PROGETTO: 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.
PROGETTO
Largest movements
- Cash -€113,892
down €113,892 (-72.0%), from €158,195 to €44,303
mainly Debts after one year (-€3.0m) and Other debts (-€110,547)
- Debts after one year -€3.0m
no longer reported in 2025 (was €3.0m)
- Current portion of long-term debt +€3.0m
new in 2025: €3.0m
- Other debts -€110,547
down €110,547 (-66.3%), from €166,634 to €56,087
- Financial income +€26,475
up €26,475 (+251.1%), from €10,545 to €37,020
- Financial charges -€1,416
down €1,416 (-2.6%), from €54,452 to €53,036
- Other operating charges -€1,100
down €1,100 (-61.5%), from €1,789 to €688
- Taxes +€849
up €849 (+89.4%), from €950 to €1,799
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 | €7,411,888 | €7,355,699 | -€56,189 | -0.8% |
| Fixed assets | 21/28 | €7,187,880 | €7,187,880 | = | 0.0% |
| Financial fixed assets | 28 | €7,187,880 | €7,187,880 | = | 0.0% |
| Current assets | 29/58 | €224,008 | €167,819 | -€56,189 | -25.1% |
| Amounts receivable within one year | 40/41 | - | €57,703 | +€57,703 | |
| Trade receivables | 40 | - | €30,250 | +€30,250 | |
| Other amounts receivable | 41 | - | €27,453 | +€27,453 | |
| Current investments | 50/53 | €64,784 | €64,784 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €158,195 | €44,303 | -€113,892 | -72.0% |
| Deferred charges and accrued income | 490/1 | €1,029 | €1,029 | = | 0.0% |
| Total equity and liabilities | 10/49 | €7,411,888 | €7,355,699 | -€56,189 | -0.8% |
| Equity | 10/15 | €4,234,606 | €4,262,350 | +€27,745 | +0.7% |
| Contributions | 10/11 | €1,279,260 | €1,279,260 | = | 0.0% |
| Capital | 10 | €1,279,260 | €1,279,260 | = | 0.0% |
| Issued capital | 100 | €1,279,260 | €1,279,260 | = | 0.0% |
| Reserves | 13 | €127,926 | €127,926 | = | 0.0% |
| Non-distributable reserves | 130/1 | €127,926 | €127,926 | = | 0.0% |
| Legal reserve | 130 | €127,926 | €127,926 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,827,420 | €2,855,164 | +€27,745 | +1.0% |
| Amounts payable | 17/49 | €3,177,283 | €3,093,348 | -€83,934 | -2.6% |
| Amounts payable after more than one year | 17 | €3,000,000 | - | -€3.0m | |
| Financial debts | 170/4 | €3,000,000 | - | -€3.0m | |
| Amounts payable within one year | 42/48 | €177,283 | €3,093,348 | +€2.9m | +1644.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,000,000 | +€3.0m | |
| Trade debts | 44 | - | €20,173 | +€20,173 | |
| Suppliers | 440/4 | - | €20,173 | +€20,173 | |
| Taxes, remuneration and social security | 45 | €10,648 | €17,089 | +€6,441 | +60.5% |
| Taxes | 450/3 | €10,648 | €17,089 | +€6,441 | +60.5% |
| Other amounts payable | 47/48 | €166,634 | €56,087 | -€110,547 | -66.3% |
| Other operating charges | 640/8 | €1,789 | €688 | -€1,100 | -61.5% |
| Gross operating margin | 9900 | €58,825 | €58,249 | -€577 | -1.0% |
| Operating profit (loss) | 9901 | €57,037 | €57,560 | +€524 | +0.9% |
| Financial income | 75/76B | €10,545 | €37,020 | +€26,475 | +251.1% |
| Recurring financial income | 75 | €10,545 | €37,020 | +€26,475 | +251.1% |
| Financial charges | 65/66B | €54,452 | €53,036 | -€1,416 | -2.6% |
| Recurring financial charges | 65 | €54,452 | €53,036 | -€1,416 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €13,129 | €41,544 | +€28,415 | +216.4% |
| Income taxes | 67/77 | €950 | €1,799 | +€849 | +89.4% |
| Profit (loss) for the period | 9904 | €12,179 | €39,745 | +€27,566 | +226.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,179 | €39,745 | +€27,566 | +226.3% |
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.