Project 404: 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 404
Largest movements
- Receivables after one year +€85,000
new in 2025: €85,000
- Receivables within one year -€39,809
down €39,809 (-74.4%), from €53,474 to €13,665
of which Trade receivables: -€52,990
- Tangible fixed assets -€2,210
down €2,210 (-30.8%), from €7,171 to €4,961
of which Furniture and vehicles: -€2,243
- Financial fixed assets -€2,000
down €2,000 (-10.0%), from €20,000 to €18,000
- Debts after one year +€68,659
new in 2025: €68,659
- Profit (loss) carried forward -€26,305
down €26,305 (-300%), from -€8,755 to -€35,060
- Current portion of long-term debt +€19,035
new in 2025: €19,035
- Short-term financial debts -€8,569
no longer reported in 2025 (was €8,569)
- Tax, wage and social debts -€7,250
down €7,250 (-86.3%), from €8,405 to €1,155
of which Taxes: -€4,650
- Gross operating margin -€54,946
down €54,946 (-4,207%), from -€1,306 to -€56,252
- Financial income +€39,535
up €39,535 (+19,238%), from €206 to €39,741
- Financial charges +€2,622
up €2,622 (+136%), from €1,930 to €4,552
- Depreciation -€691
down €691 (-14.6%), from €4,718 to €4,028
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 | €92,556 | €133,811 | +€41,256 | +44.6% |
| Fixed assets | 21/28 | €27,171 | €22,961 | -€4,210 | -15.5% |
| Tangible fixed assets | 22/27 | €7,171 | €4,961 | -€2,210 | -30.8% |
| Plant, machinery and equipment | 23 | €3,943 | €3,976 | +€32 | +0.8% |
| Furniture and vehicles | 24 | €3,228 | €985 | -€2,243 | -69.5% |
| Financial fixed assets | 28 | €20,000 | €18,000 | -€2,000 | -10.0% |
| Current assets | 29/58 | €65,384 | €110,850 | +€45,466 | +69.5% |
| Amounts receivable after more than one year | 29 | - | €85,000 | +€85,000 | |
| Other amounts receivable | 291 | - | €85,000 | +€85,000 | |
| Amounts receivable within one year | 40/41 | €53,474 | €13,665 | -€39,809 | -74.4% |
| Trade receivables | 40 | €53,474 | €484 | -€52,990 | -99.1% |
| Other amounts receivable | 41 | - | €13,181 | +€13,181 | |
| Cash at bank and in hand | 54/58 | €11,910 | €12,185 | +€275 | +2.3% |
| Total equity and liabilities | 10/49 | €92,556 | €133,811 | +€41,256 | +44.6% |
| Equity | 10/15 | €66,052 | €39,747 | -€26,305 | -39.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €62,407 | €62,407 | = | 0.0% |
| Distributable reserves | 133 | €62,407 | €62,407 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,755 | -€35,060 | -€26,305 | -300% |
| Amounts payable | 17/49 | €26,504 | €94,064 | +€67,560 | +255% |
| Amounts payable after more than one year | 17 | - | €68,659 | +€68,659 | |
| Financial debts | 170/4 | - | €68,659 | +€68,659 | |
| Amounts payable within one year | 42/48 | €26,504 | €25,405 | -€1,098 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | - | €19,035 | +€19,035 | |
| Financial debts | 43 | €8,569 | - | -€8,569 | |
| Credit institutions | 430/8 | €8,569 | - | -€8,569 | |
| Trade debts | 44 | €6,119 | €5,215 | -€904 | -14.8% |
| Suppliers | 440/4 | €6,119 | €5,215 | -€904 | -14.8% |
| Taxes, remuneration and social security | 45 | €8,405 | €1,155 | -€7,250 | -86.3% |
| Taxes | 450/3 | €5,805 | €1,155 | -€4,650 | -80.1% |
| Remuneration and social security | 454/9 | €2,600 | - | -€2,600 | |
| Other amounts payable | 47/48 | €3,410 | - | -€3,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,718 | €4,028 | -€691 | -14.6% |
| Other operating charges | 640/8 | €372 | €602 | +€230 | +61.8% |
| Gross operating margin | 9900 | -€1,306 | -€56,252 | -€54,946 | -4,207% |
| Operating profit (loss) | 9901 | -€6,396 | -€60,882 | -€54,485 | -852% |
| Financial income | 75/76B | €206 | €39,741 | +€39,535 | +19,238% |
| Recurring financial income | 75 | €206 | €39,741 | +€39,535 | +19,238% |
| Financial charges | 65/66B | €1,930 | €4,552 | +€2,622 | +136% |
| Recurring financial charges | 65 | €1,930 | €4,552 | +€2,622 | +136% |
| Profit (loss) for the period before taxes | 9903 | -€8,121 | -€25,694 | -€17,572 | -216% |
| Income taxes | 67/77 | €634 | €611 | -€22 | -3.5% |
| Profit (loss) for the period | 9904 | -€8,755 | -€26,305 | -€17,550 | -200% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,755 | -€26,305 | -€17,550 | -200% |
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.