Project ON: 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 ON
Largest movements
- Cash -€44,923
down €44,923 (-93.4%), from €48,119 to €3,196
mainly Trade debts (-€268,839) and Net result for the year (-€60,670)
- Intangible fixed assets -€38,770
down €38,770 (-53.1%), from €73,076 to €34,305
- Receivables within one year +€35,110
up €35,110 (+558.2%), from €6,290 to €41,400
of which Trade receivables: +€37,450
- Deferred charges and accrued income -€2,489
down €2,489 (-82.1%), from €3,030 to €541
- Contributions +€304,000
up €304,000 (+1013.3%), from €30,000 to €334,000
- Trade debts -€268,839
down €268,839 (-85.2%), from €315,364 to €46,526
- Profit (loss) carried forward -€60,670
down €60,670 (-12.1%), from -€500,867 to -€561,536
- Debts after one year -€40,448
down €40,448 (-19.5%), from €207,067 to €166,618
- Tax, wage and social debts +€7,631
new in 2025: €7,631
- Gross operating margin +€63,496
up €63,496 (+80.6%), from -€78,782 to -€15,286
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 | €130,514 | €79,442 | -€51,072 | -39.1% |
| Fixed assets | 21/28 | €73,076 | €34,305 | -€38,770 | -53.1% |
| Intangible fixed assets | 21 | €73,076 | €34,305 | -€38,770 | -53.1% |
| Current assets | 29/58 | €57,438 | €45,137 | -€12,301 | -21.4% |
| Amounts receivable within one year | 40/41 | €6,290 | €41,400 | +€35,110 | +558.2% |
| Trade receivables | 40 | €3,891 | €41,341 | +€37,450 | +962.5% |
| Other amounts receivable | 41 | €2,399 | €59 | -€2,340 | -97.5% |
| Cash at bank and in hand | 54/58 | €48,119 | €3,196 | -€44,923 | -93.4% |
| Deferred charges and accrued income | 490/1 | €3,030 | €541 | -€2,489 | -82.1% |
| Total equity and liabilities | 10/49 | €130,514 | €79,442 | -€51,072 | -39.1% |
| Equity | 10/15 | -€470,867 | -€227,536 | +€243,330 | +51.7% |
| Contributions | 10/11 | €30,000 | €334,000 | +€304,000 | +1013.3% |
| Profit (loss) carried forward | 14 | -€500,867 | -€561,536 | -€60,670 | -12.1% |
| Amounts payable | 17/49 | €601,380 | €306,978 | -€294,402 | -49.0% |
| Amounts payable after more than one year | 17 | €207,067 | €166,618 | -€40,448 | -19.5% |
| Financial debts | 170/4 | €207,067 | €166,618 | -€40,448 | -19.5% |
| Amounts payable within one year | 42/48 | €379,298 | €119,201 | -€260,097 | -68.6% |
| Current portion of amounts payable after more than one year | 42 | €13,752 | €14,905 | +€1,153 | +8.4% |
| Trade debts | 44 | €315,364 | €46,526 | -€268,839 | -85.2% |
| Suppliers | 440/4 | €315,364 | €46,526 | -€268,839 | -85.2% |
| Taxes, remuneration and social security | 45 | - | €7,631 | +€7,631 | |
| Taxes | 450/3 | - | €7,631 | +€7,631 | |
| Other amounts payable | 47/48 | €50,182 | €50,140 | -€42 | -0.1% |
| Accrued charges and deferred income | 492/3 | €15,016 | €21,159 | +€6,143 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,881 | €38,770 | -€110 | -0.3% |
| Other operating charges | 640/8 | €630 | €257 | -€373 | -59.2% |
| Gross operating margin | 9900 | -€78,782 | -€15,286 | +€63,496 | +80.6% |
| Operating profit (loss) | 9901 | -€118,293 | -€54,314 | +€63,979 | +54.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €6,834 | €6,356 | -€478 | -7.0% |
| Recurring financial charges | 65 | €6,834 | €6,356 | -€478 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€125,126 | -€60,670 | +€64,457 | +51.5% |
| Profit (loss) for the period | 9904 | -€125,126 | -€60,670 | +€64,457 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,126 | -€60,670 | +€64,457 | +51.5% |
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 1 October 2026 via checked.be.