PROJECT D: 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 D
Largest movements
- Cash -€28,540
down €28,540 (-38.3%), from €74,606 to €46,066
mainly Contributions, distributions and other (-€55,348) and Tax, wage and social debts (-€20,041)
- Receivables within one year -€2,602
down €2,602 (-5.9%), from €43,834 to €41,232
of which Trade receivables: -€6,325
- Tangible fixed assets -€1,503
down €1,503 (-33.1%), from €4,542 to €3,039
- Financial fixed assets -€1,500
down €1,500 (-71.4%), from €2,100 to €600
- Tax, wage and social debts -€20,041
down €20,041 (-66.5%), from €30,123 to €10,081
- Other debts -€14,896
down €14,896 (-21.2%), from €70,244 to €55,348
- Trade debts +€2,161
up €2,161 (+34.3%), from €6,308 to €8,469
- Reserves -€1,860
down €1,860 (-100.0%), from €1,860 to €0
- Gross operating margin -€38,313
down €38,313 (-34.8%), from €110,151 to €71,838
- Taxes -€7,917
down €7,917 (-35.0%), from €22,636 to €14,719
- Depreciation -€1,521
down €1,521 (-37.2%), from €4,092 to €2,571
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 | €127,135 | €92,516 | -€34,619 | -27.2% |
| Fixed assets | 21/28 | €6,642 | €3,639 | -€3,003 | -45.2% |
| Tangible fixed assets | 22/27 | €4,542 | €3,039 | -€1,503 | -33.1% |
| Furniture and vehicles | 24 | €4,542 | €3,039 | -€1,503 | -33.1% |
| Financial fixed assets | 28 | €2,100 | €600 | -€1,500 | -71.4% |
| Current assets | 29/58 | €120,493 | €88,877 | -€31,616 | -26.2% |
| Amounts receivable within one year | 40/41 | €43,834 | €41,232 | -€2,602 | -5.9% |
| Trade receivables | 40 | €43,833 | €37,508 | -€6,325 | -14.4% |
| Other amounts receivable | 41 | €1 | €3,724 | +€3,723 | +418366.3% |
| Cash at bank and in hand | 54/58 | €74,606 | €46,066 | -€28,540 | -38.3% |
| Deferred charges and accrued income | 490/1 | €2,052 | €1,578 | -€474 | -23.1% |
| Total equity and liabilities | 10/49 | €127,135 | €92,516 | -€34,619 | -27.2% |
| Equity | 10/15 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €1,860 | €0 | -€1,860 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €106,675 | €73,916 | -€32,759 | -30.7% |
| Amounts payable within one year | 42/48 | €106,675 | €73,916 | -€32,759 | -30.7% |
| Financial debts | 43 | €0 | €17 | +€17 | |
| Credit institutions | 430/8 | €0 | €17 | +€17 | |
| Trade debts | 44 | €6,308 | €8,469 | +€2,161 | +34.3% |
| Suppliers | 440/4 | €6,308 | €8,469 | +€2,161 | +34.3% |
| Taxes, remuneration and social security | 45 | €30,123 | €10,081 | -€20,041 | -66.5% |
| Taxes | 450/3 | €30,123 | €10,081 | -€20,041 | -66.5% |
| Other amounts payable | 47/48 | €70,244 | €55,348 | -€14,896 | -21.2% |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,092 | €2,571 | -€1,521 | -37.2% |
| Other operating charges | 640/8 | €535 | €550 | +€14 | +2.7% |
| Non-recurring operating charges | 66A | €955 | €0 | -€955 | -100.0% |
| Gross operating margin | 9900 | €110,151 | €71,838 | -€38,313 | -34.8% |
| Operating profit (loss) | 9901 | €104,569 | €68,717 | -€35,851 | -34.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €248 | €511 | +€263 | +106.0% |
| Recurring financial charges | 65 | €248 | €511 | +€263 | +106.0% |
| Profit (loss) for the period before taxes | 9903 | €104,321 | €68,207 | -€36,114 | -34.6% |
| Income taxes | 67/77 | €22,636 | €14,719 | -€7,917 | -35.0% |
| Profit (loss) for the period | 9904 | €81,685 | €53,488 | -€28,197 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,685 | €53,488 | -€28,197 | -34.5% |
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 1 October 2026 via checked.be.