Project 15: 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.
Project 15
Largest movements
- Cash +€17,884
up €17,884 (+311%), from €5,757 to €23,641
mainly Net result for the year (+€20,117) and Receivables after one year (+€9,750)
- Receivables after one year -€9,750
no longer reported in 2025 (was €9,750)
- Tangible fixed assets -€1,022
down €1,022 (-10.6%), from €9,674 to €8,652
of which Other tangible fixed assets: -€920
- Receivables within one year -€381
down €381 (-10.9%), from €3,510 to €3,129
- Tax, wage and social debts +€4,524
up €4,524 (+94.3%), from €4,796 to €9,320
- Short-term financial debts +€2,710
up €2,710 (+113%), from €2,401 to €5,112
- Gross operating margin +€11,078
up €11,078 (+40.7%), from €27,242 to €38,320
- Taxes +€4,244
up €4,244 (+88.2%), from €4,811 to €9,055
- Financial charges -€905
down €905 (-17.0%), from €5,323 to €4,418
- Depreciation +€570
up €570 (+19.9%), from €2,855 to €3,425
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.
Derived cash bridge
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 | €28,944 | €35,692 | +€6,748 | +23.3% |
| Fixed assets | 21/28 | €9,674 | €8,652 | -€1,022 | -10.6% |
| Tangible fixed assets | 22/27 | €9,674 | €8,652 | -€1,022 | -10.6% |
| Furniture and vehicles | 24 | €4,376 | €4,274 | -€102 | -2.3% |
| Other tangible fixed assets | 26 | €5,298 | €4,378 | -€920 | -17.4% |
| Current assets | 29/58 | €19,270 | €27,040 | +€7,771 | +40.3% |
| Amounts receivable after more than one year | 29 | €9,750 | - | -€9,750 | |
| Other amounts receivable | 291 | €9,750 | - | -€9,750 | |
| Amounts receivable within one year | 40/41 | €3,510 | €3,129 | -€381 | -10.9% |
| Other amounts receivable | 41 | €3,510 | €3,129 | -€381 | -10.9% |
| Cash at bank and in hand | 54/58 | €5,757 | €23,641 | +€17,884 | +311% |
| Deferred charges and accrued income | 490/1 | €252 | €270 | +€18 | +7.1% |
| Total equity and liabilities | 10/49 | €28,944 | €35,692 | +€6,748 | +23.3% |
| Equity | 10/15 | €20,854 | €20,617 | -€237 | -1.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €20,354 | €20,117 | -€237 | -1.2% |
| Distributable reserves | 133 | €20,354 | €20,117 | -€237 | -1.2% |
| Amounts payable | 17/49 | €8,089 | €15,075 | +€6,986 | +86.4% |
| Amounts payable within one year | 42/48 | €8,089 | €15,075 | +€6,986 | +86.4% |
| Financial debts | 43 | €2,401 | €5,112 | +€2,710 | +113% |
| Credit institutions | 430/8 | €2,401 | €5,112 | +€2,710 | +113% |
| Trade debts | 44 | €892 | €643 | -€248 | -27.9% |
| Suppliers | 440/4 | €892 | €643 | -€248 | -27.9% |
| Taxes, remuneration and social security | 45 | €4,796 | €9,320 | +€4,524 | +94.3% |
| Taxes | 450/3 | €4,796 | €9,320 | +€4,524 | +94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,855 | €3,425 | +€570 | +19.9% |
| Other operating charges | 640/8 | €1,294 | €1,386 | +€92 | +7.1% |
| Gross operating margin | 9900 | €27,242 | €38,320 | +€11,078 | +40.7% |
| Operating profit (loss) | 9901 | €23,093 | €33,510 | +€10,417 | +45.1% |
| Financial income | 75/76B | €23 | €80 | +€57 | +251% |
| Recurring financial income | 75 | €23 | €80 | +€57 | +251% |
| Financial charges | 65/66B | €5,323 | €4,418 | -€905 | -17.0% |
| Recurring financial charges | 65 | €5,323 | €4,418 | -€905 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €17,793 | €29,172 | +€11,379 | +63.9% |
| Income taxes | 67/77 | €4,811 | €9,055 | +€4,244 | +88.2% |
| Profit (loss) for the period | 9904 | €12,982 | €20,117 | +€7,135 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,982 | €20,117 | +€7,135 | +55.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.