PROJECT & MANAGEMENT DEVELOPMENT: 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 & MANAGEMENT DEVELOPMENT
Largest movements
- Tangible fixed assets +€452,251
up €452,251 (+2793.6%), from €16,189 to €468,439
of which Land and buildings: +€453,210
- Receivables within one year -€132,551
down €132,551 (-41.0%), from €322,961 to €190,410
of which Other amounts receivable: -€132,551
- Cash -€56,693
down €56,693 (-70.4%), from €80,505 to €23,812
mainly Investment in fixed assets (net) (-€453,210) and Tax, wage and social debts (-€2,031)
- Other debts +€232,417
new in 2025: €232,417
- Reserves +€31,526
up €31,526 (+8.0%), from €392,466 to €423,992
of which Distributable reserves: +€31,526
- Gross operating margin +€5,051
up €5,051 (+12.7%), from €39,838 to €44,889
- Financial charges +€2,795
up €2,795 (+573.5%), from €487 to €3,282
- Financial income -€1,651
down €1,651 (-15.8%), from €10,458 to €8,807
- Taxes +€1,466
up €1,466 (+9.1%), from €16,063 to €17,529
- Depreciation -€459
down €459 (-32.4%), from €1,419 to €959
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 | €419,654 | €682,660 | +€263,006 | +62.7% |
| Fixed assets | 21/28 | €16,189 | €468,439 | +€452,251 | +2793.6% |
| Tangible fixed assets | 22/27 | €16,189 | €468,439 | +€452,251 | +2793.6% |
| Land and buildings | 22 | - | €453,210 | +€453,210 | |
| Furniture and vehicles | 24 | €16,189 | €15,229 | -€959 | -5.9% |
| Current assets | 29/58 | €403,466 | €214,221 | -€189,245 | -46.9% |
| Amounts receivable within one year | 40/41 | €322,961 | €190,410 | -€132,551 | -41.0% |
| Trade receivables | 40 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 41 | €222,961 | €90,410 | -€132,551 | -59.5% |
| Cash at bank and in hand | 54/58 | €80,505 | €23,812 | -€56,693 | -70.4% |
| Total equity and liabilities | 10/49 | €419,654 | €682,660 | +€263,006 | +62.7% |
| Equity | 10/15 | €399,903 | €431,428 | +€31,526 | +7.9% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €392,466 | €423,992 | +€31,526 | +8.0% |
| Tax-exempt reserves | 132 | €23,750 | €23,750 | = | 0.0% |
| Distributable reserves | 133 | €368,716 | €400,242 | +€31,526 | +8.6% |
| Amounts payable | 17/49 | €19,752 | €251,232 | +€231,480 | +1172.0% |
| Amounts payable within one year | 42/48 | €19,752 | €248,709 | +€228,958 | +1159.2% |
| Trade debts | 44 | €1,429 | - | -€1,429 | |
| Suppliers | 440/4 | €1,429 | - | -€1,429 | |
| Taxes, remuneration and social security | 45 | €18,323 | €16,292 | -€2,031 | -11.1% |
| Taxes | 450/3 | €18,323 | €16,292 | -€2,031 | -11.1% |
| Other amounts payable | 47/48 | - | €232,417 | +€232,417 | |
| Accrued charges and deferred income | 492/3 | - | €2,523 | +€2,523 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,419 | €959 | -€459 | -32.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €39,838 | €44,889 | +€5,051 | +12.7% |
| Operating profit (loss) | 9901 | €38,032 | €43,529 | +€5,498 | +14.5% |
| Financial income | 75/76B | €10,458 | €8,807 | -€1,651 | -15.8% |
| Recurring financial income | 75 | €10,458 | €8,807 | -€1,651 | -15.8% |
| Financial charges | 65/66B | €487 | €3,282 | +€2,795 | +573.5% |
| Recurring financial charges | 65 | €487 | €3,282 | +€2,795 | +573.5% |
| Profit (loss) for the period before taxes | 9903 | €48,003 | €49,054 | +€1,052 | +2.2% |
| Income taxes | 67/77 | €16,063 | €17,529 | +€1,466 | +9.1% |
| Profit (loss) for the period | 9904 | €31,940 | €31,526 | -€414 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,940 | €31,526 | -€414 | -1.3% |
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 10 October 2026 via checked.be.