PROJECTIO-ISO: 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.
PROJECTIO-ISO
Largest movements
- Tangible fixed assets +€9,529
up €9,529 (+2.7%), from €356,627 to €366,156
of which Furniture and vehicles: +€33,911
- Cash -€8,035
down €8,035 (-5.9%), from €135,146 to €127,111
mainly Investment in fixed assets (net) (-€80,746) and Debts after one year (-€27,216)
- Receivables within one year +€7,044
up €7,044 (+6.6%), from €106,744 to €113,788
of which Trade receivables: +€28,401
- Debts after one year -€27,216
down €27,216 (-9.4%), from €288,262 to €261,045
- Trade debts +€23,246
up €23,246 (+484%), from €4,804 to €28,050
- Profit (loss) carried forward +€15,960
up €15,960 (+10.8%), from €147,391 to €163,351
- Current portion of long-term debt +€15,886
up €15,886 (+37.2%), from €42,661 to €58,547
- Other debts -€10,736
down €10,736 (-51.5%), from €20,858 to €10,122
- Gross operating margin +€49,449
up €49,449 (+54.3%), from €91,006 to €140,456
- Depreciation +€13,573
up €13,573 (+23.5%), from €57,645 to €71,218
- Other operating charges +€9,916
up €9,916 (+532%), from €1,865 to €11,782
- Taxes +€4,150
up €4,150 (+68.2%), from €6,088 to €10,238
- Financial charges +€2,731
up €2,731 (+20.9%), from €13,062 to €15,793
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 | €599,473 | €607,821 | +€8,348 | +1.4% |
| Fixed assets | 21/28 | €357,327 | €366,856 | +€9,529 | +2.7% |
| Tangible fixed assets | 22/27 | €356,627 | €366,156 | +€9,529 | +2.7% |
| Land and buildings | 22 | €303,340 | €286,489 | -€16,852 | -5.6% |
| Plant, machinery and equipment | 23 | €16,964 | €9,433 | -€7,531 | -44.4% |
| Furniture and vehicles | 24 | €36,322 | €70,234 | +€33,911 | +93.4% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €242,145 | €240,965 | -€1,180 | -0.5% |
| Amounts receivable within one year | 40/41 | €106,744 | €113,788 | +€7,044 | +6.6% |
| Trade receivables | 40 | €69,163 | €97,564 | +€28,401 | +41.1% |
| Other amounts receivable | 41 | €37,581 | €16,223 | -€21,357 | -56.8% |
| Cash at bank and in hand | 54/58 | €135,146 | €127,111 | -€8,035 | -5.9% |
| Deferred charges and accrued income | 490/1 | €255 | €66 | -€189 | -74.1% |
| Total equity and liabilities | 10/49 | €599,473 | €607,821 | +€8,348 | +1.4% |
| Equity | 10/15 | €223,975 | €239,935 | +€15,960 | +7.1% |
| Contributions | 10/11 | €19,716 | €19,716 | = | 0.0% |
| Reserves | 13 | €56,869 | €56,869 | = | 0.0% |
| Distributable reserves | 133 | €56,869 | €56,869 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,391 | €163,351 | +€15,960 | +10.8% |
| Amounts payable | 17/49 | €375,497 | €367,886 | -€7,612 | -2.0% |
| Amounts payable after more than one year | 17 | €288,262 | €261,045 | -€27,216 | -9.4% |
| Financial debts | 170/4 | €288,262 | €261,045 | -€27,216 | -9.4% |
| Amounts payable within one year | 42/48 | €87,236 | €106,841 | +€19,605 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €42,661 | €58,547 | +€15,886 | +37.2% |
| Financial debts | 43 | €3,433 | - | -€3,433 | |
| Credit institutions | 430/8 | €3,433 | - | -€3,433 | |
| Trade debts | 44 | €4,804 | €28,050 | +€23,246 | +484% |
| Suppliers | 440/4 | €4,804 | €28,050 | +€23,246 | +484% |
| Taxes, remuneration and social security | 45 | €15,480 | €10,122 | -€5,359 | -34.6% |
| Taxes | 450/3 | €15,480 | €10,122 | -€5,359 | -34.6% |
| Other amounts payable | 47/48 | €20,858 | €10,122 | -€10,736 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,645 | €71,218 | +€13,573 | +23.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,264 | +€2,264 | |
| Other operating charges | 640/8 | €1,865 | €11,782 | +€9,916 | +532% |
| Non-recurring operating charges | 66A | €4,436 | €7,740 | +€3,304 | +74.5% |
| Gross operating margin | 9900 | €91,006 | €140,456 | +€49,449 | +54.3% |
| Operating profit (loss) | 9901 | €27,060 | €47,452 | +€20,392 | +75.4% |
| Financial income | 75/76B | €4,989 | €6,735 | +€1,746 | +35.0% |
| Recurring financial income | 75 | €4,989 | €6,735 | +€1,746 | +35.0% |
| Financial charges | 65/66B | €13,062 | €15,793 | +€2,731 | +20.9% |
| Recurring financial charges | 65 | €13,062 | €15,793 | +€2,731 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €18,987 | €38,393 | +€19,406 | +102% |
| Income taxes | 67/77 | €6,088 | €10,238 | +€4,150 | +68.2% |
| Profit (loss) for the period | 9904 | €12,899 | €28,155 | +€15,257 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €12,899 | €28,155 | +€15,257 | +118% |
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 13 October 2026 via checked.be.