LA Project: what changed
Two fiscal 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.
LA Project
Largest movements
- Cash -€18,652
down €18,652 (-77.8%), from €23,979 to €5,327
mainly Contributions, distributions and other (-€50,519) and Current investments (-€8,652)
- Current investments +€8,652
new in 2025: €8,652
- Receivables within one year +€8,117
up €8,117 (+9.1%), from €89,110 to €97,227
of which Other amounts receivable: +€10,008
- Deferred charges and accrued income -€1,718
down €1,718 (-49.8%), from €3,449 to €1,731
- Reserves -€43,515
down €43,515 (-47.6%), from €91,376 to €47,861
- Other debts +€40,533
up €40,533 (+589.0%), from €6,882 to €47,415
- Tax, wage and social debts -€1,431
down €1,431 (-7.9%), from €18,067 to €16,636
of which Taxes: -€1,431
- Gross operating margin -€20,767
down €20,767 (-62.3%), from €33,340 to €12,572
- Taxes -€4,367
down €4,367 (-45.2%), from €9,670 to €5,304
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 | €124,456 | €119,817 | -€4,639 | -3.7% |
| Fixed assets | 21/28 | €7,918 | €6,880 | -€1,039 | -13.1% |
| Tangible fixed assets | 22/27 | €7,768 | €6,730 | -€1,039 | -13.4% |
| Furniture and vehicles | 24 | €7,768 | €6,730 | -€1,039 | -13.4% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €116,538 | €112,937 | -€3,600 | -3.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €89,110 | €97,227 | +€8,117 | +9.1% |
| Trade receivables | 40 | €20,746 | €18,854 | -€1,891 | -9.1% |
| Other amounts receivable | 41 | €68,364 | €78,372 | +€10,008 | +14.6% |
| Current investments | 50/53 | - | €8,652 | +€8,652 | |
| Cash at bank and in hand | 54/58 | €23,979 | €5,327 | -€18,652 | -77.8% |
| Deferred charges and accrued income | 490/1 | €3,449 | €1,731 | -€1,718 | -49.8% |
| Total equity and liabilities | 10/49 | €124,456 | €119,817 | -€4,639 | -3.7% |
| Equity | 10/15 | €97,576 | €54,061 | -€43,515 | -44.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €91,376 | €47,861 | -€43,515 | -47.6% |
| Distributable reserves | 133 | €91,376 | €47,861 | -€43,515 | -47.6% |
| Amounts payable | 17/49 | €26,880 | €65,756 | +€38,876 | +144.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €26,880 | €65,356 | +€38,476 | +143.1% |
| Current portion of amounts payable after more than one year | 42 | €963 | €0 | -€963 | -100.0% |
| Trade debts | 44 | €967 | €1,305 | +€338 | +35.0% |
| Suppliers | 440/4 | €967 | €1,305 | +€338 | +35.0% |
| Taxes, remuneration and social security | 45 | €18,067 | €16,636 | -€1,431 | -7.9% |
| Taxes | 450/3 | €18,067 | €16,636 | -€1,431 | -7.9% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €6,882 | €47,415 | +€40,533 | +589.0% |
| Accrued charges and deferred income | 492/3 | €0 | €400 | +€400 | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,655 | €2,626 | -€29 | -1.1% |
| Other operating charges | 640/8 | €1,285 | €1,416 | +€132 | +10.2% |
| Gross operating margin | 9900 | €33,340 | €12,572 | -€20,767 | -62.3% |
| Operating profit (loss) | 9901 | €29,400 | €8,530 | -€20,870 | -71.0% |
| Financial income | 75/76B | €4,019 | €3,982 | -€37 | -0.9% |
| Recurring financial income | 75 | €4,019 | €3,982 | -€37 | -0.9% |
| Financial charges | 65/66B | €529 | €204 | -€325 | -61.4% |
| Recurring financial charges | 65 | €529 | €204 | -€325 | -61.4% |
| Profit (loss) for the period before taxes | 9903 | €32,890 | €12,308 | -€20,582 | -62.6% |
| Income taxes | 67/77 | €9,670 | €5,304 | -€4,367 | -45.2% |
| Profit (loss) for the period | 9904 | €23,220 | €7,004 | -€16,216 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,220 | €7,004 | -€16,216 | -69.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.