PROJECT L: 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 L
Largest movements
- Cash +€18,369
up €18,369 (+334%), from €5,495 to €23,864
mainly Net result for the year (+€25,894) and Depreciation (+€3,500)
- Tangible fixed assets -€3,500
down €3,500 (-23.5%), from €14,880 to €11,380
of which Furniture and vehicles: -€3,100
- Deferred charges and accrued income -€1,778
down €1,778 (-56.4%), from €3,155 to €1,376
- Receivables within one year -€808
down €808 (-13.8%), from €5,865 to €5,056
of which Other amounts receivable: -€2,641
- Profit (loss) carried forward +€25,894
up €25,894 (+60.8%), from -€42,592 to -€16,698
- Trade debts -€8,078
down €8,078 (-29.6%), from €27,260 to €19,182
- Other debts -€7,731
down €7,731 (-28.7%), from €26,937 to €19,207
- Tax, wage and social debts +€2,196
up €2,196 (+56.8%), from €3,869 to €6,066
of which Taxes: +€5,531
- Gross operating margin +€44,805
up €44,805, from -€13,906 to €30,900
- Financial charges -€1,639
down €1,639 (-91.2%), from €1,796 to €157
- Depreciation +€706
up €706 (+25.3%), from €2,794 to €3,500
- Other operating charges +€457
up €457 (+47.1%), from €972 to €1,429
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 | €29,934 | €42,216 | +€12,282 | +41.0% |
| Fixed assets | 21/28 | €15,420 | €11,920 | -€3,500 | -22.7% |
| Tangible fixed assets | 22/27 | €14,880 | €11,380 | -€3,500 | -23.5% |
| Plant, machinery and equipment | 23 | €1,701 | €1,301 | -€400 | -23.5% |
| Furniture and vehicles | 24 | €13,179 | €10,079 | -€3,100 | -23.5% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €14,514 | €30,296 | +€15,782 | +109% |
| Amounts receivable within one year | 40/41 | €5,865 | €5,056 | -€808 | -13.8% |
| Trade receivables | 40 | €3,119 | €4,952 | +€1,833 | +58.8% |
| Other amounts receivable | 41 | €2,745 | €104 | -€2,641 | -96.2% |
| Cash at bank and in hand | 54/58 | €5,495 | €23,864 | +€18,369 | +334% |
| Deferred charges and accrued income | 490/1 | €3,155 | €1,376 | -€1,778 | -56.4% |
| Total equity and liabilities | 10/49 | €29,934 | €42,216 | +€12,282 | +41.0% |
| Equity | 10/15 | -€28,132 | -€2,238 | +€25,894 | +92.0% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,592 | -€16,698 | +€25,894 | +60.8% |
| Amounts payable | 17/49 | €58,066 | €44,454 | -€13,612 | -23.4% |
| Amounts payable within one year | 42/48 | €58,066 | €44,454 | -€13,612 | -23.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €27,260 | €19,182 | -€8,078 | -29.6% |
| Suppliers | 440/4 | €27,260 | €19,182 | -€8,078 | -29.6% |
| Taxes, remuneration and social security | 45 | €3,869 | €6,066 | +€2,196 | +56.8% |
| Taxes | 450/3 | €534 | €6,066 | +€5,531 | +1,035% |
| Remuneration and social security | 454/9 | €3,335 | €0 | -€3,335 | -100% |
| Other amounts payable | 47/48 | €26,937 | €19,207 | -€7,731 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,794 | €3,500 | +€706 | +25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €972 | €1,429 | +€457 | +47.1% |
| Gross operating margin | 9900 | -€13,906 | €30,900 | +€44,805 | |
| Operating profit (loss) | 9901 | -€17,671 | €25,971 | +€43,641 | |
| Financial income | 75/76B | €34 | €81 | +€47 | +136% |
| Recurring financial income | 75 | €34 | €81 | +€47 | +136% |
| Financial charges | 65/66B | €1,796 | €157 | -€1,639 | -91.2% |
| Recurring financial charges | 65 | €1,796 | €157 | -€1,639 | -91.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,432 | €25,894 | +€45,326 | |
| Profit (loss) for the period | 9904 | -€19,432 | €25,894 | +€45,326 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,432 | €25,894 | +€45,326 |
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 14 October 2026 via checked.be.