PROJECT 21 C: 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 C
Largest movements
- Stocks and contracts -€155,811
no longer reported in 2025 (was €155,811)
- Receivables within one year +€8,689
up €8,689 (+672%), from €1,293 to €9,982
of which Trade receivables: +€9,838
- Profit (loss) carried forward -€148,721
down €148,721 (-197%), from -€75,653 to -€224,374
- Other debts +€104,864
up €104,864 (+321%), from €32,638 to €137,502
- Debts after one year -€80,000
down €80,000 (-74.4%), from €107,500 to €27,500
- Short-term financial debts -€24,199
no longer reported in 2025 (was €24,199)
- Write-downs +€150,206
new in 2025: €150,206
- Gross operating margin +€3,595
up €3,595, from -€2,052 to €1,543
- Financial charges -€1,095
down €1,095 (-95.0%), from €1,153 to €58
- Depreciation -€54
no longer reported in 2025 (was €54)
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 | €157,234 | €10,283 | -€146,951 | -93.5% |
| Current assets | 29/58 | €157,234 | €10,283 | -€146,951 | -93.5% |
| Stocks and contracts in progress | 3 | €155,811 | - | -€155,811 | |
| Stocks | 30/36 | €155,811 | - | -€155,811 | |
| Amounts receivable within one year | 40/41 | €1,293 | €9,982 | +€8,689 | +672% |
| Trade receivables | 40 | - | €9,838 | +€9,838 | |
| Other amounts receivable | 41 | €1,293 | €144 | -€1,149 | -88.9% |
| Cash at bank and in hand | 54/58 | €130 | €301 | +€171 | +132% |
| Total equity and liabilities | 10/49 | €157,234 | €10,283 | -€146,951 | -93.5% |
| Equity | 10/15 | -€7,103 | -€155,824 | -€148,721 | -2,094% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Capital | 10 | €68,200 | €68,200 | = | 0.0% |
| Issued capital | 100 | €68,200 | €68,200 | = | 0.0% |
| Reserves | 13 | €350 | €350 | = | 0.0% |
| Non-distributable reserves | 130/1 | €350 | €350 | = | 0.0% |
| Legal reserve | 130 | €350 | €350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,653 | -€224,374 | -€148,721 | -197% |
| Amounts payable | 17/49 | €164,337 | €166,107 | +€1,770 | +1.1% |
| Amounts payable after more than one year | 17 | €107,500 | €27,500 | -€80,000 | -74.4% |
| Other amounts payable | 178/9 | €107,500 | €27,500 | -€80,000 | -74.4% |
| Amounts payable within one year | 42/48 | €56,837 | €138,607 | +€81,770 | +144% |
| Financial debts | 43 | €24,199 | - | -€24,199 | |
| Credit institutions | 430/8 | €24,199 | - | -€24,199 | |
| Trade debts | 44 | - | €1,105 | +€1,105 | |
| Suppliers | 440/4 | - | €575 | +€575 | |
| Bills of exchange payable | 441 | - | €530 | +€530 | |
| Other amounts payable | 47/48 | €32,638 | €137,502 | +€104,864 | +321% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54 | - | -€54 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €150,206 | +€150,206 | |
| Gross operating margin | 9900 | -€2,052 | €1,543 | +€3,595 | |
| Operating profit (loss) | 9901 | -€2,106 | -€148,663 | -€146,557 | -6,959% |
| Financial charges | 65/66B | €1,153 | €58 | -€1,095 | -95.0% |
| Recurring financial charges | 65 | €1,153 | €58 | -€1,095 | -95.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,259 | -€148,721 | -€145,462 | -4,463% |
| Profit (loss) for the period | 9904 | -€3,259 | -€148,721 | -€145,462 | -4,463% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,259 | -€148,721 | -€145,462 | -4,463% |
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 18 October 2026 via checked.be.