Focus 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.
Focus Projects
Largest movements
- Current investments +€200,000
up €200,000 (+2,000%), from €10,000 to €210,000
- Receivables within one year +€126,245
up €126,245 (+31.3%), from €403,646 to €529,891
of which Trade receivables: +€132,360
- Cash -€110,126
down €110,126 (-52.2%), from €210,940 to €100,815
mainly Contributions, distributions and other (-€312,000) and Current investments (-€200,000)
- Reserves +€123,660
up €123,660 (+36.8%), from €336,011 to €459,672
of which Distributable reserves: +€113,660
- Trade debts +€56,639
up €56,639 (+21.9%), from €258,226 to €314,865
- Debts after one year +€26,240
up €26,240 (+19.3%), from €136,198 to €162,438
- Tax, wage and social debts +€17,376
up €17,376 (+66.7%), from €26,051 to €43,427
of which Taxes: +€14,098
- Gross operating margin +€359,234
up €359,234 (+108%), from €333,106 to €692,339
- Staff costs +€74,546
up €74,546 (+85.7%), from €86,972 to €161,518
- Depreciation -€20,330
down €20,330 (-30.5%), from €66,675 to €46,346
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 | €905,204 | €1,126,637 | +€221,433 | +24.5% |
| Fixed assets | 21/28 | €194,486 | €201,504 | +€7,018 | +3.6% |
| Intangible fixed assets | 21 | €1,303 | €506 | -€797 | -61.1% |
| Tangible fixed assets | 22/27 | €184,657 | €192,448 | +€7,791 | +4.2% |
| Plant, machinery and equipment | 23 | €99,444 | €121,218 | +€21,773 | +21.9% |
| Furniture and vehicles | 24 | €8,485 | €9,512 | +€1,027 | +12.1% |
| Leasing and similar rights | 25 | €15,786 | €10,604 | -€5,181 | -32.8% |
| Other tangible fixed assets | 26 | €60,942 | €51,114 | -€9,828 | -16.1% |
| Financial fixed assets | 28 | €8,526 | €8,550 | +€24 | +0.3% |
| Current assets | 29/58 | €710,718 | €925,133 | +€214,415 | +30.2% |
| Stocks and contracts in progress | 3 | €73,300 | €68,345 | -€4,955 | -6.8% |
| Stocks | 30/36 | €73,300 | €68,345 | -€4,955 | -6.8% |
| Amounts receivable within one year | 40/41 | €403,646 | €529,891 | +€126,245 | +31.3% |
| Trade receivables | 40 | €385,185 | €517,545 | +€132,360 | +34.4% |
| Other amounts receivable | 41 | €18,461 | €12,346 | -€6,115 | -33.1% |
| Current investments | 50/53 | €10,000 | €210,000 | +€200,000 | +2,000% |
| Cash at bank and in hand | 54/58 | €210,940 | €100,815 | -€110,126 | -52.2% |
| Deferred charges and accrued income | 490/1 | €12,832 | €16,083 | +€3,251 | +25.3% |
| Total equity and liabilities | 10/49 | €905,204 | €1,126,637 | +€221,433 | +24.5% |
| Equity | 10/15 | €406,011 | €529,672 | +€123,660 | +30.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €336,011 | €459,672 | +€123,660 | +36.8% |
| Non-distributable reserves | 130/1 | €7,000 | €17,000 | +€10,000 | +143% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Own shares acquired | 1312 | - | €10,000 | +€10,000 | |
| Distributable reserves | 133 | €329,011 | €442,672 | +€113,660 | +34.5% |
| Amounts payable | 17/49 | €499,193 | €596,965 | +€97,772 | +19.6% |
| Amounts payable after more than one year | 17 | €136,198 | €162,438 | +€26,240 | +19.3% |
| Financial debts | 170/4 | €136,198 | €162,438 | +€26,240 | +19.3% |
| Amounts payable within one year | 42/48 | €362,995 | €434,527 | +€71,532 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €75,878 | €71,260 | -€4,619 | -6.1% |
| Trade debts | 44 | €258,226 | €314,865 | +€56,639 | +21.9% |
| Suppliers | 440/4 | €258,226 | €314,865 | +€56,639 | +21.9% |
| Taxes, remuneration and social security | 45 | €26,051 | €43,427 | +€17,376 | +66.7% |
| Taxes | 450/3 | €14,722 | €28,821 | +€14,098 | +95.8% |
| Remuneration and social security | 454/9 | €11,329 | €14,607 | +€3,278 | +28.9% |
| Other amounts payable | 47/48 | €2,839 | €4,975 | +€2,136 | +75.2% |
| Remuneration, social security and pensions | 62 | €86,972 | €161,518 | +€74,546 | +85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,675 | €46,346 | -€20,330 | -30.5% |
| Other operating charges | 640/8 | €4,505 | €6,625 | +€2,120 | +47.0% |
| Gross operating margin | 9900 | €333,106 | €692,339 | +€359,234 | +108% |
| Operating profit (loss) | 9901 | €174,953 | €477,851 | +€302,898 | +173% |
| Financial income | 75/76B | €5,764 | €4,626 | -€1,138 | -19.8% |
| Recurring financial income | 75 | €5,764 | €4,626 | -€1,138 | -19.8% |
| Financial charges | 65/66B | €4,647 | €3,478 | -€1,169 | -25.2% |
| Recurring financial charges | 65 | €4,647 | €3,478 | -€1,169 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €176,071 | €478,999 | +€302,928 | +172% |
| Income taxes | 67/77 | €44,771 | €43,338 | -€1,433 | -3.2% |
| Profit (loss) for the period | 9904 | €131,299 | €435,660 | +€304,361 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €131,299 | €435,660 | +€304,361 | +232% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.