Project Pluto: 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 Pluto
Largest movements
- Financial fixed assets +€3.1m
new in 2025: €3.1m
- Receivables after one year -€735,000
no longer reported in 2025 (was €735,000)
- Receivables within one year -€229,477
down €229,477 (-83.3%), from €275,356 to €45,879
of which Other amounts receivable: -€229,715
- Tangible fixed assets +€157,873
new in 2025: €157,873
- Cash -€73,680
down €73,680 (-94.3%), from €78,174 to €4,494
mainly Investment in fixed assets (net) (-€3.3m) and Current portion of long-term debt (-€245,000)
- Debts after one year +€2.4m
up €2.4m (+324%), from €735,000 to €3.1m
- Current portion of long-term debt -€245,000
no longer reported in 2025 (was €245,000)
- Reserves +€70,447
up €70,447 (+71.5%), from €98,486 to €168,934
- Financial income +€38,372
up €38,372 (+107%), from €35,729 to €74,101
- Financial charges +€28,960
up €28,960 (+137%), from €21,148 to €50,109
- Gross operating margin -€16,263
down €16,263 (-18.2%), from €89,131 to €72,868
- Taxes +€3,746
up €3,746 (+18.3%), from €20,442 to €24,188
- Other operating charges -€3,084
down €3,084 (-93.6%), from €3,293 to €210
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 | €1,088,531 | €3,327,775 | +€2.2m | +206% |
| Fixed assets | 21/28 | - | €3,277,402 | +€3.3m | |
| Tangible fixed assets | 22/27 | - | €157,873 | +€157,873 | |
| Furniture and vehicles | 24 | - | €157,873 | +€157,873 | |
| Financial fixed assets | 28 | - | €3,119,529 | +€3.1m | |
| Current assets | 29/58 | €1,088,531 | €50,373 | -€1.0m | -95.4% |
| Amounts receivable after more than one year | 29 | €735,000 | - | -€735,000 | |
| Other amounts receivable | 291 | €735,000 | - | -€735,000 | |
| Amounts receivable within one year | 40/41 | €275,356 | €45,879 | -€229,477 | -83.3% |
| Trade receivables | 40 | €30,163 | €30,401 | +€238 | +0.8% |
| Other amounts receivable | 41 | €245,193 | €15,478 | -€229,715 | -93.7% |
| Cash at bank and in hand | 54/58 | €78,174 | €4,494 | -€73,680 | -94.3% |
| Total equity and liabilities | 10/49 | €1,088,531 | €3,327,775 | +€2.2m | +206% |
| Equity | 10/15 | €98,586 | €169,034 | +€70,447 | +71.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €98,486 | €168,934 | +€70,447 | +71.5% |
| Distributable reserves | 133 | €98,486 | €168,934 | +€70,447 | +71.5% |
| Amounts payable | 17/49 | €989,944 | €3,158,741 | +€2.2m | +219% |
| Amounts payable after more than one year | 17 | €735,000 | €3,119,529 | +€2.4m | +324% |
| Financial debts | 170/4 | €735,000 | €3,119,529 | +€2.4m | +324% |
| Amounts payable within one year | 42/48 | €250,436 | €32,156 | -€218,280 | -87.2% |
| Current portion of amounts payable after more than one year | 42 | €245,000 | - | -€245,000 | |
| Trade debts | 44 | €172 | €4,934 | +€4,762 | +2,765% |
| Suppliers | 440/4 | €172 | €4,934 | +€4,762 | +2,765% |
| Taxes, remuneration and social security | 45 | €5,264 | €24,631 | +€19,367 | +368% |
| Taxes | 450/3 | €5,264 | €24,631 | +€19,367 | +368% |
| Other amounts payable | 47/48 | - | €2,592 | +€2,592 | |
| Accrued charges and deferred income | 492/3 | €4,508 | €7,056 | +€2,548 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,015 | +€2,015 | |
| Other operating charges | 640/8 | €3,293 | €210 | -€3,084 | -93.6% |
| Gross operating margin | 9900 | €89,131 | €72,868 | -€16,263 | -18.2% |
| Operating profit (loss) | 9901 | €85,838 | €70,643 | -€15,195 | -17.7% |
| Financial income | 75/76B | €35,729 | €74,101 | +€38,372 | +107% |
| Recurring financial income | 75 | €35,729 | €74,101 | +€38,372 | +107% |
| Financial charges | 65/66B | €21,148 | €50,109 | +€28,960 | +137% |
| Recurring financial charges | 65 | €21,148 | €50,109 | +€28,960 | +137% |
| Profit (loss) for the period before taxes | 9903 | €100,419 | €94,636 | -€5,783 | -5.8% |
| Income taxes | 67/77 | €20,442 | €24,188 | +€3,746 | +18.3% |
| Profit (loss) for the period | 9904 | €79,977 | €70,447 | -€9,529 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,977 | €70,447 | -€9,529 | -11.9% |
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 25 October 2026 via checked.be.