Project, Development & Validation Management: 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, Development & Validation Management
Largest movements
- Cash -€36,620
down €36,620 (-72.4%), from €50,556 to €13,936
mainly Net result for the year (-€13,182) and Debts after one year (-€8,684)
- Tangible fixed assets -€8,985
down €8,985 (-23.1%), from €38,862 to €29,877
of which Furniture and vehicles: -€8,427
- Deferred charges and accrued income +€5,534
up €5,534 (+309.0%), from €1,791 to €7,325
- Receivables within one year +€1,736
up €1,736 (+11.9%), from €14,604 to €16,340
of which Other amounts receivable: +€2,244
- Financial fixed assets +€1,650
up €1,650 (+825.0%), from €200 to €1,850
- Profit (loss) carried forward -€13,182
down €13,182 (-63.0%), from €20,909 to €7,727
- Debts after one year -€8,684
no longer reported in 2025 (was €8,684)
- Other debts -€8,074
down €8,074 (-21.0%), from €38,451 to €30,377
- Tax, wage and social debts -€6,128
no longer reported in 2025 (was €6,128)
- Gross operating margin -€37,100
down €37,100, from €36,114 to -€986
- Taxes -€5,130
down €5,130 (-97.2%), from €5,279 to €149
- Financial charges -€407
down €407 (-32.7%), from €1,243 to €836
- Financial income -€367
down €367 (-57.0%), from €644 to €277
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 | €106,013 | €69,328 | -€36,685 | -34.6% |
| Fixed assets | 21/28 | €39,062 | €31,727 | -€7,335 | -18.8% |
| Tangible fixed assets | 22/27 | €38,862 | €29,877 | -€8,985 | -23.1% |
| Plant, machinery and equipment | 23 | €195 | - | -€195 | |
| Furniture and vehicles | 24 | €38,183 | €29,756 | -€8,427 | -22.1% |
| Other tangible fixed assets | 26 | €484 | €121 | -€363 | -75.0% |
| Financial fixed assets | 28 | €200 | €1,850 | +€1,650 | +825.0% |
| Current assets | 29/58 | €66,951 | €37,601 | -€29,350 | -43.8% |
| Amounts receivable within one year | 40/41 | €14,604 | €16,340 | +€1,736 | +11.9% |
| Trade receivables | 40 | €12,750 | €12,242 | -€508 | -4.0% |
| Other amounts receivable | 41 | €1,854 | €4,098 | +€2,244 | +121.0% |
| Cash at bank and in hand | 54/58 | €50,556 | €13,936 | -€36,620 | -72.4% |
| Deferred charges and accrued income | 490/1 | €1,791 | €7,325 | +€5,534 | +309.0% |
| Total equity and liabilities | 10/49 | €106,013 | €69,328 | -€36,685 | -34.6% |
| Equity | 10/15 | €41,369 | €28,187 | -€13,182 | -31.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,909 | €7,727 | -€13,182 | -63.0% |
| Amounts payable | 17/49 | €64,644 | €41,141 | -€23,503 | -36.4% |
| Amounts payable after more than one year | 17 | €8,684 | - | -€8,684 | |
| Financial debts | 170/4 | €8,684 | - | -€8,684 | |
| Amounts payable within one year | 42/48 | €55,951 | €41,141 | -€14,810 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €8,329 | €8,684 | +€355 | +4.3% |
| Trade debts | 44 | €3,043 | €2,080 | -€963 | -31.6% |
| Suppliers | 440/4 | €3,043 | €2,080 | -€963 | -31.6% |
| Taxes, remuneration and social security | 45 | €6,128 | - | -€6,128 | |
| Taxes | 450/3 | €6,128 | - | -€6,128 | |
| Other amounts payable | 47/48 | €38,451 | €30,377 | -€8,074 | -21.0% |
| Accrued charges and deferred income | 492/3 | €9 | - | -€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,866 | €10,738 | -€128 | -1.2% |
| Other operating charges | 640/8 | €888 | €750 | -€138 | -15.5% |
| Gross operating margin | 9900 | €36,114 | -€986 | -€37,100 | |
| Operating profit (loss) | 9901 | €24,360 | -€12,474 | -€36,834 | |
| Financial income | 75/76B | €644 | €277 | -€367 | -57.0% |
| Recurring financial income | 75 | €644 | €277 | -€367 | -57.0% |
| Financial charges | 65/66B | €1,243 | €836 | -€407 | -32.7% |
| Recurring financial charges | 65 | €1,243 | €836 | -€407 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €23,761 | -€13,033 | -€36,794 | |
| Income taxes | 67/77 | €5,279 | €149 | -€5,130 | -97.2% |
| Profit (loss) for the period | 9904 | €18,482 | -€13,182 | -€31,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,482 | -€13,182 | -€31,664 |
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 3 October 2026 via checked.be.