounts receivable | 291 | €411,000 | €411,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €233,950 | €264,612 | +€30,662 | +13.1% |
| Trade receivables | 40 | €15,595 | €14,478 | -€1,117 | -7.2% |
| Other amounts receivable | 41 | €218,355 | €250,134 | +€31,779 | +14.6% |
| Cash at bank and in hand | 54/58 | €69,530 | €143,458 | +€73,927 | +106.3% |
| Total equity and liabilities | 10/49 | €773,820 | €860,409 | +€86,589 | +11.2% |
| Equity | 10/15 | €620,282 | €715,830 | +€95,548 | +15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €601,632 | €697,180 | +€95,548 | +15.9% |
| Distributable reserves | 133 | €601,632 | €697,180 | +€95,548 | +15.9% |
| Profit (loss) carried forward | 14 | €50 | €50 | = | 0.0% |
| Amounts payable | 17/49 | €153,538 | €144,578 | -€8,960 | -5.8% |
| Amounts payable within one year | 42/48 | €153,538 | €144,578 | -€8,960 | -5.8% |
| Trade debts | 44 | €3,274 | €2,429 | -€846 | -25.8% |
| Suppliers | 440/4 | €3,274 | €2,429 | -€846 | -25.8% |
| Taxes, remuneration and social security | 45 | €42,138 | €49,722 | +€7,584 | +18.0% |
| Taxes | 450/3 | €38,957 | €46,858 | +€7,901 | +20.3% |
| Remuneration and social security | 454/9 | €3,181 | €2,864 | -€317 | -10.0% |
| Other amounts payable | 47/48 | €108,126 | €92,427 | -€15,698 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,201 | €22,000 | -€201 | -0.9% |
| Other operating charges | 640/8 | €2,628 | €2,451 | -€177 | -6.7% |
| Gross operating margin | 9900 | €302,744 | €276,870 | -€25,875 | -8.5% |
| Operating profit (loss) | 9901 | €277,915 | €252,418 | -€25,497 | -9.2% |
| Financial income | 75/76B | €23,351 | €21,258 | -€2,093 | -9.0% |
| Recurring financial income | 75 | €23,351 | €21,258 | -€2,093 | -9.0% |
| Financial charges | 65/66B | €75 | €123 | +€48 | +64.0% |
| Recurring financial charges | 65 | €75 | €123 | +€48 | +64.0% |
| Profit (loss) for the period before taxes | 9903 | €301,191 | €273,554 | -€27,637 | -9.2% |
| Income taxes | 67/77 | €93,453 | €85,578 | -€7,875 | -8.4% |
| Profit (loss) for the period | 9904 | €207,738 | €187,975 | -€19,762 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €207,738 | €187,975 | -€19,762 | -9.5% |
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 2 October 2026 via checked.be.