Project O2: 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 O2
Largest movements
- Cash -€14,355
down €14,355 (-22.2%), from €64,563 to €50,208
mainly Tax, wage and social debts (-€6,598) and Receivables within one year (-€5,015)
- Receivables within one year +€5,015
up €5,015 (+29.9%), from €16,785 to €21,800
- Stocks and contracts +€1,789
up €1,789 (+17.7%), from €10,086 to €11,875
- Tangible fixed assets -€1,281
down €1,281 (-32.6%), from €3,933 to €2,652
- Tax, wage and social debts -€6,598
down €6,598 (-65.8%), from €10,028 to €3,430
of which Taxes: -€6,698
- Profit (loss) carried forward -€3,115
down €3,115 (-5.7%), from €54,213 to €51,098
- Trade debts +€2,215
up €2,215 (+21.9%), from €10,102 to €12,316
- Debts after one year -€2,063
no longer reported in 2025 (was €2,063)
- Gross operating margin -€20,463
down €20,463 (-99.8%), from €20,513 to €50
- Taxes -€5,089
down €5,089 (-94.2%), from €5,404 to €314
- Financial charges -€1,062
down €1,062 (-78.7%), from €1,349 to €288
- Other operating charges -€239
down €239 (-37.4%), from €639 to €400
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 | €100,617 | €91,785 | -€8,832 | -8.8% |
| Fixed assets | 21/28 | €9,183 | €7,902 | -€1,281 | -13.9% |
| Tangible fixed assets | 22/27 | €3,933 | €2,652 | -€1,281 | -32.6% |
| Furniture and vehicles | 24 | €3,933 | €2,652 | -€1,281 | -32.6% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €91,434 | €83,883 | -€7,551 | -8.3% |
| Stocks and contracts in progress | 3 | €10,086 | €11,875 | +€1,789 | +17.7% |
| Stocks | 30/36 | €10,086 | €11,875 | +€1,789 | +17.7% |
| Amounts receivable within one year | 40/41 | €16,785 | €21,800 | +€5,015 | +29.9% |
| Trade receivables | 40 | €16,785 | €21,800 | +€5,015 | +29.9% |
| Cash at bank and in hand | 54/58 | €64,563 | €50,208 | -€14,355 | -22.2% |
| Total equity and liabilities | 10/49 | €100,617 | €91,785 | -€8,832 | -8.8% |
| Equity | 10/15 | €71,213 | €68,098 | -€3,115 | -4.4% |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,213 | €51,098 | -€3,115 | -5.7% |
| Amounts payable | 17/49 | €29,404 | €23,687 | -€5,717 | -19.4% |
| Amounts payable after more than one year | 17 | €2,063 | - | -€2,063 | |
| Financial debts | 170/4 | €2,063 | - | -€2,063 | |
| Amounts payable within one year | 42/48 | €27,340 | €23,687 | -€3,653 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €1,672 | €1,909 | +€237 | +14.2% |
| Trade debts | 44 | €10,102 | €12,316 | +€2,215 | +21.9% |
| Suppliers | 440/4 | €10,102 | €12,316 | +€2,215 | +21.9% |
| Taxes, remuneration and social security | 45 | €10,028 | €3,430 | -€6,598 | -65.8% |
| Taxes | 450/3 | €10,028 | €3,330 | -€6,698 | -66.8% |
| Remuneration and social security | 454/9 | - | €100 | +€100 | |
| Other amounts payable | 47/48 | €5,539 | €6,032 | +€493 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,481 | €2,354 | -€127 | -5.1% |
| Other operating charges | 640/8 | €639 | €400 | -€239 | -37.4% |
| Gross operating margin | 9900 | €20,513 | €50 | -€20,463 | -99.8% |
| Operating profit (loss) | 9901 | €17,393 | -€2,704 | -€20,097 | |
| Financial income | 75/76B | €113 | €190 | +€78 | +69.3% |
| Recurring financial income | 75 | €113 | €190 | +€78 | +69.3% |
| Financial charges | 65/66B | €1,349 | €288 | -€1,062 | -78.7% |
| Recurring financial charges | 65 | €1,349 | €288 | -€1,062 | -78.7% |
| Profit (loss) for the period before taxes | 9903 | €16,156 | -€2,801 | -€18,957 | |
| Income taxes | 67/77 | €5,404 | €314 | -€5,089 | -94.2% |
| Profit (loss) for the period | 9904 | €10,753 | -€3,115 | -€13,868 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,753 | -€3,115 | -€13,868 |
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.