PROJECT BUILDING: 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 BUILDING
Largest movements
- Tangible fixed assets -€755,906
down €755,906 (-76.4%), from €990,038 to €234,132
of which Land and buildings: -€674,413
- Stocks and contracts -€353,082
down €353,082 (-83.3%), from €423,749 to €70,667
- Cash +€89,508
up €89,508 (+462.9%), from €19,336 to €108,844
mainly Investment in fixed assets (net) (+€654,786) and Stocks and contracts (+€353,082)
- Receivables within one year -€57,775
down €57,775 (-54.6%), from €105,898 to €48,123
of which Trade receivables: -€58,098
- Short-term financial debts -€625,000
no longer reported in 2025 (was €625,000)
- Revaluation surpluses -€550,000
no longer reported in 2025 (was €550,000)
- Profit (loss) carried forward +€172,744
up €172,744, from -€79,748 to €92,996
- Debts after one year -€54,770
down €54,770 (-30.1%), from €181,788 to €127,018
- Trade debts -€21,553
down €21,553 (-28.2%), from €76,470 to €54,917
- Gross operating margin +€314,112
up €314,112 (+52.3%), from €600,104 to €914,216
- Taxes +€67,136
new in 2025: €67,136
- Staff costs -€22,696
down €22,696 (-4.1%), from €550,322 to €527,626
- Financial charges +€13,787
up €13,787 (+56.0%), from €24,611 to €38,398
- Other operating charges -€12,656
down €12,656 (-47.8%), from €26,464 to €13,808
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 | €1,544,433 | €462,169 | -€1.1m | -70.1% |
| Fixed assets | 21/28 | €990,441 | €234,535 | -€755,906 | -76.3% |
| Tangible fixed assets | 22/27 | €990,038 | €234,132 | -€755,906 | -76.4% |
| Land and buildings | 22 | €685,962 | €11,549 | -€674,413 | -98.3% |
| Plant, machinery and equipment | 23 | €2,942 | €4,321 | +€1,379 | +46.9% |
| Furniture and vehicles | 24 | €55,774 | €36,796 | -€18,978 | -34.0% |
| Leasing and similar rights | 25 | €245,360 | €175,668 | -€69,692 | -28.4% |
| Assets under construction and advance payments | 27 | - | €5,798 | +€5,798 | |
| Financial fixed assets | 28 | €403 | €403 | = | 0.0% |
| Current assets | 29/58 | €553,992 | €227,634 | -€326,358 | -58.9% |
| Stocks and contracts in progress | 3 | €423,749 | €70,667 | -€353,082 | -83.3% |
| Stocks | 30/36 | €423,749 | €70,667 | -€353,082 | -83.3% |
| Amounts receivable within one year | 40/41 | €105,898 | €48,123 | -€57,775 | -54.6% |
| Trade receivables | 40 | €99,000 | €40,902 | -€58,098 | -58.7% |
| Other amounts receivable | 41 | €6,898 | €7,221 | +€323 | +4.7% |
| Cash at bank and in hand | 54/58 | €19,336 | €108,844 | +€89,508 | +462.9% |
| Deferred charges and accrued income | 490/1 | €5,009 | - | -€5,009 | |
| Total equity and liabilities | 10/49 | €1,544,433 | €462,169 | -€1.1m | -70.1% |
| Equity | 10/15 | €538,423 | €161,167 | -€377,256 | -70.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €550,000 | - | -€550,000 | |
| Reserves | 13 | €6,198 | €6,198 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,198 | €6,198 | = | 0.0% |
| Legal reserve | 130 | €6,198 | €6,198 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,748 | €92,996 | +€172,744 | |
| Amounts payable | 17/49 | €1,006,010 | €301,002 | -€705,008 | -70.1% |
| Amounts payable after more than one year | 17 | €181,788 | €127,018 | -€54,770 | -30.1% |
| Financial debts | 170/4 | €181,788 | €127,018 | -€54,770 | -30.1% |
| Amounts payable within one year | 42/48 | €824,222 | €173,984 | -€650,238 | -78.9% |
| Current portion of amounts payable after more than one year | 42 | €62,664 | €54,770 | -€7,894 | -12.6% |
| Financial debts | 43 | €625,000 | - | -€625,000 | |
| Other loans | 439 | €625,000 | - | -€625,000 | |
| Trade debts | 44 | €76,470 | €54,917 | -€21,553 | -28.2% |
| Suppliers | 440/4 | €76,470 | €54,917 | -€21,553 | -28.2% |
| Taxes, remuneration and social security | 45 | €59,312 | €60,987 | +€1,675 | +2.8% |
| Taxes | 450/3 | €9,838 | €11,911 | +€2,073 | +21.1% |
| Remuneration and social security | 454/9 | €49,474 | €49,076 | -€398 | -0.8% |
| Other amounts payable | 47/48 | €776 | €3,310 | +€2,534 | +326.5% |
| Remuneration, social security and pensions | 62 | €550,322 | €527,626 | -€22,696 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,033 | €101,120 | +€6,087 | +6.4% |
| Other operating charges | 640/8 | €26,464 | €13,808 | -€12,656 | -47.8% |
| Gross operating margin | 9900 | €600,104 | €914,216 | +€314,112 | +52.3% |
| Operating profit (loss) | 9901 | -€71,715 | €271,662 | +€343,377 | |
| Financial income | 75/76B | €5,897 | €6,616 | +€719 | +12.2% |
| Recurring financial income | 75 | €5,897 | €6,616 | +€719 | +12.2% |
| Financial charges | 65/66B | €24,611 | €38,398 | +€13,787 | +56.0% |
| Recurring financial charges | 65 | €24,611 | €38,398 | +€13,787 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | -€90,429 | €239,880 | +€330,309 | |
| Income taxes | 67/77 | - | €67,136 | +€67,136 | |
| Profit (loss) for the period | 9904 | -€90,429 | €172,744 | +€263,173 | |
| Profit (loss) for the period to be appropriated | 9905 | -€90,429 | €172,744 | +€263,173 |
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 5 October 2026 via checked.be.