PROJECT H: 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 H
Largest movements
- Cash +€27,757
up €27,757 (+62.4%), from €44,511 to €72,268
mainly Net result for the year (+€29,902) and Depreciation (+€9,153)
- Receivables within one year +€12,069
up €12,069 (+18.3%), from €65,884 to €77,953
of which Other amounts receivable: +€8,696
- Tangible fixed assets -€9,153
down €9,153 (-42.7%), from €21,426 to €12,273
of which Furniture and vehicles: -€6,063
- Reserves +€29,902
up €29,902 (+42.9%), from €69,734 to €99,636
of which Distributable reserves: +€29,902
- Trade debts -€9,061
down €9,061 (-59.4%), from €15,265 to €6,204
- Tax, wage and social debts +€7,882
up €7,882 (+49.1%), from €16,055 to €23,937
of which Remuneration and social security: +€18,100
- Current portion of long-term debt +€3,136
new in 2025: €3,136
- Turnover +€27,261
up €27,261 (+19.5%), from €139,551 to €166,812
- Gross operating margin +€16,841
up €16,841 (+47.2%), from €35,651 to €52,492
- Purchases and services +€10,777
up €10,777 (+10.4%), from €103,900 to €114,677
- Taxes -€2,000
down €2,000 (-21.1%), from €9,500 to €7,500
- Other operating charges +€1,936
up €1,936 (+126%), from €1,539 to €3,475
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 | €132,996 | €163,913 | +€30,917 | +23.2% |
| Fixed assets | 21/28 | €21,426 | €12,273 | -€9,153 | -42.7% |
| Tangible fixed assets | 22/27 | €21,426 | €12,273 | -€9,153 | -42.7% |
| Plant, machinery and equipment | 23 | €10,489 | €7,399 | -€3,090 | -29.5% |
| Furniture and vehicles | 24 | €10,937 | €4,874 | -€6,063 | -55.4% |
| Current assets | 29/58 | €111,570 | €151,640 | +€40,070 | +35.9% |
| Amounts receivable within one year | 40/41 | €65,884 | €77,953 | +€12,069 | +18.3% |
| Trade receivables | 40 | €49,646 | €53,019 | +€3,373 | +6.8% |
| Other amounts receivable | 41 | €16,238 | €24,934 | +€8,696 | +53.6% |
| Cash at bank and in hand | 54/58 | €44,511 | €72,268 | +€27,757 | +62.4% |
| Deferred charges and accrued income | 490/1 | €1,175 | €1,419 | +€244 | +20.8% |
| Total equity and liabilities | 10/49 | €132,996 | €163,913 | +€30,917 | +23.2% |
| Equity | 10/15 | €100,734 | €130,636 | +€29,902 | +29.7% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €69,734 | €99,636 | +€29,902 | +42.9% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Other | 1319 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €68,734 | €98,636 | +€29,902 | +43.5% |
| Amounts payable | 17/49 | €32,262 | €33,277 | +€1,015 | +3.1% |
| Amounts payable after more than one year | 17 | €942 | - | -€942 | |
| Financial debts | 170/4 | €942 | - | -€942 | |
| Amounts payable within one year | 42/48 | €31,320 | €33,277 | +€1,957 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,136 | +€3,136 | |
| Trade debts | 44 | €15,265 | €6,204 | -€9,061 | -59.4% |
| Suppliers | 440/4 | €15,265 | €6,204 | -€9,061 | -59.4% |
| Taxes, remuneration and social security | 45 | €16,055 | €23,937 | +€7,882 | +49.1% |
| Taxes | 450/3 | €16,055 | €5,837 | -€10,218 | -63.6% |
| Remuneration and social security | 454/9 | - | €18,100 | +€18,100 | |
| Turnover | 70 | €139,551 | €166,812 | +€27,261 | +19.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €103,900 | €114,677 | +€10,777 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,470 | €9,153 | -€317 | -3.3% |
| Other operating charges | 640/8 | €1,539 | €3,475 | +€1,936 | +126% |
| Gross operating margin | 9900 | €35,651 | €52,492 | +€16,841 | +47.2% |
| Operating profit (loss) | 9901 | €24,642 | €39,864 | +€15,222 | +61.8% |
| Financial income | 75/76B | €40 | €158 | +€118 | +295% |
| Recurring financial income | 75 | €40 | €158 | +€118 | +295% |
| Financial charges | 65/66B | €3,040 | €2,620 | -€420 | -13.8% |
| Recurring financial charges | 65 | €3,040 | €2,620 | -€420 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €21,642 | €37,402 | +€15,760 | +72.8% |
| Income taxes | 67/77 | €9,500 | €7,500 | -€2,000 | -21.1% |
| Profit (loss) for the period | 9904 | €12,142 | €29,902 | +€17,760 | +146% |
| Profit (loss) for the period to be appropriated | 9905 | €12,142 | €29,902 | +€17,760 | +146% |
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 24 October 2026 via checked.be.