Project One: 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 One
Largest movements
- Receivables within one year +€278,084
up €278,084 (+66.5%), from €418,203 to €696,287
of which Trade receivables: +€247,801
- Tangible fixed assets -€61,600
down €61,600 (-36.5%), from €168,928 to €107,328
of which Furniture and vehicles: -€32,729
- Cash +€50,757
up €50,757 (+336.2%), from €15,097 to €65,854
mainly Contributions, distributions and other (+€105,000) and Short-term financial debts (+€100,000)
- Intangible fixed assets -€15,439
down €15,439 (-13.4%), from €115,483 to €100,043
- Stocks and contracts +€13,530
up €13,530 (+8.8%), from €153,063 to €166,593
of which Contracts in progress: +€31,830
- Contributions +€105,000
up €105,000 (+1050.0%), from €10,000 to €115,000
- Short-term financial debts +€100,000
up €100,000 (+66.7%), from €150,000 to €250,000
- Trade debts +€76,199
up €76,199 (+22.0%), from €345,830 to €422,029
- Debts after one year -€20,573
down €20,573 (-8.0%), from €255,722 to €235,149
of which Financial debts: -€160,573
- Profit (loss) carried forward +€18,187
up €18,187 (+53.7%), from €33,838 to €52,025
- Staff costs -€57,480
down €57,480 (-12.8%), from €449,260 to €391,780
- Gross operating margin -€42,450
down €42,450 (-7.5%), from €567,064 to €524,613
- Depreciation -€15,212
down €15,212 (-17.5%), from €86,982 to €71,769
- Taxes +€10,769
up €10,769 (+854.0%), from €1,261 to €12,030
- Financial charges +€5,785
up €5,785 (+25.5%), from €22,726 to €28,511
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 | €880,459 | €1,147,398 | +€266,939 | +30.3% |
| Fixed assets | 21/28 | €284,411 | €207,371 | -€77,040 | -27.1% |
| Intangible fixed assets | 21 | €115,483 | €100,043 | -€15,439 | -13.4% |
| Tangible fixed assets | 22/27 | €168,928 | €107,328 | -€61,600 | -36.5% |
| Plant, machinery and equipment | 23 | €8,737 | €12,393 | +€3,655 | +41.8% |
| Furniture and vehicles | 24 | €56,290 | €23,561 | -€32,729 | -58.1% |
| Leasing and similar rights | 25 | €103,901 | €71,375 | -€32,527 | -31.3% |
| Current assets | 29/58 | €596,048 | €940,027 | +€343,979 | +57.7% |
| Stocks and contracts in progress | 3 | €153,063 | €166,593 | +€13,530 | +8.8% |
| Stocks | 30/36 | €146,500 | €128,200 | -€18,300 | -12.5% |
| Contracts in progress | 37 | €6,563 | €38,393 | +€31,830 | +485.0% |
| Amounts receivable within one year | 40/41 | €418,203 | €696,287 | +€278,084 | +66.5% |
| Trade receivables | 40 | €390,480 | €638,281 | +€247,801 | +63.5% |
| Other amounts receivable | 41 | €27,723 | €58,006 | +€30,283 | +109.2% |
| Cash at bank and in hand | 54/58 | €15,097 | €65,854 | +€50,757 | +336.2% |
| Deferred charges and accrued income | 490/1 | €9,685 | €11,294 | +€1,609 | +16.6% |
| Total equity and liabilities | 10/49 | €880,459 | €1,147,398 | +€266,939 | +30.3% |
| Equity | 10/15 | €43,838 | €167,025 | +€123,187 | +281.0% |
| Contributions | 10/11 | €10,000 | €115,000 | +€105,000 | +1050.0% |
| Profit (loss) carried forward | 14 | €33,838 | €52,025 | +€18,187 | +53.7% |
| Amounts payable | 17/49 | €836,621 | €980,373 | +€143,752 | +17.2% |
| Amounts payable after more than one year | 17 | €255,722 | €235,149 | -€20,573 | -8.0% |
| Financial debts | 170/4 | €255,722 | €95,149 | -€160,573 | -62.8% |
| Other amounts payable | 178/9 | - | €140,000 | +€140,000 | |
| Amounts payable within one year | 42/48 | €580,899 | €745,224 | +€164,325 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €56,838 | €44,344 | -€12,494 | -22.0% |
| Financial debts | 43 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Credit institutions | 430/8 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Trade debts | 44 | €345,830 | €422,029 | +€76,199 | +22.0% |
| Suppliers | 440/4 | €345,830 | €422,029 | +€76,199 | +22.0% |
| Taxes, remuneration and social security | 45 | €25,341 | €28,852 | +€3,511 | +13.9% |
| Taxes | 450/3 | €1,261 | €10,974 | +€9,713 | +770.3% |
| Remuneration and social security | 454/9 | €24,080 | €17,878 | -€6,202 | -25.8% |
| Other amounts payable | 47/48 | €2,890 | - | -€2,890 | |
| Remuneration, social security and pensions | 62 | €449,260 | €391,780 | -€57,480 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,982 | €71,769 | -€15,212 | -17.5% |
| Other operating charges | 640/8 | €4,950 | €5,743 | +€793 | +16.0% |
| Gross operating margin | 9900 | €567,064 | €524,613 | -€42,450 | -7.5% |
| Operating profit (loss) | 9901 | €25,872 | €55,322 | +€29,449 | +113.8% |
| Financial income | 75/76B | €1,928 | €3,406 | +€1,479 | +76.7% |
| Recurring financial income | 75 | €1,928 | €3,406 | +€1,479 | +76.7% |
| Financial charges | 65/66B | €22,726 | €28,511 | +€5,785 | +25.5% |
| Recurring financial charges | 65 | €22,726 | €28,511 | +€5,785 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €5,074 | €30,217 | +€25,143 | +495.5% |
| Income taxes | 67/77 | €1,261 | €12,030 | +€10,769 | +854.0% |
| Profit (loss) for the period | 9904 | €3,813 | €18,187 | +€14,374 | +377.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,813 | €18,187 | +€14,374 | +377.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.