PROJECT-INVEST: 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-INVEST
Largest movements
- Stocks and contracts -€237,330
down €237,330 (-41.1%), from €577,339 to €340,009
- Tangible fixed assets -€81,240
down €81,240 (-3.4%), from €2.4m to €2.3m
of which Land and buildings: -€77,843
- Current investments -€49,291
down €49,291 (-8.3%), from €596,669 to €547,379
- Reserves +€294,732
up €294,732 (+404%), from €73,000 to €367,732
of which Distributable reserves: +€294,732
- Profit (loss) carried forward -€278,360
down €278,360 (-100%), from €278,360 to €0
- Short-term financial debts -€255,551
down €255,551 (-65.5%), from €390,000 to €134,450
- Debts after one year -€150,579
down €150,579 (-9.9%), from €1.5m to €1.4m
- Other debts +€55,620
up €55,620 (+240%), from €23,192 to €78,813
- Financial income -€33,617
down €33,617 (-53.0%), from €63,485 to €29,868
- Gross operating margin +€15,976
up €15,976 (+10.1%), from €157,577 to €173,553
- Financial charges -€15,580
down €15,580 (-15.9%), from €98,226 to €82,646
- Depreciation -€9,521
down €9,521 (-10.5%), from €90,761 to €81,240
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 | €4,038,820 | €3,694,140 | -€344,679 | -8.5% |
| Fixed assets | 21/28 | €2,425,391 | €2,344,151 | -€81,240 | -3.3% |
| Tangible fixed assets | 22/27 | €2,421,026 | €2,339,785 | -€81,240 | -3.4% |
| Land and buildings | 22 | €2,404,861 | €2,327,018 | -€77,843 | -3.2% |
| Furniture and vehicles | 24 | €12,173 | €10,773 | -€1,400 | -11.5% |
| Other tangible fixed assets | 26 | €3,992 | €1,995 | -€1,997 | -50.0% |
| Financial fixed assets | 28 | €4,365 | €4,365 | = | 0.0% |
| Current assets | 29/58 | €1,613,429 | €1,349,990 | -€263,439 | -16.3% |
| Stocks and contracts in progress | 3 | €577,339 | €340,009 | -€237,330 | -41.1% |
| Stocks | 30/36 | €577,339 | €340,009 | -€237,330 | -41.1% |
| Amounts receivable within one year | 40/41 | €373,704 | €376,738 | +€3,034 | +0.8% |
| Trade receivables | 40 | €160 | €1,994 | +€1,834 | +1,146% |
| Other amounts receivable | 41 | €373,544 | €374,744 | +€1,200 | +0.3% |
| Current investments | 50/53 | €596,669 | €547,379 | -€49,291 | -8.3% |
| Cash at bank and in hand | 54/58 | €64,860 | €84,990 | +€20,130 | +31.0% |
| Deferred charges and accrued income | 490/1 | €856 | €874 | +€18 | +2.1% |
| Total equity and liabilities | 10/49 | €4,038,820 | €3,694,140 | -€344,679 | -8.5% |
| Equity | 10/15 | €1,921,088 | €1,937,461 | +€16,373 | +0.9% |
| Contributions | 10/11 | €730,000 | €730,000 | = | 0.0% |
| Capital | 10 | €730,000 | €730,000 | = | 0.0% |
| Issued capital | 100 | €730,000 | €730,000 | = | 0.0% |
| Revaluation surpluses | 12 | €839,728 | €839,728 | = | 0.0% |
| Reserves | 13 | €73,000 | €367,732 | +€294,732 | +404% |
| Non-distributable reserves | 130/1 | €73,000 | €73,000 | = | 0.0% |
| Legal reserve | 130 | €73,000 | €73,000 | = | 0.0% |
| Distributable reserves | 133 | - | €294,732 | +€294,732 | |
| Profit (loss) carried forward | 14 | €278,360 | €0 | -€278,360 | -100% |
| Amounts payable | 17/49 | €2,117,732 | €1,756,680 | -€361,052 | -17.0% |
| Amounts payable after more than one year | 17 | €1,527,405 | €1,376,826 | -€150,579 | -9.9% |
| Financial debts | 170/4 | €1,527,405 | €1,376,826 | -€150,579 | -9.9% |
| Amounts payable within one year | 42/48 | €590,327 | €377,385 | -€212,941 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €148,565 | €150,579 | +€2,014 | +1.4% |
| Financial debts | 43 | €390,000 | €134,450 | -€255,551 | -65.5% |
| Credit institutions | 430/8 | €390,000 | €134,450 | -€255,551 | -65.5% |
| Trade debts | 44 | €28,569 | €6,755 | -€21,815 | -76.4% |
| Suppliers | 440/4 | €28,569 | €6,755 | -€21,815 | -76.4% |
| Taxes, remuneration and social security | 45 | - | €6,789 | +€6,789 | |
| Taxes | 450/3 | - | €6,789 | +€6,789 | |
| Other amounts payable | 47/48 | €23,192 | €78,813 | +€55,620 | +240% |
| Accrued charges and deferred income | 492/3 | - | €2,469 | +€2,469 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,761 | €81,240 | -€9,521 | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €22,086 | €23,162 | +€1,076 | +4.9% |
| Gross operating margin | 9900 | €157,577 | €173,553 | +€15,976 | +10.1% |
| Operating profit (loss) | 9901 | €44,730 | €69,151 | +€24,420 | +54.6% |
| Financial income | 75/76B | €63,485 | €29,868 | -€33,617 | -53.0% |
| Recurring financial income | 75 | €63,485 | €29,868 | -€33,617 | -53.0% |
| Financial charges | 65/66B | €98,226 | €82,646 | -€15,580 | -15.9% |
| Recurring financial charges | 65 | €98,226 | €82,646 | -€15,580 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €9,989 | €16,373 | +€6,384 | +63.9% |
| Profit (loss) for the period | 9904 | €9,989 | €16,373 | +€6,384 | +63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,989 | €16,373 | +€6,384 | +63.9% |
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 22 October 2026 via checked.be.