PROJECT+: 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.
PROJECT+
Largest movements
- Receivables within one year +€73,078
up €73,078 (+59.3%), from €123,252 to €196,330
of which Trade receivables: +€76,661
- Stocks and contracts -€38,184
down €38,184 (-100.0%), from €38,184 to €0
- Debts after one year +€45,345
up €45,345, from €0 to €45,345
- Tax, wage and social debts -€22,608
down €22,608 (-53.5%), from €42,270 to €19,662
- Reserves +€12,838
up €12,838 (+95.4%), from €13,461 to €26,299
- Gross operating margin +€42,034
up €42,034, from -€28,256 to €13,778
- Other operating charges -€4,366
down €4,366 (-89.4%), from €4,885 to €520
- Financial charges -€737
down €737 (-63.7%), from €1,157 to €420
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 | €164,954 | €200,535 | +€35,581 | +21.6% |
| Current assets | 29/58 | €164,954 | €200,535 | +€35,581 | +21.6% |
| Stocks and contracts in progress | 3 | €38,184 | €0 | -€38,184 | -100.0% |
| Stocks | 30/36 | €38,184 | €0 | -€38,184 | -100.0% |
| Amounts receivable within one year | 40/41 | €123,252 | €196,330 | +€73,078 | +59.3% |
| Trade receivables | 40 | €119,667 | €196,328 | +€76,661 | +64.1% |
| Other amounts receivable | 41 | €3,586 | €2 | -€3,583 | -99.9% |
| Cash at bank and in hand | 54/58 | €2,995 | €4,163 | +€1,168 | +39.0% |
| Deferred charges and accrued income | 490/1 | €522 | €42 | -€480 | -92.0% |
| Total equity and liabilities | 10/49 | €164,954 | €200,535 | +€35,581 | +21.6% |
| Equity | 10/15 | €19,661 | €32,499 | +€12,838 | +65.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €13,461 | €26,299 | +€12,838 | +95.4% |
| Distributable reserves | 133 | €13,461 | €26,299 | +€12,838 | +95.4% |
| Amounts payable | 17/49 | €145,293 | €168,036 | +€22,743 | +15.7% |
| Amounts payable after more than one year | 17 | €0 | €45,345 | +€45,345 | |
| Other amounts payable | 178/9 | €0 | €45,345 | +€45,345 | |
| Amounts payable within one year | 42/48 | €145,293 | €122,691 | -€22,602 | -15.6% |
| Trade debts | 44 | €25,343 | €25,348 | +€5 | 0.0% |
| Suppliers | 440/4 | €25,343 | €25,348 | +€5 | 0.0% |
| Taxes, remuneration and social security | 45 | €42,270 | €19,662 | -€22,608 | -53.5% |
| Taxes | 450/3 | €42,270 | €19,662 | -€22,608 | -53.5% |
| Other amounts payable | 47/48 | €77,680 | €77,680 | = | 0.0% |
| Other operating charges | 640/8 | €4,885 | €520 | -€4,366 | -89.4% |
| Gross operating margin | 9900 | -€28,256 | €13,778 | +€42,034 | |
| Operating profit (loss) | 9901 | -€33,142 | €13,258 | +€46,400 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,157 | €420 | -€737 | -63.7% |
| Recurring financial charges | 65 | €1,157 | €420 | -€737 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,299 | €12,838 | +€47,136 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€34,299 | €12,838 | +€47,136 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,299 | €12,838 | +€47,136 |
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 6 October 2026 via checked.be.