MAKE A 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.
MAKE A PROJECT
Largest movements
- Tangible fixed assets +€61,587
up €61,587 (+16.5%), from €373,037 to €434,624
of which Furniture and vehicles: +€72,691
- Cash -€20,274
down €20,274 (-22.4%), from €90,427 to €70,153
mainly Investment in fixed assets (net) (-€89,808) and Contributions, distributions and other (-€25,287)
- Debts after one year +€44,998
up €44,998 (+16.4%), from €274,849 to €319,848
- Trade debts -€10,619
no longer reported in 2025 (was €10,619)
- Accrued charges and deferred income +€6,200
new in 2025: €6,200
- Gross operating margin -€17,156
down €17,156 (-16.7%), from €102,900 to €85,745
- Taxes -€4,792
down €4,792 (-23.2%), from €20,675 to €15,883
- Depreciation +€3,510
up €3,510 (+14.2%), from €24,710 to €28,221
- Other operating charges +€1,108
up €1,108 (+61.6%), from €1,800 to €2,909
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 | €498,937 | €545,447 | +€46,510 | +9.3% |
| Fixed assets | 21/28 | €375,287 | €436,874 | +€61,587 | +16.4% |
| Tangible fixed assets | 22/27 | €373,037 | €434,624 | +€61,587 | +16.5% |
| Land and buildings | 22 | €337,174 | €328,340 | -€8,835 | -2.6% |
| Furniture and vehicles | 24 | €20,071 | €92,762 | +€72,691 | +362.2% |
| Other tangible fixed assets | 26 | €15,791 | €13,522 | -€2,269 | -14.4% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €123,650 | €108,573 | -€15,077 | -12.2% |
| Amounts receivable within one year | 40/41 | €32,398 | €36,725 | +€4,327 | +13.4% |
| Trade receivables | 40 | €27,362 | €28,722 | +€1,361 | +5.0% |
| Other amounts receivable | 41 | €5,036 | €8,003 | +€2,967 | +58.9% |
| Cash at bank and in hand | 54/58 | €90,427 | €70,153 | -€20,274 | -22.4% |
| Deferred charges and accrued income | 490/1 | €825 | €1,694 | +€869 | +105.3% |
| Total equity and liabilities | 10/49 | €498,937 | €545,447 | +€46,510 | +9.3% |
| Equity | 10/15 | €122,512 | €126,158 | +€3,646 | +3.0% |
| Reserves | 13 | €122,512 | €126,158 | +€3,646 | +3.0% |
| Non-distributable reserves | 130/1 | €122,512 | €126,158 | +€3,646 | +3.0% |
| Other | 1319 | €122,512 | €126,158 | +€3,646 | +3.0% |
| Amounts payable | 17/49 | €376,425 | €419,289 | +€42,864 | +11.4% |
| Amounts payable after more than one year | 17 | €274,849 | €319,848 | +€44,998 | +16.4% |
| Financial debts | 170/4 | €274,849 | €319,848 | +€44,998 | +16.4% |
| Amounts payable within one year | 42/48 | €101,576 | €93,241 | -€8,334 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €24,383 | €28,153 | +€3,770 | +15.5% |
| Trade debts | 44 | €10,619 | - | -€10,619 | |
| Suppliers | 440/4 | €10,619 | - | -€10,619 | |
| Taxes, remuneration and social security | 45 | €12,332 | €12,869 | +€537 | +4.4% |
| Taxes | 450/3 | €9,832 | €10,369 | +€537 | +5.5% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €54,242 | €52,220 | -€2,022 | -3.7% |
| Accrued charges and deferred income | 492/3 | - | €6,200 | +€6,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,710 | €28,221 | +€3,510 | +14.2% |
| Other operating charges | 640/8 | €1,800 | €2,909 | +€1,108 | +61.6% |
| Non-recurring operating charges | 66A | - | €2,200 | +€2,200 | |
| Gross operating margin | 9900 | €102,900 | €85,745 | -€17,156 | -16.7% |
| Operating profit (loss) | 9901 | €76,389 | €52,415 | -€23,974 | -31.4% |
| Financial income | 75/76B | €58 | €434 | +€376 | +654.3% |
| Recurring financial income | 75 | €58 | €434 | +€376 | +654.3% |
| Financial charges | 65/66B | €8,664 | €8,033 | -€631 | -7.3% |
| Recurring financial charges | 65 | €8,664 | €8,033 | -€631 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €67,783 | €44,816 | -€22,967 | -33.9% |
| Income taxes | 67/77 | €20,675 | €15,883 | -€4,792 | -23.2% |
| Profit (loss) for the period | 9904 | €47,108 | €28,933 | -€18,175 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,108 | €28,933 | -€18,175 | -38.6% |
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 12 October 2026 via checked.be.