PROJECT KEBAB: 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 KEBAB
Largest movements
- Tangible fixed assets -€19,662
down €19,662 (-7.8%), from €252,013 to €232,351
of which Other tangible fixed assets: -€17,708
- Cash -€13,452
no longer reported in 2025 (was €13,452)
mainly Net result for the year (-€321,028) and Tax, wage and social debts (-€40,512)
- Receivables within one year +€8,211
up €8,211 (+227.0%), from €3,617 to €11,828
- Deferred charges and accrued income -€6,419
no longer reported in 2025 (was €6,419)
- Stocks and contracts -€6,142
no longer reported in 2025 (was €6,142)
- Other debts +€369,238
up €369,238 (+135.8%), from €271,934 to €641,172
- Profit (loss) carried forward -€321,028
down €321,028 (-97.9%), from -€327,949 to -€648,977
- Tax, wage and social debts -€40,512
down €40,512 (-75.1%), from €53,946 to €13,434
of which Taxes: -€53,946
- Trade debts -€30,215
down €30,215 (-16.1%), from €187,945 to €157,730
- Debts after one year -€17,175
down €17,175 (-34.7%), from €49,458 to €32,283
- Gross operating margin -€293,404
down €293,404 (-79.0%), from €371,278 to €77,874
- Staff costs -€185,024
down €185,024 (-34.4%), from €537,137 to €352,113
- Other operating charges +€3,928
up €3,928 (+150.2%), from €2,615 to €6,543
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 | €281,643 | €244,179 | -€37,464 | -13.3% |
| Fixed assets | 21/28 | €252,013 | €232,351 | -€19,662 | -7.8% |
| Tangible fixed assets | 22/27 | €252,013 | €232,351 | -€19,662 | -7.8% |
| Plant, machinery and equipment | 23 | €59,984 | €63,420 | +€3,436 | +5.7% |
| Furniture and vehicles | 24 | €26,451 | €21,061 | -€5,390 | -20.4% |
| Other tangible fixed assets | 26 | €165,578 | €147,870 | -€17,708 | -10.7% |
| Current assets | 29/58 | €29,630 | €11,828 | -€17,802 | -60.1% |
| Stocks and contracts in progress | 3 | €6,142 | - | -€6,142 | |
| Stocks | 30/36 | €6,142 | - | -€6,142 | |
| Amounts receivable within one year | 40/41 | €3,617 | €11,828 | +€8,211 | +227.0% |
| Other amounts receivable | 41 | €3,617 | €11,828 | +€8,211 | +227.0% |
| Cash at bank and in hand | 54/58 | €13,452 | - | -€13,452 | |
| Deferred charges and accrued income | 490/1 | €6,419 | - | -€6,419 | |
| Total equity and liabilities | 10/49 | €281,643 | €244,179 | -€37,464 | -13.3% |
| Equity | 10/15 | -€297,949 | -€618,977 | -€321,028 | -107.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€327,949 | -€648,977 | -€321,028 | -97.9% |
| Amounts payable | 17/49 | €579,592 | €863,156 | +€283,564 | +48.9% |
| Amounts payable after more than one year | 17 | €49,458 | €32,283 | -€17,175 | -34.7% |
| Financial debts | 170/4 | €49,458 | €32,283 | -€17,175 | -34.7% |
| Amounts payable within one year | 42/48 | €530,134 | €830,873 | +€300,739 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | €16,309 | €17,175 | +€866 | +5.3% |
| Financial debts | 43 | - | €1,362 | +€1,362 | |
| Credit institutions | 430/8 | - | €1,362 | +€1,362 | |
| Trade debts | 44 | €187,945 | €157,730 | -€30,215 | -16.1% |
| Suppliers | 440/4 | €187,945 | €157,730 | -€30,215 | -16.1% |
| Taxes, remuneration and social security | 45 | €53,946 | €13,434 | -€40,512 | -75.1% |
| Taxes | 450/3 | €53,946 | - | -€53,946 | |
| Remuneration and social security | 454/9 | - | €13,434 | +€13,434 | |
| Other amounts payable | 47/48 | €271,934 | €641,172 | +€369,238 | +135.8% |
| Remuneration, social security and pensions | 62 | €537,137 | €352,113 | -€185,024 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,894 | €34,489 | +€1,595 | +4.8% |
| Other operating charges | 640/8 | €2,615 | €6,543 | +€3,928 | +150.2% |
| Non-recurring operating charges | 66A | €1,500 | - | -€1,500 | |
| Gross operating margin | 9900 | €371,278 | €77,874 | -€293,404 | -79.0% |
| Operating profit (loss) | 9901 | -€202,868 | -€315,271 | -€112,403 | -55.4% |
| Financial charges | 65/66B | €4,085 | €5,757 | +€1,672 | +40.9% |
| Recurring financial charges | 65 | €4,085 | €5,757 | +€1,672 | +40.9% |
| Profit (loss) for the period before taxes | 9903 | -€206,953 | -€321,028 | -€114,075 | -55.1% |
| Profit (loss) for the period | 9904 | -€206,953 | -€321,028 | -€114,075 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€206,953 | -€321,028 | -€114,075 | -55.1% |
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 1 October 2026 via checked.be.