PROJECTATELIER: 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.
PROJECTATELIER
Largest movements
- Stocks and contracts -€374,551
down €374,551 (-77.4%), from €483,845 to €109,294
of which Contracts in progress: -€428,166
- Receivables within one year +€286,672
up €286,672 (+57.2%), from €501,535 to €788,207
of which Trade receivables: +€315,918
- Current investments +€46,574
up €46,574 (+10.5%), from €444,345 to €490,919
- Cash -€40,837
down €40,837 (-6.3%), from €644,669 to €603,832
mainly Trade debts (-€381,798) and Receivables within one year (-€286,672)
- Trade debts -€381,798
down €381,798 (-43.7%), from €874,672 to €492,874
- Reserves +€171,319
up €171,319 (+12.0%), from €1.4m to €1.6m
of which Distributable reserves: +€171,319
- Other debts +€74,746
up €74,746 (+71.8%), from €104,175 to €178,920
- Tax, wage and social debts +€47,363
up €47,363 (+45.3%), from €104,588 to €151,951
of which Remuneration and social security: +€26,421
- Gross operating margin +€236,810
up €236,810 (+20.7%), from €1.1m to €1.4m
- Staff costs +€116,390
up €116,390 (+18.5%), from €629,030 to €745,421
- Financial income -€22,567
down €22,567 (-49.4%), from €45,712 to €23,145
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 | €2,585,527 | €2,478,769 | -€106,759 | -4.1% |
| Fixed assets | 21/28 | €417,056 | €392,719 | -€24,337 | -5.8% |
| Tangible fixed assets | 22/27 | €415,156 | €390,819 | -€24,337 | -5.9% |
| Land and buildings | 22 | €136,729 | €144,242 | +€7,513 | +5.5% |
| Plant, machinery and equipment | 23 | €155,820 | €145,272 | -€10,547 | -6.8% |
| Furniture and vehicles | 24 | €122,607 | €101,304 | -€21,303 | -17.4% |
| Financial fixed assets | 28 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €2,168,471 | €2,086,050 | -€82,421 | -3.8% |
| Stocks and contracts in progress | 3 | €483,845 | €109,294 | -€374,551 | -77.4% |
| Stocks | 30/36 | €47,371 | €100,986 | +€53,615 | +113.2% |
| Contracts in progress | 37 | €436,474 | €8,308 | -€428,166 | -98.1% |
| Amounts receivable within one year | 40/41 | €501,535 | €788,207 | +€286,672 | +57.2% |
| Trade receivables | 40 | €465,613 | €781,531 | +€315,918 | +67.8% |
| Other amounts receivable | 41 | €35,922 | €6,676 | -€29,246 | -81.4% |
| Current investments | 50/53 | €444,345 | €490,919 | +€46,574 | +10.5% |
| Cash at bank and in hand | 54/58 | €644,669 | €603,832 | -€40,837 | -6.3% |
| Deferred charges and accrued income | 490/1 | €94,078 | €93,798 | -€280 | -0.3% |
| Total equity and liabilities | 10/49 | €2,585,527 | €2,478,769 | -€106,759 | -4.1% |
| Equity | 10/15 | €1,469,595 | €1,640,915 | +€171,319 | +11.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,429,595 | €1,600,915 | +€171,319 | +12.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,429,595 | €1,600,915 | +€171,319 | +12.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,115,932 | €837,854 | -€278,078 | -24.9% |
| Amounts payable after more than one year | 17 | €13,400 | €0 | -€13,400 | -100.0% |
| Financial debts | 170/4 | €11,390 | €0 | -€11,390 | -100.0% |
| Other amounts payable | 178/9 | €2,010 | €0 | -€2,010 | -100.0% |
| Amounts payable within one year | 42/48 | €1,100,440 | €835,135 | -€265,305 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €15,109 | €11,390 | -€3,719 | -24.6% |
| Financial debts | 43 | €1,897 | €0 | -€1,897 | -100.0% |
| Credit institutions | 430/8 | €1,897 | €0 | -€1,897 | -100.0% |
| Trade debts | 44 | €874,672 | €492,874 | -€381,798 | -43.7% |
| Suppliers | 440/4 | €874,672 | €492,874 | -€381,798 | -43.7% |
| Taxes, remuneration and social security | 45 | €104,588 | €151,951 | +€47,363 | +45.3% |
| Taxes | 450/3 | €31,761 | €52,703 | +€20,943 | +65.9% |
| Remuneration and social security | 454/9 | €72,827 | €99,248 | +€26,421 | +36.3% |
| Other amounts payable | 47/48 | €104,175 | €178,920 | +€74,746 | +71.8% |
| Accrued charges and deferred income | 492/3 | €2,092 | €2,719 | +€627 | +30.0% |
| Non-recurring operating income | 76A | - | €3,286 | +€3,286 | |
| Remuneration, social security and pensions | 62 | €629,030 | €745,421 | +€116,390 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,031 | €127,646 | +€2,615 | +2.1% |
| Other operating charges | 640/8 | €15,751 | €15,037 | -€715 | -4.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,142,763 | €1,379,573 | +€236,810 | +20.7% |
| Operating profit (loss) | 9901 | €372,950 | €491,470 | +€118,520 | +31.8% |
| Financial income | 75/76B | €45,712 | €23,145 | -€22,567 | -49.4% |
| Recurring financial income | 75 | €45,712 | €23,145 | -€22,567 | -49.4% |
| Financial charges | 65/66B | €24,905 | €33,917 | +€9,013 | +36.2% |
| Recurring financial charges | 65 | €24,905 | €33,917 | +€9,013 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €393,757 | €480,698 | +€86,940 | +22.1% |
| Income taxes | 67/77 | €144,170 | €133,924 | -€10,246 | -7.1% |
| Profit (loss) for the period | 9904 | €249,587 | €346,774 | +€97,187 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €249,587 | €346,774 | +€97,187 | +38.9% |
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 12 October 2026 via checked.be.