FS-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.
FS-Projects
Largest movements
- Tangible fixed assets -€44,782
down €44,782 (-4.9%), from €908,331 to €863,548
of which Land and buildings: -€26,386
- Debts after one year -€70,187
down €70,187 (-12.7%), from €553,007 to €482,820
- Reserves +€47,395
up €47,395 (+24.0%), from €197,374 to €244,770
of which Distributable reserves: +€47,395
- Other debts -€23,061
down €23,061 (-23.0%), from €100,176 to €77,115
- Gross operating margin +€11,764
up €11,764 (+8.8%), from €133,241 to €145,005
- Depreciation +€9,449
up €9,449 (+22.1%), from €42,738 to €52,187
- Financial charges +€3,732
up €3,732 (+25.1%), from €14,879 to €18,611
- Other operating charges +€2,253
up €2,253 (+38.8%), from €5,814 to €8,068
- Taxes +€1,657
up €1,657 (+9.8%), from €16,992 to €18,649
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 | €952,425 | €911,929 | -€40,496 | -4.3% |
| Fixed assets | 21/28 | €908,331 | €863,548 | -€44,782 | -4.9% |
| Tangible fixed assets | 22/27 | €908,331 | €863,548 | -€44,782 | -4.9% |
| Land and buildings | 22 | €809,915 | €783,529 | -€26,386 | -3.3% |
| Plant, machinery and equipment | 23 | €1,898 | €2,318 | +€421 | +22.2% |
| Furniture and vehicles | 24 | €31,813 | €26,888 | -€4,924 | -15.5% |
| Leasing and similar rights | 25 | €64,705 | €50,813 | -€13,893 | -21.5% |
| Current assets | 29/58 | €44,094 | €48,381 | +€4,286 | +9.7% |
| Amounts receivable within one year | 40/41 | €18,056 | €20,079 | +€2,023 | +11.2% |
| Trade receivables | 40 | €17,786 | €18,704 | +€918 | +5.2% |
| Other amounts receivable | 41 | €270 | €1,375 | +€1,106 | +409.9% |
| Cash at bank and in hand | 54/58 | €21,593 | €22,796 | +€1,203 | +5.6% |
| Deferred charges and accrued income | 490/1 | €4,445 | €5,505 | +€1,060 | +23.8% |
| Total equity and liabilities | 10/49 | €952,425 | €911,929 | -€40,496 | -4.3% |
| Equity | 10/15 | €199,874 | €247,270 | +€47,395 | +23.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €197,374 | €244,770 | +€47,395 | +24.0% |
| Tax-exempt reserves | 132 | €1,345 | €1,345 | = | 0.0% |
| Distributable reserves | 133 | €196,029 | €243,424 | +€47,395 | +24.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €752,551 | €664,659 | -€87,891 | -11.7% |
| Amounts payable after more than one year | 17 | €553,007 | €482,820 | -€70,187 | -12.7% |
| Financial debts | 170/4 | €553,007 | €482,820 | -€70,187 | -12.7% |
| Amounts payable within one year | 42/48 | €188,915 | €170,727 | -€18,188 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €68,333 | €70,187 | +€1,854 | +2.7% |
| Financial debts | 43 | €3,750 | €3,771 | +€21 | +0.6% |
| Credit institutions | 430/8 | €3,750 | €3,771 | +€21 | +0.6% |
| Trade debts | 44 | €3,776 | €7,117 | +€3,341 | +88.5% |
| Suppliers | 440/4 | €3,776 | €7,117 | +€3,341 | +88.5% |
| Taxes, remuneration and social security | 45 | €12,880 | €12,537 | -€343 | -2.7% |
| Taxes | 450/3 | €12,880 | €11,027 | -€1,853 | -14.4% |
| Remuneration and social security | 454/9 | - | €1,510 | +€1,510 | |
| Other amounts payable | 47/48 | €100,176 | €77,115 | -€23,061 | -23.0% |
| Accrued charges and deferred income | 492/3 | €10,629 | €11,113 | +€484 | +4.6% |
| Non-recurring operating income | 76A | €31,380 | €0 | -€31,380 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,738 | €52,187 | +€9,449 | +22.1% |
| Other operating charges | 640/8 | €5,814 | €8,068 | +€2,253 | +38.8% |
| Non-recurring operating charges | 66A | - | €102 | +€102 | |
| Gross operating margin | 9900 | €133,241 | €145,005 | +€11,764 | +8.8% |
| Operating profit (loss) | 9901 | €84,689 | €84,649 | -€40 | 0.0% |
| Financial income | 75/76B | €33 | €7 | -€26 | -78.3% |
| Recurring financial income | 75 | €33 | €7 | -€26 | -78.3% |
| Financial charges | 65/66B | €14,879 | €18,611 | +€3,732 | +25.1% |
| Recurring financial charges | 65 | €14,879 | €18,611 | +€3,732 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €69,843 | €66,044 | -€3,798 | -5.4% |
| Income taxes | 67/77 | €16,992 | €18,649 | +€1,657 | +9.8% |
| Profit (loss) for the period | 9904 | €52,851 | €47,395 | -€5,455 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,851 | €47,395 | -€5,455 | -10.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.