Project G: 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 G
Largest movements
- Tangible fixed assets +€153,319
up €153,319 (+170.0%), from €90,179 to €243,498
of which Furniture and vehicles: +€143,813
- Cash +€109,072
up €109,072 (+267.3%), from €40,798 to €149,869
mainly Trade debts (+€160,779) and Other debts (+€81,810)
- Receivables within one year +€22,708
up €22,708 (+47.6%), from €47,698 to €70,406
of which Other amounts receivable: +€23,946
- Stocks and contracts +€18,955
new in 2025: €18,955
- Trade debts +€160,779
up €160,779, from €0 to €160,779
- Other debts +€81,810
up €81,810 (+2006.3%), from €4,078 to €85,888
- Accrued charges and deferred income +€65,278
up €65,278 (+397.8%), from €16,411 to €81,689
- Gross operating margin -€41,057
down €41,057 (-48.0%), from €85,495 to €44,437
- Taxes -€8,617
down €8,617 (-98.5%), from €8,749 to €132
- Other operating charges -€7,458
down €7,458 (-87.0%), from €8,576 to €1,119
- Depreciation +€5,313
up €5,313 (+58.3%), from €9,109 to €14,422
- Financial charges +€2,796
up €2,796 (+47.5%), from €5,892 to €8,688
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 | €179,065 | €483,026 | +€303,961 | +169.7% |
| Fixed assets | 21/28 | €90,179 | €243,498 | +€153,319 | +170.0% |
| Tangible fixed assets | 22/27 | €90,179 | €243,498 | +€153,319 | +170.0% |
| Land and buildings | 22 | €62,992 | €59,701 | -€3,291 | -5.2% |
| Plant, machinery and equipment | 23 | €15,940 | €29,458 | +€13,518 | +84.8% |
| Furniture and vehicles | 24 | €5,049 | €148,862 | +€143,813 | +2848.6% |
| Other tangible fixed assets | 26 | €6,198 | €5,477 | -€721 | -11.6% |
| Current assets | 29/58 | €88,886 | €239,528 | +€150,642 | +169.5% |
| Stocks and contracts in progress | 3 | - | €18,955 | +€18,955 | |
| Stocks | 30/36 | - | €18,955 | +€18,955 | |
| Amounts receivable within one year | 40/41 | €47,698 | €70,406 | +€22,708 | +47.6% |
| Trade receivables | 40 | €33,305 | €32,067 | -€1,238 | -3.7% |
| Other amounts receivable | 41 | €14,393 | €38,339 | +€23,946 | +166.4% |
| Cash at bank and in hand | 54/58 | €40,798 | €149,869 | +€109,072 | +267.3% |
| Deferred charges and accrued income | 490/1 | €391 | €298 | -€92 | -23.6% |
| Total equity and liabilities | 10/49 | €179,065 | €483,026 | +€303,961 | +169.7% |
| Equity | 10/15 | €75,543 | €76,013 | +€470 | +0.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €65,543 | €66,013 | +€470 | +0.7% |
| Distributable reserves | 133 | €65,543 | €66,013 | +€470 | +0.7% |
| Amounts payable | 17/49 | €103,522 | €407,013 | +€303,491 | +293.2% |
| Amounts payable after more than one year | 17 | €61,113 | €58,858 | -€2,254 | -3.7% |
| Financial debts | 170/4 | €61,113 | €58,858 | -€2,254 | -3.7% |
| Amounts payable within one year | 42/48 | €25,998 | €266,466 | +€240,468 | +924.9% |
| Current portion of amounts payable after more than one year | 42 | €2,158 | €2,254 | +€96 | +4.5% |
| Trade debts | 44 | €0 | €160,779 | +€160,779 | |
| Suppliers | 440/4 | €0 | €160,779 | +€160,779 | |
| Taxes, remuneration and social security | 45 | €19,762 | €17,545 | -€2,218 | -11.2% |
| Taxes | 450/3 | €17,378 | €10,903 | -€6,475 | -37.3% |
| Remuneration and social security | 454/9 | €2,384 | €6,641 | +€4,258 | +178.6% |
| Other amounts payable | 47/48 | €4,078 | €85,888 | +€81,810 | +2006.3% |
| Accrued charges and deferred income | 492/3 | €16,411 | €81,689 | +€65,278 | +397.8% |
| Remuneration, social security and pensions | 62 | €18,471 | €19,607 | +€1,136 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,109 | €14,422 | +€5,313 | +58.3% |
| Other operating charges | 640/8 | €8,576 | €1,119 | -€7,458 | -87.0% |
| Gross operating margin | 9900 | €85,495 | €44,437 | -€41,057 | -48.0% |
| Operating profit (loss) | 9901 | €49,338 | €9,289 | -€40,049 | -81.2% |
| Financial income | 75/76B | €15 | €0 | -€15 | -97.7% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -97.7% |
| Financial charges | 65/66B | €5,892 | €8,688 | +€2,796 | +47.5% |
| Recurring financial charges | 65 | €5,892 | €8,688 | +€2,796 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €43,462 | €602 | -€42,860 | -98.6% |
| Income taxes | 67/77 | €8,749 | €132 | -€8,617 | -98.5% |
| Profit (loss) for the period | 9904 | €34,713 | €470 | -€34,243 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,713 | €470 | -€34,243 | -98.6% |
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 10 October 2026 via checked.be.