Project 275: 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 275
Largest movements
- Receivables within one year +€81,507
up €81,507 (+116.9%), from €69,732 to €151,239
of which Trade receivables: +€96,097
- Cash +€48,221
up €48,221 (+870.3%), from €5,541 to €53,762
mainly Net result for the year (+€142,590) and Tax, wage and social debts (+€42,229)
- Tangible fixed assets +€24,335
up €24,335 (+59.3%), from €41,070 to €65,405
of which Plant, machinery and equipment: +€27,240
- Profit (loss) carried forward +€142,590
new in 2025: €142,590
- Debts after one year -€51,434
down €51,434 (-73.5%), from €70,000 to €18,566
- Tax, wage and social debts +€42,229
up €42,229 (+2518.0%), from €1,677 to €43,906
- Other debts +€15,860
up €15,860 (+61.0%), from €26,008 to €41,868
- Current portion of long-term debt +€5,125
new in 2025: €5,125
- Gross operating margin +€189,586
up €189,586 (+1203.4%), from €15,754 to €205,339
- Taxes +€41,007
up €41,007 (+3905.1%), from €1,050 to €42,057
- Depreciation +€8,045
up €8,045 (+99.4%), from €8,091 to €16,136
- Financial charges +€2,067
up €2,067 (+150.6%), from €1,373 to €3,439
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 | €120,957 | €274,572 | +€153,616 | +127.0% |
| Fixed assets | 21/28 | €41,070 | €65,405 | +€24,335 | +59.3% |
| Tangible fixed assets | 22/27 | €41,070 | €65,405 | +€24,335 | +59.3% |
| Plant, machinery and equipment | 23 | - | €27,240 | +€27,240 | |
| Furniture and vehicles | 24 | €41,070 | €38,165 | -€2,905 | -7.1% |
| Current assets | 29/58 | €79,886 | €209,167 | +€129,281 | +161.8% |
| Stocks and contracts in progress | 3 | €3,187 | €1,672 | -€1,515 | -47.5% |
| Stocks | 30/36 | €3,187 | €1,672 | -€1,515 | -47.5% |
| Amounts receivable within one year | 40/41 | €69,732 | €151,239 | +€81,507 | +116.9% |
| Trade receivables | 40 | €45,557 | €141,654 | +€96,097 | +210.9% |
| Other amounts receivable | 41 | €24,175 | €9,585 | -€14,590 | -60.4% |
| Cash at bank and in hand | 54/58 | €5,541 | €53,762 | +€48,221 | +870.3% |
| Deferred charges and accrued income | 490/1 | €1,427 | €2,494 | +€1,067 | +74.8% |
| Total equity and liabilities | 10/49 | €120,957 | €274,572 | +€153,616 | +127.0% |
| Equity | 10/15 | €6,560 | €149,150 | +€142,590 | +2173.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €4,560 | €4,560 | = | 0.0% |
| Distributable reserves | 133 | €4,560 | €4,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €142,590 | +€142,590 | |
| Amounts payable | 17/49 | €114,396 | €125,422 | +€11,025 | +9.6% |
| Amounts payable after more than one year | 17 | €70,000 | €18,566 | -€51,434 | -73.5% |
| Financial debts | 170/4 | €70,000 | €18,566 | -€51,434 | -73.5% |
| Amounts payable within one year | 42/48 | €44,396 | €105,115 | +€60,719 | +136.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,125 | +€5,125 | |
| Trade debts | 44 | €15,730 | €14,216 | -€1,514 | -9.6% |
| Suppliers | 440/4 | €15,730 | €14,216 | -€1,514 | -9.6% |
| Advances received on contracts in progress | 46 | €981 | - | -€981 | |
| Taxes, remuneration and social security | 45 | €1,677 | €43,906 | +€42,229 | +2518.0% |
| Taxes | 450/3 | €1,677 | €43,906 | +€42,229 | +2518.0% |
| Other amounts payable | 47/48 | €26,008 | €41,868 | +€15,860 | +61.0% |
| Accrued charges and deferred income | 492/3 | - | €1,741 | +€1,741 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,091 | €16,136 | +€8,045 | +99.4% |
| Other operating charges | 640/8 | €690 | €1,147 | +€457 | +66.2% |
| Gross operating margin | 9900 | €15,754 | €205,339 | +€189,586 | +1203.4% |
| Operating profit (loss) | 9901 | €6,973 | €188,056 | +€181,083 | +2596.9% |
| Financial income | 75/76B | €10 | €30 | +€20 | +199.4% |
| Recurring financial income | 75 | €10 | €30 | +€20 | +199.4% |
| Financial charges | 65/66B | €1,373 | €3,439 | +€2,067 | +150.6% |
| Recurring financial charges | 65 | €1,373 | €3,439 | +€2,067 | +150.6% |
| Profit (loss) for the period before taxes | 9903 | €5,610 | €184,647 | +€179,037 | +3191.1% |
| Income taxes | 67/77 | €1,050 | €42,057 | +€41,007 | +3905.1% |
| Profit (loss) for the period | 9904 | €4,560 | €142,590 | +€138,030 | +3026.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,560 | €142,590 | +€138,030 | +3026.7% |
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.