N-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.
N-Projects
Largest movements
- Tangible fixed assets -€36,535
down €36,535 (-10.5%), from €349,296 to €312,761
of which Land and buildings: -€26,529
- Receivables within one year +€24,792
up €24,792 (+73.0%), from €33,967 to €58,759
of which Trade receivables: +€28,332
- Debts after one year -€26,405
down €26,405 (-8.4%), from €314,299 to €287,894
- Reserves +€10,799
up €10,799 (+27.6%), from €39,062 to €49,861
of which Distributable reserves: +€10,799
- Trade debts +€5,901
up €5,901 (+129.0%), from €4,573 to €10,473
- Other operating charges -€2,164
down €2,164 (-58.3%), from €3,714 to €1,550
- Gross operating margin +€1,332
up €1,332 (+2.1%), from €63,099 to €64,432
- Financial charges -€1,041
down €1,041 (-9.9%), from €10,520 to €9,479
- Depreciation +€1,037
up €1,037 (+2.9%), from €35,498 to €36,535
- Taxes +€988
up €988 (+26.6%), from €3,715 to €4,704
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 | €476,516 | €467,571 | -€8,945 | -1.9% |
| Fixed assets | 21/28 | €349,296 | €312,761 | -€36,535 | -10.5% |
| Tangible fixed assets | 22/27 | €349,296 | €312,761 | -€36,535 | -10.5% |
| Land and buildings | 22 | €315,094 | €288,566 | -€26,529 | -8.4% |
| Plant, machinery and equipment | 23 | €7,316 | €5,462 | -€1,853 | -25.3% |
| Furniture and vehicles | 24 | €4,826 | €3,488 | -€1,338 | -27.7% |
| Leasing and similar rights | 25 | €15,075 | €8,758 | -€6,317 | -41.9% |
| Other tangible fixed assets | 26 | €6,985 | €6,487 | -€498 | -7.1% |
| Current assets | 29/58 | €127,220 | €154,810 | +€27,590 | +21.7% |
| Amounts receivable within one year | 40/41 | €33,967 | €58,759 | +€24,792 | +73.0% |
| Trade receivables | 40 | €29,112 | €57,444 | +€28,332 | +97.3% |
| Other amounts receivable | 41 | €4,855 | €1,315 | -€3,540 | -72.9% |
| Cash at bank and in hand | 54/58 | €93,121 | €96,051 | +€2,930 | +3.1% |
| Deferred charges and accrued income | 490/1 | €132 | €0 | -€132 | -100.0% |
| Total equity and liabilities | 10/49 | €476,516 | €467,571 | -€8,945 | -1.9% |
| Equity | 10/15 | €57,662 | €68,461 | +€10,799 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,062 | €49,861 | +€10,799 | +27.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €39,062 | €49,861 | +€10,799 | +27.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €418,854 | €399,110 | -€19,744 | -4.7% |
| Amounts payable after more than one year | 17 | €314,299 | €287,894 | -€26,405 | -8.4% |
| Financial debts | 170/4 | €314,299 | €287,894 | -€26,405 | -8.4% |
| Amounts payable within one year | 42/48 | €104,555 | €111,216 | +€6,661 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €25,706 | €26,405 | +€699 | +2.7% |
| Trade debts | 44 | €4,573 | €10,473 | +€5,901 | +129.0% |
| Suppliers | 440/4 | €4,573 | €10,473 | +€5,901 | +129.0% |
| Advances received on contracts in progress | 46 | €2,694 | €2,668 | -€26 | -1.0% |
| Taxes, remuneration and social security | 45 | €763 | €1,730 | +€967 | +126.8% |
| Taxes | 450/3 | €763 | €480 | -€283 | -37.1% |
| Remuneration and social security | 454/9 | - | €1,250 | +€1,250 | |
| Other amounts payable | 47/48 | €70,820 | €69,940 | -€880 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,498 | €36,535 | +€1,037 | +2.9% |
| Other operating charges | 640/8 | €3,714 | €1,550 | -€2,164 | -58.3% |
| Gross operating margin | 9900 | €63,099 | €64,432 | +€1,332 | +2.1% |
| Operating profit (loss) | 9901 | €23,887 | €26,347 | +€2,459 | +10.3% |
| Financial income | 75/76B | €643 | €302 | -€341 | -53.1% |
| Recurring financial income | 75 | €643 | €302 | -€341 | -53.1% |
| Financial charges | 65/66B | €10,520 | €9,479 | -€1,041 | -9.9% |
| Recurring financial charges | 65 | €10,520 | €9,479 | -€1,041 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €14,010 | €17,169 | +€3,159 | +22.5% |
| Income taxes | 67/77 | €3,715 | €4,704 | +€988 | +26.6% |
| Profit (loss) for the period | 9904 | €10,295 | €12,465 | +€2,171 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,295 | €12,465 | +€2,171 | +21.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.