P4-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.
P4-Projects
Largest movements
- Cash +€67,913
up €67,913 (+47.7%), from €142,514 to €210,427
mainly Other debts (+€114,175) and Net result for the year (+€70,415)
- Tangible fixed assets -€24,668
down €24,668 (-31.5%), from €78,314 to €53,645
of which Furniture and vehicles: -€21,788
- Other debts +€114,175
up €114,175 (+732.5%), from €15,587 to €129,761
- Reserves -€44,498
down €44,498 (-20.1%), from €221,168 to €176,670
of which Tax-exempt reserves: -€142,141
- Contributions -€18,600
down €18,600 (-100.0%), from €18,600 to €0
- Short-term financial debts -€14,500
down €14,500 (-100.0%), from €14,500 to €0
- Tax, wage and social debts +€14,201
up €14,201 (+297.8%), from €4,768 to €18,969
- Gross operating margin +€40,167
up €40,167 (+61.1%), from €65,789 to €105,956
- Taxes -€17,143
down €17,143 (-68.6%), from €24,987 to €7,844
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 | €313,832 | €355,697 | +€41,865 | +13.3% |
| Fixed assets | 21/28 | €168,314 | €143,645 | -€24,668 | -14.7% |
| Tangible fixed assets | 22/27 | €78,314 | €53,645 | -€24,668 | -31.5% |
| Land and buildings | 22 | €6,667 | €4,948 | -€1,719 | -25.8% |
| Plant, machinery and equipment | 23 | €5,335 | €4,175 | -€1,161 | -21.8% |
| Furniture and vehicles | 24 | €66,311 | €44,523 | -€21,788 | -32.9% |
| Financial fixed assets | 28 | €90,000 | €90,000 | = | 0.0% |
| Current assets | 29/58 | €145,518 | €212,051 | +€66,533 | +45.7% |
| Amounts receivable within one year | 40/41 | €2,642 | €1,262 | -€1,380 | -52.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,642 | €1,262 | -€1,380 | -52.2% |
| Cash at bank and in hand | 54/58 | €142,514 | €210,427 | +€67,913 | +47.7% |
| Deferred charges and accrued income | 490/1 | €362 | €362 | = | 0.0% |
| Total equity and liabilities | 10/49 | €313,832 | €355,697 | +€41,865 | +13.3% |
| Equity | 10/15 | €239,768 | €176,670 | -€63,098 | -26.3% |
| Contributions | 10/11 | €18,600 | €0 | -€18,600 | -100.0% |
| Reserves | 13 | €221,168 | €176,670 | -€44,498 | -20.1% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €142,141 | €0 | -€142,141 | -100.0% |
| Distributable reserves | 133 | €79,026 | €174,810 | +€95,784 | +121.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €74,064 | €179,027 | +€104,963 | +141.7% |
| Amounts payable after more than one year | 17 | €26,093 | €14,781 | -€11,312 | -43.4% |
| Financial debts | 170/4 | €26,093 | €14,781 | -€11,312 | -43.4% |
| Amounts payable within one year | 42/48 | €47,971 | €164,246 | +€116,275 | +242.4% |
| Current portion of amounts payable after more than one year | 42 | €10,875 | €11,312 | +€437 | +4.0% |
| Financial debts | 43 | €14,500 | €0 | -€14,500 | -100.0% |
| Other loans | 439 | €14,500 | €0 | -€14,500 | -100.0% |
| Trade debts | 44 | €2,241 | €4,203 | +€1,962 | +87.6% |
| Suppliers | 440/4 | €2,241 | €4,203 | +€1,962 | +87.6% |
| Taxes, remuneration and social security | 45 | €4,768 | €18,969 | +€14,201 | +297.8% |
| Taxes | 450/3 | €4,768 | €18,969 | +€14,201 | +297.8% |
| Other amounts payable | 47/48 | €15,587 | €129,761 | +€114,175 | +732.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,346 | €24,668 | -€677 | -2.7% |
| Other operating charges | 640/8 | €1,592 | €1,341 | -€251 | -15.8% |
| Gross operating margin | 9900 | €65,789 | €105,956 | +€40,167 | +61.1% |
| Operating profit (loss) | 9901 | €38,851 | €79,947 | +€41,096 | +105.8% |
| Financial income | 75/76B | €0 | €2 | +€1 | +275.0% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +275.0% |
| Financial charges | 65/66B | €1,848 | €1,689 | -€158 | -8.6% |
| Recurring financial charges | 65 | €1,848 | €1,689 | -€158 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €37,004 | €78,259 | +€41,255 | +111.5% |
| Income taxes | 67/77 | €24,987 | €7,844 | -€17,143 | -68.6% |
| Profit (loss) for the period | 9904 | €12,017 | €70,415 | +€58,398 | +486.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,017 | €70,415 | +€58,398 | +486.0% |
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 7 October 2026 via checked.be.