PROJECT T&T: 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 T&T
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€22.4m
2024 · €394,454+€22.0m
Equity
€13.9m
2024 · -€8.6m+€22.4m
Cash
€19,960
2024 · €1.4m-€1.4m
Balance sheet total
€176.3m
2024 · €153.8m+€22.5m
Largest movements
Assets
- Stocks and contracts +€23.0m
up €23.0m (+22.1%), from €104.0m to €127.0m
of which Contracts in progress: +€15.4m
- Receivables within one year +€16.6m
up €16.6m (+198%), from €8.3m to €24.9m
of which Other amounts receivable: +€23.9m
- Tangible fixed assets -€15.8m
down €15.8m (-39.6%), from €39.9m to €24.1m
of which Leasing and similar rights: -€16.4m
Equity and liabilities
- Advances received +€28.9m
up €28.9m (+44.1%), from €65.5m to €94.4m
- Profit (loss) carried forward +€22.4m
up €22.4m, from -€16.8m to €5.7m
- Debts after one year -€20.1m
down €20.1m (-36.1%), from €55.8m to €35.7m
of which Financial debts: -€29.4m
- Other debts -€15.8m
down €15.8m (-99.8%), from €15.8m to €28,624
- Current portion of long-term debt +€13.0m
new in 2025: €13.0m
Income statement
- Goods and materials -€24.3m
down €24.3m (-45.8%), from €53.1m to €28.8m
of which Purchases: -€53.1m
- Taxes +€1.7m
new in 2025: €1.7m
- Financial charges -€1.4m
down €1.4m (-36.9%), from €3.8m to €2.4m
- Turnover +€714,015
up €714,015 (+8.7%), from €8.2m to €8.9m
- Services and other goods -€382,608
down €382,608 (-16.1%), from €2.4m to €2.0m
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
€394,454
Turnover
+€714,015
Other operating income
-€308,816
Goods and materials
+€24.3m
Services and other goods
+€382,608
Depreciation
+€141,058
Other operating charges
-€162,108
Other operating items
-€3.0m
Financial income
-€1
Financial charges
+€1.4m
Other financial items
+€209,851
Taxes
-€1.7m
Result 2025
€22.4m
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
-€9.6m
Investment
+€15.4m
Financing
-€7.1m
Cash 2024
€1.4m
From operations (derived)
-€9.6m
Net result for the year
+€22.4m
Depreciation
+€443,734
Stocks and contracts
-€23.0m
Receivables within one year
-€16.6m
Deferred charges and accrued income
-€163,831
Trade debts
-€3.2m
Tax, wage and social debts
-€2.3m
Advances received
+€28.9m
Other debts
-€15.8m
Accrued charges and deferred income
-€333,656
Investment (derived)
+€15.4m
Investment in fixed assets (net)
+€15.4m
Financing
-€7.1m
Debts after one year
-€20.1m
Current portion of long-term debt
+€13.0m
Contributions, distributions and other
-€0
Cash 2025
€19,960
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €153,786,752 | €176,322,447 | +€22.5m | +14.7% |
| Fixed assets | 21/28 | €39,931,525 | €24,103,822 | -€15.8m | -39.6% |
| Tangible fixed assets | 22/27 | €39,931,201 | €24,103,498 | -€15.8m | -39.6% |
| Land and buildings | 22 | €41,392 | €15,419 | -€25,973 | -62.7% |
| Plant, machinery and equipment | 23 | €72,693 | €331,474 | +€258,781 | +356% |
| Leasing and similar rights | 25 | €25,238,562 | €8,837,633 | -€16.4m | -65.0% |
| Other tangible fixed assets | 26 | €622,472 | €521,133 | -€101,339 | -16.3% |
| Assets under construction and advance payments | 27 | €13,956,082 | €14,397,839 | +€441,757 | +3.2% |
| Financial fixed assets | 28 | €324 | €324 | = | 0.0% |
| Other financial fixed assets | 284/8 | €324 | €324 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €324 | €324 | = | 0.0% |
| Current assets | 29/58 | €113,855,227 | €152,218,625 | +€38.4m | +33.7% |
| Stocks and contracts in progress | 3 | €103,993,533 | €126,999,831 | +€23.0m | +22.1% |
| Stocks | 30/36 | €19,466,031 | €27,049,955 | +€7.6m | +39.0% |
| Property held for sale | 35 | €19,466,031 | €27,049,955 | +€7.6m | +39.0% |
| Contracts in progress | 37 | €84,527,502 | €99,949,876 | +€15.4m | +18.2% |
| Amounts receivable within one year | 40/41 | €8,346,027 | €24,905,604 | +€16.6m | +198% |
| Trade receivables | 40 | €8,290,484 | €934,686 | -€7.4m | -88.7% |
