PROJECT 2.0: 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 2.0
Largest movements
- Stocks and contracts +€107,989
up €107,989 (+61.0%), from €177,051 to €285,040
- Cash -€45,104
no longer reported in 2025 (was €45,104)
mainly Stocks and contracts (-€107,989) and Net result for the year (-€1,973)
- Other debts +€48,968
up €48,968 (+127.2%), from €38,494 to €87,462
- Short-term financial debts +€15,026
up €15,026 (+9.7%), from €155,374 to €170,400
- Gross operating margin -€542
down €542 (-56.6%), from -€958 to -€1,500
- Other operating charges -€344
down €344 (-89.6%), from €384 to €40
- Financial charges +€152
up €152 (+387.3%), from €39 to €191
- Depreciation +€40
up €40 (+20.0%), from €202 to €242
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 | €223,163 | €285,806 | +€62,643 | +28.1% |
| Formation expenses | 20 | €1,008 | €766 | -€242 | -24.0% |
| Current assets | 29/58 | €222,155 | €285,040 | +€62,885 | +28.3% |
| Stocks and contracts in progress | 3 | €177,051 | €285,040 | +€107,989 | +61.0% |
| Stocks | 30/36 | €177,051 | €285,040 | +€107,989 | +61.0% |
| Cash at bank and in hand | 54/58 | €45,104 | - | -€45,104 | |
| Total equity and liabilities | 10/49 | €223,163 | €285,806 | +€62,643 | +28.1% |
| Equity | 10/15 | €28,417 | €26,444 | -€1,973 | -6.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,583 | -€3,556 | -€1,973 | -124.6% |
| Amounts payable | 17/49 | €194,746 | €259,362 | +€64,615 | +33.2% |
| Amounts payable within one year | 42/48 | €194,746 | €257,862 | +€63,115 | +32.4% |
| Financial debts | 43 | €155,374 | €170,400 | +€15,026 | +9.7% |
| Credit institutions | 430/8 | €155,374 | €170,400 | +€15,026 | +9.7% |
| Trade debts | 44 | €878 | - | -€878 | |
| Suppliers | 440/4 | €878 | - | -€878 | |
| Other amounts payable | 47/48 | €38,494 | €87,462 | +€48,968 | +127.2% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202 | €242 | +€40 | +20.0% |
| Other operating charges | 640/8 | €384 | €40 | -€344 | -89.6% |
| Gross operating margin | 9900 | -€958 | -€1,500 | -€542 | -56.6% |
| Operating profit (loss) | 9901 | -€1,544 | -€1,782 | -€238 | -15.4% |
| Financial charges | 65/66B | €39 | €191 | +€152 | +387.3% |
| Recurring financial charges | 65 | €39 | €191 | +€152 | +387.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,583 | -€1,973 | -€390 | -24.6% |
| Profit (loss) for the period | 9904 | -€1,583 | -€1,973 | -€390 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,583 | -€1,973 | -€390 | -24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.