PROJECT HEALTH: what changed
PROJECT HEALTH
Largest movements
- Cash -€46,874
down €46,874 (-35.0%), from €133,970 to €87,096
mainly Contributions, distributions and other (-€121,452) and Tax, wage and social debts (-€17,507)
- Deferred charges and accrued income +€13,534
up €13,534 (+161%), from €8,417 to €21,951
- Receivables within one year -€4,688
down €4,688 (-91.8%), from €5,108 to €420
of which Other amounts receivable: -€3,885
- Tangible fixed assets +€2,174
up €2,174 (+10.0%), from €21,743 to €23,917
of which Furniture and vehicles: +€10,470
- Tax, wage and social debts -€17,507
down €17,507 (-84.0%), from €20,838 to €3,331
- Other debts -€13,190
down €13,190 (-10.6%), from €124,249 to €111,059
- Debts after one year -€5,128
down €5,128 (-32.8%), from €15,654 to €10,526
- Gross operating margin -€12,079
down €12,079 (-6.2%), from €194,243 to €182,164
- Financial income -€4,779
down €4,779 (-100.0%), from €4,781 to €2
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,238 | €133,384 | -€35,854 | -21.2% |
| Fixed assets | 21/28 | €21,743 | €23,917 | +€2,174 | +10.0% |
| Tangible fixed assets | 22/27 | €21,743 | €23,917 | +€2,174 | +10.0% |
| Land and buildings | 22 | €443 | €379 | -€64 | -14.5% |
| Plant, machinery and equipment | 23 | €7,835 | €2,964 | -€4,872 | -62.2% |
| Furniture and vehicles | 24 | €1,387 | €11,857 | +€10,470 | +755% |
| Other tangible fixed assets | 26 | €12,078 | €8,718 | -€3,360 | -27.8% |
| Current assets | 29/58 | €147,495 | €109,467 | -€38,028 | -25.8% |
| Amounts receivable within one year | 40/41 | €5,108 | €420 | -€4,688 | -91.8% |
| Trade receivables | 40 | €1,222 | €420 | -€802 | -65.6% |
| Other amounts receivable | 41 | €3,885 | - | -€3,885 | |
| Cash at bank and in hand | 54/58 | €133,970 | €87,096 | -€46,874 | -35.0% |
| Deferred charges and accrued income | 490/1 | €8,417 | €21,951 | +€13,534 | +161% |
| Total equity and liabilities | 10/49 | €169,238 | €133,384 | -€35,854 | -21.2% |
| Equity | 10/15 | €3,000 | €3,000 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €166,238 | €130,384 | -€35,854 | -21.6% |
| Amounts payable after more than one year | 17 | €15,654 | €10,526 | -€5,128 | -32.8% |
| Financial debts | 170/4 | €15,654 | €10,526 | -€5,128 | -32.8% |
| Amounts payable within one year | 42/48 | €150,584 | €119,858 | -€30,726 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €5,040 | €5,128 | +€88 | +1.7% |
| Trade debts | 44 | €457 | €340 | -€117 | -25.7% |
| Suppliers | 440/4 | €457 | €340 | -€117 | -25.7% |
| Taxes, remuneration and social security | 45 | €20,838 | €3,331 | -€17,507 | -84.0% |
| Taxes | 450/3 | €20,838 | €3,331 | -€17,507 | -84.0% |
| Other amounts payable | 47/48 | €124,249 | €111,059 | -€13,190 | -10.6% |
| Non-recurring operating income | 76A | - | €2,928 | +€2,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,902 | €14,192 | +€290 | +2.1% |
| Other operating charges | 640/8 | €2,033 | €1,836 | -€196 | -9.7% |
| Non-recurring operating charges | 66A | - | €117 | +€117 | |
| Gross operating margin | 9900 | €194,243 | €182,164 | -€12,079 | -6.2% |
| Operating profit (loss) | 9901 | €178,309 | €166,019 | -€12,290 | -6.9% |
| Financial income | 75/76B | €4,781 | €2 | -€4,779 | -100.0% |
| Recurring financial income | 75 | €4,781 | €2 | -€4,779 | -100.0% |
| Financial charges | 65/66B | €3,618 | €2,705 | -€913 | -25.2% |
| Recurring financial charges | 65 | €3,618 | €2,705 | -€913 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €179,472 | €163,315 | -€16,156 | -9.0% |
| Income taxes | 67/77 | €40,549 | €41,864 | +€1,315 | +3.2% |
| Profit (loss) for the period | 9904 | €138,923 | €121,452 | -€17,471 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €138,923 | €121,452 | -€17,471 | -12.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.