Project Ventôse: 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 Ventôse
Largest movements
- Receivables within one year +€97,823
up €97,823 (+201.4%), from €48,569 to €146,392
of which Trade receivables: +€94,768
- Stocks and contracts +€37,390
up €37,390 (+1.4%), from €2.7m to €2.7m
- Advances received +€525,278
up €525,278 (+53.5%), from €981,379 to €1.5m
- Short-term financial debts -€307,193
down €307,193 (-19.2%), from €1.6m to €1.3m
- Tax, wage and social debts -€68,925
no longer reported in 2025 (was €68,925)
- Gross operating margin -€2,801
down €2,801 (-15.3%), from -€18,282 to -€21,082
- Financial charges +€1,002
up €1,002 (+360.5%), from €278 to €1,281
- Other operating charges -€376
down €376 (-75.8%), from €496 to €120
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 | €2,771,712 | €2,881,652 | +€109,940 | +4.0% |
| Current assets | 29/58 | €2,771,712 | €2,881,652 | +€109,940 | +4.0% |
| Stocks and contracts in progress | 3 | €2,674,982 | €2,712,372 | +€37,390 | +1.4% |
| Stocks | 30/36 | €2,674,982 | €2,712,372 | +€37,390 | +1.4% |
| Amounts receivable within one year | 40/41 | €48,569 | €146,392 | +€97,823 | +201.4% |
| Trade receivables | 40 | €48,569 | €143,336 | +€94,768 | +195.1% |
| Other amounts receivable | 41 | - | €3,056 | +€3,056 | |
| Cash at bank and in hand | 54/58 | €48,162 | €22,888 | -€25,274 | -52.5% |
| Total equity and liabilities | 10/49 | €2,771,712 | €2,881,652 | +€109,940 | +4.0% |
| Equity | 10/15 | -€24,810 | -€47,293 | -€22,483 | -90.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Outside capital | 11 | - | €2,000 | +€2,000 | |
| Other | 1109/19 | - | €2,000 | +€2,000 | |
| Profit (loss) carried forward | 14 | -€26,810 | -€49,293 | -€22,483 | -83.9% |
| Amounts payable | 17/49 | €2,796,522 | €2,928,945 | +€132,423 | +4.7% |
| Amounts payable within one year | 42/48 | €2,796,522 | €2,928,945 | +€132,423 | +4.7% |
| Financial debts | 43 | €1,602,193 | €1,295,000 | -€307,193 | -19.2% |
| Credit institutions | 430/8 | €1,602,193 | €1,295,000 | -€307,193 | -19.2% |
| Trade debts | 44 | €21,025 | €7,288 | -€13,738 | -65.3% |
| Suppliers | 440/4 | €21,025 | €7,288 | -€13,738 | -65.3% |
| Advances received on contracts in progress | 46 | €981,379 | €1,506,658 | +€525,278 | +53.5% |
| Taxes, remuneration and social security | 45 | €68,925 | - | -€68,925 | |
| Taxes | 450/3 | €68,925 | - | -€68,925 | |
| Other amounts payable | 47/48 | €123,000 | €120,000 | -€3,000 | -2.4% |
| Other operating charges | 640/8 | €496 | €120 | -€376 | -75.8% |
| Gross operating margin | 9900 | -€18,282 | -€21,082 | -€2,801 | -15.3% |
| Operating profit (loss) | 9901 | -€18,778 | -€21,202 | -€2,425 | -12.9% |
| Financial income | 75/76B | €41 | - | -€41 | |
| Recurring financial income | 75 | €41 | - | -€41 | |
| Financial charges | 65/66B | €278 | €1,281 | +€1,002 | +360.5% |
| Recurring financial charges | 65 | €278 | €1,281 | +€1,002 | +360.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,015 | -€22,483 | -€3,468 | -18.2% |
| Profit (loss) for the period | 9904 | -€19,015 | -€22,483 | -€3,468 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,015 | -€22,483 | -€3,468 | -18.2% |
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 8 October 2026 via checked.be.