PROJECT PELIKAANSTRAAT: 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.
What changed
PROJECT PELIKAANSTRAAT
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€560,710
2024 · -€262,719-€297,991
Equity
€3.9m
2024 · €4.5m-€560,710
Cash
€61
2024 · €6,561-€6,500
Balance sheet total
€23.7m
2024 · €24.6m-€908,616
Largest movements
Assets
- Tangible fixed assets -€765,362
down €765,362 (-3.7%), from €20.9m to €20.1m
of which Other tangible fixed assets: -€792,331
Equity and liabilities
- Debts after one year -€678,446
down €678,446 (-11.3%), from €6.0m to €5.3m
of which Financial debts: -€677,871
- Other debts +€609,049
up €609,049 (+54.9%), from €1.1m to €1.7m
- Profit (loss) carried forward -€451,004
down €451,004 (-1,408%), from -€32,036 to -€483,041
- Short-term financial debts -€342,971
down €342,971 (-3.2%), from €10.8m to €10.5m
of which Credit institutions: -€331,471
Income statement
- Other operating charges +€455,685
up €455,685 (+293%), from €155,417 to €611,102
- Financial charges -€177,816
down €177,816 (-17.4%), from €1.0m to €842,485
- Depreciation +€28,958
up €28,958 (+4.7%), from €612,046 to €641,004
- Staff costs +€26,580
up €26,580 (+35.8%), from €74,164 to €100,744
- Gross operating margin -€18,589
down €18,589 (-1.2%), from €1.6m to €1.6m
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.
Result 2024
-€262,719
Gross operating margin
-€18,589
Staff costs
-€26,580
Depreciation
-€28,958
Other operating charges
-€455,685
Financial income
+€2,965
Financial charges
+€177,816
Taxes
+€1
Deferred taxes and other
+€51,040
Result 2025
-€560,710
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€733,530
Investment
+€124,358
Financing
-€864,388
Cash 2024
€6,561
From operations (derived)
+€733,530
Net result for the year
-€560,710
Depreciation
+€641,004
Receivables within one year
+€136,645
Deferred charges and accrued income
+€109
Provisions
-€39,852
Trade debts
+€3,883
Tax, wage and social debts
+€29,828
Other debts
+€609,049
Accrued charges and deferred income
-€86,427
Investment (derived)
+€124,358
Investment in fixed assets (net)
+€124,358
Financing
-€864,388
Debts after one year
-€678,446
Current portion of long-term debt
+€157,029
Short-term financial debts
-€342,971
Cash 2025
€61
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,608,794 | €23,700,177 | -€908,616 | -3.7% |
| Fixed assets | 21/28 | €20,897,067 | €20,131,705 | -€765,362 | -3.7% |
| Tangible fixed assets | 22/27 | €20,897,067 | €20,131,705 | -€765,362 | -3.7% |
| Land and buildings | 22 | €70,134 | €74,244 | +€4,110 | +5.9% |
| Plant, machinery and equipment | 23 | €85 | - | -€85 | |
| Furniture and vehicles | 24 | €7,055 | €29,998 | +€22,943 | +325% |
| Other tangible fixed assets | 26 | €20,819,794 | €20,027,463 | -€792,331 | -3.8% |
| Current assets | 29/58 | €3,711,727 | €3,568,473 | -€143,254 | -3.9% |
| Amounts receivable within one year | 40/41 | €3,683,390 | €3,546,745 | -€136,645 | -3.7% |
| Trade receivables | 40 | €32,927 | €69,043 | +€36,116 | +110% |
| Other amounts receivable | 41 | €3,650,463 | €3,477,702 | -€172,761 | -4.7% |
| Cash at bank and in hand | 54/58 | €6,561 | €61 | -€6,500 | -99.1% |
| Deferred charges and accrued income | 490/1 | €21,776 | €21,667 | -€109 | -0.5% |
| Total equity and liabilities | 10/49 | €24,608,794 | €23,700,177 | -€908,616 | -3.7% |
| Equity | 10/15 | €4,500,949 | €3,940,239 | -€560,710 | -12.5% |
