PROJECT 0: 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
PROJECT 0
NACE 46.643, Wholesale of electrical equipment, including installation materials
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€86,178
31-12-2024 · -€274,369+€360,548
Equity
€4.9m
31-12-2024 · €4.8m+€86,178
Cash
€457,180
31-12-2024 · €957,677-€500,497
Balance sheet total
€8.1m
31-12-2024 · €7.7m+€392,007
Largest movements
Assets
- Receivables within one year +€815,610
up €815,610 (+53.4%), from €1.5m to €2.3m
of which Trade receivables: +€1.1m
- Cash -€500,497
down €500,497 (-52.3%), from €957,677 to €457,180
mainly Receivables within one year (-€815,610) and Short-term financial debts (-€800,000)
- Stocks and contracts +€352,942
up €352,942 (+7.7%), from €4.6m to €4.9m
- Tangible fixed assets -€243,163
down €243,163 (-47.7%), from €509,762 to €266,598
of which Land and buildings: -€232,487
Equity and liabilities
- Short-term financial debts -€800,000
down €800,000 (-80.0%), from €1.0m to €200,000
- Trade debts +€635,826
up €635,826 (+51.9%), from €1.2m to €1.9m
- Other debts +€500,000
up €500,000, from €0 to €500,000
- Debts after one year -€241,454
down €241,454 (-93.3%), from €258,838 to €17,384
- Accrued charges and deferred income +€173,332
up €173,332 (+2094.6%), from €8,275 to €181,607
Income statement
- Turnover +€3.5m
up €3.5m (+21.4%), from €16.6m to €20.1m
- Goods and materials +€3.0m
up €3.0m (+20.0%), from €14.8m to €17.8m
of which Purchases: +€5.6m
- Services and other goods +€437,491
up €437,491 (+35.3%), from €1.2m to €1.7m
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
-€274,369
Turnover
+€3.5m
Other operating income
+€28,077
Goods and materials
-€3.0m
Services and other goods
-€437,491
Staff costs
-€22,924
Depreciation
-€7,018
Write-downs
-€25,776
Other operating charges
-€2,032
Other operating items
+€260,339
Financial income
-€25,385
Financial charges
+€17,298
Taxes
-€128
Result 31-12-2025
€86,178
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€561,858
Investment
+€117,851
Financing
-€1.2m
Cash 31-12-2024
€957,677
From operations (derived)
+€561,858
Net result for the year
+€86,178
Depreciation
+€90,063
Stocks and contracts
-€352,942
Receivables within one year
-€815,610
Deferred charges and accrued income
+€68,133
Trade debts
+€635,826
Tax, wage and social debts
+€59,761
Advances received
+€117,116
Other debts
+€500,000
Accrued charges and deferred income
+€173,332
Investment (derived)
+€117,851
Investment in fixed assets (net)
+€117,851
Financing
-€1.2m
Debts after one year
-€241,454
Current portion of long-term debt
-€138,752
Short-term financial debts
-€800,000
Cash 31-12-2025
€457,180
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,682,205 | €8,074,212 | +€392,007 | +5.1% |
| Fixed assets | 21/28 | €552,424 | €344,510 | -€207,914 | -37.6% |
| Intangible fixed assets | 21 | €42,587 | €31,661 | -€10,926 | -25.7% |
| Tangible fixed assets | 22/27 | €509,762 | €266,598 | -€243,163 | -47.7% |
| Land and buildings | 22 | €232,487 | €0 | -€232,487 | -100.0% |
| Plant, machinery and equipment | 23 | €157,009 | €164,103 | +€7,093 | +4.5% |
| Furniture and vehicles | 24 | €55,967 | €37,354 | -€18,613 | -33.3% |
| Leasing and similar rights | 25 | €47,438 | €31,623 | -€15,815 | -33.3% |
| Other tangible fixed assets | 26 | €16,860 | €33,519 | +€16,659 | +98.8% |
| Financial fixed assets | 28 | €75 | €46,250 | +€46,175 | +61566.7% |
| Other financial fixed assets | 284/8 | €75 | €46,250 | +€46,175 | +61566.7% |
| Amounts receivable and cash guarantees | 285/8 | €75 | €46,250 | +€46,175 | +61566.7% |
| Current assets | 29/58 | €7,129,781 | €7,729,702 | +€599,921 | +8.4% |
| Stocks and contracts in progress | 3 | €4,569,327 | €4,922,269 | +€352,942 | +7.7% |
| Stocks | 30/36 | €4,569,327 | €4,922,269 | +€352,942 | +7.7% |
| Goods purchased for resale | 34 | €4,344,232 | €4,745,854 | +€401,623 | +9.2% |
| Advance payments | 36 | €225,096 | €176,415 | -€48,681 | -21.6% |
| Amounts receivable within one year | 40/41 | €1,525,951 | €2,341,561 | +€815,610 | +53.4% |
| Trade receivables | 40 | €1,213,798 | €2,296,490 | +€1.1m | +89.2% |
