Project 77: 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 77
Largest movements
- Cash -€13,573
down €13,573 (-87.2%), from €15,570 to €1,997
mainly Investment in fixed assets (net) (-€39,797) and Net result for the year (-€38,520)
- Receivables within one year +€8,464
up €8,464 (+378%), from €2,237 to €10,701
of which Other amounts receivable: +€4,484
- Tangible fixed assets +€8,225
up €8,225 (+1.4%), from €574,536 to €582,761
of which Land and buildings: +€5,893
- Contributions +€80,000
up €80,000 (+1,162%), from €6,883 to €86,883
- Profit (loss) carried forward -€38,519
down €38,519 (-117%), from -€32,885 to -€71,404
- Debts after one year -€30,574
down €30,574 (-5.6%), from €541,472 to €510,898
- Other debts -€15,801
down €15,801 (-99.3%), from €15,906 to €106
- Accrued charges and deferred income +€6,444
up €6,444 (+874%), from €737 to €7,181
- Gross operating margin +€26,390
up €26,390, from -€6,078 to €20,312
- Depreciation +€15,309
up €15,309 (+85.1%), from €17,995 to €33,304
- Financial charges +€13,811
up €13,811 (+191%), from €7,230 to €21,041
- Other operating charges +€2,904
up €2,904 (+184%), from €1,582 to €4,486
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 | €595,649 | €598,139 | +€2,490 | +0.4% |
| Formation expenses | 20 | €1,732 | - | -€1,732 | |
| Fixed assets | 21/28 | €575,586 | €583,811 | +€8,225 | +1.4% |
| Tangible fixed assets | 22/27 | €574,536 | €582,761 | +€8,225 | +1.4% |
| Land and buildings | 22 | €574,536 | €580,429 | +€5,893 | +1.0% |
| Plant, machinery and equipment | 23 | - | €2,331 | +€2,331 | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €18,331 | €14,328 | -€4,003 | -21.8% |
| Amounts receivable within one year | 40/41 | €2,237 | €10,701 | +€8,464 | +378% |
| Trade receivables | 40 | €719 | €4,699 | +€3,980 | +554% |
| Other amounts receivable | 41 | €1,518 | €6,002 | +€4,484 | +295% |
| Cash at bank and in hand | 54/58 | €15,570 | €1,997 | -€13,573 | -87.2% |
| Deferred charges and accrued income | 490/1 | €524 | €1,630 | +€1,106 | +211% |
| Total equity and liabilities | 10/49 | €595,649 | €598,139 | +€2,490 | +0.4% |
| Equity | 10/15 | €13,980 | €55,461 | +€41,481 | +297% |
| Contributions | 10/11 | €6,883 | €86,883 | +€80,000 | +1,162% |
| Reserves | 13 | €39,982 | €39,982 | +€0 | 0.0% |
| Distributable reserves | 133 | €39,982 | €39,982 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€32,885 | -€71,404 | -€38,519 | -117% |
| Amounts payable | 17/49 | €581,669 | €542,678 | -€38,991 | -6.7% |
| Amounts payable after more than one year | 17 | €541,472 | €510,898 | -€30,574 | -5.6% |
| Financial debts | 170/4 | €541,472 | €510,898 | -€30,574 | -5.6% |
| Amounts payable within one year | 42/48 | €39,460 | €24,599 | -€14,861 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €17,346 | €18,124 | +€778 | +4.5% |
| Trade debts | 44 | €6,208 | €6,370 | +€162 | +2.6% |
| Suppliers | 440/4 | €6,208 | €6,370 | +€162 | +2.6% |
| Other amounts payable | 47/48 | €15,906 | €106 | -€15,801 | -99.3% |
| Accrued charges and deferred income | 492/3 | €737 | €7,181 | +€6,444 | +874% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,995 | €33,304 | +€15,309 | +85.1% |
| Other operating charges | 640/8 | €1,582 | €4,486 | +€2,904 | +184% |
| Gross operating margin | 9900 | -€6,078 | €20,312 | +€26,390 | |
| Operating profit (loss) | 9901 | -€25,655 | -€17,479 | +€8,176 | +31.9% |
| Financial charges | 65/66B | €7,230 | €21,041 | +€13,811 | +191% |
| Recurring financial charges | 65 | €7,230 | €21,041 | +€13,811 | +191% |
| Profit (loss) for the period before taxes | 9903 | -€32,885 | -€38,520 | -€5,635 | -17.1% |
| Profit (loss) for the period | 9904 | -€32,885 | -€38,520 | -€5,635 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,885 | -€38,520 | -€5,635 | -17.1% |
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 13 October 2026 via checked.be.