PROJECT J.Z.: 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 J.Z.
Largest movements
- Current investments -€110,178
down €110,178 (-100%), from €110,178 to €0
- Receivables within one year -€36,583
down €36,583 (-88.3%), from €41,438 to €4,856
of which Other amounts receivable: -€40,772
- Receivables after one year -€21,574
down €21,574 (-32.6%), from €66,130 to €44,556
- Tangible fixed assets -€14,743
down €14,743 (-2.0%), from €744,661 to €729,919
of which Land and buildings: -€38,901
- Deferred charges and accrued income +€13,541
up €13,541 (+654%), from €2,072 to €15,613
- Profit (loss) carried forward -€118,029
down €118,029 (-24.7%), from €477,811 to €359,782
- Reserves -€46,901
down €46,901 (-11.8%), from €397,653 to €350,752
- Current portion of long-term debt -€30,250
down €30,250 (-100%), from €30,250 to €0
- Other debts +€9,794
up €9,794 (+26.4%), from €37,107 to €46,901
- Gross operating margin -€169,836
down €169,836, from €116,783 to -€53,053
- Taxes -€20,571
down €20,571 (-98.2%), from €20,949 to €378
- Depreciation +€8,473
up €8,473 (+19.2%), from €44,165 to €52,637
- Other operating charges +€3,940
up €3,940 (+53.6%), from €7,355 to €11,295
- Financial income -€3,007
down €3,007 (-70.5%), from €4,265 to €1,259
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 | €964,480 | €795,028 | -€169,452 | -17.6% |
| Fixed assets | 21/28 | €744,661 | €729,919 | -€14,743 | -2.0% |
| Tangible fixed assets | 22/27 | €744,661 | €729,919 | -€14,743 | -2.0% |
| Land and buildings | 22 | €728,480 | €689,578 | -€38,901 | -5.3% |
| Plant, machinery and equipment | 23 | €4,185 | €3,524 | -€661 | -15.8% |
| Furniture and vehicles | 24 | €11,997 | €36,817 | +€24,820 | +207% |
| Current assets | 29/58 | €219,819 | €65,110 | -€154,709 | -70.4% |
| Amounts receivable after more than one year | 29 | €66,130 | €44,556 | -€21,574 | -32.6% |
| Other amounts receivable | 291 | €66,130 | €44,556 | -€21,574 | -32.6% |
| Amounts receivable within one year | 40/41 | €41,438 | €4,856 | -€36,583 | -88.3% |
| Trade receivables | 40 | €667 | €4,856 | +€4,189 | +628% |
| Other amounts receivable | 41 | €40,772 | €0 | -€40,772 | -100% |
| Current investments | 50/53 | €110,178 | €0 | -€110,178 | -100% |
| Cash at bank and in hand | 54/58 | - | €85 | +€85 | |
| Deferred charges and accrued income | 490/1 | €2,072 | €15,613 | +€13,541 | +654% |
| Total equity and liabilities | 10/49 | €964,480 | €795,028 | -€169,452 | -17.6% |
| Equity | 10/15 | €881,664 | €716,734 | -€164,930 | -18.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €397,653 | €350,752 | -€46,901 | -11.8% |
| Distributable reserves | 133 | €397,653 | €350,752 | -€46,901 | -11.8% |
| Profit (loss) carried forward | 14 | €477,811 | €359,782 | -€118,029 | -24.7% |
| Amounts payable | 17/49 | €82,816 | €78,294 | -€4,522 | -5.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €80,816 | €71,502 | -€9,314 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €30,250 | €0 | -€30,250 | -100% |
| Financial debts | 43 | €397 | €546 | +€149 | +37.6% |
| Credit institutions | 430/8 | €397 | €546 | +€149 | +37.6% |
| Trade debts | 44 | €1,993 | €4,343 | +€2,349 | +118% |
| Suppliers | 440/4 | €1,993 | €4,343 | +€2,349 | +118% |
| Advances received on contracts in progress | 46 | €1,394 | €10,000 | +€8,606 | +617% |
| Taxes, remuneration and social security | 45 | €9,674 | €9,712 | +€38 | +0.4% |
| Taxes | 450/3 | €9,674 | €9,712 | +€38 | +0.4% |
| Other amounts payable | 47/48 | €37,107 | €46,901 | +€9,794 | +26.4% |
| Accrued charges and deferred income | 492/3 | €2,000 | €6,792 | +€4,792 | +240% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,165 | €52,637 | +€8,473 | +19.2% |
| Other operating charges | 640/8 | €7,355 | €11,295 | +€3,940 | +53.6% |
| Gross operating margin | 9900 | €116,783 | -€53,053 | -€169,836 | |
| Operating profit (loss) | 9901 | €65,263 | -€116,985 | -€182,248 | |
| Financial income | 75/76B | €4,265 | €1,259 | -€3,007 | -70.5% |
| Recurring financial income | 75 | €4,265 | €1,259 | -€3,007 | -70.5% |
| Financial charges | 65/66B | €3,415 | €1,925 | -€1,490 | -43.6% |
| Recurring financial charges | 65 | €3,415 | €1,925 | -€1,490 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €66,114 | -€117,651 | -€183,765 | |
| Income taxes | 67/77 | €20,949 | €378 | -€20,571 | -98.2% |
| Profit (loss) for the period | 9904 | €45,165 | -€118,029 | -€163,194 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,165 | -€118,029 | -€163,194 |
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.