PROJECT DEVELOPERS: 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 DEVELOPERS
Largest movements
- Stocks and contracts -€4.2m
down €4.2m (-42.7%), from €9.7m to €5.6m
- Receivables within one year +€1.9m
up €1.9m (+69.1%), from €2.8m to €4.7m
of which Trade receivables: +€1.6m
- Cash -€366,919
down €366,919 (-53.1%), from €691,613 to €324,694
- Deferred charges and accrued income -€355,395
down €355,395 (-76.7%), from €463,496 to €108,100
- Trade debts -€2.8m
down €2.8m (-49.3%), from €5.6m to €2.9m
- Current portion of long-term debt +€1.0m
up €1.0m (+14.6%), from €6.9m to €7.9m
- Other debts -€957,811
no longer reported in 2025 (was €957,811)
- Tax, wage and social debts -€389,323
down €389,323 (-96.4%), from €403,983 to €14,661
of which Taxes: -€361,678
- Contributions +€300,000
up €300,000 (+300.0%), from €100,000 to €400,000
- Gross operating margin +€718,924
up €718,924 (+601.5%), from €119,518 to €838,442
- Financial charges +€639,472
up €639,472 (+436.1%), from €146,645 to €786,116
- Staff costs -€160,529
down €160,529 (-64.5%), from €248,815 to €88,286
- Depreciation +€21,181
up €21,181 (+69.6%), from €30,417 to €51,598
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,768,955 | €10,769,096 | -€3.0m | -21.8% |
| Fixed assets | 21/28 | €104,401 | €70,346 | -€34,055 | -32.6% |
| Intangible fixed assets | 21 | €4,156 | €1,043 | -€3,113 | -74.9% |
| Tangible fixed assets | 22/27 | €98,134 | €57,782 | -€40,352 | -41.1% |
| Plant, machinery and equipment | 23 | €22,337 | €10,420 | -€11,918 | -53.4% |
| Furniture and vehicles | 24 | €75,796 | €47,362 | -€28,434 | -37.5% |
| Financial fixed assets | 28 | €2,112 | €11,522 | +€9,410 | +445.7% |
| Current assets | 29/58 | €13,664,553 | €10,698,750 | -€3.0m | -21.7% |
| Stocks and contracts in progress | 3 | €9,740,184 | €5,584,516 | -€4.2m | -42.7% |
| Contracts in progress | 37 | €9,740,184 | €5,584,516 | -€4.2m | -42.7% |
| Amounts receivable within one year | 40/41 | €2,769,260 | €4,681,439 | +€1.9m | +69.1% |
| Trade receivables | 40 | €1,884,820 | €3,513,677 | +€1.6m | +86.4% |
| Other amounts receivable | 41 | €884,440 | €1,167,762 | +€283,322 | +32.0% |
| Cash at bank and in hand | 54/58 | €691,613 | €324,694 | -€366,919 | -53.1% |
| Deferred charges and accrued income | 490/1 | €463,496 | €108,100 | -€355,395 | -76.7% |
| Total equity and liabilities | 10/49 | €13,768,955 | €10,769,096 | -€3.0m | -21.8% |
| Equity | 10/15 | -€174,190 | -€36,144 | +€138,046 | +79.2% |
| Contributions | 10/11 | €100,000 | €400,000 | +€300,000 | +300.0% |
| Profit (loss) carried forward | 14 | -€274,190 | -€436,144 | -€161,954 | -59.1% |
| Amounts payable | 17/49 | €13,943,145 | €10,805,241 | -€3.1m | -22.5% |
| Amounts payable after more than one year | 17 | €22,250 | €1,970 | -€20,280 | -91.1% |
| Financial debts | 170/4 | €22,250 | €1,970 | -€20,280 | -91.1% |
| Amounts payable within one year | 42/48 | €13,919,526 | €10,801,903 | -€3.1m | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €6,914,864 | €7,923,826 | +€1.0m | +14.6% |
| Financial debts | 43 | - | €3,063 | +€3,063 | |
| Credit institutions | 430/8 | - | €3,063 | +€3,063 | |
| Trade debts | 44 | €5,642,868 | €2,860,353 | -€2.8m | -49.3% |
| Suppliers | 440/4 | €5,642,868 | €2,860,353 | -€2.8m | -49.3% |
| Taxes, remuneration and social security | 45 | €403,983 | €14,661 | -€389,323 | -96.4% |
| Taxes | 450/3 | €364,276 | €2,598 | -€361,678 | -99.3% |
| Remuneration and social security | 454/9 | €39,707 | €12,062 | -€27,645 | -69.6% |
| Other amounts payable | 47/48 | €957,811 | - | -€957,811 | |
| Accrued charges and deferred income | 492/3 | €1,368 | €1,368 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €248,815 | €88,286 | -€160,529 | -64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,417 | €51,598 | +€21,181 | +69.6% |
| Other operating charges | 640/8 | €63,511 | €71,579 | +€8,068 | +12.7% |
| Gross operating margin | 9900 | €119,518 | €838,442 | +€718,924 | +601.5% |
| Operating profit (loss) | 9901 | -€223,226 | €626,979 | +€850,205 | |
| Financial income | 75/76B | €449 | €2,117 | +€1,668 | +371.8% |
| Recurring financial income | 75 | €449 | €2,117 | +€1,668 | +371.8% |
| Financial charges | 65/66B | €146,645 | €786,116 | +€639,472 | +436.1% |
| Recurring financial charges | 65 | €146,645 | €786,116 | +€639,472 | +436.1% |
| Profit (loss) for the period before taxes | 9903 | -€369,422 | -€157,021 | +€212,401 | +57.5% |
| Income taxes | 67/77 | €408 | €4,934 | +€4,526 | +1110.6% |
| Profit (loss) for the period | 9904 | -€369,829 | -€161,954 | +€207,875 | +56.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€369,829 | -€161,954 | +€207,875 | +56.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.