Project 44bis: 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 44bis
Largest movements
- Tangible fixed assets -€30,000
down €30,000 (-9.7%), from €309,350 to €279,350
of which Furniture and vehicles: -€20,000
- Receivables within one year -€13,070
down €13,070 (-4.1%), from €315,882 to €302,812
- Tax, wage and social debts -€47,041
down €47,041 (-88.3%), from €53,292 to €6,251
of which Taxes: -€47,041
- Turnover +€180,982
new in 2025: €180,982
- Purchases and services +€150,435
new in 2025: €150,435
- Gross operating margin -€135,199
down €135,199 (-77.8%), from €173,721 to €38,522
- Taxes -€14,353
no longer reported in 2025 (was €14,353)
- Depreciation +€12,893
up €12,893 (+75.4%), from €17,107 to €30,000
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 | €794,370 | €754,914 | -€39,457 | -5.0% |
| Fixed assets | 21/28 | €309,350 | €279,350 | -€30,000 | -9.7% |
| Tangible fixed assets | 22/27 | €309,350 | €279,350 | -€30,000 | -9.7% |
| Land and buildings | 22 | €178,444 | €168,444 | -€10,000 | -5.6% |
| Furniture and vehicles | 24 | €109,595 | €89,595 | -€20,000 | -18.2% |
| Other tangible fixed assets | 26 | €21,311 | €21,311 | = | 0.0% |
| Current assets | 29/58 | €485,020 | €475,563 | -€9,457 | -1.9% |
| Amounts receivable within one year | 40/41 | €315,882 | €302,812 | -€13,070 | -4.1% |
| Other amounts receivable | 41 | €315,882 | €302,812 | -€13,070 | -4.1% |
| Cash at bank and in hand | 54/58 | €169,138 | €172,751 | +€3,613 | +2.1% |
| Total equity and liabilities | 10/49 | €794,370 | €754,914 | -€39,457 | -5.0% |
| Equity | 10/15 | €704,178 | €711,763 | +€7,585 | +1.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €154,473 | €154,473 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €148,323 | €148,323 | = | 0.0% |
| Profit (loss) carried forward | 14 | €488,205 | €495,790 | +€7,585 | +1.6% |
| Amounts payable | 17/49 | €90,192 | €43,151 | -€47,041 | -52.2% |
| Amounts payable within one year | 42/48 | €90,192 | €43,151 | -€47,041 | -52.2% |
| Trade debts | 44 | €36,900 | €36,900 | = | 0.0% |
| Suppliers | 440/4 | €36,900 | €36,900 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €53,292 | €6,251 | -€47,041 | -88.3% |
| Taxes | 450/3 | €50,000 | €2,959 | -€47,041 | -94.1% |
| Remuneration and social security | 454/9 | €3,292 | €3,292 | +€0 | 0.0% |
| Turnover | 70 | - | €180,982 | +€180,982 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €150,435 | +€150,435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,107 | €30,000 | +€12,893 | +75.4% |
| Other operating charges | 640/8 | €911 | €937 | +€26 | +2.9% |
| Gross operating margin | 9900 | €173,721 | €38,522 | -€135,199 | -77.8% |
| Operating profit (loss) | 9901 | €155,704 | €7,585 | -€148,119 | -95.1% |
| Financial income | 75/76B | €7,013 | - | -€7,013 | |
| Recurring financial income | 75 | €7,013 | - | -€7,013 | |
| Financial charges | 65/66B | €41 | - | -€41 | |
| Recurring financial charges | 65 | €41 | - | -€41 | |
| Non-recurring financial charges | 66B | €41 | - | -€41 | |
| Profit (loss) for the period before taxes | 9903 | €162,675 | €7,585 | -€155,091 | -95.3% |
| Income taxes | 67/77 | €14,353 | - | -€14,353 | |
| Profit (loss) for the period | 9904 | €148,323 | €7,585 | -€140,738 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €148,323 | €7,585 | -€140,738 | -94.9% |
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 14 October 2026 via checked.be.