Project P: 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 P
Largest movements
- Tangible fixed assets -€51,083
down €51,083 (-95.2%), from €53,647 to €2,565
of which Plant, machinery and equipment: -€53,090
- Cash +€29,345
up €29,345 (+288.9%), from €10,159 to €39,504
mainly Investment in fixed assets (net) (+€50,680) and Net result for the year (+€7,066)
- Deferred charges and accrued income -€1,880
down €1,880 (-23.9%), from €7,850 to €5,970
- Receivables within one year -€1,707
down €1,707 (-61.7%), from €2,766 to €1,059
of which Trade receivables: -€1,243
- Other debts -€21,844
down €21,844 (-39.5%), from €55,372 to €33,528
- Tax, wage and social debts -€11,508
down €11,508 (-99.8%), from €11,529 to €21
- Profit (loss) carried forward +€7,066
up €7,066 (+29.1%), from -€24,301 to -€17,234
- Trade debts +€962
up €962 (+59.2%), from €1,625 to €2,587
- Depreciation -€21,574
down €21,574 (-98.2%), from €21,977 to €403
- Gross operating margin +€8,965
up €8,965, from -€1,269 to €7,697
- Financial income +€487
up €487 (+16111.3%), from €3 to €490
- Other operating charges -€331
down €331 (-31.6%), from €1,048 to €717
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 | €74,422 | €49,097 | -€25,324 | -34.0% |
| Fixed assets | 21/28 | €53,647 | €2,565 | -€51,083 | -95.2% |
| Tangible fixed assets | 22/27 | €53,647 | €2,565 | -€51,083 | -95.2% |
| Plant, machinery and equipment | 23 | €53,647 | €557 | -€53,090 | -99.0% |
| Furniture and vehicles | 24 | - | €2,008 | +€2,008 | |
| Current assets | 29/58 | €20,775 | €46,533 | +€25,758 | +124.0% |
| Amounts receivable within one year | 40/41 | €2,766 | €1,059 | -€1,707 | -61.7% |
| Trade receivables | 40 | €1,600 | €356 | -€1,243 | -77.7% |
| Other amounts receivable | 41 | €1,166 | €703 | -€464 | -39.8% |
| Cash at bank and in hand | 54/58 | €10,159 | €39,504 | +€29,345 | +288.9% |
| Deferred charges and accrued income | 490/1 | €7,850 | €5,970 | -€1,880 | -23.9% |
| Total equity and liabilities | 10/49 | €74,422 | €49,097 | -€25,324 | -34.0% |
| Equity | 10/15 | €5,896 | €12,962 | +€7,066 | +119.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €27,197 | €27,197 | = | 0.0% |
| Distributable reserves | 133 | €27,197 | €27,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,301 | -€17,234 | +€7,066 | +29.1% |
| Amounts payable | 17/49 | €68,526 | €36,135 | -€32,391 | -47.3% |
| Amounts payable within one year | 42/48 | €68,526 | €36,135 | -€32,391 | -47.3% |
| Trade debts | 44 | €1,625 | €2,587 | +€962 | +59.2% |
| Suppliers | 440/4 | €1,625 | €2,587 | +€962 | +59.2% |
| Taxes, remuneration and social security | 45 | €11,529 | €21 | -€11,508 | -99.8% |
| Taxes | 450/3 | €11,529 | €21 | -€11,508 | -99.8% |
| Other amounts payable | 47/48 | €55,372 | €33,528 | -€21,844 | -39.5% |
| Non-recurring operating income | 76A | - | €18,952 | +€18,952 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,977 | €403 | -€21,574 | -98.2% |
| Other operating charges | 640/8 | €1,048 | €717 | -€331 | -31.6% |
| Gross operating margin | 9900 | -€1,269 | €7,697 | +€8,965 | |
| Operating profit (loss) | 9901 | -€24,294 | €6,577 | +€30,871 | |
| Financial income | 75/76B | €3 | €490 | +€487 | +16111.3% |
| Recurring financial income | 75 | €3 | €490 | +€487 | +16111.3% |
| Financial charges | 65/66B | €10 | €0 | -€10 | -99.9% |
| Recurring financial charges | 65 | €10 | €0 | -€10 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | -€24,301 | €7,066 | +€31,367 | |
| Profit (loss) for the period | 9904 | -€24,301 | €7,066 | +€31,367 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,301 | €7,066 | +€31,367 |
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 12 October 2026 via checked.be.