PROJECO: 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.
What changed
PROJECO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,893
2024 · €26,291-€20,398
Equity
€833,438
2024 · €832,727+€712
Cash
€13,878
2024 · €19,078-€5,200
Balance sheet total
€3.6m
2024 · €3.7m-€160,877
Largest movements
Assets
- Tangible fixed assets -€134,043
down €134,043 (-4.6%), from €2.9m to €2.8m
Equity and liabilities
- Debts after one year -€143,814
down €143,814 (-5.6%), from €2.6m to €2.4m
of which Financial debts: -€116,746
Income statement
- Gross operating margin -€38,037
down €38,037 (-15.2%), from €250,054 to €212,017
- Other operating charges -€8,597
down €8,597 (-27.1%), from €31,766 to €23,169
- Taxes -€6,791
down €6,791 (-27.8%), from €24,385 to €17,594
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.
Result 2024
€26,291
Gross operating margin
-€38,037
Depreciation
+€1,249
Other operating charges
+€8,597
Financial charges
+€2,250
Taxes
+€6,791
Deferred taxes and other
-€1,248
Result 2025
€5,893
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.
From operations
+€140,618
Investment
€0
Financing
-€145,817
Cash 2024
€19,078
From operations (derived)
+€140,618
Net result for the year
+€5,893
Depreciation
+€134,043
Receivables after one year
+€26,391
Deferred charges and accrued income
-€4,756
Provisions
-€20,704
Trade debts
-€4,894
Tax, wage and social debts
+€5,801
Other debts
-€1,156
Financing
-€145,817
Debts after one year
-€143,814
Current portion of long-term debt
+€3,179
Contributions, distributions and other
-€5,181
Cash 2025
€13,878
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,732,622 | €3,571,745 | -€160,877 | -4.3% |
| Fixed assets | 21/28 | €2,900,924 | €2,766,881 | -€134,043 | -4.6% |
| Tangible fixed assets | 22/27 | €2,892,654 | €2,758,611 | -€134,043 | -4.6% |
| Land and buildings | 22 | €2,892,654 | €2,758,611 | -€134,043 | -4.6% |
| Financial fixed assets | 28 | €8,270 | €8,270 | = | 0.0% |
| Current assets | 29/58 | €831,699 | €804,864 | -€26,834 | -3.2% |
| Amounts receivable after more than one year | 29 | €746,170 | €719,780 | -€26,391 | -3.5% |
| Trade receivables | 290 | €545,000 | €515,000 | -€30,000 | -5.5% |
| Other amounts receivable | 291 | €201,170 | €204,780 | +€3,609 | +1.8% |
| Current investments | 50/53 | €266 | €266 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,078 | €13,878 | -€5,200 | -27.3% |
| Deferred charges and accrued income | 490/1 | €66,185 | €70,941 | +€4,756 | +7.2% |
| Total equity and liabilities | 10/49 | €3,732,622 | €3,571,745 | -€160,877 | -4.3% |
| Equity | 10/15 | €832,727 | €833,438 | +€712 | +0.1% |
| Contributions | 10/11 | €433,814 | €433,814 | = | 0.0% |
| Capital | 10 | €433,814 | €433,814 | = | 0.0% |
| Issued capital | 100 | €433,814 | €433,814 | = | 0.0% |
| Reserves | 13 | €487,683 | €452,207 | -€35,475 | -7.3% |
| Non-distributable reserves | 130/1 | €124 | €124 | = | 0.0% |
| Legal reserve | 130 | €124 | €124 | = | 0.0% |
| Tax-exempt reserves | 132 | €416,071 | €380,596 | -€35,475 | -8.5% |
| Distributable reserves | 133 | €71,487 | €71,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,769 | -€52,582 | +€36,187 | +40.8% |
| Provisions and deferred taxes | 16 | €147,569 | €126,865 | -€20,704 | -14.0% |
| Deferred taxes | 168 | €147,569 | €126,865 | -€20,704 | -14.0% |
| Amounts payable | 17/49 | €2,752,326 | €2,611,441 | -€140,885 | -5.1% |
| Amounts payable after more than one year | 17 | €2,574,950 | €2,431,136 | -€143,814 | -5.6% |
| Financial debts | 170/4 | €1,308,789 | €1,192,043 | -€116,746 | -8.9% |
| Other amounts payable | 178/9 | €1,266,161 | €1,239,092 | -€27,069 | -2.1% |
| Amounts payable within one year | 42/48 | €177,376 | €180,306 | +€2,930 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €113,567 | €116,746 | +€3,179 | +2.8% |
| Trade debts | 44 | €7,140 | €2,246 | -€4,894 | -68.5% |
| Suppliers | 440/4 | €7,140 | €2,246 | -€4,894 | -68.5% |
| Taxes, remuneration and social security | 45 | €47,225 | €53,026 | +€5,801 | +12.3% |
| Taxes | 450/3 | €47,225 | €53,026 | +€5,801 | +12.3% |
| Other amounts payable | 47/48 | €9,444 | €8,288 | -€1,156 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,292 | €134,043 | -€1,249 | -0.9% |
| Other operating charges | 640/8 | €31,766 | €23,169 | -€8,597 | -27.1% |
| Gross operating margin | 9900 | €250,054 | €212,017 | -€38,037 | -15.2% |
| Operating profit (loss) | 9901 | €82,996 | €54,805 | -€28,191 | -34.0% |
| Financial income | 75/76B | €15,000 | €15,000 | = | 0.0% |
| Recurring financial income | 75 | €15,000 | €15,000 | = | 0.0% |
| Financial charges | 65/66B | €62,613 | €60,363 | -€2,250 | -3.6% |
| Recurring financial charges | 65 | €62,613 | €60,363 | -€2,250 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €35,383 | €9,442 | -€25,941 | -73.3% |
| Transfer from deferred taxes | 780 | €15,293 | €14,045 | -€1,248 | -8.2% |
| Income taxes | 67/77 | €24,385 | €17,594 | -€6,791 | -27.8% |
| Profit (loss) for the period | 9904 | €26,291 | €5,893 | -€20,398 | -77.6% |
| Transfer from tax-exempt reserves | 789 | €42,905 | €42,135 | -€770 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,196 | €48,027 | -€21,168 | -30.6% |
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 5 October 2026 via checked.be.