PROJECT DESIGN: 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 DESIGN
Largest movements
- Current investments +€36,834
up €36,834 (+42.2%), from €87,342 to €124,176
- Cash -€11,009
down €11,009 (-26.3%), from €41,841 to €30,832
mainly Current investments (-€36,834) and Deferred charges and accrued income (-€988)
- Receivables within one year -€6,833
down €6,833 (-80.3%), from €8,511 to €1,678
- Tangible fixed assets -€2,529
down €2,529 (-9.2%), from €27,626 to €25,097
of which Land and buildings: -€2,006
- Reserves +€17,900
up €17,900 (+78.2%), from €22,900 to €40,800
of which Distributable reserves: +€17,900
- Gross operating margin +€861
up €861 (+2.6%), from €33,093 to €33,954
- Other operating charges -€476
down €476 (-6.6%), from €7,225 to €6,749
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.
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 | €166,179 | €183,630 | +€17,451 | +10.5% |
| Fixed assets | 21/28 | €27,626 | €25,097 | -€2,529 | -9.2% |
| Tangible fixed assets | 22/27 | €27,626 | €25,097 | -€2,529 | -9.2% |
| Land and buildings | 22 | €26,129 | €24,123 | -€2,006 | -7.7% |
| Plant, machinery and equipment | 23 | €1,072 | €746 | -€326 | -30.4% |
| Furniture and vehicles | 24 | €424 | €228 | -€196 | -46.3% |
| Current assets | 29/58 | €138,553 | €158,533 | +€19,980 | +14.4% |
| Amounts receivable within one year | 40/41 | €8,511 | €1,678 | -€6,833 | -80.3% |
| Other amounts receivable | 41 | €8,511 | €1,678 | -€6,833 | -80.3% |
| Current investments | 50/53 | €87,342 | €124,176 | +€36,834 | +42.2% |
| Cash at bank and in hand | 54/58 | €41,841 | €30,832 | -€11,009 | -26.3% |
| Deferred charges and accrued income | 490/1 | €859 | €1,847 | +€988 | +115.0% |
| Total equity and liabilities | 10/49 | €166,179 | €183,630 | +€17,451 | +10.5% |
| Equity | 10/15 | €160,172 | €178,129 | +€17,957 | +11.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €22,900 | €40,800 | +€17,900 | +78.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €16,700 | €34,600 | +€17,900 | +107.2% |
| Profit (loss) carried forward | 14 | €75,272 | €75,329 | +€57 | +0.1% |
| Amounts payable | 17/49 | €6,007 | €5,501 | -€506 | -8.4% |
| Amounts payable within one year | 42/48 | €6,007 | €5,501 | -€506 | -8.4% |
| Trade debts | 44 | €104 | €34 | -€70 | -67.2% |
| Suppliers | 440/4 | €104 | €34 | -€70 | -67.2% |
| Taxes, remuneration and social security | 45 | €5,902 | €5,467 | -€436 | -7.4% |
| Taxes | 450/3 | €3,902 | €3,467 | -€436 | -11.2% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,787 | €2,529 | -€258 | -9.3% |
| Other operating charges | 640/8 | €7,225 | €6,749 | -€476 | -6.6% |
| Gross operating margin | 9900 | €33,093 | €33,954 | +€861 | +2.6% |
| Operating profit (loss) | 9901 | €23,081 | €24,677 | +€1,595 | +6.9% |
| Financial income | 75/76B | €2,044 | €1,837 | -€207 | -10.1% |
| Recurring financial income | 75 | €2,044 | €1,837 | -€207 | -10.1% |
| Financial charges | 65/66B | €103 | €90 | -€13 | -12.9% |
| Recurring financial charges | 65 | €103 | €90 | -€13 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €25,022 | €26,424 | +€1,402 | +5.6% |
| Income taxes | 67/77 | €8,302 | €8,467 | +€164 | +2.0% |
| Profit (loss) for the period | 9904 | €16,719 | €17,957 | +€1,238 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,719 | €17,957 | +€1,238 | +7.4% |
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 28 September 2026 via checked.be.