INTRO-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.
INTRO-PROJECTS
Largest movements
- Cash -€207,902
down €207,902 (-76.1%), from €273,030 to €65,128
mainly Contributions, distributions and other (-€117,647) and Other debts (-€49,035)
- Tangible fixed assets -€19,716
down €19,716 (-4.4%), from €445,816 to €426,100
of which Land and buildings: -€10,289
- Receivables within one year +€12,793
up €12,793 (+36.4%), from €35,186 to €47,979
of which Other amounts receivable: +€8,086
- Reserves -€131,558
down €131,558 (-57.5%), from €228,965 to €97,407
- Other debts -€49,035
down €49,035 (-21.6%), from €227,149 to €178,114
- Debts after one year -€37,491
down €37,491 (-17.8%), from €210,059 to €172,568
- Gross operating margin -€324,580
down €324,580 (-95.8%), from €338,690 to €14,110
- Taxes -€70,822
no longer reported in 2025 (was €70,822)
- Depreciation -€7,645
down €7,645 (-24.3%), from €31,460 to €23,815
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 | €762,057 | €543,115 | -€218,942 | -28.7% |
| Fixed assets | 21/28 | €445,816 | €426,100 | -€19,716 | -4.4% |
| Tangible fixed assets | 22/27 | €445,816 | €426,100 | -€19,716 | -4.4% |
| Land and buildings | 22 | €413,297 | €403,008 | -€10,289 | -2.5% |
| Plant, machinery and equipment | 23 | €2,020 | €1,358 | -€661 | -32.7% |
| Furniture and vehicles | 24 | €22,599 | €13,834 | -€8,766 | -38.8% |
| Other tangible fixed assets | 26 | €7,900 | €7,900 | = | 0.0% |
| Current assets | 29/58 | €316,241 | €117,015 | -€199,226 | -63.0% |
| Amounts receivable within one year | 40/41 | €35,186 | €47,979 | +€12,793 | +36.4% |
| Trade receivables | 40 | €5,771 | €10,478 | +€4,707 | +81.6% |
| Other amounts receivable | 41 | €29,415 | €37,501 | +€8,086 | +27.5% |
| Cash at bank and in hand | 54/58 | €273,030 | €65,128 | -€207,902 | -76.1% |
| Deferred charges and accrued income | 490/1 | €8,025 | €3,908 | -€4,117 | -51.3% |
| Total equity and liabilities | 10/49 | €762,057 | €543,115 | -€218,942 | -28.7% |
| Equity | 10/15 | €247,565 | €116,007 | -€131,558 | -53.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €228,965 | €97,407 | -€131,558 | -57.5% |
| Distributable reserves | 133 | €228,965 | €97,407 | -€131,558 | -57.5% |
| Amounts payable | 17/49 | €514,492 | €427,108 | -€87,384 | -17.0% |
| Amounts payable after more than one year | 17 | €210,059 | €172,568 | -€37,491 | -17.8% |
| Financial debts | 170/4 | €210,059 | €172,568 | -€37,491 | -17.8% |
| Amounts payable within one year | 42/48 | €302,389 | €253,628 | -€48,761 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €37,184 | €37,491 | +€307 | +0.8% |
| Trade debts | 44 | €33,089 | €33,523 | +€434 | +1.3% |
| Suppliers | 440/4 | €33,089 | €33,523 | +€434 | +1.3% |
| Taxes, remuneration and social security | 45 | €4,967 | €4,500 | -€467 | -9.4% |
| Taxes | 450/3 | €4,967 | €4,500 | -€467 | -9.4% |
| Other amounts payable | 47/48 | €227,149 | €178,114 | -€49,035 | -21.6% |
| Accrued charges and deferred income | 492/3 | €2,044 | €912 | -€1,132 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,460 | €23,815 | -€7,645 | -24.3% |
| Other operating charges | 640/8 | €3,952 | €3,175 | -€778 | -19.7% |
| Gross operating margin | 9900 | €338,690 | €14,110 | -€324,580 | -95.8% |
| Operating profit (loss) | 9901 | €303,278 | -€12,880 | -€316,158 | |
| Financial income | 75/76B | €427 | €1,039 | +€612 | +143% |
| Recurring financial income | 75 | €427 | €1,039 | +€612 | +143% |
| Financial charges | 65/66B | €3,918 | €2,071 | -€1,847 | -47.2% |
| Recurring financial charges | 65 | €3,918 | €2,071 | -€1,847 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €299,787 | -€13,911 | -€313,698 | |
| Income taxes | 67/77 | €70,822 | - | -€70,822 | |
| Profit (loss) for the period | 9904 | €228,965 | -€13,911 | -€242,876 | |
| Profit (loss) for the period to be appropriated | 9905 | €228,965 | -€13,911 | -€242,876 |
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 23 October 2026 via checked.be.