PROJECT INVEST: what changed
What changed
PROJECT INVEST
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€13,574
2024 · €48,843-€35,268
Equity
€180,404
2024 · €166,830+€13,574
Cash
€14,525
2024 · €8,728+€5,797
Balance sheet total
€802,146
2024 · €988,182-€186,036
Largest movements
Assets
- Receivables within one year -€204,537
down €204,537 (-89.9%), from €227,537 to €23,000
of which Trade receivables: -€227,537
- Tangible fixed assets +€14,237
up €14,237 (+1.9%), from €749,784 to €764,021
of which Land and buildings: +€14,511
Equity and liabilities
- Short-term financial debts -€133,000
no longer reported in 2025 (was €133,000)
- Debts after one year -€54,804
down €54,804 (-11.3%), from €484,732 to €429,928
- Other debts -€16,000
down €16,000 (-11.8%), from €135,989 to €119,989
- Reserves +€13,574
up €13,574 (+8.5%), from €160,630 to €174,204
Income statement
- Gross operating margin -€204,458
down €204,458 (-75.8%), from €269,709 to €65,251
- Other operating charges -€159,163
down €159,163 (-95.9%), from €165,937 to €6,774
- Financial charges -€9,882
down €9,882 (-48.7%), from €20,276 to €10,394
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.
Result 2024
€48,843
Gross operating margin
-€204,458
Depreciation
-€182
Other operating charges
+€159,163
Financial income
-€13
Financial charges
+€9,882
Taxes
+€340
Result 2025
€13,574
raises the resultlowers the result
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.
From operations
+€236,444
Investment
-€43,761
Financing
-€186,887
Cash 2024
€8,728
From operations (derived)
+€236,444
Net result for the year
+€13,574
Depreciation
+€29,523
Receivables within one year
+€204,537
Deferred charges and accrued income
+€1,532
Trade debts
+€463
Tax, wage and social debts
+€2,813
Other debts
-€16,000
Investment (derived)
-€43,761
Investment in fixed assets (net)
-€43,761
Financing
-€186,887
Debts after one year
-€54,804
Current portion of long-term debt
+€918
Short-term financial debts
-€133,000
Cash 2025
€14,525
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €988,182 | €802,146 | -€186,036 | -18.8% |
| Fixed assets | 21/28 | €749,784 | €764,021 | +€14,237 | +1.9% |
| Tangible fixed assets | 22/27 | €749,784 | €764,021 | +€14,237 | +1.9% |
| Land and buildings | 22 | €748,508 | €763,018 | +€14,511 | +1.9% |
| Plant, machinery and equipment | 23 | €1,276 | €1,002 | -€273 | -21.4% |
| Current assets | 29/58 | €238,398 | €38,125 | -€200,273 | -84.0% |
| Amounts receivable within one year | 40/41 | €227,537 | €23,000 | -€204,537 | -89.9% |
| Trade receivables | 40 | €227,537 | - | -€227,537 | |
| Other amounts receivable | 41 | - | €23,000 | +€23,000 | |
| Cash at bank and in hand | 54/58 | €8,728 | €14,525 | +€5,797 | +66.4% |
| Deferred charges and accrued income | 490/1 | €2,132 | €600 | -€1,532 | -71.9% |
| Total equity and liabilities | 10/49 | €988,182 | €802,146 | -€186,036 | -18.8% |
| Equity | 10/15 | €166,830 | €180,404 | +€13,574 | +8.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €160,630 | €174,204 | +€13,574 | +8.5% |
| Distributable reserves | 133 | €160,630 | €174,204 | +€13,574 | +8.5% |
| Amounts payable | 17/49 | €821,352 | €621,741 | -€199,610 | -24.3% |
| Amounts payable after more than one year | 17 | €484,732 | €429,928 | -€54,804 | -11.3% |
| Financial debts | 170/4 | €484,732 | €429,928 | -€54,804 | -11.3% |
| Amounts payable within one year | 42/48 | €336,620 | €191,814 | -€144,806 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €58,364 | €59,282 | +€918 | +1.6% |
| Financial debts | 43 | €133,000 | - | -€133,000 | |
| Credit institutions | 430/8 | €133,000 | - | -€133,000 | |
| Trade debts | 44 | - | €463 | +€463 | |
| Suppliers | 440/4 | - | €463 | +€463 | |
| Taxes, remuneration and social security | 45 | €9,267 | €12,080 | +€2,813 | +30.4% |
| Taxes | 450/3 | €9,267 | €12,080 | +€2,813 | +30.4% |
| Other amounts payable | 47/48 | €135,989 | €119,989 | -€16,000 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,341 | €29,523 | +€182 | +0.6% |
| Other operating charges | 640/8 | €165,937 | €6,774 | -€159,163 | -95.9% |
| Gross operating margin | 9900 | €269,709 | €65,251 | -€204,458 | -75.8% |
| Operating profit (loss) | 9901 | €74,431 | €28,954 | -€45,477 | -61.1% |
| Financial income | 75/76B | €13 | - | -€13 | |
| Recurring financial income | 75 | €13 | - | -€13 | |
| Financial charges | 65/66B | €20,276 | €10,394 | -€9,882 | -48.7% |
| Recurring financial charges | 65 | €20,276 | €10,394 | -€9,882 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €54,168 | €18,559 | -€35,608 | -65.7% |
| Income taxes | 67/77 | €5,325 | €4,985 | -€340 | -6.4% |
| Profit (loss) for the period | 9904 | €48,843 | €13,574 | -€35,268 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,843 | €13,574 | -€35,268 | -72.2% |
Next steps
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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 6 November 2026 via checked.be.