PROJECT STUDY AND COORDINATION SERVICES: what changed
Two fiscal 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 STUDY AND COORDINATION SERVICES
Largest movements
- Cash -€284,770
down €284,770 (-81.8%), from €347,989 to €63,219
mainly Current investments (-€259,000) and Receivables within one year (-€32,190)
- Current investments +€259,000
new in 2025: €259,000
- Receivables within one year +€32,190
up €32,190 (+42.4%), from €75,852 to €108,042
of which Other amounts receivable: +€32,190
- Reserves +€11,341
up €11,341 (+4.4%), from €258,328 to €269,669
- Other debts -€8,852
no longer reported in 2025 (was €8,852)
- Gross operating margin -€69,386
down €69,386 (-77.0%), from €90,078 to €20,692
- Taxes -€18,978
down €18,978 (-80.0%), from €23,709 to €4,731
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 | €430,787 | €435,366 | +€4,580 | +1.1% |
| Fixed assets | 21/28 | €5,597 | €3,814 | -€1,783 | -31.9% |
| Tangible fixed assets | 22/27 | €2,347 | €564 | -€1,783 | -76.0% |
| Plant, machinery and equipment | 23 | €537 | - | -€537 | |
| Furniture and vehicles | 24 | €1,810 | €564 | -€1,247 | -68.9% |
| Financial fixed assets | 28 | €3,250 | €3,250 | = | 0.0% |
| Current assets | 29/58 | €425,190 | €431,553 | +€6,363 | +1.5% |
| Amounts receivable within one year | 40/41 | €75,852 | €108,042 | +€32,190 | +42.4% |
| Trade receivables | 40 | €15,183 | €15,183 | = | 0.0% |
| Other amounts receivable | 41 | €60,669 | €92,859 | +€32,190 | +53.1% |
| Current investments | 50/53 | - | €259,000 | +€259,000 | |
| Cash at bank and in hand | 54/58 | €347,989 | €63,219 | -€284,770 | -81.8% |
| Deferred charges and accrued income | 490/1 | €1,348 | €1,291 | -€57 | -4.2% |
| Total equity and liabilities | 10/49 | €430,787 | €435,366 | +€4,580 | +1.1% |
| Equity | 10/15 | €410,758 | €422,099 | +€11,341 | +2.8% |
| Contributions | 10/11 | €152,430 | €152,430 | = | 0.0% |
| Reserves | 13 | €258,328 | €269,669 | +€11,341 | +4.4% |
| Distributable reserves | 133 | €258,328 | €269,669 | +€11,341 | +4.4% |
| Amounts payable | 17/49 | €20,029 | €13,268 | -€6,761 | -33.8% |
| Amounts payable within one year | 42/48 | €20,029 | €13,268 | -€6,761 | -33.8% |
| Trade debts | 44 | €5,037 | €5,272 | +€235 | +4.7% |
| Suppliers | 440/4 | €5,037 | €5,272 | +€235 | +4.7% |
| Taxes, remuneration and social security | 45 | €6,140 | €7,996 | +€1,856 | +30.2% |
| Taxes | 450/3 | €6,140 | €7,996 | +€1,856 | +30.2% |
| Other amounts payable | 47/48 | €8,852 | - | -€8,852 | |
| Non-recurring operating income | 76A | €69,416 | - | -€69,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,902 | €1,783 | -€119 | -6.3% |
| Other operating charges | 640/8 | €2,675 | €2,792 | +€117 | +4.4% |
| Gross operating margin | 9900 | €90,078 | €20,692 | -€69,386 | -77.0% |
| Operating profit (loss) | 9901 | €85,501 | €16,117 | -€69,384 | -81.2% |
| Financial income | 75/76B | - | €90 | +€90 | |
| Recurring financial income | 75 | - | €90 | +€90 | |
| Financial charges | 65/66B | €393 | €135 | -€258 | -65.6% |
| Recurring financial charges | 65 | €393 | €135 | -€258 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | €85,108 | €16,071 | -€69,036 | -81.1% |
| Income taxes | 67/77 | €23,709 | €4,731 | -€18,978 | -80.0% |
| Profit (loss) for the period | 9904 | €61,399 | €11,341 | -€50,059 | -81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,399 | €11,341 | -€50,059 | -81.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.