PROJECT 2025: 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 2025
Largest movements
- Receivables within one year -€7.1m
down €7.1m (-97.0%), from €7.3m to €215,627
of which Trade receivables: -€7.2m
- Stocks and contracts +€5.5m
new in 2025: €5.5m
- Cash -€325,157
down €325,157 (-62.3%), from €522,036 to €196,878
mainly Stocks and contracts (-€5.5m) and Contributions, distributions and other (-€1.6m)
- Profit (loss) carried forward -€1.4m
down €1.4m (-33.0%), from €4.3m to €2.9m
- Accrued charges and deferred income -€687,440
down €687,440 (-85.7%), from €802,484 to €115,045
- Other debts +€636,000
up €636,000 (+30.8%), from €2.1m to €2.7m
- Short-term financial debts -€250,594
down €250,594 (-100.0%), from €250,594 to €0
- Tax, wage and social debts -€106,869
down €106,869 (-43.2%), from €247,318 to €140,449
- Write-downs +€351,875
new in 2025: €351,875
- Gross operating margin -€283,783
down €283,783 (-28.9%), from €982,556 to €698,772
- Taxes -€169,527
down €169,527 (-74.7%), from €226,900 to €57,373
- Financial charges +€46,828
up €46,828 (+65.1%), from €71,971 to €118,799
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 | €7,799,700 | €5,939,218 | -€1.9m | -23.9% |
| Current assets | 29/58 | €7,799,700 | €5,939,218 | -€1.9m | -23.9% |
| Stocks and contracts in progress | 3 | - | €5,526,713 | +€5.5m | |
| Stocks | 30/36 | - | €5,526,713 | +€5.5m | |
| Amounts receivable within one year | 40/41 | €7,277,664 | €215,627 | -€7.1m | -97.0% |
| Trade receivables | 40 | €7,204,664 | €0 | -€7.2m | -100.0% |
| Other amounts receivable | 41 | €73,000 | €215,627 | +€142,627 | +195.4% |
| Cash at bank and in hand | 54/58 | €522,036 | €196,878 | -€325,157 | -62.3% |
| Total equity and liabilities | 10/49 | €7,799,700 | €5,939,218 | -€1.9m | -23.9% |
| Equity | 10/15 | €4,357,353 | €2,926,953 | -€1.4m | -32.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,336,948 | €2,906,548 | -€1.4m | -33.0% |
| Amounts payable | 17/49 | €3,442,346 | €3,012,265 | -€430,081 | -12.5% |
| Amounts payable within one year | 42/48 | €2,639,862 | €2,897,221 | +€257,359 | +9.7% |
| Financial debts | 43 | €250,594 | €0 | -€250,594 | -100.0% |
| Credit institutions | 430/8 | €250,594 | €0 | -€250,594 | -100.0% |
| Trade debts | 44 | €77,793 | €56,772 | -€21,020 | -27.0% |
| Suppliers | 440/4 | €77,793 | €56,772 | -€21,020 | -27.0% |
| Advances received on contracts in progress | 46 | €157 | €0 | -€157 | -100.0% |
| Taxes, remuneration and social security | 45 | €247,318 | €140,449 | -€106,869 | -43.2% |
| Taxes | 450/3 | €247,318 | €140,449 | -€106,869 | -43.2% |
| Other amounts payable | 47/48 | €2,064,000 | €2,700,000 | +€636,000 | +30.8% |
| Accrued charges and deferred income | 492/3 | €802,484 | €115,045 | -€687,440 | -85.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €351,875 | +€351,875 | |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | €982,556 | €698,772 | -€283,783 | -28.9% |
| Operating profit (loss) | 9901 | €981,462 | €345,771 | -€635,691 | -64.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €71,971 | €118,799 | +€46,828 | +65.1% |
| Recurring financial charges | 65 | €71,971 | €118,799 | +€46,828 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | €909,492 | €226,972 | -€682,519 | -75.0% |
| Income taxes | 67/77 | €226,900 | €57,373 | -€169,527 | -74.7% |
| Profit (loss) for the period | 9904 | €682,592 | €169,599 | -€512,992 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €682,592 | €169,599 | -€512,992 | -75.2% |
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 4 October 2026 via checked.be.