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
- Tangible fixed assets -€42,912
down €42,912 (-13.7%), from €313,749 to €270,838
of which Furniture and vehicles: -€23,272
- Receivables within one year +€25,644
up €25,644 (+43.6%), from €58,840 to €84,485
of which Trade receivables: +€23,497
- Profit (loss) carried forward -€32,433
down €32,433 (-73.5%), from -€44,112 to -€76,545
- Advances received +€19,904
new in 2025: €19,904
- Debts after one year -€17,026
down €17,026 (-19.5%), from €87,206 to €70,180
- Trade debts +€9,260
up €9,260 (+242.2%), from €3,823 to €13,083
- Gross operating margin -€15,148
down €15,148, from €13,132 to -€2,016
- Financial charges -€1,652
down €1,652 (-13.8%), from €11,926 to €10,274
- Other operating charges -€984
down €984 (-29.0%), from €3,389 to €2,406
- Depreciation -€868
down €868 (-3.9%), from €22,006 to €21,138
- Financial income +€763
up €763 (+26.2%), from €2,910 to €3,673
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 | €378,268 | €361,684 | -€16,584 | -4.4% |
| Fixed assets | 21/28 | €313,749 | €270,838 | -€42,912 | -13.7% |
| Tangible fixed assets | 22/27 | €313,749 | €270,838 | -€42,912 | -13.7% |
| Land and buildings | 22 | €269,357 | €254,117 | -€15,240 | -5.7% |
| Furniture and vehicles | 24 | €23,272 | €0 | -€23,272 | -100.0% |
| Leasing and similar rights | 25 | €21,120 | €16,721 | -€4,400 | -20.8% |
| Current assets | 29/58 | €64,519 | €90,846 | +€26,327 | +40.8% |
| Amounts receivable within one year | 40/41 | €58,840 | €84,485 | +€25,644 | +43.6% |
| Trade receivables | 40 | - | €23,497 | +€23,497 | |
| Other amounts receivable | 41 | €58,840 | €60,987 | +€2,147 | +3.6% |
| Cash at bank and in hand | 54/58 | €1,594 | €3,684 | +€2,090 | +131.1% |
| Deferred charges and accrued income | 490/1 | €4,085 | €2,678 | -€1,407 | -34.4% |
| Total equity and liabilities | 10/49 | €378,268 | €361,684 | -€16,584 | -4.4% |
| Equity | 10/15 | €269,827 | €237,394 | -€32,433 | -12.0% |
| Contributions | 10/11 | €311,832 | €311,832 | = | 0.0% |
| Capital | 10 | €311,832 | €311,832 | = | 0.0% |
| Issued capital | 100 | €311,832 | €311,832 | = | 0.0% |
| Reserves | 13 | €2,107 | €2,107 | = | 0.0% |
| Non-distributable reserves | 130/1 | €105 | €105 | = | 0.0% |
| Legal reserve | 130 | €105 | €105 | = | 0.0% |
| Distributable reserves | 133 | €2,001 | €2,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,112 | -€76,545 | -€32,433 | -73.5% |
| Amounts payable | 17/49 | €108,441 | €124,290 | +€15,849 | +14.6% |
| Amounts payable after more than one year | 17 | €87,206 | €70,180 | -€17,026 | -19.5% |
| Financial debts | 170/4 | €87,206 | €70,180 | -€17,026 | -19.5% |
| Amounts payable within one year | 42/48 | €21,098 | €54,110 | +€33,011 | +156.5% |
| Current portion of amounts payable after more than one year | 42 | €16,933 | €17,380 | +€447 | +2.6% |
| Financial debts | 43 | - | €3,401 | +€3,401 | |
| Credit institutions | 430/8 | - | €3,401 | +€3,401 | |
| Trade debts | 44 | €3,823 | €13,083 | +€9,260 | +242.2% |
| Suppliers | 440/4 | €3,823 | €13,083 | +€9,260 | +242.2% |
| Advances received on contracts in progress | 46 | - | €19,904 | +€19,904 | |
| Taxes, remuneration and social security | 45 | €342 | €342 | = | 0.0% |
| Taxes | 450/3 | €342 | €342 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €136 | €0 | -€136 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,006 | €21,138 | -€868 | -3.9% |
| Other operating charges | 640/8 | €3,389 | €2,406 | -€984 | -29.0% |
| Non-recurring operating charges | 66A | - | €272 | +€272 | |
| Gross operating margin | 9900 | €13,132 | -€2,016 | -€15,148 | |
| Operating profit (loss) | 9901 | -€12,263 | -€25,832 | -€13,569 | -110.7% |
| Financial income | 75/76B | €2,910 | €3,673 | +€763 | +26.2% |
| Recurring financial income | 75 | €2,910 | €3,673 | +€763 | +26.2% |
| Financial charges | 65/66B | €11,926 | €10,274 | -€1,652 | -13.8% |
| Recurring financial charges | 65 | €11,926 | €10,274 | -€1,652 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,279 | -€32,433 | -€11,154 | -52.4% |
| Profit (loss) for the period | 9904 | -€21,279 | -€32,433 | -€11,154 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,279 | -€32,433 | -€11,154 | -52.4% |
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 12 October 2026 via checked.be.