INSIDE 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.
INSIDE PROJECTS
Largest movements
- Tangible fixed assets -€719,004
down €719,004 (-97.5%), from €737,155 to €18,151
of which Land and buildings: -€726,528
- Receivables within one year -€584,649
down €584,649 (-13.6%), from €4.3m to €3.7m
of which Trade receivables: -€560,124
- Financial fixed assets -€285,000
down €285,000 (-96.6%), from €295,000 to €10,000
- Cash +€192,033
up €192,033 (+482.5%), from €39,804 to €231,837
mainly Investment in fixed assets (net) (+€977,752) and Receivables within one year (+€584,649)
- Trade debts -€709,527
down €709,527 (-38.5%), from €1.8m to €1.1m
of which Suppliers: -€716,737
- Debts after one year -€505,668
down €505,668 (-93.3%), from €542,239 to €36,571
- Profit (loss) carried forward -€419,528
down €419,528 (-20.5%), from €2.0m to €1.6m
- Short-term financial debts +€170,000
up €170,000 (+64.4%), from €264,000 to €434,000
- Reserves +€139,083
up €139,083 (+72.8%), from €190,962 to €330,045
of which Distributable reserves: +€178,270
- Gross operating margin -€522,377
down €522,377 (-23.0%), from €2.3m to €1.7m
- Staff costs -€248,104
down €248,104 (-17.6%), from €1.4m to €1.2m
- Other operating charges -€223,346
down €223,346 (-59.8%), from €373,445 to €150,099
- Depreciation -€76,891
down €76,891 (-74.5%), from €103,143 to €26,252
- Write-downs +€34,234
up €34,234 (+47.6%), from €71,896 to €106,130
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 | €5,366,619 | €3,969,999 | -€1.4m | -26.0% |
| Fixed assets | 21/28 | €1,032,155 | €28,151 | -€1.0m | -97.3% |
| Tangible fixed assets | 22/27 | €737,155 | €18,151 | -€719,004 | -97.5% |
| Land and buildings | 22 | €726,528 | €0 | -€726,528 | -100.0% |
| Plant, machinery and equipment | 23 | €7,840 | €0 | -€7,840 | -100.0% |
| Furniture and vehicles | 24 | €2,787 | €18,151 | +€15,364 | +551.3% |
| Financial fixed assets | 28 | €295,000 | €10,000 | -€285,000 | -96.6% |
| Current assets | 29/58 | €4,334,464 | €3,941,848 | -€392,616 | -9.1% |
| Amounts receivable within one year | 40/41 | €4,294,661 | €3,710,011 | -€584,649 | -13.6% |
| Trade receivables | 40 | €3,935,590 | €3,375,466 | -€560,124 | -14.2% |
| Other amounts receivable | 41 | €359,071 | €334,545 | -€24,526 | -6.8% |
| Cash at bank and in hand | 54/58 | €39,804 | €231,837 | +€192,033 | +482.5% |
| Total equity and liabilities | 10/49 | €5,366,619 | €3,969,999 | -€1.4m | -26.0% |
| Equity | 10/15 | €2,297,378 | €2,004,211 | -€293,167 | -12.8% |
| Contributions | 10/11 | €62,000 | €49,277 | -€12,723 | -20.5% |
| Capital | 10 | €62,000 | €49,277 | -€12,723 | -20.5% |
| Issued capital | 100 | €62,000 | €49,277 | -€12,723 | -20.5% |
| Reserves | 13 | €190,962 | €330,045 | +€139,083 | +72.8% |
| Non-distributable reserves | 130/1 | €185,242 | €146,662 | -€38,579 | -20.8% |
| Legal reserve | 130 | €6,200 | €4,928 | -€1,272 | -20.5% |
| Other | 1319 | €179,042 | €141,735 | -€37,307 | -20.8% |
| Tax-exempt reserves | 132 | €2,960 | €2,353 | -€607 | -20.5% |
| Distributable reserves | 133 | €2,760 | €181,030 | +€178,270 | +6458.6% |
| Profit (loss) carried forward | 14 | €2,044,416 | €1,624,888 | -€419,528 | -20.5% |
| Amounts payable | 17/49 | €3,069,241 | €1,965,788 | -€1.1m | -36.0% |
| Amounts payable after more than one year | 17 | €542,239 | €36,571 | -€505,668 | -93.3% |
| Financial debts | 170/4 | €542,239 | €36,571 | -€505,668 | -93.3% |
| Amounts payable within one year | 42/48 | €2,527,002 | €1,891,717 | -€635,285 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €141,426 | €25,492 | -€115,934 | -82.0% |
| Financial debts | 43 | €264,000 | €434,000 | +€170,000 | +64.4% |
| Credit institutions | 430/8 | €264,000 | €434,000 | +€170,000 | +64.4% |
| Trade debts | 44 | €1,844,875 | €1,135,348 | -€709,527 | -38.5% |
| Suppliers | 440/4 | €1,844,875 | €1,128,138 | -€716,737 | -38.9% |
| Bills of exchange payable | 441 | - | €7,211 | +€7,211 | |
| Taxes, remuneration and social security | 45 | €276,701 | €296,876 | +€20,176 | +7.3% |
| Taxes | 450/3 | €64,088 | €85,595 | +€21,507 | +33.6% |
| Remuneration and social security | 454/9 | €212,613 | €211,281 | -€1,331 | -0.6% |
| Accrued charges and deferred income | 492/3 | - | €37,500 | +€37,500 | |
| Non-recurring operating income | 76A | €8,745 | €7,911 | -€834 | -9.5% |
| Remuneration, social security and pensions | 62 | €1,411,310 | €1,163,206 | -€248,104 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,143 | €26,252 | -€76,891 | -74.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €71,896 | €106,130 | +€34,234 | +47.6% |
| Other operating charges | 640/8 | €373,445 | €150,099 | -€223,346 | -59.8% |
| Gross operating margin | 9900 | €2,268,936 | €1,746,559 | -€522,377 | -23.0% |
| Operating profit (loss) | 9901 | €309,142 | €300,873 | -€8,269 | -2.7% |
| Financial income | 75/76B | €3,022 | €8,187 | +€5,165 | +170.9% |
| Recurring financial income | 75 | €3,022 | €8,187 | +€5,165 | +170.9% |
| Financial charges | 65/66B | €69,467 | €48,274 | -€21,192 | -30.5% |
| Recurring financial charges | 65 | €69,467 | €48,274 | -€21,192 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €242,697 | €260,785 | +€18,088 | +7.5% |
| Income taxes | 67/77 | €62,437 | €82,515 | +€20,078 | +32.2% |
| Profit (loss) for the period | 9904 | €180,260 | €178,270 | -€1,990 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €180,260 | €178,270 | -€1,990 | -1.1% |
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 11 October 2026 via checked.be.