Project Fox: 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 Fox
Largest movements
- Stocks and contracts +€106,741
up €106,741 (+103%), from €103,200 to €209,941
- Cash -€53,897
down €53,897 (-63.2%), from €85,325 to €31,428
mainly Stocks and contracts (-€106,741) and Investment in fixed assets (net) (-€26,099)
- Receivables within one year -€39,947
down €39,947 (-70.6%), from €56,553 to €16,606
of which Trade receivables: -€51,197
- Tangible fixed assets +€15,052
up €15,052 (+553%), from €2,723 to €17,775
of which Plant, machinery and equipment: +€8,490
- Intangible fixed assets +€7,575
new in 2025: €7,575
- Other debts +€69,674
up €69,674 (+64.5%), from €108,088 to €177,761
- Trade debts -€21,894
down €21,894 (-59.9%), from €36,528 to €14,634
- Tax, wage and social debts -€16,550
down €16,550 (-32.0%), from €51,754 to €35,204
of which Taxes: -€21,765
- Staff costs +€17,387
up €17,387 (+79.4%), from €21,911 to €39,297
- Financial charges +€11,567
up €11,567 (+147%), from €7,881 to €19,448
- Taxes -€9,696
down €9,696 (-95.9%), from €10,106 to €409
- Gross operating margin -€8,082
down €8,082 (-11.4%), from €71,159 to €63,077
- Financial income -€3,838
down €3,838 (-65.0%), from €5,902 to €2,064
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 | €252,298 | €286,113 | +€33,815 | +13.4% |
| Fixed assets | 21/28 | €2,723 | €25,351 | +€22,628 | +831% |
| Intangible fixed assets | 21 | - | €7,575 | +€7,575 | |
| Tangible fixed assets | 22/27 | €2,723 | €17,775 | +€15,052 | +553% |
| Plant, machinery and equipment | 23 | €1,269 | €9,759 | +€8,490 | +669% |
| Furniture and vehicles | 24 | €759 | €7,891 | +€7,132 | +939% |
| Other tangible fixed assets | 26 | €695 | €125 | -€570 | -82.0% |
| Current assets | 29/58 | €249,575 | €260,762 | +€11,187 | +4.5% |
| Stocks and contracts in progress | 3 | €103,200 | €209,941 | +€106,741 | +103% |
| Stocks | 30/36 | €103,200 | €209,941 | +€106,741 | +103% |
| Amounts receivable within one year | 40/41 | €56,553 | €16,606 | -€39,947 | -70.6% |
| Trade receivables | 40 | €56,325 | €5,128 | -€51,197 | -90.9% |
| Other amounts receivable | 41 | €228 | €11,478 | +€11,250 | +4,925% |
| Cash at bank and in hand | 54/58 | €85,325 | €31,428 | -€53,897 | -63.2% |
| Deferred charges and accrued income | 490/1 | €4,497 | €2,787 | -€1,710 | -38.0% |
| Total equity and liabilities | 10/49 | €252,298 | €286,113 | +€33,815 | +13.4% |
| Equity | 10/15 | €51,316 | €53,042 | +€1,726 | +3.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €50,316 | €52,042 | +€1,726 | +3.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €50,316 | €52,042 | +€1,726 | +3.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €200,983 | €233,071 | +€32,088 | +16.0% |
| Amounts payable within one year | 42/48 | €196,370 | €227,599 | +€31,229 | +15.9% |
| Trade debts | 44 | €36,528 | €14,634 | -€21,894 | -59.9% |
| Suppliers | 440/4 | €36,528 | €14,634 | -€21,894 | -59.9% |
| Taxes, remuneration and social security | 45 | €51,754 | €35,204 | -€16,550 | -32.0% |
| Taxes | 450/3 | €48,312 | €26,547 | -€21,765 | -45.1% |
| Remuneration and social security | 454/9 | €3,442 | €8,657 | +€5,215 | +151% |
| Other amounts payable | 47/48 | €108,088 | €177,761 | +€69,674 | +64.5% |
| Accrued charges and deferred income | 492/3 | €4,613 | €5,472 | +€859 | +18.6% |
| Remuneration, social security and pensions | 62 | €21,911 | €39,297 | +€17,387 | +79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,055 | €3,472 | +€2,417 | +229% |
| Other operating charges | 640/8 | €1,413 | €788 | -€625 | -44.2% |
| Gross operating margin | 9900 | €71,159 | €63,077 | -€8,082 | -11.4% |
| Operating profit (loss) | 9901 | €46,780 | €19,520 | -€27,261 | -58.3% |
| Financial income | 75/76B | €5,902 | €2,064 | -€3,838 | -65.0% |
| Recurring financial income | 75 | €5,902 | €2,064 | -€3,838 | -65.0% |
| Financial charges | 65/66B | €7,881 | €19,448 | +€11,567 | +147% |
| Recurring financial charges | 65 | €7,881 | €19,448 | +€11,567 | +147% |
| Profit (loss) for the period before taxes | 9903 | €44,801 | €2,136 | -€42,665 | -95.2% |
| Income taxes | 67/77 | €10,106 | €409 | -€9,696 | -95.9% |
| Profit (loss) for the period | 9904 | €34,695 | €1,726 | -€32,969 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,695 | €1,726 | -€32,969 | -95.0% |
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.