PRODUCTS AND PROJECTS: 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.
PRODUCTS AND PROJECTS
Largest movements
- Receivables within one year -€6.8m
down €6.8m (-98.2%), from €6.9m to €126,400
of which Trade receivables: -€6.5m
- Cash -€839,652
down €839,652 (-98.8%), from €850,123 to €10,471
mainly Trade debts (-€7.2m) and Accrued charges and deferred income (-€1.1m)
- Deferred charges and accrued income -€444,292
down €444,292 (-70.9%), from €626,433 to €182,141
- Receivables after one year -€173,940
down €173,940 (-35.1%), from €495,177 to €321,237
- Trade debts -€7.2m
down €7.2m (-100%), from €7.2m to €0
- Accrued charges and deferred income -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Financial charges +€314,041
up €314,041 (+186%), from €168,940 to €482,981
- Gross operating margin +€275,705
up €275,705, from -€178,270 to €97,436
- Financial income +€174,954
up €174,954 (+77.2%), from €226,527 to €401,480
- Depreciation -€7,903
down €7,903 (-57.4%), from €13,772 to €5,870
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 | €8,909,095 | €669,960 | -€8.2m | -92.5% |
| Fixed assets | 21/28 | €37,365 | €27,596 | -€9,770 | -26.1% |
| Intangible fixed assets | 21 | €5,000 | €5,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €28,465 | €22,596 | -€5,870 | -20.6% |
| Plant, machinery and equipment | 23 | €1,198 | €501 | -€697 | -58.2% |
| Furniture and vehicles | 24 | €5,417 | €3,613 | -€1,804 | -33.3% |
| Other tangible fixed assets | 26 | €21,850 | €18,481 | -€3,369 | -15.4% |
| Financial fixed assets | 28 | €3,900 | €0 | -€3,900 | -100% |
| Current assets | 29/58 | €8,871,730 | €642,365 | -€8.2m | -92.8% |
| Amounts receivable after more than one year | 29 | €495,177 | €321,237 | -€173,940 | -35.1% |
| Other amounts receivable | 291 | €495,177 | €321,237 | -€173,940 | -35.1% |
| Stocks and contracts in progress | 3 | €2,116 | €2,116 | = | 0.0% |
| Stocks | 30/36 | €2,116 | €2,116 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,897,881 | €126,400 | -€6.8m | -98.2% |
| Trade receivables | 40 | €6,524,128 | €13,754 | -€6.5m | -99.8% |
| Other amounts receivable | 41 | €373,753 | €112,647 | -€261,106 | -69.9% |
| Cash at bank and in hand | 54/58 | €850,123 | €10,471 | -€839,652 | -98.8% |
| Deferred charges and accrued income | 490/1 | €626,433 | €182,141 | -€444,292 | -70.9% |
| Total equity and liabilities | 10/49 | €8,909,095 | €669,960 | -€8.2m | -92.5% |
| Equity | 10/15 | €280,374 | €288,061 | +€7,687 | +2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €410,911 | €410,911 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €409,051 | €409,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,737 | -€129,050 | +€7,687 | +5.6% |
| Amounts payable | 17/49 | €8,628,721 | €381,899 | -€8.2m | -95.6% |
| Amounts payable within one year | 42/48 | €7,520,879 | €381,899 | -€7.1m | -94.9% |
| Financial debts | 43 | - | €38,000 | +€38,000 | |
| Credit institutions | 430/8 | - | €38,000 | +€38,000 | |
| Trade debts | 44 | €7,176,854 | €0 | -€7.2m | -100% |
| Suppliers | 440/4 | €7,176,854 | €0 | -€7.2m | -100% |
| Taxes, remuneration and social security | 45 | €336 | €210 | -€126 | -37.4% |
| Taxes | 450/3 | €336 | €210 | -€126 | -37.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €343,689 | €343,689 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,107,842 | €0 | -€1.1m | -100% |
| Remuneration, social security and pensions | 62 | €168 | €0 | -€168 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,772 | €5,870 | -€7,903 | -57.4% |
| Other operating charges | 640/8 | €1,778 | €2,187 | +€409 | +23.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€178,270 | €97,436 | +€275,705 | |
| Operating profit (loss) | 9901 | -€193,988 | €89,379 | +€283,367 | |
| Financial income | 75/76B | €226,527 | €401,480 | +€174,954 | +77.2% |
| Recurring financial income | 75 | €226,527 | €401,480 | +€174,954 | +77.2% |
| Financial charges | 65/66B | €168,940 | €482,981 | +€314,041 | +186% |
| Recurring financial charges | 65 | €168,940 | €482,981 | +€314,041 | +186% |
| Profit (loss) for the period before taxes | 9903 | -€136,401 | €7,878 | +€144,279 | |
| Income taxes | 67/77 | €336 | €191 | -€145 | -43.1% |
| Profit (loss) for the period | 9904 | -€136,737 | €7,687 | +€144,423 | |
| Profit (loss) for the period to be appropriated | 9905 | -€136,737 | €7,687 | +€144,423 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.