PROJECT W: 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 W
Largest movements
- Cash +€91,505
up €91,505 (+243.5%), from €37,579 to €129,084
mainly Net result for the year (+€66,546) and Tax, wage and social debts (+€24,666)
- Tangible fixed assets -€14,907
down €14,907 (-42.3%), from €35,215 to €20,308
- Reserves +€66,546
up €66,546 (+235.4%), from €28,267 to €94,813
- Tax, wage and social debts +€24,666
up €24,666 (+163.2%), from €15,114 to €39,781
of which Taxes: +€25,376
- Other debts -€14,843
down €14,843 (-38.0%), from €39,096 to €24,253
- Gross operating margin +€49,982
up €49,982 (+94.5%), from €52,887 to €102,869
- Taxes +€10,684
up €10,684 (+112.1%), from €9,531 to €20,215
- Depreciation +€5,673
up €5,673 (+61.4%), from €9,234 to €14,907
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 | €83,152 | €159,428 | +€76,275 | +91.7% |
| Fixed assets | 21/28 | €35,215 | €20,308 | -€14,907 | -42.3% |
| Tangible fixed assets | 22/27 | €35,215 | €20,308 | -€14,907 | -42.3% |
| Furniture and vehicles | 24 | €35,215 | €20,308 | -€14,907 | -42.3% |
| Current assets | 29/58 | €47,938 | €139,120 | +€91,182 | +190.2% |
| Amounts receivable within one year | 40/41 | €9,695 | €9,170 | -€525 | -5.4% |
| Trade receivables | 40 | €9,695 | €9,170 | -€525 | -5.4% |
| Cash at bank and in hand | 54/58 | €37,579 | €129,084 | +€91,505 | +243.5% |
| Deferred charges and accrued income | 490/1 | €664 | €866 | +€202 | +30.5% |
| Total equity and liabilities | 10/49 | €83,152 | €159,428 | +€76,275 | +91.7% |
| Equity | 10/15 | €28,367 | €94,913 | +€66,546 | +234.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €28,267 | €94,813 | +€66,546 | +235.4% |
| Distributable reserves | 133 | €28,267 | €94,813 | +€66,546 | +235.4% |
| Amounts payable | 17/49 | €54,785 | €64,515 | +€9,730 | +17.8% |
| Amounts payable within one year | 42/48 | €54,532 | €64,252 | +€9,720 | +17.8% |
| Trade debts | 44 | €322 | €218 | -€104 | -32.2% |
| Suppliers | 440/4 | €322 | €218 | -€104 | -32.2% |
| Taxes, remuneration and social security | 45 | €15,114 | €39,781 | +€24,666 | +163.2% |
| Taxes | 450/3 | €14,404 | €39,781 | +€25,376 | +176.2% |
| Remuneration and social security | 454/9 | €710 | - | -€710 | |
| Other amounts payable | 47/48 | €39,096 | €24,253 | -€14,843 | -38.0% |
| Accrued charges and deferred income | 492/3 | €253 | €263 | +€10 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,234 | €14,907 | +€5,673 | +61.4% |
| Other operating charges | 640/8 | €1,325 | €1,120 | -€205 | -15.5% |
| Gross operating margin | 9900 | €52,887 | €102,869 | +€49,982 | +94.5% |
| Operating profit (loss) | 9901 | €42,328 | €86,842 | +€44,515 | +105.2% |
| Financial charges | 65/66B | €69 | €82 | +€13 | +18.5% |
| Recurring financial charges | 65 | €69 | €82 | +€13 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €42,259 | €86,761 | +€44,502 | +105.3% |
| Income taxes | 67/77 | €9,531 | €20,215 | +€10,684 | +112.1% |
| Profit (loss) for the period | 9904 | €32,728 | €66,546 | +€33,818 | +103.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,728 | €66,546 | +€33,818 | +103.3% |
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 7 October 2026 via checked.be.