PROJECT+: what changed
What changed
PROJECT+
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€68,787
2024 · €2,323-€71,110
Equity
€405,270
2024 · €474,057-€68,787
Cash
€129,722
2024 · €311,808-€182,087
Balance sheet total
€3.7m
2024 · €4.4m-€661,005
Largest movements
Assets
- Stocks and contracts -€885,986
down €885,986 (-27.2%), from €3.3m to €2.4m
of which Contracts in progress: -€952,371
- Receivables within one year +€400,783
up €400,783 (+58.4%), from €686,230 to €1.1m
of which Trade receivables: +€400,783
- Cash -€182,087
down €182,087 (-58.4%), from €311,808 to €129,722
mainly Short-term financial debts (-€835,000) and Receivables within one year (-€400,783)
Equity and liabilities
- Short-term financial debts -€835,000
down €835,000 (-72.2%), from €1.2m to €322,000
- Other debts +€345,702
up €345,702 (+67.2%), from €514,580 to €860,282
- Advances received -€146,949
down €146,949 (-10.1%), from €1.5m to €1.3m
- Profit (loss) carried forward -€68,787
down €68,787 (-47.7%), from €144,057 to €75,270
Income statement
- Gross operating margin -€87,979
down €87,979 (-92.3%), from €95,364 to €7,385
- Financial income +€7,100
up €7,100 (+29.1%), from €24,433 to €31,533
of which Non-recurring financial income: +€22,255
- Financial charges -€4,533
down €4,533 (-44.6%), from €10,174 to €5,641
- Taxes -€3,068
down €3,068 (-84.3%), from €3,642 to €573
- Depreciation -€2,372
down €2,372 (-7.7%), from €30,887 to €28,515
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2,323
Gross operating margin
-€87,979
Staff costs
-€1,988
Depreciation
+€2,372
Other operating charges
+€1,783
Financial income
+€7,100
Financial charges
+€4,533
Taxes
+€3,068
Result 2025
-€68,787
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€708,401
Investment
-€33,841
Financing
-€856,647
Cash 2024
€311,808
From operations (derived)
+€708,401
Net result for the year
-€68,787
Depreciation
+€28,515
Stocks and contracts
+€885,986
Receivables within one year
-€400,783
Deferred charges and accrued income
-€959
Trade debts
+€34,263
Tax, wage and social debts
+€31,412
Advances received
-€146,949
Other debts
+€345,702
Investment (derived)
-€33,841
Investment in fixed assets (net)
-€33,841
Financing
-€856,647
Debts after one year
-€16,497
Current portion of long-term debt
-€5,150
Short-term financial debts
-€835,000
Cash 2025
€129,722
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,365,435 | €3,704,430 | -€661,005 | -15.1% |
| Fixed assets | 21/28 | €108,553 | €113,879 | +€5,326 | +4.9% |
| Tangible fixed assets | 22/27 | €103,228 | €106,754 | +€3,526 | +3.4% |
| Plant, machinery and equipment | 23 | €1,200 | €22,267 | +€21,067 | +1,756% |
| Furniture and vehicles | 24 | €1,506 | €4,066 | +€2,560 | +170% |
| Other tangible fixed assets | 26 | €100,522 | €80,421 | -€20,101 | -20.0% |
| Financial fixed assets | 28 | €5,325 | €7,125 | +€1,800 | +33.8% |
| Current assets | 29/58 | €4,256,882 | €3,590,551 | -€666,331 | -15.7% |
| Stocks and contracts in progress | 3 | €3,252,945 | €2,366,959 | -€885,986 | -27.2% |
| Stocks | 30/36 | €23,200 | €89,585 | +€66,385 | +286% |
| Contracts in progress | 37 | €3,229,746 | €2,277,374 | -€952,371 | -29.5% |
| Amounts receivable within one year | 40/41 | €686,230 | €1,087,013 | +€400,783 | +58.4% |
| Trade receivables | 40 | €636,230 | €1,037,013 | +€400,783 | +63.0% |
| Other amounts receivable | 41 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €311,808 | €129,722 | -€182,087 | -58.4% |
| Deferred charges and accrued income | 490/1 | €5,898 | €6,857 | +€959 | +16.3% |
| Total equity and liabilities | 10/49 | €4,365,435 | €3,704,430 | -€661,005 | -15.1% |
| Equity | 10/15 | €474,057 | €405,270 | -€68,787 | -14.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,057 | €75,270 | -€68,787 | -47.7% |
| Amounts payable | 17/49 | €3,891,378 | €3,299,160 | -€592,218 | -15.2% |
| Amounts payable after more than one year | 17 | €63,581 | €47,084 | -€16,497 | -25.9% |
| Financial debts | 170/4 | €63,581 | €47,084 | -€16,497 | -25.9% |
| Amounts payable within one year | 42/48 | €3,814,554 | €3,238,833 | -€575,721 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €23,007 | €17,857 | -€5,150 | -22.4% |
| Financial debts | 43 | €1,157,000 | €322,000 | -€835,000 | -72.2% |
| Credit institutions | 430/8 | €1,157,000 | €322,000 | -€835,000 | -72.2% |
| Trade debts | 44 | €647,648 | €681,911 | +€34,263 | +5.3% |
| Suppliers | 440/4 | €647,648 | €681,911 | +€34,263 | +5.3% |
| Advances received on contracts in progress | 46 | €1,460,290 | €1,313,341 | -€146,949 | -10.1% |
| Taxes, remuneration and social security | 45 | €12,030 | €43,442 | +€31,412 | +261% |
| Taxes | 450/3 | €2,274 | €33,609 | +€31,335 | +1,378% |
| Remuneration and social security | 454/9 | €9,756 | €9,833 | +€77 | +0.8% |
| Other amounts payable | 47/48 | €514,580 | €860,282 | +€345,702 | +67.2% |
| Accrued charges and deferred income | 492/3 | €13,243 | €13,243 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €68,902 | €70,890 | +€1,988 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,887 | €28,515 | -€2,372 | -7.7% |
| Other operating charges | 640/8 | €3,870 | €2,087 | -€1,783 | -46.1% |
| Gross operating margin | 9900 | €95,364 | €7,385 | -€87,979 | -92.3% |
| Operating profit (loss) | 9901 | -€8,294 | -€94,106 | -€85,811 | -1,035% |
| Financial income | 75/76B | €24,433 | €31,533 | +€7,100 | +29.1% |
| Recurring financial income | 75 | €20,296 | €5,141 | -€15,155 | -74.7% |
| Non-recurring financial income | 76B | €4,137 | €26,393 | +€22,255 | +538% |
| Financial charges | 65/66B | €10,174 | €5,641 | -€4,533 | -44.6% |
| Recurring financial charges | 65 | €10,174 | €5,641 | -€4,533 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €5,965 | -€68,214 | -€74,179 | |
| Income taxes | 67/77 | €3,642 | €573 | -€3,068 | -84.3% |
| Profit (loss) for the period | 9904 | €2,323 | -€68,787 | -€71,110 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,323 | -€68,787 | -€71,110 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.