PROJECTGROND: 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.
PROJECTGROND
Largest movements
- Receivables within one year -€479,869
down €479,869 (-31.5%), from €1.5m to €1.0m
of which Other amounts receivable: -€480,599
- Tangible fixed assets -€78,192
down €78,192 (-3.9%), from €2.0m to €1.9m
- Stocks and contracts -€72,765
down €72,765 (-3.7%), from €2.0m to €1.9m
- Short-term financial debts -€237,630
down €237,630 (-37.9%), from €627,326 to €389,696
- Other debts -€185,736
down €185,736 (-5.5%), from €3.4m to €3.2m
- Tax, wage and social debts -€111,071
down €111,071 (-100%), from €111,071 to €0
- Profit (loss) carried forward -€105,000
down €105,000 (-8.3%), from €1.3m to €1.2m
- Trade debts -€58,554
down €58,554 (-66.4%), from €88,133 to €29,579
- Depreciation -€53,760
down €53,760 (-40.7%), from €131,953 to €78,192
- Financial charges +€30,759
up €30,759 (+35.8%), from €86,023 to €116,782
- Gross operating margin -€14,448
down €14,448 (-12.7%), from €113,643 to €99,195
- Other operating charges +€6,832
up €6,832 (+68.7%), from €9,948 to €16,780
- Financial income -€1,707
down €1,707 (-18.6%), from €9,158 to €7,451
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 | €5,619,993 | €4,919,954 | -€700,039 | -12.5% |
| Fixed assets | 21/28 | €1,997,750 | €1,919,558 | -€78,192 | -3.9% |
| Tangible fixed assets | 22/27 | €1,997,750 | €1,919,558 | -€78,192 | -3.9% |
| Land and buildings | 22 | €1,997,750 | €1,919,558 | -€78,192 | -3.9% |
| Current assets | 29/58 | €3,622,243 | €3,000,396 | -€621,846 | -17.2% |
| Stocks and contracts in progress | 3 | €1,957,185 | €1,884,420 | -€72,765 | -3.7% |
| Stocks | 30/36 | €1,957,185 | €1,884,420 | -€72,765 | -3.7% |
| Amounts receivable within one year | 40/41 | €1,521,564 | €1,041,695 | -€479,869 | -31.5% |
| Trade receivables | 40 | €139,476 | €140,207 | +€731 | +0.5% |
| Other amounts receivable | 41 | €1,382,088 | €901,489 | -€480,599 | -34.8% |
| Cash at bank and in hand | 54/58 | €120,642 | €73,966 | -€46,676 | -38.7% |
| Deferred charges and accrued income | 490/1 | €22,853 | €316 | -€22,537 | -98.6% |
| Total equity and liabilities | 10/49 | €5,619,993 | €4,919,954 | -€700,039 | -12.5% |
| Equity | 10/15 | €1,397,507 | €1,292,507 | -€105,000 | -7.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €63,859 | €63,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €63,859 | €63,859 | = | 0.0% |
| Legal reserve | 130 | €63,859 | €63,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,258,648 | €1,153,648 | -€105,000 | -8.3% |
| Amounts payable | 17/49 | €4,222,486 | €3,627,447 | -€595,039 | -14.1% |
| Amounts payable within one year | 42/48 | €4,219,978 | €3,627,387 | -€592,591 | -14.0% |
| Financial debts | 43 | €627,326 | €389,696 | -€237,630 | -37.9% |
| Credit institutions | 430/8 | €627,326 | €389,696 | -€237,630 | -37.9% |
| Trade debts | 44 | €88,133 | €29,579 | -€58,554 | -66.4% |
| Suppliers | 440/4 | €88,133 | €29,579 | -€58,554 | -66.4% |
| Advances received on contracts in progress | 46 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €111,071 | €0 | -€111,071 | -100% |
| Taxes | 450/3 | €111,071 | €0 | -€111,071 | -100% |
| Other amounts payable | 47/48 | €3,393,447 | €3,207,712 | -€185,736 | -5.5% |
| Accrued charges and deferred income | 492/3 | €2,509 | €61 | -€2,448 | -97.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,953 | €78,192 | -€53,760 | -40.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,948 | €16,780 | +€6,832 | +68.7% |
| Gross operating margin | 9900 | €113,643 | €99,195 | -€14,448 | -12.7% |
| Operating profit (loss) | 9901 | -€28,258 | €4,223 | +€32,481 | |
| Financial income | 75/76B | €9,158 | €7,451 | -€1,707 | -18.6% |
| Recurring financial income | 75 | €9,158 | €7,451 | -€1,707 | -18.6% |
| Financial charges | 65/66B | €86,023 | €116,782 | +€30,759 | +35.8% |
| Recurring financial charges | 65 | €86,023 | €116,782 | +€30,759 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | -€105,122 | -€105,108 | +€15 | 0.0% |
| Income taxes | 67/77 | €0 | -€108 | -€108 | |
| Profit (loss) for the period | 9904 | -€105,122 | -€105,000 | +€123 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€105,122 | -€105,000 | +€123 | +0.1% |
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 16 October 2026 via checked.be.