MOST VALUABLE PROJECTS: 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.
MOST VALUABLE PROJECTS
Largest movements
- Cash -€104,706
down €104,706 (-77.9%), from €134,353 to €29,647
mainly Other debts (-€97,944) and Tax, wage and social debts (-€41,861)
- Receivables within one year -€36,629
down €36,629 (-80.8%), from €45,350 to €8,721
of which Trade receivables: -€44,946
- Tangible fixed assets -€31,090
down €31,090 (-90.7%), from €34,273 to €3,182
- Deferred charges and accrued income +€3,283
up €3,283 (+353.0%), from €930 to €4,213
- Other debts -€97,944
down €97,944 (-85.9%), from €114,045 to €16,102
- Tax, wage and social debts -€41,861
down €41,861 (-81.9%), from €51,138 to €9,277
of which Taxes: -€41,499
- Debts after one year -€21,552
down €21,552 (-100.0%), from €21,552 to €0
- Current portion of long-term debt -€9,755
down €9,755 (-100.0%), from €9,755 to €0
- Gross operating margin -€151,119
down €151,119 (-80.8%), from €186,951 to €35,833
- Taxes -€34,170
down €34,170 (-85.6%), from €39,936 to €5,766
- Depreciation -€9,069
down €9,069 (-72.5%), from €12,506 to €3,436
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 | €218,532 | €47,914 | -€170,618 | -78.1% |
| Fixed assets | 21/28 | €37,900 | €5,334 | -€32,566 | -85.9% |
| Intangible fixed assets | 21 | €3,627 | €2,151 | -€1,476 | -40.7% |
| Tangible fixed assets | 22/27 | €34,273 | €3,182 | -€31,090 | -90.7% |
| Furniture and vehicles | 24 | €34,273 | €3,182 | -€31,090 | -90.7% |
| Current assets | 29/58 | €180,633 | €42,581 | -€138,052 | -76.4% |
| Amounts receivable within one year | 40/41 | €45,350 | €8,721 | -€36,629 | -80.8% |
| Trade receivables | 40 | €45,350 | €404 | -€44,946 | -99.1% |
| Other amounts receivable | 41 | €0 | €8,317 | +€8,317 | |
| Cash at bank and in hand | 54/58 | €134,353 | €29,647 | -€104,706 | -77.9% |
| Deferred charges and accrued income | 490/1 | €930 | €4,213 | +€3,283 | +353.0% |
| Total equity and liabilities | 10/49 | €218,532 | €47,914 | -€170,618 | -78.1% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €198,072 | €27,454 | -€170,618 | -86.1% |
| Amounts payable after more than one year | 17 | €21,552 | €0 | -€21,552 | -100.0% |
| Financial debts | 170/4 | €21,552 | €0 | -€21,552 | -100.0% |
| Amounts payable within one year | 42/48 | €176,520 | €27,454 | -€149,066 | -84.4% |
| Current portion of amounts payable after more than one year | 42 | €9,755 | €0 | -€9,755 | -100.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,582 | €2,075 | +€493 | +31.2% |
| Suppliers | 440/4 | €1,582 | €2,075 | +€493 | +31.2% |
| Taxes, remuneration and social security | 45 | €51,138 | €9,277 | -€41,861 | -81.9% |
| Taxes | 450/3 | €50,776 | €9,277 | -€41,499 | -81.7% |
| Remuneration and social security | 454/9 | €362 | €0 | -€362 | -100.0% |
| Other amounts payable | 47/48 | €114,045 | €16,102 | -€97,944 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,506 | €3,436 | -€9,069 | -72.5% |
| Other operating charges | 640/8 | €551 | €758 | +€206 | +37.4% |
| Non-recurring operating charges | 66A | €5 | €4,749 | +€4,745 | +95463.2% |
| Gross operating margin | 9900 | €186,951 | €35,833 | -€151,119 | -80.8% |
| Operating profit (loss) | 9901 | €173,889 | €26,889 | -€147,000 | -84.5% |
| Financial income | 75/76B | €1,059 | €20 | -€1,040 | -98.1% |
| Recurring financial income | 75 | €1,059 | €20 | -€1,040 | -98.1% |
| Financial charges | 65/66B | €1,607 | €2,200 | +€593 | +36.9% |
| Recurring financial charges | 65 | €1,607 | €2,200 | +€593 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €173,341 | €24,709 | -€148,632 | -85.7% |
| Income taxes | 67/77 | €39,936 | €5,766 | -€34,170 | -85.6% |
| Profit (loss) for the period | 9904 | €133,406 | €18,943 | -€114,462 | -85.8% |
| Profit (loss) for the period to be appropriated | 9905 | €133,406 | €18,943 | -€114,462 | -85.8% |
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 4 October 2026 via checked.be.