PROJECT 21: 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 21
Largest movements
- Cash +€97,454
up €97,454 (+1,004%), from €9,708 to €107,161
mainly Investment in fixed assets (net) (+€47,282) and Net result for the year (+€40,986)
- Tangible fixed assets -€61,786
down €61,786 (-48.9%), from €126,352 to €64,566
of which Land and buildings: -€67,144
- Receivables within one year +€2,879
up €2,879 (+7.6%), from €37,992 to €40,871
of which Other amounts receivable: +€2,092
- Profit (loss) carried forward +€20,986
up €20,986 (+24.8%), from €84,606 to €105,592
- Other debts +€10,000
up €10,000 (+100%), from €10,000 to €20,000
- Tax, wage and social debts +€5,257
up €5,257 (+269%), from €1,956 to €7,213
- Trade debts +€4,302
up €4,302 (+168%), from €2,557 to €6,859
- Gross operating margin +€48,116
up €48,116 (+171%), from €28,101 to €76,217
- Taxes +€7,410
up €7,410 (+984%), from €753 to €8,163
- Financial charges -€2,971
down €2,971 (-73.7%), from €4,030 to €1,059
- Staff costs -€2,370
down €2,370 (-20.4%), from €11,637 to €9,267
- Other operating charges +€1,345
up €1,345 (+151%), from €893 to €2,238
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 | €174,133 | €212,679 | +€38,546 | +22.1% |
| Fixed assets | 21/28 | €126,433 | €64,647 | -€61,786 | -48.9% |
| Tangible fixed assets | 22/27 | €126,352 | €64,566 | -€61,786 | -48.9% |
| Land and buildings | 22 | €67,144 | - | -€67,144 | |
| Plant, machinery and equipment | 23 | €327 | €10,724 | +€10,397 | +3,179% |
| Furniture and vehicles | 24 | €3,541 | €3,218 | -€322 | -9.1% |
| Other tangible fixed assets | 26 | €55,341 | €50,624 | -€4,717 | -8.5% |
| Financial fixed assets | 28 | €81 | €81 | = | 0.0% |
| Current assets | 29/58 | €47,700 | €148,032 | +€100,332 | +210% |
| Amounts receivable within one year | 40/41 | €37,992 | €40,871 | +€2,879 | +7.6% |
| Trade receivables | 40 | €7,946 | €8,733 | +€787 | +9.9% |
| Other amounts receivable | 41 | €30,046 | €32,138 | +€2,092 | +7.0% |
| Cash at bank and in hand | 54/58 | €9,708 | €107,161 | +€97,454 | +1,004% |
| Total equity and liabilities | 10/49 | €174,133 | €212,679 | +€38,546 | +22.1% |
| Equity | 10/15 | €123,106 | €144,092 | +€20,986 | +17.0% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €3,500 | €3,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,606 | €105,592 | +€20,986 | +24.8% |
| Amounts payable | 17/49 | €51,027 | €68,587 | +€17,560 | +34.4% |
| Amounts payable after more than one year | 17 | €20,908 | €20,908 | = | 0.0% |
| Financial debts | 170/4 | €20,908 | €20,908 | = | 0.0% |
| Amounts payable within one year | 42/48 | €30,119 | €47,679 | +€17,560 | +58.3% |
| Current portion of amounts payable after more than one year | 42 | €15,606 | €13,607 | -€2,000 | -12.8% |
| Trade debts | 44 | €2,557 | €6,859 | +€4,302 | +168% |
| Suppliers | 440/4 | €2,557 | €6,859 | +€4,302 | +168% |
| Taxes, remuneration and social security | 45 | €1,956 | €7,213 | +€5,257 | +269% |
| Taxes | 450/3 | €1,956 | €7,213 | +€5,257 | +269% |
| Other amounts payable | 47/48 | €10,000 | €20,000 | +€10,000 | +100% |
| Non-recurring operating income | 76A | - | €25,139 | +€25,139 | |
| Remuneration, social security and pensions | 62 | €11,637 | €9,267 | -€2,370 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,378 | €14,504 | +€126 | +0.9% |
| Other operating charges | 640/8 | €893 | €2,238 | +€1,345 | +151% |
| Gross operating margin | 9900 | €28,101 | €76,217 | +€48,116 | +171% |
| Operating profit (loss) | 9901 | €1,193 | €50,207 | +€49,014 | +4,108% |
| Financial charges | 65/66B | €4,030 | €1,059 | -€2,971 | -73.7% |
| Recurring financial charges | 65 | €4,030 | €1,059 | -€2,971 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,836 | €49,149 | +€51,985 | |
| Income taxes | 67/77 | €753 | €8,163 | +€7,410 | +984% |
| Profit (loss) for the period | 9904 | -€3,589 | €40,986 | +€44,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,589 | €40,986 | +€44,575 |
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 16 October 2026 via checked.be.