GHOST 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.
GHOST PROJECTS
Largest movements
- Cash +€11,259
up €11,259 (+434.7%), from €2,590 to €13,849
mainly Receivables within one year (+€5,614) and Tax, wage and social debts (+€3,606)
- Receivables within one year -€5,614
down €5,614 (-73.9%), from €7,601 to €1,987
of which Other amounts receivable: -€4,237
- Deferred charges and accrued income -€1,311
down €1,311 (-81.1%), from €1,617 to €305
- Stocks and contracts -€482
down €482 (-14.9%), from €3,230 to €2,748
- Tangible fixed assets -€216
down €216 (-28.5%), from €757 to €542
of which Furniture and vehicles: -€125
- Tax, wage and social debts +€3,606
up €3,606 (+3005.3%), from €120 to €3,726
- Trade debts +€1,918
up €1,918 (+49.4%), from €3,883 to €5,801
- Accrued charges and deferred income -€1,700
down €1,700 (-100.0%), from €1,700 to €0
- Other debts -€792
down €792 (-0.7%), from €118,088 to €117,296
- Profit (loss) carried forward +€594
up €594 (+0.5%), from -€114,196 to -€113,603
- Gross operating margin +€10,460
up €10,460, from -€7,358 to €3,102
- Other operating charges -€2,542
down €2,542 (-60.2%), from €4,225 to €1,683
- Financial charges -€197
down €197 (-24.4%), from €807 to €610
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 | €15,795 | €19,431 | +€3,636 | +23.0% |
| Fixed assets | 21/28 | €757 | €542 | -€216 | -28.5% |
| Tangible fixed assets | 22/27 | €757 | €542 | -€216 | -28.5% |
| Furniture and vehicles | 24 | €125 | €0 | -€125 | -100.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €632 | €542 | -€91 | -14.3% |
| Current assets | 29/58 | €15,037 | €18,889 | +€3,851 | +25.6% |
| Stocks and contracts in progress | 3 | €3,230 | €2,748 | -€482 | -14.9% |
| Stocks | 30/36 | €3,230 | €2,748 | -€482 | -14.9% |
| Amounts receivable within one year | 40/41 | €7,601 | €1,987 | -€5,614 | -73.9% |
| Trade receivables | 40 | €2,988 | €1,611 | -€1,377 | -46.1% |
| Other amounts receivable | 41 | €4,613 | €376 | -€4,237 | -91.9% |
| Cash at bank and in hand | 54/58 | €2,590 | €13,849 | +€11,259 | +434.7% |
| Deferred charges and accrued income | 490/1 | €1,617 | €305 | -€1,311 | -81.1% |
| Total equity and liabilities | 10/49 | €15,795 | €19,431 | +€3,636 | +23.0% |
| Equity | 10/15 | -€107,996 | -€107,403 | +€594 | +0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,196 | -€113,603 | +€594 | +0.5% |
| Amounts payable | 17/49 | €123,791 | €126,833 | +€3,042 | +2.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €122,091 | €126,833 | +€4,742 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €10 | +€10 | |
| Credit institutions | 430/8 | - | €10 | +€10 | |
| Trade debts | 44 | €3,883 | €5,801 | +€1,918 | +49.4% |
| Suppliers | 440/4 | €3,883 | €5,801 | +€1,918 | +49.4% |
| Taxes, remuneration and social security | 45 | €120 | €3,726 | +€3,606 | +3005.3% |
| Taxes | 450/3 | €120 | €3,726 | +€3,606 | +3005.3% |
| Other amounts payable | 47/48 | €118,088 | €117,296 | -€792 | -0.7% |
| Accrued charges and deferred income | 492/3 | €1,700 | €0 | -€1,700 | -100.0% |
| Non-recurring operating income | 76A | €1,100 | - | -€1,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185 | €216 | +€31 | +16.8% |
| Other operating charges | 640/8 | €4,225 | €1,683 | -€2,542 | -60.2% |
| Gross operating margin | 9900 | -€7,358 | €3,102 | +€10,460 | |
| Operating profit (loss) | 9901 | -€11,768 | €1,203 | +€12,971 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €807 | €610 | -€197 | -24.4% |
| Recurring financial charges | 65 | €807 | €610 | -€197 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,574 | €594 | +€13,168 | |
| Income taxes | 67/77 | €10 | - | -€10 | |
| Profit (loss) for the period | 9904 | -€12,584 | €594 | +€13,178 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,584 | €594 | +€13,178 |
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 28 September 2026 via checked.be.