Project 44: 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 44
Largest movements
- Current investments +€103,042
up €103,042 (+41.0%), from €251,384 to €354,426
- Cash -€77,930
down €77,930 (-33.3%), from €234,061 to €156,131
mainly Current investments (-€103,042) and Receivables within one year (-€14,832)
- Receivables within one year +€14,832
up €14,832 (+43.8%), from €33,880 to €48,712
of which Trade receivables: +€12,114
- Reserves +€44,851
up €44,851 (+9.4%), from €474,980 to €519,831
- Other debts -€7,962
down €7,962 (-39.5%), from €20,148 to €12,186
- Gross operating margin -€6,996
down €6,996 (-11.3%), from €61,824 to €54,829
- Financial income +€3,515
up €3,515 (+70.0%), from €5,018 to €8,533
- Financial charges -€1,633
down €1,633 (-62.0%), from €2,635 to €1,001
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 | €520,142 | €559,857 | +€39,715 | +7.6% |
| Fixed assets | 21/28 | €758 | €588 | -€170 | -22.4% |
| Tangible fixed assets | 22/27 | €508 | €338 | -€170 | -33.4% |
| Furniture and vehicles | 24 | €508 | €338 | -€170 | -33.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €519,384 | €559,269 | +€39,885 | +7.7% |
| Amounts receivable within one year | 40/41 | €33,880 | €48,712 | +€14,832 | +43.8% |
| Trade receivables | 40 | €33,880 | €45,994 | +€12,114 | +35.8% |
| Other amounts receivable | 41 | - | €2,718 | +€2,718 | |
| Current investments | 50/53 | €251,384 | €354,426 | +€103,042 | +41.0% |
| Cash at bank and in hand | 54/58 | €234,061 | €156,131 | -€77,930 | -33.3% |
| Deferred charges and accrued income | 490/1 | €58 | €0 | -€58 | -100% |
| Total equity and liabilities | 10/49 | €520,142 | €559,857 | +€39,715 | +7.6% |
| Equity | 10/15 | €484,980 | €529,831 | +€44,851 | +9.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €474,980 | €519,831 | +€44,851 | +9.4% |
| Distributable reserves | 133 | €474,980 | €519,831 | +€44,851 | +9.4% |
| Amounts payable | 17/49 | €35,162 | €30,026 | -€5,136 | -14.6% |
| Amounts payable within one year | 42/48 | €34,730 | €30,026 | -€4,704 | -13.5% |
| Trade debts | 44 | €1,622 | €0 | -€1,622 | -100% |
| Suppliers | 440/4 | €1,622 | €0 | -€1,622 | -100% |
| Taxes, remuneration and social security | 45 | €12,959 | €17,840 | +€4,880 | +37.7% |
| Taxes | 450/3 | €10,959 | €17,840 | +€6,880 | +62.8% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €20,148 | €12,186 | -€7,962 | -39.5% |
| Accrued charges and deferred income | 492/3 | €432 | €0 | -€432 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45 | €170 | +€125 | +275% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €61,824 | €54,829 | -€6,996 | -11.3% |
| Operating profit (loss) | 9901 | €61,274 | €54,139 | -€7,135 | -11.6% |
| Financial income | 75/76B | €5,018 | €8,533 | +€3,515 | +70.0% |
| Recurring financial income | 75 | €5,018 | €8,533 | +€3,515 | +70.0% |
| Financial charges | 65/66B | €2,635 | €1,001 | -€1,633 | -62.0% |
| Recurring financial charges | 65 | €2,635 | €1,001 | -€1,633 | -62.0% |
| Profit (loss) for the period before taxes | 9903 | €63,657 | €61,670 | -€1,986 | -3.1% |
| Income taxes | 67/77 | €17,361 | €16,819 | -€542 | -3.1% |
| Profit (loss) for the period | 9904 | €46,296 | €44,851 | -€1,445 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,296 | €44,851 | -€1,445 | -3.1% |
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 20 October 2026 via checked.be.