PROJECT M: 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 M
Largest movements
- Financial fixed assets -€1.6m
down €1.6m (-49.8%), from €3.2m to €1.6m
- Cash +€139,538
up €139,538 (+757.0%), from €18,433 to €157,971
mainly Investment in fixed assets (net) (+€1.6m) and Depreciation (+€132,452)
- Tangible fixed assets -€111,467
down €111,467 (-9.9%), from €1.1m to €1.0m
of which Land and buildings: -€65,731
- Other debts -€1.6m
down €1.6m (-89.7%), from €1.8m to €180,823
- Debts after one year +€81,501
up €81,501 (+10.7%), from €763,711 to €845,212
- Profit (loss) carried forward -€61,073
down €61,073 (-14.2%), from -€430,319 to -€491,393
- Financial charges -€612,617
down €612,617 (-97.5%), from €628,409 to €15,791
of which Non-recurring financial charges: -€587,909
- Gross operating margin +€105,443
up €105,443 (+4204.3%), from €2,508 to €107,951
- Other operating charges +€47,699
up €47,699 (+910.0%), from €5,242 to €52,941
- Financial income +€34,790
up €34,790 (+24105.8%), from €144 to €34,934
of which Financial income: +€34,790
- Depreciation -€13,058
down €13,058 (-9.0%), from €145,510 to €132,452
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 | €4,652,565 | €3,114,667 | -€1.5m | -33.1% |
| Fixed assets | 21/28 | €4,328,172 | €2,618,697 | -€1.7m | -39.5% |
| Tangible fixed assets | 22/27 | €1,121,763 | €1,010,297 | -€111,467 | -9.9% |
| Land and buildings | 22 | €1,061,591 | €995,860 | -€65,731 | -6.2% |
| Plant, machinery and equipment | 23 | €15,328 | €11,394 | -€3,934 | -25.7% |
| Furniture and vehicles | 24 | €44,845 | €3,043 | -€41,801 | -93.2% |
| Financial fixed assets | 28 | €3,206,409 | €1,608,400 | -€1.6m | -49.8% |
| Current assets | 29/58 | €324,393 | €495,971 | +€171,578 | +52.9% |
| Amounts receivable within one year | 40/41 | €305,960 | €330,466 | +€24,506 | +8.0% |
| Trade receivables | 40 | €17,348 | €43,253 | +€25,905 | +149.3% |
| Other amounts receivable | 41 | €288,612 | €287,213 | -€1,399 | -0.5% |
| Cash at bank and in hand | 54/58 | €18,433 | €157,971 | +€139,538 | +757.0% |
| Deferred charges and accrued income | 490/1 | - | €7,534 | +€7,534 | |
| Total equity and liabilities | 10/49 | €4,652,565 | €3,114,667 | -€1.5m | -33.1% |
| Equity | 10/15 | €2,055,304 | €1,994,230 | -€61,073 | -3.0% |
| Contributions | 10/11 | €2,485,623 | €2,485,623 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€430,319 | -€491,393 | -€61,073 | -14.2% |
| Amounts payable | 17/49 | €2,597,261 | €1,120,437 | -€1.5m | -56.9% |
| Amounts payable after more than one year | 17 | €763,711 | €845,212 | +€81,501 | +10.7% |
| Financial debts | 170/4 | €763,711 | €845,212 | +€81,501 | +10.7% |
| Amounts payable within one year | 42/48 | €1,826,245 | €270,162 | -€1.6m | -85.2% |
| Current portion of amounts payable after more than one year | 42 | €60,828 | €68,499 | +€7,671 | +12.6% |
| Trade debts | 44 | €8,246 | €2,298 | -€5,949 | -72.1% |
| Suppliers | 440/4 | €8,246 | €2,298 | -€5,949 | -72.1% |
| Taxes, remuneration and social security | 45 | €2,736 | €18,543 | +€15,807 | +577.7% |
| Taxes | 450/3 | €2,736 | €18,543 | +€15,807 | +577.7% |
| Other amounts payable | 47/48 | €1,754,434 | €180,823 | -€1.6m | -89.7% |
| Accrued charges and deferred income | 492/3 | €7,306 | €5,063 | -€2,243 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,510 | €132,452 | -€13,058 | -9.0% |
| Other operating charges | 640/8 | €5,242 | €52,941 | +€47,699 | +910.0% |
| Gross operating margin | 9900 | €2,508 | €107,951 | +€105,443 | +4204.3% |
| Operating profit (loss) | 9901 | -€148,244 | -€77,443 | +€70,801 | +47.8% |
| Financial income | 75/76B | €144 | €34,934 | +€34,790 | +24105.8% |
| Recurring financial income | 75 | €144 | €34,934 | +€34,790 | +24105.8% |
| Non-recurring financial income | 76B | €144 | - | -€144 | |
| Financial charges | 65/66B | €628,409 | €15,791 | -€612,617 | -97.5% |
| Recurring financial charges | 65 | €40,500 | €15,791 | -€24,709 | -61.0% |
| Non-recurring financial charges | 66B | €587,909 | - | -€587,909 | |
| Profit (loss) for the period before taxes | 9903 | -€776,508 | -€58,300 | +€718,208 | +92.5% |
| Income taxes | 67/77 | €709 | €2,773 | +€2,064 | +290.9% |
| Profit (loss) for the period | 9904 | -€777,217 | -€61,073 | +€716,144 | +92.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€777,217 | -€61,073 | +€716,144 | +92.1% |
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 7 October 2026 via checked.be.