Project-E: 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-E
Largest movements
- Receivables within one year -€73,098
down €73,098 (-12.1%), from €605,614 to €532,516
of which Trade receivables: -€64,882
- Stocks and contracts -€71,643
down €71,643 (-27.1%), from €264,088 to €192,445
of which Contracts in progress: -€71,433
- Trade debts -€75,364
down €75,364 (-85.6%), from €88,071 to €12,707
- Short-term financial debts -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Advances received -€35,335
down €35,335 (-55.6%), from €63,500 to €28,165
- Debts after one year +€35,148
up €35,148 (+6.5%), from €539,620 to €574,767
- Accrued charges and deferred income +€24,894
up €24,894 (+884.4%), from €2,815 to €27,709
- Gross operating margin -€48,208
down €48,208 (-37.1%), from €130,041 to €81,832
- Staff costs -€8,537
down €8,537 (-13.5%), from €63,045 to €54,507
- Taxes -€7,103
down €7,103 (-100.0%), from €7,103 to €0
- Financial charges +€3,474
up €3,474 (+12.0%), from €28,870 to €32,344
- Depreciation -€1,811
down €1,811 (-38.2%), from €4,745 to €2,933
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €932,383 | €781,711 | -€150,672 | -16.2% |
| Fixed assets | 21/28 | €51,140 | €48,207 | -€2,933 | -5.7% |
| Tangible fixed assets | 22/27 | €51,140 | €48,207 | -€2,933 | -5.7% |
| Land and buildings | 22 | €51,140 | €48,207 | -€2,933 | -5.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €881,242 | €733,504 | -€147,739 | -16.8% |
| Stocks and contracts in progress | 3 | €264,088 | €192,445 | -€71,643 | -27.1% |
| Stocks | 30/36 | €650 | €439 | -€210 | -32.3% |
| Contracts in progress | 37 | €263,439 | €192,006 | -€71,433 | -27.1% |
| Amounts receivable within one year | 40/41 | €605,614 | €532,516 | -€73,098 | -12.1% |
| Trade receivables | 40 | €594,429 | €529,547 | -€64,882 | -10.9% |
| Other amounts receivable | 41 | €11,185 | €2,969 | -€8,215 | -73.5% |
| Cash at bank and in hand | 54/58 | €8,930 | €5,582 | -€3,348 | -37.5% |
| Deferred charges and accrued income | 490/1 | €2,610 | €2,961 | +€350 | +13.4% |
| Total equity and liabilities | 10/49 | €932,383 | €781,711 | -€150,672 | -16.2% |
| Equity | 10/15 | €90,727 | €82,474 | -€8,253 | -9.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,727 | €27,474 | -€8,253 | -23.1% |
| Amounts payable | 17/49 | €841,656 | €699,237 | -€142,419 | -16.9% |
| Amounts payable after more than one year | 17 | €539,620 | €574,767 | +€35,148 | +6.5% |
| Financial debts | 170/4 | €539,620 | €574,767 | +€35,148 | +6.5% |
| Amounts payable within one year | 42/48 | €299,221 | €96,760 | -€202,461 | -67.7% |
| Current portion of amounts payable after more than one year | 42 | €4,844 | €14,103 | +€9,259 | +191.1% |
| Financial debts | 43 | €75,000 | €0 | -€75,000 | -100.0% |
| Credit institutions | 430/8 | €75,000 | €0 | -€75,000 | -100.0% |
| Trade debts | 44 | €88,071 | €12,707 | -€75,364 | -85.6% |
| Suppliers | 440/4 | €88,071 | €12,707 | -€75,364 | -85.6% |
| Advances received on contracts in progress | 46 | €63,500 | €28,165 | -€35,335 | -55.6% |
| Taxes, remuneration and social security | 45 | €12,634 | €9,516 | -€3,118 | -24.7% |
| Taxes | 450/3 | €9,549 | €7,510 | -€2,038 | -21.3% |
| Remuneration and social security | 454/9 | €3,085 | €2,005 | -€1,079 | -35.0% |
| Other amounts payable | 47/48 | €55,172 | €32,269 | -€22,903 | -41.5% |
| Accrued charges and deferred income | 492/3 | €2,815 | €27,709 | +€24,894 | +884.4% |
| Remuneration, social security and pensions | 62 | €63,045 | €54,507 | -€8,537 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,745 | €2,933 | -€1,811 | -38.2% |
| Other operating charges | 640/8 | €288 | €304 | +€16 | +5.5% |
| Gross operating margin | 9900 | €130,041 | €81,832 | -€48,208 | -37.1% |
| Operating profit (loss) | 9901 | €61,963 | €24,087 | -€37,876 | -61.1% |
| Financial income | 75/76B | €74 | €5 | -€70 | -93.9% |
| Recurring financial income | 75 | €74 | €5 | -€70 | -93.9% |
| Financial charges | 65/66B | €28,870 | €32,344 | +€3,474 | +12.0% |
| Recurring financial charges | 65 | €28,870 | €32,344 | +€3,474 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €33,167 | -€8,253 | -€41,420 | |
| Income taxes | 67/77 | €7,103 | €0 | -€7,103 | -100.0% |
| Profit (loss) for the period | 9904 | €26,065 | -€8,253 | -€34,317 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,065 | -€8,253 | -€34,317 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.