PROJECT, OPERATIONAL & MAINTENANCE EXCELLENCE: 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, OPERATIONAL & MAINTENANCE EXCELLENCE
Largest movements
- Current investments +€54,129
up €54,129 (+67.1%), from €80,661 to €134,790
- Receivables within one year -€42,504
down €42,504 (-25.9%), from €163,968 to €121,464
of which Trade receivables: -€45,141
- Tangible fixed assets -€26,581
down €26,581 (-27.8%), from €95,664 to €69,083
of which Furniture and vehicles: -€23,685
- Cash -€9,463
down €9,463 (-9.6%), from €98,745 to €89,281
mainly Current investments (-€54,129) and Debts after one year (-€20,483)
- Debts after one year -€20,483
down €20,483 (-33.9%), from €60,360 to €39,877
- Tax, wage and social debts -€19,274
down €19,274 (-87.7%), from €21,989 to €2,715
of which Remuneration and social security: -€15,408
- Profit (loss) carried forward +€19,097
up €19,097 (+7.4%), from €259,400 to €278,497
- Staff costs -€93,645
down €93,645 (-36.7%), from €254,861 to €161,217
- Gross operating margin -€88,982
down €88,982 (-28.5%), from €311,694 to €222,712
- Purchases and services +€55,443
up €55,443 (+17.1%), from €324,723 to €380,166
- Turnover -€32,091
down €32,091 (-5.1%), from €627,597 to €595,506
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.
Derived cash bridge
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 | €442,989 | €416,481 | -€26,508 | -6.0% |
| Fixed assets | 21/28 | €96,027 | €70,946 | -€25,081 | -26.1% |
| Tangible fixed assets | 22/27 | €95,664 | €69,083 | -€26,581 | -27.8% |
| Plant, machinery and equipment | 23 | €4,705 | €2,018 | -€2,687 | -57.1% |
| Furniture and vehicles | 24 | €90,750 | €67,065 | -€23,685 | -26.1% |
| Other tangible fixed assets | 26 | €209 | - | -€209 | |
| Financial fixed assets | 28 | €363 | €1,863 | +€1,500 | +413% |
| Current assets | 29/58 | €346,962 | €345,535 | -€1,427 | -0.4% |
| Amounts receivable within one year | 40/41 | €163,968 | €121,464 | -€42,504 | -25.9% |
| Trade receivables | 40 | €155,258 | €110,117 | -€45,141 | -29.1% |
| Other amounts receivable | 41 | €8,710 | €11,347 | +€2,637 | +30.3% |
| Current investments | 50/53 | €80,661 | €134,790 | +€54,129 | +67.1% |
| Cash at bank and in hand | 54/58 | €98,745 | €89,281 | -€9,463 | -9.6% |
| Deferred charges and accrued income | 490/1 | €3,588 | - | -€3,588 | |
| Total equity and liabilities | 10/49 | €442,989 | €416,481 | -€26,508 | -6.0% |
| Equity | 10/15 | €279,860 | €298,957 | +€19,097 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €259,400 | €278,497 | +€19,097 | +7.4% |
| Amounts payable | 17/49 | €163,129 | €117,524 | -€45,605 | -28.0% |
| Amounts payable after more than one year | 17 | €60,360 | €39,877 | -€20,483 | -33.9% |
| Financial debts | 170/4 | €60,360 | €39,877 | -€20,483 | -33.9% |
| Amounts payable within one year | 42/48 | €102,769 | €77,647 | -€25,122 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €19,833 | €20,483 | +€649 | +3.3% |
| Trade debts | 44 | €11,245 | €8,790 | -€2,455 | -21.8% |
| Suppliers | 440/4 | €11,245 | €8,790 | -€2,455 | -21.8% |
| Taxes, remuneration and social security | 45 | €21,989 | €2,715 | -€19,274 | -87.7% |
| Taxes | 450/3 | €4,060 | €193 | -€3,866 | -95.2% |
| Remuneration and social security | 454/9 | €17,929 | €2,522 | -€15,408 | -85.9% |
| Other amounts payable | 47/48 | €49,702 | €45,660 | -€4,042 | -8.1% |
| Turnover | 70 | €627,597 | €595,506 | -€32,091 | -5.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €324,723 | €380,166 | +€55,443 | +17.1% |
| Remuneration, social security and pensions | 62 | €254,861 | €161,217 | -€93,645 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,332 | €26,581 | +€3,249 | +13.9% |
| Other operating charges | 640/8 | €1,955 | €1,374 | -€581 | -29.7% |
| Gross operating margin | 9900 | €311,694 | €222,712 | -€88,982 | -28.5% |
| Operating profit (loss) | 9901 | €31,546 | €33,541 | +€1,995 | +6.3% |
| Financial income | 75/76B | €993 | €910 | -€83 | -8.3% |
| Recurring financial income | 75 | €993 | €910 | -€83 | -8.3% |
| Financial charges | 65/66B | €2,631 | €2,447 | -€184 | -7.0% |
| Recurring financial charges | 65 | €2,631 | €2,447 | -€184 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €29,908 | €32,004 | +€2,096 | +7.0% |
| Income taxes | 67/77 | €13,075 | €12,908 | -€167 | -1.3% |
| Profit (loss) for the period | 9904 | €16,834 | €19,097 | +€2,263 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,834 | €19,097 | +€2,263 | +13.4% |
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 27 October 2026 via checked.be.