Project Distribution: 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 Distribution
Largest movements
- Stocks and contracts -€393,976
down €393,976 (-37.1%), from €1.1m to €669,054
- Receivables within one year +€163,688
up €163,688 (+28.6%), from €571,513 to €735,201
of which Trade receivables: +€161,535
- Cash +€111,946
up €111,946 (+18.6%), from €601,578 to €713,524
mainly Net result for the year (+€479,467) and Stocks and contracts (+€393,976)
- Tangible fixed assets -€60,293
down €60,293 (-27.3%), from €220,464 to €160,171
of which Furniture and vehicles: -€63,159
- Trade debts -€314,414
down €314,414 (-28.0%), from €1.1m to €806,512
- Reserves +€239,467
up €239,467 (+34.9%), from €685,303 to €924,769
of which Distributable reserves: +€239,467
- Short-term financial debts -€48,987
down €48,987 (-28.8%), from €169,982 to €120,995
- Debts after one year -€39,734
down €39,734 (-47.0%), from €84,564 to €44,830
- Gross operating margin +€243,967
up €243,967 (+16.9%), from €1.4m to €1.7m
- Taxes +€79,851
up €79,851 (+54.7%), from €145,902 to €225,753
- Financial charges -€17,763
down €17,763 (-20.2%), from €88,069 to €70,306
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 | €2,456,834 | €2,278,199 | -€178,635 | -7.3% |
| Fixed assets | 21/28 | €220,713 | €160,420 | -€60,293 | -27.3% |
| Tangible fixed assets | 22/27 | €220,464 | €160,171 | -€60,293 | -27.3% |
| Plant, machinery and equipment | 23 | €1,899 | €28,240 | +€26,341 | +1387.2% |
| Furniture and vehicles | 24 | €163,930 | €100,771 | -€63,159 | -38.5% |
| Other tangible fixed assets | 26 | €54,635 | €31,159 | -€23,476 | -43.0% |
| Financial fixed assets | 28 | €249 | €249 | = | 0.0% |
| Current assets | 29/58 | €2,236,121 | €2,117,779 | -€118,342 | -5.3% |
| Stocks and contracts in progress | 3 | €1,063,030 | €669,054 | -€393,976 | -37.1% |
| Stocks | 30/36 | €1,063,030 | €669,054 | -€393,976 | -37.1% |
| Amounts receivable within one year | 40/41 | €571,513 | €735,201 | +€163,688 | +28.6% |
| Trade receivables | 40 | €556,172 | €717,707 | +€161,535 | +29.0% |
| Other amounts receivable | 41 | €15,341 | €17,495 | +€2,154 | +14.0% |
| Cash at bank and in hand | 54/58 | €601,578 | €713,524 | +€111,946 | +18.6% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €2,456,834 | €2,278,199 | -€178,635 | -7.3% |
| Equity | 10/15 | €747,303 | €986,769 | +€239,467 | +32.0% |
| 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 | €685,303 | €924,769 | +€239,467 | +34.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €660,353 | €899,819 | +€239,467 | +36.3% |
| Amounts payable | 17/49 | €1,709,531 | €1,291,429 | -€418,102 | -24.5% |
| Amounts payable after more than one year | 17 | €84,564 | €44,830 | -€39,734 | -47.0% |
| Financial debts | 170/4 | €84,564 | €44,830 | -€39,734 | -47.0% |
| Amounts payable within one year | 42/48 | €1,624,967 | €1,246,599 | -€378,368 | -23.3% |
| Financial debts | 43 | €169,982 | €120,995 | -€48,987 | -28.8% |
| Credit institutions | 430/8 | €169,982 | €120,995 | -€48,987 | -28.8% |
| Trade debts | 44 | €1,120,925 | €806,512 | -€314,414 | -28.0% |
| Suppliers | 440/4 | €1,120,925 | €806,512 | -€314,414 | -28.0% |
| Taxes, remuneration and social security | 45 | €334,060 | €319,074 | -€14,986 | -4.5% |
| Taxes | 450/3 | €255,725 | €244,013 | -€11,712 | -4.6% |
| Remuneration and social security | 454/9 | €78,335 | €75,061 | -€3,274 | -4.2% |
| Other amounts payable | 47/48 | - | €18 | +€18 | |
| Non-recurring operating income | 76A | - | €51,501 | +€51,501 | |
| Remuneration, social security and pensions | 62 | €809,079 | €810,831 | +€1,752 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,511 | €93,995 | -€1,517 | -1.6% |
| Other operating charges | 640/8 | €3,642 | €3,388 | -€254 | -7.0% |
| Non-recurring operating charges | 66A | - | €3,199 | +€3,199 | |
| Gross operating margin | 9900 | €1,441,805 | €1,685,772 | +€243,967 | +16.9% |
| Operating profit (loss) | 9901 | €533,572 | €774,359 | +€240,787 | +45.1% |
| Financial income | 75/76B | €596 | €1,167 | +€571 | +95.9% |
| Recurring financial income | 75 | €596 | €1,167 | +€571 | +95.9% |
| Financial charges | 65/66B | €88,069 | €70,306 | -€17,763 | -20.2% |
| Recurring financial charges | 65 | €88,069 | €70,306 | -€17,763 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €446,099 | €705,220 | +€259,121 | +58.1% |
| Income taxes | 67/77 | €145,902 | €225,753 | +€79,851 | +54.7% |
| Profit (loss) for the period | 9904 | €300,197 | €479,467 | +€179,270 | +59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €300,197 | €479,467 | +€179,270 | +59.7% |
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 6 October 2026 via checked.be.