GO4PROJECT: 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.
GO4PROJECT
Largest movements
- Receivables after one year +€251,438
new in 2025: €251,438
- Receivables within one year -€49,705
down €49,705 (-18.9%), from €262,414 to €212,709
of which Trade receivables: -€62,105
- Cash -€15,055
down €15,055 (-62.2%), from €24,197 to €9,142
mainly Receivables after one year (-€251,438) and Other debts (-€77,441)
- Financial fixed assets +€11,761
up €11,761 (+235%), from €5,000 to €16,761
- Current investments -€10,858
no longer reported in 2025 (was €10,858)
- Debts after one year +€251,438
new in 2025: €251,438
- Other debts -€77,441
down €77,441 (-83.8%), from €92,375 to €14,934
- Reserves +€14,330
up €14,330 (+8.0%), from €178,697 to €193,027
of which Distributable reserves: +€14,330
- Accrued charges and deferred income -€6,657
no longer reported in 2025 (was €6,657)
- Gross operating margin -€6,910
down €6,910 (-15.5%), from €44,608 to €37,698
- Taxes +€2,031
up €2,031 (+23.8%), from €8,553 to €10,584
- Financial charges -€2,011
down €2,011 (-22.1%), from €9,111 to €7,100
- Financial income +€1,274
up €1,274 (+310%), from €411 to €1,685
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 | €320,101 | €502,178 | +€182,077 | +56.9% |
| Fixed assets | 21/28 | €22,632 | €28,888 | +€6,256 | +27.6% |
| Tangible fixed assets | 22/27 | €17,632 | €12,127 | -€5,505 | -31.2% |
| Plant, machinery and equipment | 23 | €4,447 | €3,024 | -€1,423 | -32.0% |
| Furniture and vehicles | 24 | €13,185 | €9,103 | -€4,082 | -31.0% |
| Financial fixed assets | 28 | €5,000 | €16,761 | +€11,761 | +235% |
| Current assets | 29/58 | €297,469 | €473,290 | +€175,820 | +59.1% |
| Amounts receivable after more than one year | 29 | - | €251,438 | +€251,438 | |
| Other amounts receivable | 291 | - | €251,438 | +€251,438 | |
| Amounts receivable within one year | 40/41 | €262,414 | €212,709 | -€49,705 | -18.9% |
| Trade receivables | 40 | €261,389 | €199,284 | -€62,105 | -23.8% |
| Other amounts receivable | 41 | €1,025 | €13,425 | +€12,400 | +1,210% |
| Current investments | 50/53 | €10,858 | - | -€10,858 | |
| Cash at bank and in hand | 54/58 | €24,197 | €9,142 | -€15,055 | -62.2% |
| Total equity and liabilities | 10/49 | €320,101 | €502,178 | +€182,077 | +56.9% |
| Equity | 10/15 | €189,997 | €204,329 | +€14,332 | +7.5% |
| Contributions | 10/11 | €6,510 | €6,510 | = | 0.0% |
| Reserves | 13 | €178,697 | €193,027 | +€14,330 | +8.0% |
| Tax-exempt reserves | 132 | €1,285 | €1,285 | = | 0.0% |
| Distributable reserves | 133 | €177,412 | €191,742 | +€14,330 | +8.1% |
| Profit (loss) carried forward | 14 | €4,790 | €4,792 | +€2 | 0.0% |
| Amounts payable | 17/49 | €130,104 | €297,849 | +€167,745 | +129% |
| Amounts payable after more than one year | 17 | - | €251,438 | +€251,438 | |
| Financial debts | 170/4 | - | €251,438 | +€251,438 | |
| Amounts payable within one year | 42/48 | €123,447 | €46,410 | -€77,037 | -62.4% |
| Trade debts | 44 | €2,161 | €887 | -€1,274 | -59.0% |
| Suppliers | 440/4 | €2,161 | €887 | -€1,274 | -59.0% |
| Taxes, remuneration and social security | 45 | €28,911 | €30,590 | +€1,678 | +5.8% |
| Taxes | 450/3 | €28,911 | €30,590 | +€1,678 | +5.8% |
| Other amounts payable | 47/48 | €92,375 | €14,934 | -€77,441 | -83.8% |
| Accrued charges and deferred income | 492/3 | €6,657 | - | -€6,657 | |
| Non-recurring operating income | 76A | - | €2,171 | +€2,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,593 | €5,505 | -€88 | -1.6% |
| Other operating charges | 640/8 | €2,290 | €1,862 | -€428 | -18.7% |
| Gross operating margin | 9900 | €44,608 | €37,698 | -€6,910 | -15.5% |
| Operating profit (loss) | 9901 | €36,725 | €30,331 | -€6,394 | -17.4% |
| Financial income | 75/76B | €411 | €1,685 | +€1,274 | +310% |
| Recurring financial income | 75 | €411 | €1,685 | +€1,274 | +310% |
| Financial charges | 65/66B | €9,111 | €7,100 | -€2,011 | -22.1% |
| Recurring financial charges | 65 | €9,111 | €7,100 | -€2,011 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €28,024 | €24,916 | -€3,108 | -11.1% |
| Income taxes | 67/77 | €8,553 | €10,584 | +€2,031 | +23.8% |
| Profit (loss) for the period | 9904 | €19,471 | €14,332 | -€5,140 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,471 | €14,332 | -€5,140 | -26.4% |
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.