MILLENNIUM 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.
MILLENNIUM PROJECTS
Largest movements
- Cash +€424,445
up €424,445 (+90.9%), from €467,098 to €891,543
mainly Net result for the year (+€701,272) and Investment in fixed assets (net) (+€235,339)
- Tangible fixed assets -€309,897
down €309,897 (-20.3%), from €1.5m to €1.2m
of which Land and buildings: -€226,492
- Current investments +€161,031
up €161,031 (+854.1%), from €18,855 to €179,886
- Deferred charges and accrued income -€130,035
down €130,035 (-99.6%), from €130,606 to €571
- Receivables within one year -€89,923
down €89,923 (-20.9%), from €430,763 to €340,839
of which Other amounts receivable: -€92,506
- Reserves +€329,533
up €329,533 (+19.7%), from €1.7m to €2.0m
of which Distributable reserves: +€334,621
- Debts after one year -€212,392
down €212,392 (-51.1%), from €415,791 to €203,399
- Trade debts -€48,278
down €48,278 (-56.9%), from €84,808 to €36,529
- Accrued charges and deferred income -€28,305
down €28,305 (-63.9%), from €44,266 to €15,961
- Financial income +€894,355
up €894,355 (+2019.7%), from €44,283 to €938,638
of which Non-recurring financial income: +€885,170
- Gross operating margin -€398,220
down €398,220 (-65.7%), from €606,185 to €207,965
- Staff costs -€276,689
down €276,689 (-81.5%), from €339,512 to €62,823
- Taxes +€224,362
up €224,362 (+559.3%), from €40,114 to €264,476
- Depreciation -€43,335
down €43,335 (-36.8%), from €117,894 to €74,558
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 | €2,574,568 | €2,630,188 | +€55,620 | +2.2% |
| Fixed assets | 21/28 | €1,527,247 | €1,217,350 | -€309,897 | -20.3% |
| Tangible fixed assets | 22/27 | €1,526,407 | €1,216,510 | -€309,897 | -20.3% |
| Land and buildings | 22 | €1,259,055 | €1,032,563 | -€226,492 | -18.0% |
| Plant, machinery and equipment | 23 | €189,547 | €26,350 | -€163,197 | -86.1% |
| Furniture and vehicles | 24 | €59,386 | €130,436 | +€71,050 | +119.6% |
| Leasing and similar rights | 25 | €1,258 | - | -€1,258 | |
| Other tangible fixed assets | 26 | €17,160 | €27,160 | +€10,000 | +58.3% |
| Financial fixed assets | 28 | €840 | €840 | = | 0.0% |
| Current assets | 29/58 | €1,047,322 | €1,412,839 | +€365,517 | +34.9% |
| Amounts receivable within one year | 40/41 | €430,763 | €340,839 | -€89,923 | -20.9% |
| Trade receivables | 40 | €110,760 | €113,343 | +€2,583 | +2.3% |
| Other amounts receivable | 41 | €320,002 | €227,496 | -€92,506 | -28.9% |
| Current investments | 50/53 | €18,855 | €179,886 | +€161,031 | +854.1% |
| Cash at bank and in hand | 54/58 | €467,098 | €891,543 | +€424,445 | +90.9% |
| Deferred charges and accrued income | 490/1 | €130,606 | €571 | -€130,035 | -99.6% |
| Total equity and liabilities | 10/49 | €2,574,568 | €2,630,188 | +€55,620 | +2.2% |
| Equity | 10/15 | €1,788,567 | €2,118,100 | +€329,533 | +18.4% |
| Contributions | 10/11 | €120,001 | €120,001 | = | 0.0% |
| Capital | 10 | - | €120,001 | +€120,001 | |
| Issued capital | 100 | - | €120,001 | +€120,001 | |
| Reserves | 13 | €1,668,566 | €1,998,099 | +€329,533 | +19.7% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | - | €30,000 | +€30,000 | |
| Reserves not available under the articles | 1311 | €30,000 | - | -€30,000 | |
| Tax-exempt reserves | 132 | €127,198 | €122,110 | -€5,088 | -4.0% |
| Distributable reserves | 133 | €1,511,368 | €1,845,989 | +€334,621 | +22.1% |
| Provisions and deferred taxes | 16 | €59,666 | €57,279 | -€2,387 | -4.0% |
| Deferred taxes | 168 | €59,666 | €57,279 | -€2,387 | -4.0% |
| Amounts payable | 17/49 | €726,336 | €454,810 | -€271,527 | -37.4% |
| Amounts payable after more than one year | 17 | €415,791 | €203,399 | -€212,392 | -51.1% |
| Financial debts | 170/4 | €415,791 | €203,399 | -€212,392 | -51.1% |
| Amounts payable within one year | 42/48 | €266,279 | €235,449 | -€30,830 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €110,800 | €95,192 | -€15,608 | -14.1% |
| Trade debts | 44 | €84,808 | €36,529 | -€48,278 | -56.9% |
| Suppliers | 440/4 | €84,808 | €36,529 | -€48,278 | -56.9% |
| Advances received on contracts in progress | 46 | €1,550 | €1,550 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €69,121 | €91,265 | +€22,144 | +32.0% |
| Taxes | 450/3 | €51,725 | €88,238 | +€36,512 | +70.6% |
| Remuneration and social security | 454/9 | €17,396 | €3,028 | -€14,368 | -82.6% |
| Other amounts payable | 47/48 | - | €10,912 | +€10,912 | |
| Accrued charges and deferred income | 492/3 | €44,266 | €15,961 | -€28,305 | -63.9% |
| Remuneration, social security and pensions | 62 | €339,512 | €62,823 | -€276,689 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,894 | €74,558 | -€43,335 | -36.8% |
| Other operating charges | 640/8 | €10,518 | €8,149 | -€2,369 | -22.5% |
| Non-recurring operating charges | 66A | €18,880 | - | -€18,880 | |
| Gross operating margin | 9900 | €606,185 | €207,965 | -€398,220 | -65.7% |
| Operating profit (loss) | 9901 | €119,382 | €62,434 | -€56,947 | -47.7% |
| Financial income | 75/76B | €44,283 | €938,638 | +€894,355 | +2019.7% |
| Recurring financial income | 75 | €5,434 | €14,619 | +€9,185 | +169.0% |
| Non-recurring financial income | 76B | €38,849 | €924,019 | +€885,170 | +2278.5% |
| Financial charges | 65/66B | €43,717 | €37,710 | -€6,007 | -13.7% |
| Recurring financial charges | 65 | €43,717 | €37,710 | -€6,007 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €119,947 | €963,362 | +€843,414 | +703.2% |
| Transfer from deferred taxes | 780 | €2,387 | €2,387 | = | 0.0% |
| Income taxes | 67/77 | €40,114 | €264,476 | +€224,362 | +559.3% |
| Profit (loss) for the period | 9904 | €82,219 | €701,272 | +€619,052 | +752.9% |
| Transfer from tax-exempt reserves | 789 | €5,088 | €5,088 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,307 | €706,360 | +€619,052 | +709.1% |
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.