Project Vijf Public: 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 Vijf Public
Largest movements
- Tangible fixed assets -€33,379
down €33,379 (-18.1%), from €184,517 to €151,138
of which Land and buildings: -€24,271
- Receivables within one year -€17,856
down €17,856 (-43.2%), from €41,352 to €23,497
of which Other amounts receivable: -€16,648
- Cash +€15,930
up €15,930 (+263%), from €6,069 to €21,999
mainly Depreciation (+€33,379) and Receivables within one year (+€17,856)
- Reserves -€26,000
down €26,000 (-28.4%), from €91,668 to €65,668
of which Distributable reserves: -€26,000
- Debts after one year -€20,903
no longer reported in 2025 (was €20,903)
- Other debts +€16,685
new in 2025: €16,685
- Current portion of long-term debt -€3,395
down €3,395 (-14.0%), from €24,298 to €20,903
- Gross operating margin +€21,802
up €21,802 (+72.9%), from €29,895 to €51,697
- Depreciation -€2,261
down €2,261 (-6.3%), from €35,640 to €33,379
- Taxes +€2,196
new in 2025: €2,196
- Financial income -€1,128
down €1,128 (-86.1%), from €1,310 to €183
- Financial charges -€1,095
down €1,095 (-25.2%), from €4,340 to €3,244
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 | €234,165 | €197,531 | -€36,635 | -15.6% |
| Fixed assets | 21/28 | €184,517 | €151,138 | -€33,379 | -18.1% |
| Tangible fixed assets | 22/27 | €184,517 | €151,138 | -€33,379 | -18.1% |
| Land and buildings | 22 | €163,311 | €139,040 | -€24,271 | -14.9% |
| Plant, machinery and equipment | 23 | €21,206 | €12,098 | -€9,108 | -43.0% |
| Current assets | 29/58 | €49,648 | €46,393 | -€3,255 | -6.6% |
| Amounts receivable within one year | 40/41 | €41,352 | €23,497 | -€17,856 | -43.2% |
| Trade receivables | 40 | €18,727 | €17,519 | -€1,208 | -6.4% |
| Other amounts receivable | 41 | €22,626 | €5,978 | -€16,648 | -73.6% |
| Cash at bank and in hand | 54/58 | €6,069 | €21,999 | +€15,930 | +263% |
| Deferred charges and accrued income | 490/1 | €2,227 | €898 | -€1,330 | -59.7% |
| Total equity and liabilities | 10/49 | €234,165 | €197,531 | -€36,635 | -15.6% |
| Equity | 10/15 | €174,994 | €149,336 | -€25,659 | -14.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €91,668 | €65,668 | -€26,000 | -28.4% |
| Tax-exempt reserves | 132 | €31,808 | €31,808 | = | 0.0% |
| Distributable reserves | 133 | €59,860 | €33,860 | -€26,000 | -43.4% |
| Profit (loss) carried forward | 14 | €70,927 | €71,268 | +€341 | +0.5% |
| Amounts payable | 17/49 | €59,171 | €48,195 | -€10,976 | -18.5% |
| Amounts payable after more than one year | 17 | €20,903 | - | -€20,903 | |
| Financial debts | 170/4 | €20,903 | - | -€20,903 | |
| Amounts payable within one year | 42/48 | €38,268 | €48,195 | +€9,927 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €24,298 | €20,903 | -€3,395 | -14.0% |
| Trade debts | 44 | €3,326 | €1,770 | -€1,556 | -46.8% |
| Suppliers | 440/4 | €3,326 | €1,770 | -€1,556 | -46.8% |
| Taxes, remuneration and social security | 45 | €10,645 | €8,837 | -€1,808 | -17.0% |
| Taxes | 450/3 | €10,645 | €8,837 | -€1,808 | -17.0% |
| Other amounts payable | 47/48 | - | €16,685 | +€16,685 | |
| Remuneration, social security and pensions | 62 | -€79 | -€50 | +€30 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,640 | €33,379 | -€2,261 | -6.3% |
| Other operating charges | 640/8 | €3,627 | €3,769 | +€141 | +3.9% |
| Gross operating margin | 9900 | €29,895 | €51,697 | +€21,802 | +72.9% |
| Operating profit (loss) | 9901 | -€9,293 | €14,599 | +€23,892 | |
| Financial income | 75/76B | €1,310 | €183 | -€1,128 | -86.1% |
| Recurring financial income | 75 | €1,310 | €183 | -€1,128 | -86.1% |
| Financial charges | 65/66B | €4,340 | €3,244 | -€1,095 | -25.2% |
| Recurring financial charges | 65 | €4,340 | €3,244 | -€1,095 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | -€12,322 | €11,537 | +€23,860 | |
| Income taxes | 67/77 | - | €2,196 | +€2,196 | |
| Profit (loss) for the period | 9904 | -€12,322 | €9,341 | +€21,664 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,322 | €9,341 | +€21,664 |
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 30 October 2026 via checked.be.