FM PROJET: what changed
FM PROJET
Largest movements
- Receivables within one year -€77,285
down €77,285 (-60.1%), from €128,677 to €51,392
of which Trade receivables: -€82,766
- Stocks and contracts +€40,213
up €40,213 (+922%), from €4,362 to €44,575
of which Stocks: +€24,500
- Tangible fixed assets -€24,652
down €24,652 (-43.3%), from €56,934 to €32,282
of which Furniture and vehicles: -€21,224
- Cash -€4,743
down €4,743 (-21.0%), from €22,625 to €17,882
mainly Trade debts (-€71,398) and Stocks and contracts (-€40,213)
- Trade debts -€71,398
down €71,398 (-70.5%), from €101,337 to €29,939
- Short-term financial debts +€34,094
new in 2025: €34,094
- Debts after one year -€11,986
no longer reported in 2025 (was €11,986)
- Tax, wage and social debts -€10,312
down €10,312 (-34.6%), from €29,844 to €19,533
of which Taxes: -€20,927
- Current portion of long-term debt -€7,007
no longer reported in 2025 (was €7,007)
- Staff costs +€29,495
up €29,495 (+112%), from €26,343 to €55,838
- Taxes -€6,573
down €6,573 (-92.3%), from €7,118 to €545
- Gross operating margin -€4,361
down €4,361 (-5.2%), from €84,219 to €79,858
- Other operating charges +€2,826
up €2,826 (+212%), from €1,334 to €4,159
- Depreciation -€2,195
down €2,195 (-13.9%), from €15,755 to €13,560
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €220,201 | €155,583 | -€64,618 | -29.3% |
| Fixed assets | 21/28 | €64,169 | €41,680 | -€22,489 | -35.0% |
| Intangible fixed assets | 21 | - | €2,163 | +€2,163 | |
| Tangible fixed assets | 22/27 | €56,934 | €32,282 | -€24,652 | -43.3% |
| Plant, machinery and equipment | 23 | €11,280 | €7,143 | -€4,137 | -36.7% |
| Furniture and vehicles | 24 | €45,655 | €24,430 | -€21,224 | -46.5% |
| Assets under construction and advance payments | 27 | - | €709 | +€709 | |
| Financial fixed assets | 28 | €7,235 | €7,235 | = | 0.0% |
| Current assets | 29/58 | €156,032 | €113,903 | -€42,129 | -27.0% |
| Stocks and contracts in progress | 3 | €4,362 | €44,575 | +€40,213 | +922% |
| Stocks | 30/36 | €4,362 | €28,862 | +€24,500 | +562% |
| Contracts in progress | 37 | - | €15,713 | +€15,713 | |
| Amounts receivable within one year | 40/41 | €128,677 | €51,392 | -€77,285 | -60.1% |
| Trade receivables | 40 | €128,677 | €45,911 | -€82,766 | -64.3% |
| Other amounts receivable | 41 | - | €5,482 | +€5,482 | |
| Cash at bank and in hand | 54/58 | €22,625 | €17,882 | -€4,743 | -21.0% |
| Deferred charges and accrued income | 490/1 | €367 | €53 | -€314 | -85.6% |
| Total equity and liabilities | 10/49 | €220,201 | €155,583 | -€64,618 | -29.3% |
| Equity | 10/15 | €58,311 | €58,150 | -€161 | -0.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,311 | €28,150 | -€161 | -0.6% |
| Amounts payable | 17/49 | €161,890 | €97,433 | -€64,457 | -39.8% |
| Amounts payable after more than one year | 17 | €11,986 | - | -€11,986 | |
| Financial debts | 170/4 | €11,986 | - | -€11,986 | |
| Amounts payable within one year | 42/48 | €149,321 | €97,433 | -€51,888 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €7,007 | - | -€7,007 | |
| Financial debts | 43 | - | €34,094 | +€34,094 | |
| Credit institutions | 430/8 | - | €34,094 | +€34,094 | |
| Trade debts | 44 | €101,337 | €29,939 | -€71,398 | -70.5% |
| Suppliers | 440/4 | €101,337 | €29,939 | -€71,398 | -70.5% |
| Taxes, remuneration and social security | 45 | €29,844 | €19,533 | -€10,312 | -34.6% |
| Taxes | 450/3 | €28,530 | €7,603 | -€20,927 | -73.4% |
| Remuneration and social security | 454/9 | €1,314 | €11,930 | +€10,616 | +808% |
| Other amounts payable | 47/48 | €11,132 | €13,867 | +€2,735 | +24.6% |
| Accrued charges and deferred income | 492/3 | €583 | - | -€583 | |
| Remuneration, social security and pensions | 62 | €26,343 | €55,838 | +€29,495 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,755 | €13,560 | -€2,195 | -13.9% |
| Other operating charges | 640/8 | €1,334 | €4,159 | +€2,826 | +212% |
| Gross operating margin | 9900 | €84,219 | €79,858 | -€4,361 | -5.2% |
| Operating profit (loss) | 9901 | €40,787 | €6,301 | -€34,486 | -84.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,516 | €5,917 | +€1,401 | +31.0% |
| Recurring financial charges | 65 | €4,516 | €5,917 | +€1,401 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €36,271 | €384 | -€35,887 | -98.9% |
| Income taxes | 67/77 | €7,118 | €545 | -€6,573 | -92.3% |
| Profit (loss) for the period | 9904 | €29,153 | -€161 | -€29,314 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,153 | -€161 | -€29,314 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.