Plus Project: 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.
Plus Project
Largest movements
- Stocks and contracts +€248,850
up €248,850 (+11.6%), from €2.1m to €2.4m
- Cash +€140,510
up €140,510 (+2776.9%), from €5,060 to €145,570
mainly Trade debts (+€203,925) and Short-term financial debts (+€199,968)
- Trade debts +€203,925
up €203,925 (+41.3%), from €493,548 to €697,473
- Short-term financial debts +€199,968
up €199,968 (+29.2%), from €685,858 to €885,826
- Debts after one year -€107,625
down €107,625 (-10.5%), from €1.0m to €916,478
of which Financial debts: -€107,625
- Other debts +€90,679
up €90,679 (+13.1%), from €691,151 to €781,830
- Gross operating margin -€29,382
down €29,382 (-12.3%), from €239,444 to €210,062
- Financial charges -€16,237
down €16,237 (-13.6%), from €119,188 to €102,951
- Depreciation -€3,867
down €3,867 (-8.1%), from €47,832 to €43,965
- Taxes -€2,485
down €2,485 (-15.4%), from €16,146 to €13,661
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 | €3,513,993 | €3,883,082 | +€369,089 | +10.5% |
| Fixed assets | 21/28 | €1,331,417 | €1,331,452 | +€35 | 0.0% |
| Tangible fixed assets | 22/27 | €1,331,417 | €1,331,452 | +€35 | 0.0% |
| Land and buildings | 22 | €1,329,211 | €1,329,777 | +€566 | 0.0% |
| Furniture and vehicles | 24 | €2,206 | €1,675 | -€531 | -24.1% |
| Current assets | 29/58 | €2,182,576 | €2,551,630 | +€369,054 | +16.9% |
| Stocks and contracts in progress | 3 | €2,143,080 | €2,391,930 | +€248,850 | +11.6% |
| Stocks | 30/36 | €2,143,080 | €2,391,930 | +€248,850 | +11.6% |
| Amounts receivable within one year | 40/41 | €16,971 | €9,550 | -€7,421 | -43.7% |
| Trade receivables | 40 | €16,971 | €8,195 | -€8,776 | -51.7% |
| Other amounts receivable | 41 | - | €1,355 | +€1,355 | |
| Cash at bank and in hand | 54/58 | €5,060 | €145,570 | +€140,510 | +2776.9% |
| Deferred charges and accrued income | 490/1 | €17,465 | €4,581 | -€12,884 | -73.8% |
| Total equity and liabilities | 10/49 | €3,513,993 | €3,883,082 | +€369,089 | +10.5% |
| Equity | 10/15 | €510,593 | €484,683 | -€25,910 | -5.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €490,593 | €464,683 | -€25,910 | -5.3% |
| Distributable reserves | 133 | €490,593 | €464,683 | -€25,910 | -5.3% |
| Amounts payable | 17/49 | €3,003,400 | €3,398,400 | +€394,999 | +13.2% |
| Amounts payable after more than one year | 17 | €1,024,103 | €916,478 | -€107,625 | -10.5% |
| Financial debts | 170/4 | €811,830 | €704,205 | -€107,625 | -13.3% |
| Other amounts payable | 178/9 | €212,273 | €212,273 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,977,562 | €2,474,141 | +€496,579 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €104,083 | €107,625 | +€3,542 | +3.4% |
| Financial debts | 43 | €685,858 | €885,826 | +€199,968 | +29.2% |
| Credit institutions | 430/8 | €685,858 | €885,826 | +€199,968 | +29.2% |
| Trade debts | 44 | €493,548 | €697,473 | +€203,925 | +41.3% |
| Suppliers | 440/4 | €493,548 | €697,473 | +€203,925 | +41.3% |
| Taxes, remuneration and social security | 45 | €2,923 | €1,388 | -€1,536 | -52.5% |
| Taxes | 450/3 | €2,923 | €1,388 | -€1,536 | -52.5% |
| Other amounts payable | 47/48 | €691,151 | €781,830 | +€90,679 | +13.1% |
| Accrued charges and deferred income | 492/3 | €1,735 | €7,780 | +€6,045 | +348.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,832 | €43,965 | -€3,867 | -8.1% |
| Other operating charges | 640/8 | €15,199 | €14,997 | -€202 | -1.3% |
| Gross operating margin | 9900 | €239,444 | €210,062 | -€29,382 | -12.3% |
| Operating profit (loss) | 9901 | €176,413 | €151,099 | -€25,314 | -14.3% |
| Financial charges | 65/66B | €119,188 | €102,951 | -€16,237 | -13.6% |
| Recurring financial charges | 65 | €119,188 | €102,951 | -€16,237 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €57,225 | €48,149 | -€9,076 | -15.9% |
| Income taxes | 67/77 | €16,146 | €13,661 | -€2,485 | -15.4% |
| Profit (loss) for the period | 9904 | €41,079 | €34,488 | -€6,591 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,079 | €34,488 | -€6,591 | -16.0% |
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 6 October 2026 via checked.be.