Project Excellence: 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 Excellence
Largest movements
- Current investments -€72,214
down €72,214 (-35.8%), from €201,867 to €129,653
- Cash +€61,889
up €61,889 (+341%), from €18,131 to €80,021
mainly Current investments (+€72,214) and Net result for the year (+€29,928)
- Receivables within one year +€19,173
up €19,173 (+102%), from €18,880 to €38,053
of which Trade receivables: +€19,208
- Reserves +€29,928
up €29,928 (+16.6%), from €180,030 to €209,958
- Other debts -€21,100
down €21,100 (-100%), from €21,100 to €0
- Trade debts -€4,670
down €4,670 (-70.0%), from €6,673 to €2,004
- Financial income +€4,796
up €4,796 (+410%), from €1,169 to €5,965
- Gross operating margin -€2,889
down €2,889 (-6.3%), from €46,191 to €43,302
- Financial charges +€1,656
up €1,656 (+87.0%), from €1,902 to €3,558
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.
Derived cash bridge
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 | €244,049 | €249,386 | +€5,337 | +2.2% |
| Fixed assets | 21/28 | €2,673 | €1,084 | -€1,589 | -59.4% |
| Tangible fixed assets | 22/27 | €2,673 | €1,084 | -€1,589 | -59.4% |
| Plant, machinery and equipment | 23 | €580 | €231 | -€349 | -60.1% |
| Furniture and vehicles | 24 | €2,092 | €852 | -€1,240 | -59.3% |
| Current assets | 29/58 | €241,377 | €248,303 | +€6,926 | +2.9% |
| Amounts receivable within one year | 40/41 | €18,880 | €38,053 | +€19,173 | +102% |
| Trade receivables | 40 | €18,513 | €37,721 | +€19,208 | +104% |
| Other amounts receivable | 41 | €367 | €332 | -€36 | -9.7% |
| Current investments | 50/53 | €201,867 | €129,653 | -€72,214 | -35.8% |
| Cash at bank and in hand | 54/58 | €18,131 | €80,021 | +€61,889 | +341% |
| Deferred charges and accrued income | 490/1 | €2,498 | €575 | -€1,923 | -77.0% |
| Total equity and liabilities | 10/49 | €244,049 | €249,386 | +€5,337 | +2.2% |
| Equity | 10/15 | €186,230 | €216,158 | +€29,928 | +16.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €180,030 | €209,958 | +€29,928 | +16.6% |
| Distributable reserves | 133 | €180,030 | €209,958 | +€29,928 | +16.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,819 | €33,228 | -€24,591 | -42.5% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | - | €25,000 | +€25,000 | |
| Other amounts payable | 178/9 | €25,000 | €0 | -€25,000 | -100% |
| Amounts payable within one year | 42/48 | €32,819 | €8,228 | -€24,591 | -74.9% |
| Financial debts | 43 | €1,688 | €919 | -€769 | -45.5% |
| Credit institutions | 430/8 | €1,688 | €919 | -€769 | -45.5% |
| Trade debts | 44 | €6,673 | €2,004 | -€4,670 | -70.0% |
| Suppliers | 440/4 | €6,673 | €2,004 | -€4,670 | -70.0% |
| Taxes, remuneration and social security | 45 | €3,358 | €5,305 | +€1,948 | +58.0% |
| Taxes | 450/3 | €3,358 | €5,305 | +€1,948 | +58.0% |
| Other amounts payable | 47/48 | €21,100 | €0 | -€21,100 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,785 | €1,589 | -€197 | -11.0% |
| Other operating charges | 640/8 | €1,080 | €1,104 | +€24 | +2.3% |
| Non-recurring operating charges | 66A | €100 | €0 | -€100 | -100% |
| Gross operating margin | 9900 | €46,191 | €43,302 | -€2,889 | -6.3% |
| Operating profit (loss) | 9901 | €43,226 | €40,609 | -€2,617 | -6.1% |
| Financial income | 75/76B | €1,169 | €5,965 | +€4,796 | +410% |
| Recurring financial income | 75 | €1,169 | €5,965 | +€4,796 | +410% |
| Financial charges | 65/66B | €1,902 | €3,558 | +€1,656 | +87.0% |
| Recurring financial charges | 65 | €1,902 | €3,558 | +€1,656 | +87.0% |
| Profit (loss) for the period before taxes | 9903 | €42,492 | €43,016 | +€523 | +1.2% |
| Income taxes | 67/77 | €12,937 | €13,087 | +€151 | +1.2% |
| Profit (loss) for the period | 9904 | €29,556 | €29,928 | +€372 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,556 | €29,928 | +€372 | +1.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.