PROJECT C: 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 C
Largest movements
- Tangible fixed assets +€776,990
up €776,990 (+76.2%), from €1.0m to €1.8m
of which Land and buildings: +€776,990
- Receivables within one year -€252,344
down €252,344 (-48.1%), from €524,584 to €272,240
- Cash -€143,514
down €143,514 (-22.0%), from €651,694 to €508,180
mainly Investment in fixed assets (net) (-€921,733) and Other debts (-€40,044)
- Debts after one year +€457,733
up €457,733, from €0 to €457,733
- Other debts -€40,044
down €40,044 (-24.0%), from €167,083 to €127,039
- Gross operating margin -€122,138
down €122,138 (-44.2%), from €276,176 to €154,038
- Depreciation +€99,028
up €99,028 (+216.6%), from €45,715 to €144,743
- Financial income +€19,097
up €19,097 (+254.6%), from €7,500 to €26,597
- Financial charges +€15,941
up €15,941 (+809.5%), from €1,969 to €17,911
- Taxes -€14,869
down €14,869 (-49.1%), from €30,270 to €15,401
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,198,854 | €2,581,782 | +€382,928 | +17.4% |
| Fixed assets | 21/28 | €1,019,996 | €1,796,986 | +€776,990 | +76.2% |
| Tangible fixed assets | 22/27 | €1,019,996 | €1,796,986 | +€776,990 | +76.2% |
| Land and buildings | 22 | €1,019,996 | €1,796,986 | +€776,990 | +76.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,178,858 | €784,796 | -€394,062 | -33.4% |
| Amounts receivable within one year | 40/41 | €524,584 | €272,240 | -€252,344 | -48.1% |
| Other amounts receivable | 41 | €524,584 | €272,240 | -€252,344 | -48.1% |
| Cash at bank and in hand | 54/58 | €651,694 | €508,180 | -€143,514 | -22.0% |
| Deferred charges and accrued income | 490/1 | €2,580 | €4,376 | +€1,796 | +69.6% |
| Total equity and liabilities | 10/49 | €2,198,854 | €2,581,782 | +€382,928 | +17.4% |
| Equity | 10/15 | €1,818,863 | €1,812,231 | -€6,632 | -0.4% |
| Contributions | 10/11 | €696,205 | €696,205 | = | 0.0% |
| Reserves | 13 | €1,122,658 | €1,116,026 | -€6,632 | -0.6% |
| Tax-exempt reserves | 132 | €388,985 | €356,160 | -€32,826 | -8.4% |
| Distributable reserves | 133 | €733,673 | €759,866 | +€26,193 | +3.6% |
| Provisions and deferred taxes | 16 | €129,662 | €118,720 | -€10,942 | -8.4% |
| Deferred taxes | 168 | €129,662 | €118,720 | -€10,942 | -8.4% |
| Amounts payable | 17/49 | €250,329 | €650,831 | +€400,502 | +160.0% |
| Amounts payable after more than one year | 17 | €0 | €457,733 | +€457,733 | |
| Financial debts | 170/4 | €0 | €457,733 | +€457,733 | |
| Amounts payable within one year | 42/48 | €249,005 | €193,098 | -€55,907 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €38,412 | €42,267 | +€3,855 | +10.0% |
| Trade debts | 44 | €2,253 | €3,540 | +€1,287 | +57.1% |
| Suppliers | 440/4 | €2,253 | €3,540 | +€1,287 | +57.1% |
| Taxes, remuneration and social security | 45 | €41,256 | €20,252 | -€21,004 | -50.9% |
| Taxes | 450/3 | €41,256 | €20,252 | -€21,004 | -50.9% |
| Other amounts payable | 47/48 | €167,083 | €127,039 | -€40,044 | -24.0% |
| Accrued charges and deferred income | 492/3 | €1,324 | €0 | -€1,324 | -100.0% |
| Non-recurring operating income | 76A | €161,130 | €12,618 | -€148,512 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,715 | €144,743 | +€99,028 | +216.6% |
| Other operating charges | 640/8 | €12,793 | €20,155 | +€7,361 | +57.5% |
| Non-recurring operating charges | 66A | €73 | €0 | -€73 | -100.0% |
| Gross operating margin | 9900 | €276,176 | €154,038 | -€122,138 | -44.2% |
| Operating profit (loss) | 9901 | €217,594 | -€10,860 | -€228,454 | |
| Financial income | 75/76B | €7,500 | €26,597 | +€19,097 | +254.6% |
| Recurring financial income | 75 | €7,500 | €26,597 | +€19,097 | +254.6% |
| Financial charges | 65/66B | €1,969 | €17,911 | +€15,941 | +809.5% |
| Recurring financial charges | 65 | €1,969 | €17,911 | +€15,941 | +809.5% |
| Profit (loss) for the period before taxes | 9903 | €223,125 | -€2,174 | -€225,298 | |
| Transfer from deferred taxes | 780 | €9,069 | €10,942 | +€1,873 | +20.6% |
| Transfer to deferred taxes | 680 | €40,283 | €0 | -€40,283 | -100.0% |
| Income taxes | 67/77 | €30,270 | €15,401 | -€14,869 | -49.1% |
| Profit (loss) for the period | 9904 | €161,641 | -€6,632 | -€168,274 | |
| Transfer from tax-exempt reserves | 789 | €27,207 | €32,826 | +€5,618 | +20.6% |
| Transfer to tax-exempt reserves | 689 | €120,848 | €0 | -€120,848 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,001 | €26,193 | -€41,808 | -61.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.