PRO-JECTS: 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.
PRO-JECTS
Largest movements
- Stocks and contracts +€105,531
up €105,531 (+204%), from €51,662 to €157,194
- Cash -€61,666
down €61,666 (-70.6%), from €87,393 to €25,727
mainly Stocks and contracts (-€105,531) and Other debts (-€52,953)
- Receivables within one year -€35,374
down €35,374 (-49.0%), from €72,255 to €36,880
of which Other amounts receivable: -€26,469
- Tangible fixed assets -€18,833
down €18,833 (-6.9%), from €272,603 to €253,771
of which Land and buildings: -€10,888
- Other debts -€52,953
down €52,953 (-42.3%), from €125,205 to €72,252
- Short-term financial debts +€31,271
up €31,271 (+74.0%), from €42,253 to €73,524
of which Credit institutions: +€56,381
- Reserves +€12,088
up €12,088 (+10.8%), from €111,439 to €123,526
- Debts after one year -€10,362
down €10,362 (-6.9%), from €149,965 to €139,604
- Trade debts +€6,591
up €6,591 (+35.7%), from €18,459 to €25,050
- Gross operating margin -€133,387
down €133,387 (-73.9%), from €180,598 to €47,212
- Depreciation -€54,263
down €54,263 (-74.2%), from €73,096 to €18,833
- Financial income -€37,557
down €37,557 (-87.6%), from €42,888 to €5,331
of which Non-recurring financial income: -€42,500
- Taxes -€25,660
down €25,660 (-84.3%), from €30,427 to €4,767
- Financial charges -€22,761
down €22,761 (-65.2%), from €34,932 to €12,171
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 | €488,574 | €475,898 | -€12,676 | -2.6% |
| Fixed assets | 21/28 | €272,603 | €253,771 | -€18,833 | -6.9% |
| Tangible fixed assets | 22/27 | €272,603 | €253,771 | -€18,833 | -6.9% |
| Land and buildings | 22 | €259,546 | €248,658 | -€10,888 | -4.2% |
| Plant, machinery and equipment | 23 | €5,011 | €3,331 | -€1,681 | -33.5% |
| Furniture and vehicles | 24 | €8,046 | €1,782 | -€6,264 | -77.9% |
| Current assets | 29/58 | €215,971 | €222,127 | +€6,157 | +2.9% |
| Stocks and contracts in progress | 3 | €51,662 | €157,194 | +€105,531 | +204% |
| Stocks | 30/36 | €51,662 | €157,194 | +€105,531 | +204% |
| Amounts receivable within one year | 40/41 | €72,255 | €36,880 | -€35,374 | -49.0% |
| Trade receivables | 40 | €28,864 | €19,959 | -€8,905 | -30.9% |
| Other amounts receivable | 41 | €43,391 | €16,922 | -€26,469 | -61.0% |
| Cash at bank and in hand | 54/58 | €87,393 | €25,727 | -€61,666 | -70.6% |
| Deferred charges and accrued income | 490/1 | €4,661 | €2,327 | -€2,334 | -50.1% |
| Total equity and liabilities | 10/49 | €488,574 | €475,898 | -€12,676 | -2.6% |
| Equity | 10/15 | €134,911 | €146,999 | +€12,088 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,439 | €123,526 | +€12,088 | +10.8% |
| Distributable reserves | 133 | €111,439 | €123,526 | +€12,088 | +10.8% |
| Profit (loss) carried forward | 14 | €4,872 | €4,872 | = | 0.0% |
| Amounts payable | 17/49 | €353,663 | €328,900 | -€24,764 | -7.0% |
| Amounts payable after more than one year | 17 | €149,965 | €139,604 | -€10,362 | -6.9% |
| Financial debts | 170/4 | €149,965 | €139,604 | -€10,362 | -6.9% |
| Amounts payable within one year | 42/48 | €201,298 | €181,737 | -€19,561 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €14,754 | €10,362 | -€4,393 | -29.8% |
| Financial debts | 43 | €42,253 | €73,524 | +€31,271 | +74.0% |
| Credit institutions | 430/8 | €435 | €56,816 | +€56,381 | +12,953% |
| Other loans | 439 | €41,817 | €16,708 | -€25,110 | -60.0% |
| Trade debts | 44 | €18,459 | €25,050 | +€6,591 | +35.7% |
| Suppliers | 440/4 | €18,459 | €25,050 | +€6,591 | +35.7% |
| Taxes, remuneration and social security | 45 | €628 | €549 | -€78 | -12.4% |
| Taxes | 450/3 | €628 | €549 | -€78 | -12.4% |
| Other amounts payable | 47/48 | €125,205 | €72,252 | -€52,953 | -42.3% |
| Accrued charges and deferred income | 492/3 | €2,400 | €7,559 | +€5,159 | +215% |
| Non-recurring operating income | 76A | €244,284 | €1,000 | -€243,284 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,096 | €18,833 | -€54,263 | -74.2% |
| Other operating charges | 640/8 | €5,454 | €3,852 | -€1,602 | -29.4% |
| Gross operating margin | 9900 | €180,598 | €47,212 | -€133,387 | -73.9% |
| Operating profit (loss) | 9901 | €102,049 | €24,527 | -€77,521 | -76.0% |
| Financial income | 75/76B | €42,888 | €5,331 | -€37,557 | -87.6% |
| Recurring financial income | 75 | €388 | €5,331 | +€4,943 | +1,273% |
| Non-recurring financial income | 76B | €42,500 | - | -€42,500 | |
| Financial charges | 65/66B | €34,932 | €12,171 | -€22,761 | -65.2% |
| Recurring financial charges | 65 | €34,932 | €12,171 | -€22,761 | -65.2% |
| Profit (loss) for the period before taxes | 9903 | €110,005 | €17,688 | -€92,317 | -83.9% |
| Income taxes | 67/77 | €30,427 | €4,767 | -€25,660 | -84.3% |
| Profit (loss) for the period | 9904 | €79,578 | €12,921 | -€66,658 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,578 | €12,921 | -€66,658 | -83.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.