PROJECT8: 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.
PROJECT8
Largest movements
- Receivables within one year +€34,172
up €34,172 (+138%), from €24,838 to €59,010
- Cash +€14,694
up €14,694 (+5.7%), from €258,323 to €273,017
mainly Net result for the year (+€57,710) and Tax, wage and social debts (+€16,797)
- Tangible fixed assets +€4,235
up €4,235 (+263%), from €1,613 to €5,848
- Reserves +€57,710
up €57,710 (+27.4%), from €210,378 to €268,088
of which Distributable reserves: +€57,710
- Tax, wage and social debts +€16,797
up €16,797 (+61.4%), from €27,356 to €44,153
of which Taxes: +€15,322
- Other debts -€12,000
down €12,000 (-55.5%), from €21,625 to €9,625
- Trade debts -€5,639
down €5,639 (-39.3%), from €14,338 to €8,698
- Gross operating margin +€50,845
up €50,845 (+62.9%), from €80,772 to €131,616
- Staff costs +€27,377
up €27,377 (+156%), from €17,502 to €44,879
- Taxes +€7,330
up €7,330 (+39.6%), from €18,488 to €25,818
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 | €292,867 | €347,598 | +€54,731 | +18.7% |
| Fixed assets | 21/28 | €1,613 | €5,848 | +€4,235 | +263% |
| Tangible fixed assets | 22/27 | €1,613 | €5,848 | +€4,235 | +263% |
| Furniture and vehicles | 24 | €1,613 | €5,848 | +€4,235 | +263% |
| Current assets | 29/58 | €291,254 | €341,750 | +€50,496 | +17.3% |
| Amounts receivable within one year | 40/41 | €24,838 | €59,010 | +€34,172 | +138% |
| Trade receivables | 40 | €24,838 | €59,010 | +€34,172 | +138% |
| Cash at bank and in hand | 54/58 | €258,323 | €273,017 | +€14,694 | +5.7% |
| Deferred charges and accrued income | 490/1 | €8,092 | €9,722 | +€1,630 | +20.1% |
| Total equity and liabilities | 10/49 | €292,867 | €347,598 | +€54,731 | +18.7% |
| Equity | 10/15 | €227,411 | €285,120 | +€57,710 | +25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €210,378 | €268,088 | +€57,710 | +27.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €23,338 | €23,338 | = | 0.0% |
| Distributable reserves | 133 | €185,181 | €242,890 | +€57,710 | +31.2% |
| Profit (loss) carried forward | 14 | -€1,568 | -€1,568 | = | 0.0% |
| Amounts payable | 17/49 | €65,456 | €62,477 | -€2,979 | -4.6% |
| Amounts payable within one year | 42/48 | €65,456 | €62,477 | -€2,979 | -4.6% |
| Trade debts | 44 | €14,338 | €8,698 | -€5,639 | -39.3% |
| Suppliers | 440/4 | €14,338 | €8,698 | -€5,639 | -39.3% |
| Advances received on contracts in progress | 46 | €2,137 | - | -€2,137 | |
| Taxes, remuneration and social security | 45 | €27,356 | €44,153 | +€16,797 | +61.4% |
| Taxes | 450/3 | €20,906 | €36,227 | +€15,322 | +73.3% |
| Remuneration and social security | 454/9 | €6,451 | €7,926 | +€1,475 | +22.9% |
| Other amounts payable | 47/48 | €21,625 | €9,625 | -€12,000 | -55.5% |
| Remuneration, social security and pensions | 62 | €17,502 | €44,879 | +€27,377 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,243 | €2,498 | +€1,254 | +101% |
| Other operating charges | 640/8 | €293 | €494 | +€201 | +68.7% |
| Gross operating margin | 9900 | €80,772 | €131,616 | +€50,845 | +62.9% |
| Operating profit (loss) | 9901 | €61,734 | €83,745 | +€22,012 | +35.7% |
| Financial income | 75/76B | €141 | €376 | +€235 | +167% |
| Recurring financial income | 75 | €141 | €376 | +€235 | +167% |
| Financial charges | 65/66B | €322 | €594 | +€272 | +84.6% |
| Recurring financial charges | 65 | €322 | €594 | +€272 | +84.6% |
| Profit (loss) for the period before taxes | 9903 | €61,553 | €83,528 | +€21,975 | +35.7% |
| Income taxes | 67/77 | €18,488 | €25,818 | +€7,330 | +39.6% |
| Profit (loss) for the period | 9904 | €43,065 | €57,710 | +€14,645 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,065 | €57,710 | +€14,645 | +34.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.