PROJECT20: 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.
PROJECT20
Largest movements
- Receivables within one year +€59,741
up €59,741 (+37.7%), from €158,465 to €218,206
of which Other amounts receivable: +€59,446
- Cash -€25,954
down €25,954 (-87.3%), from €29,721 to €3,767
mainly Receivables within one year (-€59,741) and Contributions, distributions and other (-€42,871)
- Other debts +€45,037
up €45,037 (+125.6%), from €35,870 to €80,906
- Debts after one year -€13,327
down €13,327 (-49.1%), from €27,164 to €13,837
- Gross operating margin +€28,441
up €28,441 (+115.6%), from €24,608 to €53,049
- Taxes +€4,403
up €4,403 (+54.8%), from €8,036 to €12,439
- Financial income +€3,619
up €3,619 (+69.0%), from €5,244 to €8,862
- Financial charges +€1,550
up €1,550 (+61.6%), from €2,516 to €4,066
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 | €211,153 | €245,427 | +€34,274 | +16.2% |
| Fixed assets | 21/28 | €22,356 | €20,800 | -€1,556 | -7.0% |
| Tangible fixed assets | 22/27 | €9,856 | €8,300 | -€1,556 | -15.8% |
| Other tangible fixed assets | 26 | €9,856 | €8,300 | -€1,556 | -15.8% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €188,797 | €224,627 | +€35,830 | +19.0% |
| Amounts receivable within one year | 40/41 | €158,465 | €218,206 | +€59,741 | +37.7% |
| Trade receivables | 40 | €34,921 | €35,216 | +€295 | +0.8% |
| Other amounts receivable | 41 | €123,545 | €182,991 | +€59,446 | +48.1% |
| Cash at bank and in hand | 54/58 | €29,721 | €3,767 | -€25,954 | -87.3% |
| Deferred charges and accrued income | 490/1 | €610 | €2,653 | +€2,043 | +334.7% |
| Total equity and liabilities | 10/49 | €211,153 | €245,427 | +€34,274 | +16.2% |
| Equity | 10/15 | €117,828 | €117,828 | = | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €111,198 | €111,198 | = | 0.0% |
| Distributable reserves | 133 | €111,198 | €111,198 | = | 0.0% |
| Profit (loss) carried forward | 14 | €431 | €431 | = | 0.0% |
| Amounts payable | 17/49 | €93,324 | €127,599 | +€34,274 | +36.7% |
| Amounts payable after more than one year | 17 | €27,164 | €13,837 | -€13,327 | -49.1% |
| Financial debts | 170/4 | €27,164 | €13,837 | -€13,327 | -49.1% |
| Amounts payable within one year | 42/48 | €63,269 | €110,690 | +€47,421 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €12,836 | €13,327 | +€491 | +3.8% |
| Financial debts | 43 | - | €1 | +€1 | |
| Credit institutions | 430/8 | - | €1 | +€1 | |
| Trade debts | 44 | €2,758 | €2,605 | -€153 | -5.5% |
| Suppliers | 440/4 | €2,758 | €2,605 | -€153 | -5.5% |
| Taxes, remuneration and social security | 45 | €11,805 | €13,851 | +€2,046 | +17.3% |
| Taxes | 450/3 | €9,055 | €11,101 | +€2,046 | +22.6% |
| Remuneration and social security | 454/9 | €2,750 | €2,750 | = | 0.0% |
| Other amounts payable | 47/48 | €35,870 | €80,906 | +€45,037 | +125.6% |
| Accrued charges and deferred income | 492/3 | €2,892 | €3,072 | +€180 | +6.2% |
| Non-recurring operating income | 76A | - | €19,288 | +€19,288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,591 | €1,556 | -€35 | -2.2% |
| Other operating charges | 640/8 | €1,221 | €980 | -€242 | -19.8% |
| Gross operating margin | 9900 | €24,608 | €53,049 | +€28,441 | +115.6% |
| Operating profit (loss) | 9901 | €21,796 | €50,514 | +€28,718 | +131.8% |
| Financial income | 75/76B | €5,244 | €8,862 | +€3,619 | +69.0% |
| Recurring financial income | 75 | €5,244 | €8,862 | +€3,619 | +69.0% |
| Financial charges | 65/66B | €2,516 | €4,066 | +€1,550 | +61.6% |
| Recurring financial charges | 65 | €2,516 | €4,066 | +€1,550 | +61.6% |
| Profit (loss) for the period before taxes | 9903 | €24,523 | €55,310 | +€30,787 | +125.5% |
| Income taxes | 67/77 | €8,036 | €12,439 | +€4,403 | +54.8% |
| Profit (loss) for the period | 9904 | €16,487 | €42,871 | +€26,384 | +160.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,487 | €42,871 | +€26,384 | +160.0% |
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.