Proj3ctS: 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.
Proj3ctS
Largest movements
- Cash -€203,590
down €203,590 (-59.8%), from €340,257 to €136,667
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€52,461)
- Tangible fixed assets +€22,322
up €22,322 (+28.4%), from €78,690 to €101,012
of which Furniture and vehicles: +€23,858
- Receivables after one year -€17,317
down €17,317 (-45.3%), from €38,215 to €20,898
- Receivables within one year -€13,829
down €13,829 (-32.4%), from €42,728 to €28,899
of which Trade receivables: -€20,576
- Financial fixed assets +€10,000
up €10,000 (+66.7%), from €15,000 to €25,000
- Reserves -€135,653
down €135,653 (-29.1%), from €466,139 to €330,486
of which Distributable reserves: -€135,653
- Debts after one year -€50,000
no longer reported in 2025 (was €50,000)
- Tax, wage and social debts -€11,368
down €11,368 (-81.5%), from €13,945 to €2,577
- Trade debts -€7,474
down €7,474 (-67.5%), from €11,077 to €3,603
- Gross operating margin -€44,924
down €44,924 (-28.5%), from €157,518 to €112,594
- Taxes -€14,444
down €14,444 (-46.8%), from €30,836 to €16,392
- Depreciation +€11,194
up €11,194 (+125.1%), from €8,945 to €20,139
- Financial income -€2,747
down €2,747 (-64.8%), from €4,241 to €1,494
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 | €592,552 | €389,580 | -€202,972 | -34.3% |
| Fixed assets | 21/28 | €93,690 | €126,012 | +€32,322 | +34.5% |
| Tangible fixed assets | 22/27 | €78,690 | €101,012 | +€22,322 | +28.4% |
| Land and buildings | 22 | €47,857 | €44,551 | -€3,306 | -6.9% |
| Plant, machinery and equipment | 23 | €10,691 | €16,715 | +€6,024 | +56.3% |
| Furniture and vehicles | 24 | €1,666 | €25,524 | +€23,858 | +1432.1% |
| Other tangible fixed assets | 26 | €18,476 | €14,222 | -€4,254 | -23.0% |
| Financial fixed assets | 28 | €15,000 | €25,000 | +€10,000 | +66.7% |
| Current assets | 29/58 | €498,862 | €263,568 | -€235,294 | -47.2% |
| Amounts receivable after more than one year | 29 | €38,215 | €20,898 | -€17,317 | -45.3% |
| Other amounts receivable | 291 | €38,215 | €20,898 | -€17,317 | -45.3% |
| Amounts receivable within one year | 40/41 | €42,728 | €28,899 | -€13,829 | -32.4% |
| Trade receivables | 40 | €26,808 | €6,232 | -€20,576 | -76.8% |
| Other amounts receivable | 41 | €15,920 | €22,667 | +€6,747 | +42.4% |
| Current investments | 50/53 | €74,910 | €74,910 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €340,257 | €136,667 | -€203,590 | -59.8% |
| Deferred charges and accrued income | 490/1 | €2,752 | €2,194 | -€558 | -20.3% |
| Total equity and liabilities | 10/49 | €592,552 | €389,580 | -€202,972 | -34.3% |
| Equity | 10/15 | €516,139 | €380,486 | -€135,653 | -26.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €466,139 | €330,486 | -€135,653 | -29.1% |
| Tax-exempt reserves | 132 | €1,941 | €1,941 | = | 0.0% |
| Distributable reserves | 133 | €464,198 | €328,545 | -€135,653 | -29.2% |
| Amounts payable | 17/49 | €76,413 | €9,094 | -€67,319 | -88.1% |
| Amounts payable after more than one year | 17 | €50,000 | - | -€50,000 | |
| Financial debts | 170/4 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €25,513 | €7,574 | -€17,939 | -70.3% |
| Financial debts | 43 | €268 | €449 | +€181 | +67.5% |
| Credit institutions | 430/8 | €268 | €449 | +€181 | +67.5% |
| Trade debts | 44 | €11,077 | €3,603 | -€7,474 | -67.5% |
| Suppliers | 440/4 | €11,077 | €3,603 | -€7,474 | -67.5% |
| Taxes, remuneration and social security | 45 | €13,945 | €2,577 | -€11,368 | -81.5% |
| Taxes | 450/3 | €13,945 | €2,577 | -€11,368 | -81.5% |
| Other amounts payable | 47/48 | €223 | €945 | +€722 | +323.8% |
| Accrued charges and deferred income | 492/3 | €900 | €1,520 | +€620 | +68.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,945 | €20,139 | +€11,194 | +125.1% |
| Other operating charges | 640/8 | €1,342 | €1,566 | +€224 | +16.7% |
| Gross operating margin | 9900 | €157,518 | €112,594 | -€44,924 | -28.5% |
| Operating profit (loss) | 9901 | €147,231 | €90,889 | -€56,342 | -38.3% |
| Financial income | 75/76B | €4,241 | €1,494 | -€2,747 | -64.8% |
| Recurring financial income | 75 | €4,241 | €1,494 | -€2,747 | -64.8% |
| Financial charges | 65/66B | €12,345 | €11,644 | -€701 | -5.7% |
| Recurring financial charges | 65 | €12,345 | €11,644 | -€701 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €139,127 | €80,739 | -€58,388 | -42.0% |
| Income taxes | 67/77 | €30,836 | €16,392 | -€14,444 | -46.8% |
| Profit (loss) for the period | 9904 | €108,291 | €64,347 | -€43,944 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €108,291 | €64,347 | -€43,944 | -40.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.