P-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.
P-PROJECTS
Largest movements
- Cash +€38,477
up €38,477 (+65.8%), from €58,465 to €96,942
mainly Net result for the year (+€38,491) and Receivables within one year (+€6,093)
- Receivables within one year -€6,093
down €6,093 (-11.0%), from €55,472 to €49,379
of which Other amounts receivable: -€16,181
- Tangible fixed assets -€4,806
down €4,806 (-17.4%), from €27,631 to €22,825
of which Furniture and vehicles: -€3,249
- Reserves +€38,491
up €38,491 (+37.7%), from €102,001 to €140,492
of which Distributable reserves: +€38,491
- Advances received -€4,020
down €4,020 (-100.0%), from €4,020 to €0
- Tax, wage and social debts -€3,121
down €3,121 (-17.8%), from €17,543 to €14,422
of which Taxes: -€3,121
- Trade debts -€2,873
down €2,873 (-5.8%), from €49,119 to €46,245
- Gross operating margin +€19,276
up €19,276 (+46.3%), from €41,614 to €60,889
- Taxes +€4,889
up €4,889 (+45.3%), from €10,797 to €15,687
- Financial charges -€612
down €612 (-49.4%), from €1,238 to €626
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 | €186,161 | €214,016 | +€27,856 | +15.0% |
| Fixed assets | 21/28 | €27,631 | €22,825 | -€4,806 | -17.4% |
| Tangible fixed assets | 22/27 | €27,631 | €22,825 | -€4,806 | -17.4% |
| Land and buildings | 22 | €11,021 | €9,464 | -€1,557 | -14.1% |
| Furniture and vehicles | 24 | €16,610 | €13,361 | -€3,249 | -19.6% |
| Current assets | 29/58 | €158,529 | €191,192 | +€32,662 | +20.6% |
| Stocks and contracts in progress | 3 | €42,655 | €42,824 | +€168 | +0.4% |
| Stocks | 30/36 | €42,655 | €42,824 | +€168 | +0.4% |
| Amounts receivable within one year | 40/41 | €55,472 | €49,379 | -€6,093 | -11.0% |
| Trade receivables | 40 | €31,710 | €41,798 | +€10,088 | +31.8% |
| Other amounts receivable | 41 | €23,762 | €7,581 | -€16,181 | -68.1% |
| Cash at bank and in hand | 54/58 | €58,465 | €96,942 | +€38,477 | +65.8% |
| Deferred charges and accrued income | 490/1 | €1,937 | €2,047 | +€110 | +5.7% |
| Total equity and liabilities | 10/49 | €186,161 | €214,016 | +€27,856 | +15.0% |
| Equity | 10/15 | €114,401 | €152,892 | +€38,491 | +33.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €102,001 | €140,492 | +€38,491 | +37.7% |
| Tax-exempt reserves | 132 | €3,191 | €3,191 | = | 0.0% |
| Distributable reserves | 133 | €98,810 | €137,301 | +€38,491 | +39.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €71,759 | €61,124 | -€10,635 | -14.8% |
| Amounts payable within one year | 42/48 | €71,360 | €61,124 | -€10,236 | -14.3% |
| Trade debts | 44 | €49,119 | €46,245 | -€2,873 | -5.8% |
| Suppliers | 440/4 | €49,119 | €46,245 | -€2,873 | -5.8% |
| Advances received on contracts in progress | 46 | €4,020 | €0 | -€4,020 | -100.0% |
| Taxes, remuneration and social security | 45 | €17,543 | €14,422 | -€3,121 | -17.8% |
| Taxes | 450/3 | €14,993 | €11,872 | -€3,121 | -20.8% |
| Remuneration and social security | 454/9 | €2,550 | €2,550 | = | 0.0% |
| Other amounts payable | 47/48 | €679 | €457 | -€222 | -32.7% |
| Accrued charges and deferred income | 492/3 | €399 | €0 | -€399 | -100.0% |
| Non-recurring operating income | 76A | €2,715 | €0 | -€2,715 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,724 | €4,806 | +€82 | +1.7% |
| Other operating charges | 640/8 | €1,479 | €1,668 | +€189 | +12.8% |
| Gross operating margin | 9900 | €41,614 | €60,889 | +€19,276 | +46.3% |
| Operating profit (loss) | 9901 | €35,411 | €54,415 | +€19,004 | +53.7% |
| Financial income | 75/76B | €291 | €389 | +€98 | +33.8% |
| Recurring financial income | 75 | €291 | €389 | +€98 | +33.8% |
| Financial charges | 65/66B | €1,238 | €626 | -€612 | -49.4% |
| Recurring financial charges | 65 | €1,238 | €626 | -€612 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €34,464 | €54,178 | +€19,714 | +57.2% |
| Income taxes | 67/77 | €10,797 | €15,687 | +€4,889 | +45.3% |
| Profit (loss) for the period | 9904 | €23,667 | €38,491 | +€14,824 | +62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,667 | €38,491 | +€14,824 | +62.6% |
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 2 October 2026 via checked.be.