MANAGEMENT & PROJECT SERVICES: 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.
MANAGEMENT & PROJECT SERVICES
Largest movements
- Receivables after one year +€108,019
up €108,019 (+180%), from €60,000 to €168,019
- Cash -€70,116
down €70,116 (-38.9%), from €180,159 to €110,042
mainly Receivables after one year (-€108,019) and Investment in fixed assets (net) (-€29,034)
- Current investments +€24,000
up €24,000 (+58.5%), from €41,000 to €64,999
- Tangible fixed assets +€12,170
up €12,170 (+22.5%), from €54,168 to €66,338
of which Furniture and vehicles: +€21,018
- Receivables within one year -€5,336
down €5,336 (-7.8%), from €68,468 to €63,132
of which Trade receivables: -€4,933
- Reserves +€89,800
up €89,800 (+35.5%), from €252,680 to €342,480
- Tax, wage and social debts -€15,666
down €15,666 (-48.0%), from €32,634 to €16,969
- Debts after one year -€15,102
down €15,102 (-18.6%), from €81,414 to €66,311
- Trade debts +€9,993
up €9,993 (+210%), from €4,768 to €14,761
- Gross operating margin -€23,543
down €23,543 (-13.8%), from €171,089 to €147,547
- Taxes -€9,201
down €9,201 (-19.3%), from €47,585 to €38,384
- Depreciation +€3,069
up €3,069 (+22.3%), from €13,795 to €16,865
- Financial income +€1,741
up €1,741 (+104%), from €1,680 to €3,421
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 | €404,651 | €473,218 | +€68,567 | +16.9% |
| Fixed assets | 21/28 | €54,168 | €66,338 | +€12,170 | +22.5% |
| Tangible fixed assets | 22/27 | €54,168 | €66,338 | +€12,170 | +22.5% |
| Land and buildings | 22 | €37,893 | €28,799 | -€9,094 | -24.0% |
| Plant, machinery and equipment | 23 | €15,563 | €15,810 | +€246 | +1.6% |
| Furniture and vehicles | 24 | €712 | €21,730 | +€21,018 | +2,953% |
| Current assets | 29/58 | €350,482 | €406,880 | +€56,397 | +16.1% |
| Amounts receivable after more than one year | 29 | €60,000 | €168,019 | +€108,019 | +180% |
| Other amounts receivable | 291 | €60,000 | €168,019 | +€108,019 | +180% |
| Amounts receivable within one year | 40/41 | €68,468 | €63,132 | -€5,336 | -7.8% |
| Trade receivables | 40 | €37,633 | €32,700 | -€4,933 | -13.1% |
| Other amounts receivable | 41 | €30,836 | €30,432 | -€404 | -1.3% |
| Current investments | 50/53 | €41,000 | €64,999 | +€24,000 | +58.5% |
| Cash at bank and in hand | 54/58 | €180,159 | €110,042 | -€70,116 | -38.9% |
| Deferred charges and accrued income | 490/1 | €856 | €687 | -€169 | -19.7% |
| Total equity and liabilities | 10/49 | €404,651 | €473,218 | +€68,567 | +16.9% |
| Equity | 10/15 | €265,245 | €355,066 | +€89,821 | +33.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €252,680 | €342,480 | +€89,800 | +35.5% |
| Distributable reserves | 133 | €252,680 | €342,480 | +€89,800 | +35.5% |
| Profit (loss) carried forward | 14 | €165 | €186 | +€21 | +13.0% |
| Amounts payable | 17/49 | €139,406 | €118,151 | -€21,255 | -15.2% |
| Amounts payable after more than one year | 17 | €81,414 | €66,311 | -€15,102 | -18.6% |
| Financial debts | 170/4 | €81,414 | €66,311 | -€15,102 | -18.6% |
| Amounts payable within one year | 42/48 | €51,826 | €46,832 | -€4,995 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €14,424 | €15,102 | +€678 | +4.7% |
| Trade debts | 44 | €4,768 | €14,761 | +€9,993 | +210% |
| Suppliers | 440/4 | €4,768 | €14,761 | +€9,993 | +210% |
| Taxes, remuneration and social security | 45 | €32,634 | €16,969 | -€15,666 | -48.0% |
| Taxes | 450/3 | €32,634 | €16,969 | -€15,666 | -48.0% |
| Accrued charges and deferred income | 492/3 | €6,166 | €5,009 | -€1,158 | -18.8% |
| Non-recurring operating income | 76A | €2,019 | - | -€2,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,795 | €16,865 | +€3,069 | +22.3% |
| Other operating charges | 640/8 | €2,106 | €1,702 | -€404 | -19.2% |
| Gross operating margin | 9900 | €171,089 | €147,547 | -€23,543 | -13.8% |
| Operating profit (loss) | 9901 | €155,188 | €128,980 | -€26,208 | -16.9% |
| Financial income | 75/76B | €1,680 | €3,421 | +€1,741 | +104% |
| Recurring financial income | 75 | €1,680 | €3,421 | +€1,741 | +104% |
| Financial charges | 65/66B | €4,948 | €4,195 | -€753 | -15.2% |
| Recurring financial charges | 65 | €4,948 | €4,195 | -€753 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €151,920 | €128,206 | -€23,714 | -15.6% |
| Income taxes | 67/77 | €47,585 | €38,384 | -€9,201 | -19.3% |
| Profit (loss) for the period | 9904 | €104,335 | €89,821 | -€14,513 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €104,335 | €89,821 | -€14,513 | -13.9% |
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.