PROJECTEO: 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.
PROJECTEO
Largest movements
- Stocks and contracts -€279,551
no longer reported in 2025 (was €279,551)
- Cash +€111,418
new in 2025: €111,418
mainly Stocks and contracts (+€279,551) and Tax, wage and social debts (+€51,510)
- Debts after one year -€150,000
no longer reported in 2025 (was €150,000)
- Short-term financial debts -€96,993
no longer reported in 2025 (was €96,993)
- Tax, wage and social debts +€51,510
up €51,510 (+426.2%), from €12,085 to €63,594
- Other debts +€30,379
up €30,379 (+315.8%), from €9,621 to €40,000
- Profit (loss) carried forward -€6,481
down €6,481 (-75.5%), from €8,588 to €2,108
- Gross operating margin +€124,093
up €124,093, from -€5,888 to €118,204
- Taxes +€7,415
up €7,415 (+10958.1%), from €68 to €7,483
- Financial charges +€7,113
up €7,113 (+37.9%), from €18,791 to €25,904
- Other operating charges +€2,663
up €2,663 (+174.7%), from €1,524 to €4,188
- Depreciation +€1,693
up €1,693 (+142.1%), from €1,191 to €2,884
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 | €307,671 | €135,934 | -€171,737 | -55.8% |
| Fixed assets | 21/28 | €7,680 | €4,795 | -€2,884 | -37.6% |
| Tangible fixed assets | 22/27 | €7,680 | €4,795 | -€2,884 | -37.6% |
| Furniture and vehicles | 24 | €7,680 | €4,795 | -€2,884 | -37.6% |
| Current assets | 29/58 | €299,991 | €131,139 | -€168,852 | -56.3% |
| Stocks and contracts in progress | 3 | €279,551 | - | -€279,551 | |
| Stocks | 30/36 | €279,551 | - | -€279,551 | |
| Amounts receivable within one year | 40/41 | €19,989 | €19,512 | -€476 | -2.4% |
| Other amounts receivable | 41 | €19,989 | €19,512 | -€476 | -2.4% |
| Cash at bank and in hand | 54/58 | - | €111,418 | +€111,418 | |
| Deferred charges and accrued income | 490/1 | €452 | €209 | -€243 | -53.7% |
| Total equity and liabilities | 10/49 | €307,671 | €135,934 | -€171,737 | -55.8% |
| Equity | 10/15 | €38,588 | €32,108 | -€6,481 | -16.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,588 | €2,108 | -€6,481 | -75.5% |
| Amounts payable | 17/49 | €269,083 | €103,827 | -€165,256 | -61.4% |
| Amounts payable after more than one year | 17 | €150,000 | - | -€150,000 | |
| Financial debts | 170/4 | €150,000 | - | -€150,000 | |
| Amounts payable within one year | 42/48 | €119,083 | €103,827 | -€15,256 | -12.8% |
| Financial debts | 43 | €96,993 | - | -€96,993 | |
| Credit institutions | 430/8 | €96,993 | - | -€96,993 | |
| Trade debts | 44 | €383 | €232 | -€151 | -39.4% |
| Suppliers | 440/4 | €383 | €232 | -€151 | -39.4% |
| Taxes, remuneration and social security | 45 | €12,085 | €63,594 | +€51,510 | +426.2% |
| Taxes | 450/3 | €12,085 | €63,594 | +€51,510 | +426.2% |
| Other amounts payable | 47/48 | €9,621 | €40,000 | +€30,379 | +315.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,191 | €2,884 | +€1,693 | +142.1% |
| Other operating charges | 640/8 | €1,524 | €4,188 | +€2,663 | +174.7% |
| Non-recurring operating charges | 66A | - | €35,494 | +€35,494 | |
| Gross operating margin | 9900 | -€5,888 | €118,204 | +€124,093 | |
| Operating profit (loss) | 9901 | -€8,604 | €75,638 | +€84,242 | |
| Financial income | 75/76B | €0 | €49 | +€49 | |
| Recurring financial income | 75 | €0 | €49 | +€49 | |
| Financial charges | 65/66B | €18,791 | €25,904 | +€7,113 | +37.9% |
| Recurring financial charges | 65 | €18,791 | €25,904 | +€7,113 | +37.9% |
| Profit (loss) for the period before taxes | 9903 | -€27,395 | €49,783 | +€77,178 | |
| Income taxes | 67/77 | €68 | €7,483 | +€7,415 | +10958.1% |
| Profit (loss) for the period | 9904 | -€27,463 | €42,300 | +€69,762 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,463 | €42,300 | +€69,762 |
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 6 October 2026 via checked.be.