PROJECT INNOVATION: 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 INNOVATION
Largest movements
- Tangible fixed assets -€132,175
down €132,175 (-8.3%), from €1.6m to €1.5m
- Receivables within one year +€32,081
new in 2025: €32,081
- Other debts -€288,617
down €288,617 (-13.5%), from €2.1m to €1.9m
- Accrued charges and deferred income +€179,665
new in 2025: €179,665
- Gross operating margin +€70,116
up €70,116 (+52.8%), from €132,903 to €203,019
- Depreciation -€24,448
down €24,448 (-15.6%), from €156,622 to €132,175
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 | €1,606,647 | €1,502,557 | -€104,090 | -6.5% |
| Fixed assets | 21/28 | €1,597,933 | €1,465,758 | -€132,175 | -8.3% |
| Tangible fixed assets | 22/27 | €1,597,933 | €1,465,758 | -€132,175 | -8.3% |
| Land and buildings | 22 | €1,597,933 | €1,465,758 | -€132,175 | -8.3% |
| Current assets | 29/58 | €8,714 | €36,799 | +€28,084 | +322% |
| Amounts receivable within one year | 40/41 | - | €32,081 | +€32,081 | |
| Trade receivables | 40 | - | €32,081 | +€32,081 | |
| Cash at bank and in hand | 54/58 | €382 | €869 | +€487 | +128% |
| Deferred charges and accrued income | 490/1 | €8,332 | €3,848 | -€4,484 | -53.8% |
| Total equity and liabilities | 10/49 | €1,606,647 | €1,502,557 | -€104,090 | -6.5% |
| Equity | 10/15 | -€637,093 | -€627,543 | +€9,551 | +1.5% |
| Contributions | 10/11 | €330,000 | €330,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€967,093 | -€957,543 | +€9,551 | +1.0% |
| Amounts payable | 17/49 | €2,243,740 | €2,130,099 | -€113,641 | -5.1% |
| Amounts payable after more than one year | 17 | €84,000 | €84,000 | = | 0.0% |
| Other amounts payable | 178/9 | €84,000 | €84,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,159,740 | €1,866,434 | -€293,306 | -13.6% |
| Trade debts | 44 | €17,900 | €13,211 | -€4,689 | -26.2% |
| Suppliers | 440/4 | €17,900 | €13,211 | -€4,689 | -26.2% |
| Other amounts payable | 47/48 | €2,141,840 | €1,853,223 | -€288,617 | -13.5% |
| Accrued charges and deferred income | 492/3 | - | €179,665 | +€179,665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,622 | €132,175 | -€24,448 | -15.6% |
| Other operating charges | 640/8 | €29,370 | €30,641 | +€1,271 | +4.3% |
| Gross operating margin | 9900 | €132,903 | €203,019 | +€70,116 | +52.8% |
| Operating profit (loss) | 9901 | -€53,089 | €40,204 | +€93,293 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €31,843 | €30,653 | -€1,190 | -3.7% |
| Recurring financial charges | 65 | €31,843 | €30,653 | -€1,190 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€84,932 | €9,551 | +€94,482 | |
| Profit (loss) for the period | 9904 | -€84,932 | €9,551 | +€94,482 | |
| Profit (loss) for the period to be appropriated | 9905 | -€84,932 | €9,551 | +€94,482 |
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 17 October 2026 via checked.be.