INTERNATIONAL PROJECT LIAM: 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.
INTERNATIONAL PROJECT LIAM
Largest movements
- Cash +€6,434
up €6,434 (+962%), from €669 to €7,103
mainly Net result for the year (+€100,070) and Trade debts (+€25,510)
- Receivables within one year -€4,847
down €4,847 (-3.2%), from €151,963 to €147,116
of which Trade receivables: -€5,691
- Other debts -€28,896
down €28,896 (-80.2%), from €36,016 to €7,120
- Trade debts +€25,510
up €25,510 (+124%), from €20,525 to €46,035
- Short-term financial debts +€10,910
up €10,910 (+21.8%), from €50,000 to €60,910
- Debts after one year -€8,684
down €8,684 (-25.3%), from €34,268 to €25,585
- Gross operating margin +€91,817
up €91,817 (+215%), from €42,762 to €134,578
- Taxes -€4,188
down €4,188 (-26.6%), from €15,740 to €11,552
- Staff costs +€2,950
up €2,950 (+157%), from €1,883 to €4,833
- Financial charges -€2,761
down €2,761 (-18.9%), from €14,637 to €11,876
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 | €417,573 | €420,489 | +€2,916 | +0.7% |
| Fixed assets | 21/28 | €264,941 | €263,999 | -€942 | -0.4% |
| Tangible fixed assets | 22/27 | €1,773 | €831 | -€942 | -53.1% |
| Furniture and vehicles | 24 | €1,773 | €831 | -€942 | -53.1% |
| Financial fixed assets | 28 | €263,168 | €263,168 | = | 0.0% |
| Current assets | 29/58 | €152,632 | €156,490 | +€3,858 | +2.5% |
| Amounts receivable within one year | 40/41 | €151,963 | €147,116 | -€4,847 | -3.2% |
| Trade receivables | 40 | €21,275 | €15,584 | -€5,691 | -26.8% |
| Other amounts receivable | 41 | €130,688 | €131,532 | +€844 | +0.6% |
| Cash at bank and in hand | 54/58 | €669 | €7,103 | +€6,434 | +962% |
| Deferred charges and accrued income | 490/1 | - | €2,271 | +€2,271 | |
| Total equity and liabilities | 10/49 | €417,573 | €420,489 | +€2,916 | +0.7% |
| Equity | 10/15 | €241,595 | €243,751 | +€2,156 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,135 | €223,291 | +€2,156 | +1.0% |
| Amounts payable | 17/49 | €175,978 | €176,738 | +€760 | +0.4% |
| Amounts payable after more than one year | 17 | €34,268 | €25,585 | -€8,684 | -25.3% |
| Financial debts | 170/4 | €34,268 | €25,585 | -€8,684 | -25.3% |
| Amounts payable within one year | 42/48 | €141,710 | €151,154 | +€9,444 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €24,061 | €27,036 | +€2,975 | +12.4% |
| Financial debts | 43 | €50,000 | €60,910 | +€10,910 | +21.8% |
| Credit institutions | 430/8 | €50,000 | €60,910 | +€10,910 | +21.8% |
| Trade debts | 44 | €20,525 | €46,035 | +€25,510 | +124% |
| Suppliers | 440/4 | €20,525 | €46,035 | +€25,510 | +124% |
| Taxes, remuneration and social security | 45 | €11,107 | €10,052 | -€1,055 | -9.5% |
| Taxes | 450/3 | €11,107 | €10,052 | -€1,055 | -9.5% |
| Other amounts payable | 47/48 | €36,016 | €7,120 | -€28,896 | -80.2% |
| Remuneration, social security and pensions | 62 | €1,883 | €4,833 | +€2,950 | +157% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,040 | €942 | -€98 | -9.4% |
| Other operating charges | 640/8 | €4,798 | €5,304 | +€507 | +10.6% |
| Gross operating margin | 9900 | €42,762 | €134,578 | +€91,817 | +215% |
| Operating profit (loss) | 9901 | €35,041 | €123,498 | +€88,457 | +252% |
| Financial income | 75/76B | €28 | - | -€28 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Financial charges | 65/66B | €14,637 | €11,876 | -€2,761 | -18.9% |
| Recurring financial charges | 65 | €14,637 | €11,876 | -€2,761 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €20,432 | €111,622 | +€91,190 | +446% |
| Income taxes | 67/77 | €15,740 | €11,552 | -€4,188 | -26.6% |
| Profit (loss) for the period | 9904 | €4,693 | €100,070 | +€95,377 | +2,032% |
| Profit (loss) for the period to be appropriated | 9905 | €4,693 | €100,070 | +€95,377 | +2,032% |
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 26 October 2026 via checked.be.