P.RO.JECT+: 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.
P.RO.JECT+
Largest movements
- Cash -€274,322
down €274,322 (-68.6%), from €400,097 to €125,775
mainly Contributions, distributions and other (-€450,000) and Tax, wage and social debts (-€8,125)
- Receivables within one year -€13,203
down €13,203 (-9.2%), from €143,412 to €130,209
of which Other amounts receivable: -€27,483
- Reserves -€284,173
down €284,173 (-59.6%), from €476,438 to €192,265
- Tax, wage and social debts -€8,125
down €8,125 (-9.7%), from €83,936 to €75,811
- Gross operating margin -€26,595
down €26,595 (-10.4%), from €254,533 to €227,938
- Taxes -€6,328
down €6,328 (-10.7%), from €58,948 to €52,620
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 | €571,070 | €274,764 | -€296,305 | -51.9% |
| Fixed assets | 21/28 | €23,547 | €17,866 | -€5,680 | -24.1% |
| Tangible fixed assets | 22/27 | €22,737 | €17,056 | -€5,680 | -25.0% |
| Furniture and vehicles | 24 | €22,737 | €17,056 | -€5,680 | -25.0% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €547,523 | €256,898 | -€290,625 | -53.1% |
| Amounts receivable within one year | 40/41 | €143,412 | €130,209 | -€13,203 | -9.2% |
| Trade receivables | 40 | €83,412 | €97,692 | +€14,280 | +17.1% |
| Other amounts receivable | 41 | €60,000 | €32,517 | -€27,483 | -45.8% |
| Cash at bank and in hand | 54/58 | €400,097 | €125,775 | -€274,322 | -68.6% |
| Deferred charges and accrued income | 490/1 | €4,015 | €915 | -€3,100 | -77.2% |
| Total equity and liabilities | 10/49 | €571,070 | €274,764 | -€296,305 | -51.9% |
| Equity | 10/15 | €481,438 | €197,265 | -€284,173 | -59.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €476,438 | €192,265 | -€284,173 | -59.6% |
| Distributable reserves | 133 | €476,438 | €192,265 | -€284,173 | -59.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €89,632 | €77,500 | -€12,132 | -13.5% |
| Amounts payable within one year | 42/48 | €89,632 | €77,500 | -€12,132 | -13.5% |
| Trade debts | 44 | €2,480 | €1,689 | -€792 | -31.9% |
| Suppliers | 440/4 | €2,480 | €1,689 | -€792 | -31.9% |
| Taxes, remuneration and social security | 45 | €83,936 | €75,811 | -€8,125 | -9.7% |
| Taxes | 450/3 | €83,936 | €75,811 | -€8,125 | -9.7% |
| Other amounts payable | 47/48 | €3,216 | €0 | -€3,216 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,665 | €5,680 | +€16 | +0.3% |
| Other operating charges | 640/8 | €2,116 | €1,430 | -€686 | -32.4% |
| Gross operating margin | 9900 | €254,533 | €227,938 | -€26,595 | -10.4% |
| Operating profit (loss) | 9901 | €246,752 | €220,828 | -€25,924 | -10.5% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €2,684 | €2,381 | -€303 | -11.3% |
| Recurring financial charges | 65 | €2,684 | €2,381 | -€303 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €244,073 | €218,447 | -€25,626 | -10.5% |
| Income taxes | 67/77 | €58,948 | €52,620 | -€6,328 | -10.7% |
| Profit (loss) for the period | 9904 | €185,125 | €165,827 | -€19,298 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €185,125 | €165,827 | -€19,298 | -10.4% |
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 14 October 2026 via checked.be.