JSC PROJECT: 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.
JSC PROJECT
Largest movements
- Tangible fixed assets +€510,575
up €510,575 (+42.5%), from €1.2m to €1.7m
of which Leasing and similar rights: +€463,279
- Receivables within one year +€137,372
up €137,372 (+71.8%), from €191,449 to €328,820
of which Trade receivables: +€129,809
- Deferred charges and accrued income -€27,293
down €27,293 (-97.8%), from €27,896 to €602
- Debts after one year +€440,446
up €440,446 (+60.6%), from €726,256 to €1.2m
of which Financial debts: +€440,446
- Profit (loss) carried forward -€228,248
down €228,248, from €14,705 to -€213,543
- Current portion of long-term debt +€139,647
up €139,647 (+80.6%), from €173,172 to €312,819
- Trade debts +€102,810
up €102,810 (+99.9%), from €102,959 to €205,769
- Advances received +€79,000
up €79,000 (+158.0%), from €50,000 to €129,000
- Turnover +€201,944
up €201,944 (+44.6%), from €453,180 to €655,124
- Depreciation +€157,324
up €157,324 (+65.5%), from €240,125 to €397,449
- Purchases and services +€116,823
up €116,823 (+76.6%), from €152,440 to €269,263
- Gross operating margin -€21,245
down €21,245 (-5.2%), from €407,107 to €385,861
- Financial charges +€19,044
up €19,044 (+79.3%), from €24,001 to €43,045
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 | €1,523,830 | €2,133,511 | +€609,681 | +40.0% |
| Formation expenses | 20 | €1,308 | €1,308 | = | 0.0% |
| Fixed assets | 21/28 | €1,202,378 | €1,714,253 | +€511,875 | +42.6% |
| Tangible fixed assets | 22/27 | €1,202,378 | €1,712,953 | +€510,575 | +42.5% |
| Furniture and vehicles | 24 | €508,283 | €555,579 | +€47,296 | +9.3% |
| Leasing and similar rights | 25 | €694,094 | €1,157,374 | +€463,279 | +66.7% |
| Financial fixed assets | 28 | - | €1,300 | +€1,300 | |
| Current assets | 29/58 | €320,145 | €417,950 | +€97,805 | +30.6% |
| Amounts receivable within one year | 40/41 | €191,449 | €328,820 | +€137,372 | +71.8% |
| Trade receivables | 40 | €181,247 | €311,057 | +€129,809 | +71.6% |
| Other amounts receivable | 41 | €10,201 | €17,764 | +€7,562 | +74.1% |
| Cash at bank and in hand | 54/58 | €100,800 | €88,527 | -€12,273 | -12.2% |
| Deferred charges and accrued income | 490/1 | €27,896 | €602 | -€27,293 | -97.8% |
| Total equity and liabilities | 10/49 | €1,523,830 | €2,133,511 | +€609,681 | +40.0% |
| Equity | 10/15 | €48,197 | -€180,051 | -€228,248 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €23,492 | €23,492 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €22,492 | €22,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,705 | -€213,543 | -€228,248 | |
| Amounts payable | 17/49 | €1,475,633 | €2,313,562 | +€837,929 | +56.8% |
| Amounts payable after more than one year | 17 | €726,256 | €1,166,702 | +€440,446 | +60.6% |
| Financial debts | 170/4 | €509,647 | €950,093 | +€440,446 | +86.4% |
| Other amounts payable | 178/9 | €216,609 | €216,609 | = | 0.0% |
| Amounts payable within one year | 42/48 | €747,447 | €1,146,860 | +€399,413 | +53.4% |
| Current portion of amounts payable after more than one year | 42 | €173,172 | €312,819 | +€139,647 | +80.6% |
| Trade debts | 44 | €102,959 | €205,769 | +€102,810 | +99.9% |
| Suppliers | 440/4 | €102,959 | €205,769 | +€102,810 | +99.9% |
| Advances received on contracts in progress | 46 | €50,000 | €129,000 | +€79,000 | +158.0% |
| Taxes, remuneration and social security | 45 | - | €477 | +€477 | |
| Taxes | 450/3 | - | €477 | +€477 | |
| Other amounts payable | 47/48 | €421,317 | €498,796 | +€77,479 | +18.4% |
| Accrued charges and deferred income | 492/3 | €1,930 | - | -€1,930 | |
| Turnover | 70 | €453,180 | €655,124 | +€201,944 | +44.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €152,440 | €269,263 | +€116,823 | +76.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,125 | €397,449 | +€157,324 | +65.5% |
| Other operating charges | 640/8 | €31,035 | €37,371 | +€6,336 | +20.4% |
| Non-recurring operating charges | 66A | €97,342 | €132,828 | +€35,485 | +36.5% |
| Gross operating margin | 9900 | €407,107 | €385,861 | -€21,245 | -5.2% |
| Operating profit (loss) | 9901 | €38,605 | -€181,786 | -€220,391 | |
| Financial income | 75/76B | €108 | €923 | +€814 | +752.4% |
| Recurring financial income | 75 | €108 | €923 | +€814 | +752.4% |
| Financial charges | 65/66B | €24,001 | €43,045 | +€19,044 | +79.3% |
| Recurring financial charges | 65 | €24,001 | €43,045 | +€19,044 | +79.3% |
| Profit (loss) for the period before taxes | 9903 | €14,712 | -€223,908 | -€238,620 | |
| Income taxes | 67/77 | €2,220 | €4,340 | +€2,120 | +95.5% |
| Profit (loss) for the period | 9904 | €12,492 | -€228,248 | -€240,740 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,492 | -€228,248 | -€240,740 |
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 10 October 2026 via checked.be.