| Contributions | 10/11 | €3,001,602 | €3,001,602 | = | 0.0% |
| Capital | 10 | €3,001,602 | €3,001,602 | = | 0.0% |
| Issued capital | 100 | €3,001,602 | €3,001,602 | = | 0.0% |
| Reserves | 13 | €1,531,383 | €1,421,677 | -€109,706 | -7.2% |
| Non-distributable reserves | 130/1 | €37,182 | €37,182 | = | 0.0% |
| Legal reserve | 130 | €37,182 | €37,182 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,494,201 | €1,384,495 | -€109,706 | -7.3% |
| Profit (loss) carried forward | 14 | -€32,036 | -€483,041 | -€451,004 | -1,408% |
| Provisions and deferred taxes | 16 | €488,218 | €448,366 | -€39,852 | -8.2% |
| Deferred taxes | 168 | €488,218 | €448,366 | -€39,852 | -8.2% |
| Amounts payable | 17/49 | €19,619,627 | €19,311,573 | -€308,055 | -1.6% |
| Amounts payable after more than one year | 17 | €6,011,893 | €5,333,446 | -€678,446 | -11.3% |
| Financial debts | 170/4 | €5,992,523 | €5,314,652 | -€677,871 | -11.3% |
| Other amounts payable | 178/9 | €19,369 | €18,794 | -€575 | -3.0% |
| Amounts payable within one year | 42/48 | €13,379,950 | €13,836,769 | +€456,819 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €662,536 | €819,566 | +€157,029 | +23.7% |
| Financial debts | 43 | €10,803,156 | €10,460,186 | -€342,971 | -3.2% |
| Credit institutions | 430/8 | €10,444,025 | €10,112,554 | -€331,471 | -3.2% |
| Other loans | 439 | €359,131 | €347,631 | -€11,500 | -3.2% |
| Trade debts | 44 | €767,911 | €771,794 | +€3,883 | +0.5% |
| Suppliers | 440/4 | €767,911 | €771,794 | +€3,883 | +0.5% |
| Taxes, remuneration and social security | 45 | €37,060 | €66,888 | +€29,828 | +80.5% |
| Taxes | 450/3 | €7,204 | €4,467 | -€2,737 | -38.0% |
| Remuneration and social security | 454/9 | €29,856 | €62,421 | +€32,565 | +109% |
| Other amounts payable | 47/48 | €1,109,287 | €1,718,336 | +€609,049 | +54.9% |
| Accrued charges and deferred income | 492/3 | €227,784 | €141,357 | -€86,427 | -37.9% |
| Non-recurring operating income | 76A | €314,673 | €67,167 | -€247,506 | -78.7% |
| Remuneration, social security and pensions | 62 | €74,164 | €100,744 | +€26,580 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €612,046 | €641,004 | +€28,958 | +4.7% |
| Other operating charges | 640/8 | €155,417 | €611,102 | +€455,685 | +293% |
| Gross operating margin | 9900 | €1,609,778 | €1,591,189 | -€18,589 | -1.2% |
| Operating profit (loss) | 9901 | €768,151 | €238,338 | -€529,813 | -69.0% |
| Financial income | 75/76B | €791 | €3,756 | +€2,965 | +375% |
| Recurring financial income | 75 | €791 | €3,756 | +€2,965 | +375% |
| Financial charges | 65/66B | €1,020,301 | €842,485 | -€177,816 | -17.4% |
| Recurring financial charges | 65 | €1,020,301 | €842,485 | -€177,816 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | -€251,360 | -€600,391 | -€349,032 | -139% |
| Transfer from deferred taxes | 780 | €58,572 | €39,852 | -€18,720 | -32.0% |
| Transfer to deferred taxes | 680 | €69,760 | - | -€69,760 | |
| Income taxes | 67/77 | €171 | €170 | -€1 | -0.4% |
| Profit (loss) for the period | 9904 | -€262,719 | -€560,710 | -€297,991 | -113% |
| Transfer from tax-exempt reserves | 789 | €165,866 | €109,706 | -€56,160 | -33.9% |
| Transfer to tax-exempt reserves | 689 | €209,281 | - | -€209,281 | |
| Profit (loss) for the period to be appropriated | 9905 | -€306,134 | -€451,004 | -€144,870 | -47.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.