Project Partner: 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 Partner
Largest movements
- Current investments +€59,810
new in 2025: €59,810
- Cash +€28,800
up €28,800 (+99.8%), from €28,862 to €57,662
mainly Net result for the year (+€56,786) and Receivables within one year (+€13,807)
- Receivables within one year -€13,807
down €13,807 (-67.7%), from €20,392 to €6,585
of which Trade receivables: -€13,858
- Tangible fixed assets -€10,091
down €10,091 (-27.1%), from €37,192 to €27,101
of which Leasing and similar rights: -€9,531
- Reserves +€56,786
up €56,786 (+158%), from €35,834 to €92,621
- Tax, wage and social debts +€13,753
up €13,753 (+73.6%), from €18,673 to €32,426
of which Taxes: +€14,921
- Debts after one year -€10,337
down €10,337 (-53.4%), from €19,341 to €9,005
- Other debts +€2,104
new in 2025: €2,104
- Gross operating margin +€22,415
up €22,415 (+35.8%), from €62,524 to €84,939
- Taxes +€5,239
up €5,239 (+53.0%), from €9,880 to €15,119
- Depreciation -€2,052
down €2,052 (-16.9%), from €12,143 to €10,091
- Other operating charges -€897
down €897 (-43.6%), from €2,059 to €1,162
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 | €88,093 | €152,401 | +€64,308 | +73.0% |
| Fixed assets | 21/28 | €37,192 | €27,101 | -€10,091 | -27.1% |
| Tangible fixed assets | 22/27 | €37,192 | €27,101 | -€10,091 | -27.1% |
| Furniture and vehicles | 24 | €1,000 | €440 | -€560 | -56.0% |
| Leasing and similar rights | 25 | €36,192 | €26,661 | -€9,531 | -26.3% |
| Current assets | 29/58 | €50,902 | €125,300 | +€74,399 | +146% |
| Amounts receivable within one year | 40/41 | €20,392 | €6,585 | -€13,807 | -67.7% |
| Trade receivables | 40 | €20,392 | €6,534 | -€13,858 | -68.0% |
| Other amounts receivable | 41 | - | €51 | +€51 | |
| Current investments | 50/53 | - | €59,810 | +€59,810 | |
| Cash at bank and in hand | 54/58 | €28,862 | €57,662 | +€28,800 | +99.8% |
| Deferred charges and accrued income | 490/1 | €1,647 | €1,243 | -€404 | -24.5% |
| Total equity and liabilities | 10/49 | €88,093 | €152,401 | +€64,308 | +73.0% |
| Equity | 10/15 | €38,834 | €95,621 | +€56,786 | +146% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €35,834 | €92,621 | +€56,786 | +158% |
| Distributable reserves | 133 | €35,834 | €92,621 | +€56,786 | +158% |
| Amounts payable | 17/49 | €49,259 | €56,781 | +€7,522 | +15.3% |
| Amounts payable after more than one year | 17 | €19,341 | €9,005 | -€10,337 | -53.4% |
| Financial debts | 170/4 | €19,341 | €9,005 | -€10,337 | -53.4% |
| Amounts payable within one year | 42/48 | €29,918 | €47,776 | +€17,859 | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €9,849 | €10,337 | +€488 | +5.0% |
| Financial debts | 43 | €39 | €71 | +€32 | +80.8% |
| Other loans | 439 | €39 | €71 | +€32 | +80.8% |
| Trade debts | 44 | €1,357 | €2,838 | +€1,481 | +109% |
| Suppliers | 440/4 | €1,357 | €2,838 | +€1,481 | +109% |
| Taxes, remuneration and social security | 45 | €18,673 | €32,426 | +€13,753 | +73.6% |
| Taxes | 450/3 | €15,737 | €30,658 | +€14,921 | +94.8% |
| Remuneration and social security | 454/9 | €2,936 | €1,768 | -€1,168 | -39.8% |
| Other amounts payable | 47/48 | - | €2,104 | +€2,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,143 | €10,091 | -€2,052 | -16.9% |
| Other operating charges | 640/8 | €2,059 | €1,162 | -€897 | -43.6% |
| Gross operating margin | 9900 | €62,524 | €84,939 | +€22,415 | +35.8% |
| Operating profit (loss) | 9901 | €48,322 | €73,686 | +€25,364 | +52.5% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €2,608 | €1,803 | -€805 | -30.9% |
| Recurring financial charges | 65 | €2,608 | €1,803 | -€805 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €45,714 | €71,905 | +€26,191 | +57.3% |
| Income taxes | 67/77 | €9,880 | €15,119 | +€5,239 | +53.0% |
| Profit (loss) for the period | 9904 | €35,834 | €56,786 | +€20,952 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,834 | €56,786 | +€20,952 | +58.5% |
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 29 October 2026 via checked.be.