PROJECTBURO: 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.
PROJECTBURO
Largest movements
- Stocks and contracts +€12,706
up €12,706 (+34.6%), from €36,683 to €49,388
- Tangible fixed assets +€9,384
up €9,384 (+30.0%), from €31,245 to €40,629
of which Plant, machinery and equipment: +€10,981
- Cash -€7,908
down €7,908 (-7.1%), from €111,448 to €103,540
mainly Trade debts (-€33,525) and Debts after one year (-€21,994)
- Receivables within one year +€4,683
up €4,683 (+25.2%), from €18,566 to €23,249
of which Trade receivables: +€14,969
- Reserves +€68,122
up €68,122 (+370.8%), from €18,372 to €86,494
- Trade debts -€33,525
down €33,525 (-32.6%), from €102,767 to €69,242
- Debts after one year -€21,994
down €21,994 (-42.8%), from €51,358 to €29,364
- Tax, wage and social debts +€4,859
up €4,859 (+189.3%), from €2,566 to €7,425
of which Taxes: +€4,843
- Gross operating margin +€44,412
up €44,412 (+76.5%), from €58,025 to €102,437
- Taxes +€7,111
up €7,111 (+56.5%), from €12,585 to €19,696
- Financial charges -€4,675
down €4,675 (-63.1%), from €7,415 to €2,740
- Other operating charges -€4,371
down €4,371 (-76.0%), from €5,753 to €1,382
- Depreciation -€3,227
down €3,227 (-24.5%), from €13,157 to €9,930
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 | €200,153 | €218,438 | +€18,285 | +9.1% |
| Fixed assets | 21/28 | €32,325 | €41,709 | +€9,384 | +29.0% |
| Tangible fixed assets | 22/27 | €31,245 | €40,629 | +€9,384 | +30.0% |
| Plant, machinery and equipment | 23 | €3,196 | €14,176 | +€10,981 | +343.6% |
| Furniture and vehicles | 24 | €21,820 | €19,805 | -€2,015 | -9.2% |
| Other tangible fixed assets | 26 | €6,230 | €6,648 | +€418 | +6.7% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €167,827 | €176,729 | +€8,902 | +5.3% |
| Stocks and contracts in progress | 3 | €36,683 | €49,388 | +€12,706 | +34.6% |
| Stocks | 30/36 | €36,683 | €49,388 | +€12,706 | +34.6% |
| Amounts receivable within one year | 40/41 | €18,566 | €23,249 | +€4,683 | +25.2% |
| Trade receivables | 40 | €1,868 | €16,837 | +€14,969 | +801.4% |
| Other amounts receivable | 41 | €16,698 | €6,412 | -€10,286 | -61.6% |
| Cash at bank and in hand | 54/58 | €111,448 | €103,540 | -€7,908 | -7.1% |
| Deferred charges and accrued income | 490/1 | €1,131 | €552 | -€579 | -51.2% |
| Total equity and liabilities | 10/49 | €200,153 | €218,438 | +€18,285 | +9.1% |
| Equity | 10/15 | €20,372 | €88,494 | +€68,122 | +334.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €18,372 | €86,494 | +€68,122 | +370.8% |
| Distributable reserves | 133 | €18,372 | €86,494 | +€68,122 | +370.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €179,781 | €129,944 | -€49,837 | -27.7% |
| Amounts payable after more than one year | 17 | €51,358 | €29,364 | -€21,994 | -42.8% |
| Financial debts | 170/4 | €51,358 | €29,364 | -€21,994 | -42.8% |
| Amounts payable within one year | 42/48 | €128,422 | €100,580 | -€27,843 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €21,144 | €21,994 | +€850 | +4.0% |
| Trade debts | 44 | €102,767 | €69,242 | -€33,525 | -32.6% |
| Suppliers | 440/4 | €102,767 | €69,242 | -€33,525 | -32.6% |
| Taxes, remuneration and social security | 45 | €2,566 | €7,425 | +€4,859 | +189.3% |
| Taxes | 450/3 | - | €4,843 | +€4,843 | |
| Remuneration and social security | 454/9 | €2,566 | €2,582 | +€16 | +0.6% |
| Other amounts payable | 47/48 | €1,945 | €1,919 | -€26 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,157 | €9,930 | -€3,227 | -24.5% |
| Other operating charges | 640/8 | €5,753 | €1,382 | -€4,371 | -76.0% |
| Gross operating margin | 9900 | €58,025 | €102,437 | +€44,412 | +76.5% |
| Operating profit (loss) | 9901 | €39,115 | €91,125 | +€52,010 | +133.0% |
| Financial income | 75/76B | €116 | €267 | +€150 | +129.1% |
| Recurring financial income | 75 | €116 | €267 | +€150 | +129.1% |
| Financial charges | 65/66B | €7,415 | €2,740 | -€4,675 | -63.1% |
| Recurring financial charges | 65 | €7,415 | €2,740 | -€4,675 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | €31,816 | €88,651 | +€56,835 | +178.6% |
| Income taxes | 67/77 | €12,585 | €19,696 | +€7,111 | +56.5% |
| Profit (loss) for the period | 9904 | €19,231 | €68,955 | +€49,724 | +258.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,231 | €68,955 | +€49,724 | +258.6% |
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 10 October 2026 via checked.be.