| Other amounts receivable | 41 | €55,542 | €23,970,918 | +€23.9m | +43,058% |
| Cash at bank and in hand | 54/58 | €1,386,268 | €19,960 | -€1.4m | -98.6% |
| Deferred charges and accrued income | 490/1 | €129,399 | €293,230 | +€163,831 | +127% |
| Total equity and liabilities | 10/49 | €153,786,752 | €176,322,447 | +€22.5m | +14.7% |
| Equity | 10/15 | -€8,560,442 | €13,883,313 | +€22.4m | |
| Contributions | 10/11 | €8,196,949 | €8,196,949 | +€0 | 0.0% |
| Capital | 10 | €8,196,949 | €8,196,949 | +€0 | 0.0% |
| Issued capital | 100 | €8,196,949 | €8,196,949 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€16,757,391 | €5,686,364 | +€22.4m | |
| Amounts payable | 17/49 | €162,347,194 | €162,439,134 | +€91,940 | +0.1% |
| Amounts payable after more than one year | 17 | €55,831,321 | €35,689,935 | -€20.1m | -36.1% |
| Financial debts | 170/4 | €29,400,000 | - | -€29.4m | |
| Credit institutions | 173 | €29,400,000 | - | -€29.4m | |
| Other amounts payable | 178/9 | €26,431,321 | €35,689,935 | +€9.3m | +35.0% |
| Amounts payable within one year | 42/48 | €92,721,643 | €113,288,625 | +€20.6m | +22.2% |
| Current portion of amounts payable after more than one year | 42 | - | €13,000,000 | +€13.0m | |
| Trade debts | 44 | €8,925,098 | €5,691,378 | -€3.2m | -36.2% |
| Suppliers | 440/4 | €8,925,098 | €5,691,378 | -€3.2m | -36.2% |
| Advances received on contracts in progress | 46 | €65,541,821 | €94,438,720 | +€28.9m | +44.1% |
| Taxes, remuneration and social security | 45 | €2,459,537 | €129,903 | -€2.3m | -94.7% |
| Taxes | 450/3 | €2,459,537 | €129,903 | -€2.3m | -94.7% |
| Other amounts payable | 47/48 | €15,795,186 | €28,624 | -€15.8m | -99.8% |
| Accrued charges and deferred income | 492/3 | €13,794,230 | €13,460,574 | -€333,656 | -2.4% |
| Operating income | 70/76A | €60,646,325 | €57,908,094 | -€2.7m | -4.5% |
| Turnover | 70 | €8,191,167 | €8,905,182 | +€714,015 | +8.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €51,876,927 | €25,377,261 | -€26.5m | -51.1% |
| Other operating income | 74 | €578,231 | €269,415 | -€308,816 | -53.4% |
| Non-recurring operating income | 76A | - | €23,356,236 | +€23.4m | |
| Operating charges | 60/66A | €56,439,746 | €31,613,854 | -€24.8m | -44.0% |
| Goods for resale, raw materials and consumables | 60 | €53,057,974 | €28,763,564 | -€24.3m | -45.8% |
| Purchases | 600/8 | €53,057,974 | - | -€53.1m | |
| Change in stocks: decrease (increase) | 609 | - | €2,370,963 | +€2.4m | |
| Services and other goods | 61 | €2,377,379 | €1,994,771 | -€382,608 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €584,792 | €443,734 | -€141,058 | -24.1% |
| Other operating charges | 640/8 | €249,677 | €411,785 | +€162,108 | +64.9% |
| Non-recurring operating charges | 66A | €169,924 | - | -€169,924 | |
| Operating profit (loss) | 9901 | €4,206,579 | €26,294,240 | +€22.1m | +525% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | €209,851 | +€209,850 | +20,573,527% |
| Income from financial fixed assets | 750 | - | €209,851 | +€209,851 | |
| Other financial income | 752/9 | €1 | - | -€1 | |
| Financial charges | 65/66B | €3,812,126 | €2,405,858 | -€1.4m | -36.9% |
| Recurring financial charges | 65 | €3,812,126 | €2,405,858 | -€1.4m | -36.9% |
| Debt charges | 650 | €3,743,175 | €2,339,590 | -€1.4m | -37.5% |
| Other financial charges | 652/9 | €68,950 | €66,268 | -€2,682 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €394,454 | €24,098,233 | +€23.7m | +6,009% |
| Income taxes | 67/77 | - | €1,654,478 | +€1.7m | |
| Taxes | 670/3 | - | €1,654,478 | +€1.7m | |
| Profit (loss) for the period | 9904 | €394,454 | €22,443,755 | +€22.0m | +5,590% |
| Profit (loss) for the period to be appropriated | 9905 | €394,454 | €22,443,755 | +€22.0m | +5,590% |
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 17 October 2026 via checked.be.