PROJECT 86: 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 86
Largest movements
- Tangible fixed assets -€581,806
down €581,806 (-7.2%), from €8.1m to €7.5m
of which Land and buildings: -€652,620
- Cash -€436,551
down €436,551 (-85.9%), from €508,140 to €71,590
mainly Net result for the year (-€718,422) and Investment in fixed assets (net) (-€601,473)
- Financial fixed assets +€372,318
up €372,318 (+6.6%), from €5.6m to €6.0m
- Receivables within one year -€148,779
down €148,779 (-58.3%), from €255,377 to €106,598
of which Trade receivables: -€112,550
- Profit (loss) carried forward -€718,422
down €718,422, from €695,691 to -€22,731
- Debts after one year -€157,149
down €157,149 (-2.1%), from €7.4m to €7.3m
- Gross operating margin -€726,598
down €726,598 (-66.4%), from €1.1m to €368,029
- Depreciation +€685,076
up €685,076 (+544.2%), from €125,885 to €810,961
- Taxes -€235,171
down €235,171 (-99.8%), from €235,569 to €398
- Financial charges +€226,759
up €226,759 (+781.5%), from €29,015 to €255,774
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 | €14,474,421 | €13,678,813 | -€795,608 | -5.5% |
| Fixed assets | 21/28 | €13,699,112 | €13,489,624 | -€209,488 | -1.5% |
| Tangible fixed assets | 22/27 | €8,096,701 | €7,514,895 | -€581,806 | -7.2% |
| Land and buildings | 22 | €8,061,579 | €7,408,959 | -€652,620 | -8.1% |
| Plant, machinery and equipment | 23 | €13,411 | €10,019 | -€3,392 | -25.3% |
| Furniture and vehicles | 24 | €21,711 | €83,585 | +€61,874 | +285.0% |
| Other tangible fixed assets | 26 | - | €12,332 | +€12,332 | |
| Financial fixed assets | 28 | €5,602,411 | €5,974,729 | +€372,318 | +6.6% |
| Current assets | 29/58 | €775,309 | €189,189 | -€586,120 | -75.6% |
| Amounts receivable within one year | 40/41 | €255,377 | €106,598 | -€148,779 | -58.3% |
| Trade receivables | 40 | €219,148 | €106,598 | -€112,550 | -51.4% |
| Other amounts receivable | 41 | €36,229 | €0 | -€36,229 | -100.0% |
| Cash at bank and in hand | 54/58 | €508,140 | €71,590 | -€436,551 | -85.9% |
| Deferred charges and accrued income | 490/1 | €11,791 | €11,001 | -€790 | -6.7% |
| Total equity and liabilities | 10/49 | €14,474,421 | €13,678,813 | -€795,608 | -5.5% |
| Equity | 10/15 | €6,324,127 | €5,605,705 | -€718,422 | -11.4% |
| Contributions | 10/11 | €5,620,961 | €5,620,961 | = | 0.0% |
| Reserves | 13 | €7,475 | €7,475 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,620 | €5,620 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €695,691 | -€22,731 | -€718,422 | |
| Amounts payable | 17/49 | €8,150,294 | €8,073,108 | -€77,185 | -0.9% |
| Amounts payable after more than one year | 17 | €7,423,859 | €7,266,710 | -€157,149 | -2.1% |
| Financial debts | 170/4 | €7,423,859 | €7,266,710 | -€157,149 | -2.1% |
| Amounts payable within one year | 42/48 | €720,150 | €701,999 | -€18,151 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €160,531 | €157,149 | -€3,382 | -2.1% |
| Financial debts | 43 | €246 | €3,739 | +€3,493 | +1417.5% |
| Credit institutions | 430/8 | €246 | €3,739 | +€3,493 | +1417.5% |
| Trade debts | 44 | €10,452 | €87,133 | +€76,681 | +733.7% |
| Suppliers | 440/4 | €10,452 | €87,133 | +€76,681 | +733.7% |
| Taxes, remuneration and social security | 45 | €41,569 | €23,112 | -€18,457 | -44.4% |
| Taxes | 450/3 | €41,569 | €23,112 | -€18,457 | -44.4% |
| Other amounts payable | 47/48 | €507,352 | €430,866 | -€76,486 | -15.1% |
| Accrued charges and deferred income | 492/3 | €6,284 | €104,399 | +€98,115 | +1561.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,885 | €810,961 | +€685,076 | +544.2% |
| Other operating charges | 640/8 | €12,842 | €19,318 | +€6,476 | +50.4% |
| Gross operating margin | 9900 | €1,094,626 | €368,029 | -€726,598 | -66.4% |
| Operating profit (loss) | 9901 | €955,900 | -€462,250 | -€1.4m | |
| Financial income | 75/76B | €4,375 | €0 | -€4,375 | -100.0% |
| Recurring financial income | 75 | €4,375 | €0 | -€4,375 | -100.0% |
| Financial charges | 65/66B | €29,015 | €255,774 | +€226,759 | +781.5% |
| Recurring financial charges | 65 | €29,015 | €255,774 | +€226,759 | +781.5% |
| Profit (loss) for the period before taxes | 9903 | €931,260 | -€718,025 | -€1.6m | |
| Income taxes | 67/77 | €235,569 | €398 | -€235,171 | -99.8% |
| Profit (loss) for the period | 9904 | €695,691 | -€718,422 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €695,691 | -€718,422 | -€1.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.