Project Lead: 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 Lead
Largest movements
- Cash -€52,852
down €52,852 (-41.0%), from €128,940 to €76,088
mainly Investment in fixed assets (net) (-€81,063) and Contributions, distributions and other (-€67,326)
- Tangible fixed assets +€44,394
up €44,394 (+35.0%), from €126,787 to €171,181
of which Furniture and vehicles: +€50,787
- Receivables within one year +€24,037
up €24,037 (+57.7%), from €41,664 to €65,701
of which Trade receivables: +€28,365
- Other debts -€45,692
down €45,692 (-85.6%), from €53,358 to €7,666
- Reserves +€42,250
up €42,250 (+20.5%), from €206,164 to €248,414
- Tax, wage and social debts +€20,009
up €20,009 (+281.0%), from €7,121 to €27,130
- Gross operating margin +€100,018
up €100,018 (+107.8%), from €92,817 to €192,834
- Taxes +€31,674
up €31,674 (+226.8%), from €13,966 to €45,641
- Depreciation +€11,048
up €11,048 (+43.2%), from €25,580 to €36,628
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 | €298,261 | €313,828 | +€15,567 | +5.2% |
| Fixed assets | 21/28 | €126,792 | €171,226 | +€44,434 | +35.0% |
| Tangible fixed assets | 22/27 | €126,787 | €171,181 | +€44,394 | +35.0% |
| Plant, machinery and equipment | 23 | €3,924 | €3,214 | -€710 | -18.1% |
| Furniture and vehicles | 24 | €4,275 | €55,062 | +€50,787 | +1188.0% |
| Other tangible fixed assets | 26 | €118,588 | €112,905 | -€5,683 | -4.8% |
| Financial fixed assets | 28 | €5 | €45 | +€40 | +800.0% |
| Current assets | 29/58 | €171,469 | €142,601 | -€28,868 | -16.8% |
| Amounts receivable within one year | 40/41 | €41,664 | €65,701 | +€24,037 | +57.7% |
| Trade receivables | 40 | €35,918 | €64,282 | +€28,365 | +79.0% |
| Other amounts receivable | 41 | €5,746 | €1,418 | -€4,328 | -75.3% |
| Cash at bank and in hand | 54/58 | €128,940 | €76,088 | -€52,852 | -41.0% |
| Deferred charges and accrued income | 490/1 | €865 | €812 | -€53 | -6.1% |
| Total equity and liabilities | 10/49 | €298,261 | €313,828 | +€15,567 | +5.2% |
| Equity | 10/15 | €236,047 | €278,297 | +€42,250 | +17.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €206,164 | €248,414 | +€42,250 | +20.5% |
| Distributable reserves | 133 | €206,164 | €248,414 | +€42,250 | +20.5% |
| Profit (loss) carried forward | 14 | €4,883 | €4,883 | = | 0.0% |
| Amounts payable | 17/49 | €62,214 | €35,530 | -€26,683 | -42.9% |
| Amounts payable within one year | 42/48 | €62,214 | €35,530 | -€26,683 | -42.9% |
| Financial debts | 43 | €11 | €0 | -€11 | -100.0% |
| Credit institutions | 430/8 | €11 | €0 | -€11 | -100.0% |
| Trade debts | 44 | €1,723 | €734 | -€989 | -57.4% |
| Suppliers | 440/4 | €1,723 | €734 | -€989 | -57.4% |
| Taxes, remuneration and social security | 45 | €7,121 | €27,130 | +€20,009 | +281.0% |
| Taxes | 450/3 | €7,121 | €27,130 | +€20,009 | +281.0% |
| Other amounts payable | 47/48 | €53,358 | €7,666 | -€45,692 | -85.6% |
| Non-recurring operating income | 76A | - | €10,744 | +€10,744 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,580 | €36,628 | +€11,048 | +43.2% |
| Other operating charges | 640/8 | €1,197 | €936 | -€261 | -21.8% |
| Gross operating margin | 9900 | €92,817 | €192,834 | +€100,018 | +107.8% |
| Operating profit (loss) | 9901 | €66,039 | €155,270 | +€89,231 | +135.1% |
| Financial income | 75/76B | €48 | €18 | -€30 | -63.1% |
| Recurring financial income | 75 | €48 | €18 | -€30 | -63.1% |
| Financial charges | 65/66B | €56 | €72 | +€16 | +28.5% |
| Recurring financial charges | 65 | €56 | €72 | +€16 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €66,031 | €155,216 | +€89,185 | +135.1% |
| Income taxes | 67/77 | €13,966 | €45,641 | +€31,674 | +226.8% |
| Profit (loss) for the period | 9904 | €52,065 | €109,576 | +€57,511 | +110.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,065 | €109,576 | +€57,511 | +110.5% |
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.