| Other amounts receivable | 41 | €312,154 | €45,071 | -€267,083 | -85.6% |
| Cash at bank and in hand | 54/58 | €957,677 | €457,180 | -€500,497 | -52.3% |
| Deferred charges and accrued income | 490/1 | €76,825 | €8,692 | -€68,133 | -88.7% |
| Total equity and liabilities | 10/49 | €7,682,205 | €8,074,212 | +€392,007 | +5.1% |
| Equity | 10/15 | €4,837,515 | €4,923,693 | +€86,178 | +1.8% |
| Contributions | 10/11 | €63,600 | €63,600 | = | 0.0% |
| Reserves | 13 | €4,773,915 | €4,860,093 | +€86,178 | +1.8% |
| Distributable reserves | 133 | €4,773,915 | €4,860,093 | +€86,178 | +1.8% |
| Amounts payable | 17/49 | €2,844,690 | €3,150,519 | +€305,829 | +10.8% |
| Amounts payable after more than one year | 17 | €258,838 | €17,384 | -€241,454 | -93.3% |
| Financial debts | 170/4 | €258,838 | €17,384 | -€241,454 | -93.3% |
| Leasing and similar obligations | 172 | €33,794 | €17,384 | -€16,410 | -48.6% |
| Credit institutions | 173 | €225,044 | €0 | -€225,044 | -100.0% |
| Amounts payable within one year | 42/48 | €2,577,576 | €2,951,528 | +€373,951 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €155,162 | €16,410 | -€138,752 | -89.4% |
| Financial debts | 43 | €1,000,000 | €200,000 | -€800,000 | -80.0% |
| Credit institutions | 430/8 | €1,000,000 | €200,000 | -€800,000 | -80.0% |
| Trade debts | 44 | €1,225,205 | €1,861,031 | +€635,826 | +51.9% |
| Suppliers | 440/4 | €1,225,205 | €1,861,031 | +€635,826 | +51.9% |
| Advances received on contracts in progress | 46 | €11,166 | €128,282 | +€117,116 | +1048.8% |
| Taxes, remuneration and social security | 45 | €186,043 | €245,804 | +€59,761 | +32.1% |
| Taxes | 450/3 | €121,766 | €168,253 | +€46,487 | +38.2% |
| Remuneration and social security | 454/9 | €64,278 | €77,551 | +€13,274 | +20.7% |
| Other amounts payable | 47/48 | €0 | €500,000 | +€500,000 | |
| Accrued charges and deferred income | 492/3 | €8,275 | €181,607 | +€173,332 | +2094.6% |
| Operating income | 70/76A | €16,700,909 | €20,537,158 | +€3.8m | +23.0% |
| Turnover | 70 | €16,596,898 | €20,143,732 | +€3.5m | +21.4% |
| Other operating income | 74 | €15,770 | €43,846 | +€28,077 | +178.0% |
| Non-recurring operating income | 76A | €88,241 | €349,579 | +€261,339 | +296.2% |
| Operating charges | 60/66A | €16,881,817 | €20,349,304 | +€3.5m | +20.5% |
| Goods for resale, raw materials and consumables | 60 | €14,838,108 | €17,809,355 | +€3.0m | +20.0% |
| Purchases | 600/8 | €12,763,388 | €18,356,799 | +€5.6m | +43.8% |
| Change in stocks: decrease (increase) | 609 | €2,074,720 | -€547,443 | -€2.6m | |
| Services and other goods | 61 | €1,238,420 | €1,675,911 | +€437,491 | +35.3% |
| Remuneration, social security and pensions | 62 | €568,349 | €591,272 | +€22,924 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,045 | €90,063 | +€7,018 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €134,094 | €159,869 | +€25,776 | +19.2% |
| Other operating charges | 640/8 | €19,802 | €21,834 | +€2,032 | +10.3% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Operating profit (loss) | 9901 | -€180,909 | €187,853 | +€368,762 | |
| Financial income | 75/76B | €28,417 | €3,032 | -€25,385 | -89.3% |
| Recurring financial income | 75 | €28,417 | €3,032 | -€25,385 | -89.3% |
| Other financial income | 752/9 | €28,417 | €3,032 | -€25,385 | -89.3% |
| Financial charges | 65/66B | €121,091 | €103,793 | -€17,298 | -14.3% |
| Recurring financial charges | 65 | €121,091 | €103,793 | -€17,298 | -14.3% |
| Debt charges | 650 | €98,450 | €24,002 | -€74,447 | -75.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €22,641 | €79,791 | +€57,149 | +252.4% |
| Profit (loss) for the period before taxes | 9903 | -€273,583 | €87,092 | +€360,675 | |
| Income taxes | 67/77 | €786 | €914 | +€128 | +16.2% |
| Taxes | 670/3 | €5,219 | €914 | -€4,305 | -82.5% |
| Tax adjustments and reversals of tax provisions | 77 | €4,432 | €0 | -€4,432 | -100.0% |
| Profit (loss) for the period | 9904 | -€274,369 | €86,178 | +€360,548 | |
| Profit (loss) for the period to be appropriated | 9905 | -€274,369 | €86,178 | +€360,548 |
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.