Project 17: what changed
Project 17
Largest movements
- Cash -€46,207
down €46,207 (-68.3%), from €67,649 to €21,442
mainly Receivables within one year (-€32,491) and Deferred charges and accrued income (-€16,215)
- Receivables within one year +€32,491
up €32,491 (+24.9%), from €130,553 to €163,043
of which Trade receivables: +€37,599
- Deferred charges and accrued income +€16,215
up €16,215 (+2,341%), from €693 to €16,908
- Tangible fixed assets -€6,332
down €6,332 (-29.6%), from €21,393 to €15,060
of which Plant, machinery and equipment: -€3,737
- Short-term financial debts -€8,832
no longer reported in 2025 (was €8,832)
- Profit (loss) carried forward +€3,563
up €3,563 (+9.7%), from -€36,759 to -€33,195
- Gross operating margin -€23,777
down €23,777 (-62.9%), from €37,788 to €14,011
- Financial charges -€9,108
down €9,108 (-71.2%), from €12,787 to €3,680
- Other operating charges -€2,113
down €2,113 (-84.4%), from €2,502 to €389
- Financial income -€519
down €519 (-100.0%), from €519 to €0
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €222,967 | €219,134 | -€3,834 | -1.7% |
| Fixed assets | 21/28 | €21,573 | €15,240 | -€6,332 | -29.4% |
| Tangible fixed assets | 22/27 | €21,393 | €15,060 | -€6,332 | -29.6% |
| Plant, machinery and equipment | 23 | €18,409 | €14,672 | -€3,737 | -20.3% |
| Furniture and vehicles | 24 | €2,984 | €388 | -€2,595 | -87.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €201,395 | €203,894 | +€2,499 | +1.2% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €130,553 | €163,043 | +€32,491 | +24.9% |
| Trade receivables | 40 | €98,864 | €136,463 | +€37,599 | +38.0% |
| Other amounts receivable | 41 | €31,688 | €26,580 | -€5,108 | -16.1% |
| Cash at bank and in hand | 54/58 | €67,649 | €21,442 | -€46,207 | -68.3% |
| Deferred charges and accrued income | 490/1 | €693 | €16,908 | +€16,215 | +2,341% |
| Total equity and liabilities | 10/49 | €222,967 | €219,134 | -€3,834 | -1.7% |
| Equity | 10/15 | €83,834 | €87,398 | +€3,563 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €108,193 | €108,193 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,250 | €5,250 | = | 0.0% |
| Distributable reserves | 133 | €102,943 | €102,943 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,759 | -€33,195 | +€3,563 | +9.7% |
| Amounts payable | 17/49 | €139,133 | €131,736 | -€7,397 | -5.3% |
| Amounts payable within one year | 42/48 | €139,133 | €131,736 | -€7,397 | -5.3% |
| Financial debts | 43 | €8,832 | - | -€8,832 | |
| Credit institutions | 430/8 | €8,832 | - | -€8,832 | |
| Trade debts | 44 | €12,201 | €12,336 | +€135 | +1.1% |
| Suppliers | 440/4 | €12,201 | €12,336 | +€135 | +1.1% |
| Taxes, remuneration and social security | 45 | €1,362 | €1,419 | +€57 | +4.2% |
| Taxes | 450/3 | €1,362 | €1,419 | +€57 | +4.2% |
| Other amounts payable | 47/48 | €116,738 | €117,981 | +€1,243 | +1.1% |
| Non-recurring operating income | 76A | - | €419 | +€419 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,153 | €6,138 | -€15 | -0.2% |
| Other operating charges | 640/8 | €2,502 | €389 | -€2,113 | -84.4% |
| Non-recurring operating charges | 66A | €657 | - | -€657 | |
| Gross operating margin | 9900 | €37,788 | €14,011 | -€23,777 | -62.9% |
| Operating profit (loss) | 9901 | €28,476 | €7,484 | -€20,992 | -73.7% |
| Financial income | 75/76B | €519 | €0 | -€519 | -100.0% |
| Recurring financial income | 75 | €519 | €0 | -€519 | -100.0% |
| Financial charges | 65/66B | €12,787 | €3,680 | -€9,108 | -71.2% |
| Recurring financial charges | 65 | €12,787 | €3,680 | -€9,108 | -71.2% |
| Profit (loss) for the period before taxes | 9903 | €16,207 | €3,804 | -€12,403 | -76.5% |
| Income taxes | 67/77 | €233 | €241 | +€8 | +3.2% |
| Profit (loss) for the period | 9904 | €15,974 | €3,563 | -€12,411 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,974 | €3,563 | -€12,411 | -77.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.