Project Focus: 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 Focus
Largest movements
- Current investments +€18,066
up €18,066 (+9.3%), from €194,401 to €212,467
- Reserves +€18,559
up €18,559 (+9.9%), from €186,721 to €205,280
- Other debts -€4,412
down €4,412 (-9.3%), from €47,273 to €42,861
- Tax, wage and social debts +€3,052
up €3,052 (+72.0%), from €4,239 to €7,290
- Gross operating margin +€23,040
up €23,040 (+43.3%), from €53,155 to €76,195
- Taxes +€8,656
up €8,656 (+58.8%), from €14,727 to €23,383
- Financial income +€8,175
up €8,175 (+695.3%), from €1,176 to €9,351
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 | €242,561 | €257,821 | +€15,260 | +6.3% |
| Fixed assets | 21/28 | €9,313 | €6,972 | -€2,341 | -25.1% |
| Tangible fixed assets | 22/27 | €9,313 | €6,972 | -€2,341 | -25.1% |
| Plant, machinery and equipment | 23 | €2,375 | €1,069 | -€1,306 | -55.0% |
| Furniture and vehicles | 24 | €6,938 | €5,903 | -€1,034 | -14.9% |
| Current assets | 29/58 | €233,248 | €250,849 | +€17,601 | +7.5% |
| Amounts receivable within one year | 40/41 | €15,069 | €15,069 | = | 0.0% |
| Trade receivables | 40 | €14,714 | €14,714 | = | 0.0% |
| Other amounts receivable | 41 | €355 | €355 | = | 0.0% |
| Current investments | 50/53 | €194,401 | €212,467 | +€18,066 | +9.3% |
| Cash at bank and in hand | 54/58 | €22,361 | €21,885 | -€476 | -2.1% |
| Deferred charges and accrued income | 490/1 | €1,416 | €1,428 | +€11 | +0.8% |
| Total equity and liabilities | 10/49 | €242,561 | €257,821 | +€15,260 | +6.3% |
| Equity | 10/15 | €187,721 | €206,280 | +€18,559 | +9.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €186,721 | €205,280 | +€18,559 | +9.9% |
| Distributable reserves | 133 | €186,721 | €205,280 | +€18,559 | +9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,840 | €51,541 | -€3,298 | -6.0% |
| Amounts payable within one year | 42/48 | €54,840 | €51,541 | -€3,298 | -6.0% |
| Financial debts | 43 | €454 | €0 | -€454 | -100.0% |
| Credit institutions | 430/8 | €454 | €0 | -€454 | -100.0% |
| Trade debts | 44 | €2,874 | €1,390 | -€1,485 | -51.7% |
| Suppliers | 440/4 | €2,874 | €1,390 | -€1,485 | -51.7% |
| Taxes, remuneration and social security | 45 | €4,239 | €7,290 | +€3,052 | +72.0% |
| Taxes | 450/3 | €4,239 | €7,290 | +€3,052 | +72.0% |
| Other amounts payable | 47/48 | €47,273 | €42,861 | -€4,412 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,780 | €2,341 | -€439 | -15.8% |
| Other operating charges | 640/8 | €1,229 | €1,264 | +€35 | +2.9% |
| Gross operating margin | 9900 | €53,155 | €76,195 | +€23,040 | +43.3% |
| Operating profit (loss) | 9901 | €49,146 | €72,590 | +€23,444 | +47.7% |
| Financial income | 75/76B | €1,176 | €9,351 | +€8,175 | +695.3% |
| Recurring financial income | 75 | €1,176 | €9,351 | +€8,175 | +695.3% |
| Financial charges | 65/66B | €70 | €84 | +€13 | +19.1% |
| Recurring financial charges | 65 | €70 | €84 | +€13 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €50,251 | €81,857 | +€31,606 | +62.9% |
| Income taxes | 67/77 | €14,727 | €23,383 | +€8,656 | +58.8% |
| Profit (loss) for the period | 9904 | €35,524 | €58,474 | +€22,950 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,524 | €58,474 | +€22,950 | +64.6% |
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 8 October 2026 via checked.be.