PROJECT K.: what changed
Two fiscal 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 K.
Largest movements
- Stocks and contracts -€73,500
down €73,500 (-30.6%), from €240,167 to €166,667
- Cash +€59,514
up €59,514 (+275.5%), from €21,602 to €81,116
mainly Stocks and contracts (+€73,500) and Net result for the year (+€17,415)
- Receivables within one year -€12,208
down €12,208 (-95.7%), from €12,762 to €555
of which Trade receivables: -€12,440
- Tangible fixed assets -€3,096
down €3,096 (-43.1%), from €7,189 to €4,093
of which Furniture and vehicles: -€2,661
- Short-term financial debts -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Profit (loss) carried forward +€17,415
up €17,415 (+4028.4%), from €432 to €17,847
- Tax, wage and social debts +€2,870
up €2,870 (+41.5%), from €6,921 to €9,791
of which Taxes: +€2,970
- Financial income +€24,836
up €24,836 (+12418075.0%), from €0 to €24,836
of which Non-recurring financial income: +€24,836
- Gross operating margin -€12,372
down €12,372 (-51.9%), from €23,830 to €11,459
- Taxes +€3,602
up €3,602 (+225.2%), from €1,600 to €5,202
- Financial charges -€716
down €716 (-7.3%), from €9,856 to €9,140
- Staff costs +€595
up €595, from €0 to €595
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.
Cash bridge derived
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 | €282,323 | €252,828 | -€29,495 | -10.4% |
| Formation expenses | 20 | €603 | €398 | -€205 | -34.0% |
| Fixed assets | 21/28 | €7,189 | €4,093 | -€3,096 | -43.1% |
| Tangible fixed assets | 22/27 | €7,189 | €4,093 | -€3,096 | -43.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €620 | €186 | -€435 | -70.1% |
| Furniture and vehicles | 24 | €6,568 | €3,907 | -€2,661 | -40.5% |
| Current assets | 29/58 | €274,531 | €248,337 | -€26,194 | -9.5% |
| Stocks and contracts in progress | 3 | €240,167 | €166,667 | -€73,500 | -30.6% |
| Stocks | 30/36 | €240,167 | €166,667 | -€73,500 | -30.6% |
| Amounts receivable within one year | 40/41 | €12,762 | €555 | -€12,208 | -95.7% |
| Trade receivables | 40 | €12,762 | €323 | -€12,440 | -97.5% |
| Other amounts receivable | 41 | €0 | €232 | +€232 | |
| Cash at bank and in hand | 54/58 | €21,602 | €81,116 | +€59,514 | +275.5% |
| Total equity and liabilities | 10/49 | €282,323 | €252,828 | -€29,495 | -10.4% |
| Equity | 10/15 | €3,432 | €20,847 | +€17,415 | +507.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €432 | €17,847 | +€17,415 | +4028.4% |
| Amounts payable | 17/49 | €278,891 | €231,981 | -€46,910 | -16.8% |
| Amounts payable after more than one year | 17 | €220,000 | €220,000 | = | 0.0% |
| Financial debts | 170/4 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €57,091 | €10,181 | -€46,910 | -82.2% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100.0% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €163 | €0 | -€163 | -100.0% |
| Suppliers | 440/4 | €163 | €0 | -€163 | -100.0% |
| Advances received on contracts in progress | 46 | - | €390 | +€390 | |
| Taxes, remuneration and social security | 45 | €6,921 | €9,791 | +€2,870 | +41.5% |
| Taxes | 450/3 | €4,921 | €7,891 | +€2,970 | +60.4% |
| Remuneration and social security | 454/9 | €2,000 | €1,900 | -€100 | -5.0% |
| Other amounts payable | 47/48 | €7 | €0 | -€7 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,800 | €1,800 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | €595 | +€595 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,211 | €3,301 | +€90 | +2.8% |
| Other operating charges | 640/8 | €307 | €643 | +€336 | +109.6% |
| Gross operating margin | 9900 | €23,830 | €11,459 | -€12,372 | -51.9% |
| Operating profit (loss) | 9901 | €20,313 | €6,920 | -€13,393 | -65.9% |
| Financial income | 75/76B | €0 | €24,836 | +€24,836 | +12418075.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Non-recurring financial income | 76B | - | €24,836 | +€24,836 | |
| Financial charges | 65/66B | €9,856 | €9,140 | -€716 | -7.3% |
| Recurring financial charges | 65 | €9,856 | €9,140 | -€716 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €10,457 | €22,617 | +€12,160 | +116.3% |
| Income taxes | 67/77 | €1,600 | €5,202 | +€3,602 | +225.2% |
| Profit (loss) for the period | 9904 | €8,857 | €17,415 | +€8,558 | +96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,857 | €17,415 | +€8,558 | +96.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.