Project Associates EU: 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 Associates EU
Largest movements
- Cash -€1.1m
down €1.1m (-39.2%), from €2.9m to €1.7m
mainly Trade debts (-€1.4m) and Deferred charges and accrued income (-€57,124)
- Deferred charges and accrued income +€57,124
up €57,124 (+162%), from €35,244 to €92,368
- Receivables within one year +€50,473
up €50,473 (+10.4%), from €486,614 to €537,087
of which Trade receivables: +€55,752
- Trade debts -€1.4m
down €1.4m (-52.1%), from €2.6m to €1.2m
- Profit (loss) carried forward +€212,229
up €212,229 (+90.3%), from €234,974 to €447,203
- Advances received +€130,638
up €130,638 (+225%), from €57,939 to €188,577
- Gross operating margin +€335,113
up €335,113 (+51.9%), from €645,924 to €981,037
- Staff costs +€164,154
up €164,154 (+34.7%), from €473,422 to €637,576
- Taxes +€34,708
up €34,708 (+63.1%), from €55,041 to €89,749
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 | €3,385,057 | €2,386,035 | -€999,023 | -29.5% |
| Fixed assets | 21/28 | €2,693 | €17,270 | +€14,577 | +541% |
| Tangible fixed assets | 22/27 | €2,693 | €3,740 | +€1,047 | +38.9% |
| Plant, machinery and equipment | 23 | €2,693 | €3,740 | +€1,047 | +38.9% |
| Financial fixed assets | 28 | - | €13,530 | +€13,530 | |
| Current assets | 29/58 | €3,382,364 | €2,368,764 | -€1.0m | -30.0% |
| Amounts receivable within one year | 40/41 | €486,614 | €537,087 | +€50,473 | +10.4% |
| Trade receivables | 40 | €473,084 | €528,835 | +€55,752 | +11.8% |
| Other amounts receivable | 41 | €13,530 | €8,252 | -€5,279 | -39.0% |
| Cash at bank and in hand | 54/58 | €2,860,507 | €1,739,309 | -€1.1m | -39.2% |
| Deferred charges and accrued income | 490/1 | €35,244 | €92,368 | +€57,124 | +162% |
| Total equity and liabilities | 10/49 | €3,385,057 | €2,386,035 | -€999,023 | -29.5% |
| Equity | 10/15 | €284,974 | €497,203 | +€212,229 | +74.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €234,974 | €447,203 | +€212,229 | +90.3% |
| Amounts payable | 17/49 | €3,100,083 | €1,888,831 | -€1.2m | -39.1% |
| Amounts payable within one year | 42/48 | €2,797,799 | €1,554,073 | -€1.2m | -44.5% |
| Trade debts | 44 | €2,600,056 | €1,246,359 | -€1.4m | -52.1% |
| Suppliers | 440/4 | €2,600,056 | €1,246,359 | -€1.4m | -52.1% |
| Advances received on contracts in progress | 46 | €57,939 | €188,577 | +€130,638 | +225% |
| Taxes, remuneration and social security | 45 | €97,099 | €86,065 | -€11,034 | -11.4% |
| Taxes | 450/3 | €26,922 | €29,999 | +€3,077 | +11.4% |
| Remuneration and social security | 454/9 | €70,177 | €56,067 | -€14,111 | -20.1% |
| Other amounts payable | 47/48 | €42,704 | €33,072 | -€9,632 | -22.6% |
| Accrued charges and deferred income | 492/3 | €302,285 | €334,758 | +€32,474 | +10.7% |
| Remuneration, social security and pensions | 62 | €473,422 | €637,576 | +€164,154 | +34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,107 | €3,792 | +€1,685 | +80.0% |
| Other operating charges | 640/8 | €2,404 | - | -€2,404 | |
| Gross operating margin | 9900 | €645,924 | €981,037 | +€335,113 | +51.9% |
| Operating profit (loss) | 9901 | €167,991 | €339,668 | +€171,678 | +102% |
| Financial charges | 65/66B | €4,132 | €4,620 | +€487 | +11.8% |
| Recurring financial charges | 65 | €4,132 | €4,620 | +€487 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €163,859 | €335,049 | +€171,190 | +104% |
| Income taxes | 67/77 | €55,041 | €89,749 | +€34,708 | +63.1% |
| Profit (loss) for the period | 9904 | €108,817 | €245,300 | +€136,482 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €108,817 | €245,300 | +€136,482 | +125% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.