FUNDAMENT PROJECTEN: 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.
FUNDAMENT PROJECTEN
Largest movements
- Cash +€105,155
up €105,155 (+90.1%), from €116,726 to €221,880
mainly Accrued charges and deferred income (+€121,253) and Depreciation (+€78,856)
- Tangible fixed assets -€76,647
down €76,647 (-11.1%), from €691,985 to €615,338
of which Land and buildings: -€49,262
- Current investments +€70,000
new in 2025: €70,000
- Receivables within one year -€19,238
down €19,238 (-90.7%), from €21,211 to €1,972
of which Trade receivables: -€10,373
- Accrued charges and deferred income +€121,253
up €121,253 (+216%), from €56,140 to €177,394
- Debts after one year -€37,250
down €37,250 (-5.6%), from €660,426 to €623,177
of which Financial debts: -€26,539
- Depreciation +€15,286
up €15,286 (+24.0%), from €63,570 to €78,856
- Financial charges -€2,877
down €2,877 (-8.9%), from €32,381 to €29,504
- Gross operating margin -€1,421
down €1,421 (-1.1%), from €124,193 to €122,771
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 | €835,596 | €912,533 | +€76,937 | +9.2% |
| Fixed assets | 21/28 | €695,761 | €616,904 | -€78,856 | -11.3% |
| Intangible fixed assets | 21 | €3,776 | €1,566 | -€2,210 | -58.5% |
| Tangible fixed assets | 22/27 | €691,985 | €615,338 | -€76,647 | -11.1% |
| Land and buildings | 22 | €605,602 | €556,340 | -€49,262 | -8.1% |
| Plant, machinery and equipment | 23 | €7,771 | €4,837 | -€2,934 | -37.8% |
| Furniture and vehicles | 24 | €78,612 | €54,161 | -€24,451 | -31.1% |
| Current assets | 29/58 | €139,835 | €295,629 | +€155,794 | +111% |
| Amounts receivable within one year | 40/41 | €21,211 | €1,972 | -€19,238 | -90.7% |
| Trade receivables | 40 | €11,145 | €771 | -€10,373 | -93.1% |
| Other amounts receivable | 41 | €10,066 | €1,201 | -€8,865 | -88.1% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €116,726 | €221,880 | +€105,155 | +90.1% |
| Deferred charges and accrued income | 490/1 | €1,899 | €1,776 | -€122 | -6.4% |
| Total equity and liabilities | 10/49 | €835,596 | €912,533 | +€76,937 | +9.2% |
| Equity | 10/15 | €67,839 | €73,613 | +€5,774 | +8.5% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €29,839 | €35,613 | +€5,774 | +19.4% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €23,839 | €29,613 | +€5,774 | +24.2% |
| Amounts payable | 17/49 | €767,757 | €838,920 | +€71,163 | +9.3% |
| Amounts payable after more than one year | 17 | €660,426 | €623,177 | -€37,250 | -5.6% |
| Financial debts | 170/4 | €297,352 | €270,813 | -€26,539 | -8.9% |
| Other amounts payable | 178/9 | €363,074 | €352,364 | -€10,710 | -2.9% |
| Amounts payable within one year | 42/48 | €51,191 | €38,350 | -€12,841 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €26,184 | €26,539 | +€356 | +1.4% |
| Trade debts | 44 | €8,315 | €3,938 | -€4,377 | -52.6% |
| Suppliers | 440/4 | €8,315 | €3,938 | -€4,377 | -52.6% |
| Taxes, remuneration and social security | 45 | €16,508 | €7,781 | -€8,727 | -52.9% |
| Taxes | 450/3 | €16,508 | €7,781 | -€8,727 | -52.9% |
| Other amounts payable | 47/48 | €184 | €91 | -€93 | -50.3% |
| Accrued charges and deferred income | 492/3 | €56,140 | €177,394 | +€121,253 | +216% |
| Non-recurring operating income | 76A | €0 | €2,600 | +€2,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,570 | €78,856 | +€15,286 | +24.0% |
| Other operating charges | 640/8 | €5,472 | €6,096 | +€623 | +11.4% |
| Non-recurring operating charges | 66A | - | €2,513 | +€2,513 | |
| Gross operating margin | 9900 | €124,193 | €122,771 | -€1,421 | -1.1% |
| Operating profit (loss) | 9901 | €55,150 | €35,306 | -€19,844 | -36.0% |
| Financial income | 75/76B | €89 | €428 | +€338 | +378% |
| Recurring financial income | 75 | €89 | €428 | +€338 | +378% |
| Financial charges | 65/66B | €32,381 | €29,504 | -€2,877 | -8.9% |
| Recurring financial charges | 65 | €32,381 | €29,504 | -€2,877 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €22,859 | €6,230 | -€16,629 | -72.7% |
| Income taxes | 67/77 | €499 | €455 | -€44 | -8.7% |
| Profit (loss) for the period | 9904 | €22,360 | €5,774 | -€16,585 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,360 | €5,774 | -€16,585 | -74.2% |
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 13 October 2026 via checked.be.