PROJECT²: 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.
PROJECT²
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-58.4%), from €2.9m to €1.2m
of which Other amounts receivable: -€1.7m
- Financial fixed assets -€1.1m
down €1.1m (-100.0%), from €1.1m to €1
- Stocks and contracts -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Deferred charges and accrued income -€56,573
down €56,573 (-41.1%), from €137,659 to €81,086
- Other debts -€1.9m
down €1.9m (-78.0%), from €2.5m to €547,171
- Profit (loss) carried forward -€629,757
down €629,757 (-18.0%), from -€3.5m to -€4.1m
- Provisions -€390,000
down €390,000 (-100.0%), from €390,000 to €0
- Trade debts -€118,899
down €118,899 (-48.0%), from €247,950 to €129,052
- Gross operating margin -€3.9m
down €3.9m, from €2.0m to -€1.8m
- Write-downs -€3.6m
down €3.6m, from €1.5m to -€2.1m
- Financial charges +€2.8m
up €2.8m (+1750.2%), from €159,114 to €2.9m
of which Non-recurring financial charges: +€2.6m
- Financial income +€1.5m
up €1.5m (+1384.1%), from €111,401 to €1.7m
of which Non-recurring financial income: +€1.5m
- Provisions -€390,000
new in 2024: -€390,000
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,369,508 | €1,289,176 | -€3.1m | -70.5% |
| Fixed assets | 21/28 | €1,120,044 | €1 | -€1.1m | -100.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,120,044 | €1 | -€1.1m | -100.0% |
| Current assets | 29/58 | €3,249,465 | €1,289,175 | -€2.0m | -60.3% |
| Stocks and contracts in progress | 3 | €200,000 | €0 | -€200,000 | -100.0% |
| Stocks | 30/36 | €200,000 | €0 | -€200,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €2,900,270 | €1,205,411 | -€1.7m | -58.4% |
| Trade receivables | 40 | €38,143 | €81,319 | +€43,176 | +113.2% |
| Other amounts receivable | 41 | €2,862,127 | €1,124,092 | -€1.7m | -60.7% |
| Cash at bank and in hand | 54/58 | €11,536 | €2,678 | -€8,858 | -76.8% |
| Deferred charges and accrued income | 490/1 | €137,659 | €81,086 | -€56,573 | -41.1% |
| Total equity and liabilities | 10/49 | €4,369,508 | €1,289,176 | -€3.1m | -70.5% |
| Equity | 10/15 | €1,238,251 | €608,494 | -€629,757 | -50.9% |
| Contributions | 10/11 | €4,700,763 | €4,700,763 | = | 0.0% |
| Capital | 10 | €4,700,763 | €4,700,763 | = | 0.0% |
| Issued capital | 100 | €4,700,763 | €4,700,763 | = | 0.0% |
| Reserves | 13 | €26,635 | €26,635 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,635 | €26,635 | = | 0.0% |
| Legal reserve | 130 | €26,635 | €26,635 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,489,147 | -€4,118,904 | -€629,757 | -18.0% |
| Provisions and deferred taxes | 16 | €390,000 | €0 | -€390,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €390,000 | €0 | -€390,000 | -100.0% |
| Other liabilities and charges | 164/5 | €390,000 | €0 | -€390,000 | -100.0% |
| Amounts payable | 17/49 | €2,741,257 | €680,682 | -€2.1m | -75.2% |
| Amounts payable within one year | 42/48 | €2,733,635 | €680,596 | -€2.1m | -75.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €247,950 | €129,052 | -€118,899 | -48.0% |
| Suppliers | 440/4 | €247,950 | €129,052 | -€118,899 | -48.0% |
| Taxes, remuneration and social security | 45 | - | €4,373 | +€4,373 | |
| Taxes | 450/3 | - | €4,373 | +€4,373 | |
| Other amounts payable | 47/48 | €2,485,684 | €547,171 | -€1.9m | -78.0% |
| Accrued charges and deferred income | 492/3 | €7,622 | €86 | -€7,536 | -98.9% |
| Non-recurring operating income | 76A | €161,208 | €586,571 | +€425,363 | +263.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,437 | €0 | -€31,437 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,470,000 | -€2,100,000 | -€3.6m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€390,000 | -€390,000 | |
| Other operating charges | 640/8 | €28,590 | €244 | -€28,346 | -99.1% |
| Non-recurring operating charges | 66A | €433,860 | €203 | -€433,657 | -100.0% |
| Gross operating margin | 9900 | €2,023,296 | -€1,828,749 | -€3.9m | |
| Operating profit (loss) | 9901 | €59,408 | €660,803 | +€601,395 | +1012.3% |
| Financial income | 75/76B | €111,401 | €1,653,329 | +€1.5m | +1384.1% |
| Recurring financial income | 75 | €111,401 | €118,249 | +€6,848 | +6.1% |
| Non-recurring financial income | 76B | €0 | €1,535,080 | +€1.5m | |
| Financial charges | 65/66B | €159,114 | €2,943,890 | +€2.8m | +1750.2% |
| Recurring financial charges | 65 | €144,114 | €312,336 | +€168,221 | +116.7% |
| Non-recurring financial charges | 66B | €15,000 | €2,631,554 | +€2.6m | +17443.7% |
| Profit (loss) for the period before taxes | 9903 | €11,695 | -€629,757 | -€641,452 | |
| Profit (loss) for the period | 9904 | €11,695 | -€629,757 | -€641,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,695 | -€629,757 | -€641,452 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.