PROJECTION.EU: 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.
PROJECTION.EU
Largest movements
- Stocks and contracts -€140,883
down €140,883 (-12.9%), from €1.1m to €949,191
- Receivables within one year +€35,607
up €35,607 (+14.8%), from €241,263 to €276,870
of which Trade receivables: +€44,546
- Tangible fixed assets -€22,520
down €22,520 (-38.2%), from €59,016 to €36,496
of which Furniture and vehicles: -€16,065
- Tax, wage and social debts -€111,099
down €111,099 (-45.5%), from €244,175 to €133,076
of which Remuneration and social security: -€71,941
- Debts after one year -€68,684
down €68,684 (-30.1%), from €228,159 to €159,475
- Short-term financial debts +€37,182
up €37,182 (+73.8%), from €50,414 to €87,596
- Trade debts +€19,281
up €19,281 (+7.2%), from €266,803 to €286,084
- Provisions +€212,322
no longer reported in 2025 (was -€212,322)
- Gross operating margin +€209,715
up €209,715 (+23.4%), from €896,068 to €1.1m
- Staff costs -€128,925
down €128,925 (-11.4%), from €1.1m to €1.0m
- Write-downs -€29,386
no longer reported in 2025 (was €29,386)
- Depreciation -€12,603
down €12,603 (-28.5%), from €44,223 to €31,620
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,391,705 | €1,274,024 | -€117,681 | -8.5% |
| Fixed assets | 21/28 | €59,066 | €36,546 | -€22,520 | -38.1% |
| Tangible fixed assets | 22/27 | €59,016 | €36,496 | -€22,520 | -38.2% |
| Plant, machinery and equipment | 23 | €8,594 | €2,139 | -€6,455 | -75.1% |
| Furniture and vehicles | 24 | €50,422 | €34,357 | -€16,065 | -31.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,332,639 | €1,237,478 | -€95,161 | -7.1% |
| Stocks and contracts in progress | 3 | €1,090,074 | €949,191 | -€140,883 | -12.9% |
| Stocks | 30/36 | €1,090,074 | €949,191 | -€140,883 | -12.9% |
| Amounts receivable within one year | 40/41 | €241,263 | €276,870 | +€35,607 | +14.8% |
| Trade receivables | 40 | €227,012 | €271,558 | +€44,546 | +19.6% |
| Other amounts receivable | 41 | €14,251 | €5,312 | -€8,939 | -62.7% |
| Deferred charges and accrued income | 490/1 | €1,302 | €11,417 | +€10,115 | +777% |
| Total equity and liabilities | 10/49 | €1,391,705 | €1,274,024 | -€117,681 | -8.5% |
| Equity | 10/15 | €484,517 | €496,404 | +€11,887 | +2.5% |
| Contributions | 10/11 | €76,900 | €76,900 | = | 0.0% |
| Capital | 10 | €76,900 | €76,900 | = | 0.0% |
| Issued capital | 100 | €76,900 | €76,900 | = | 0.0% |
| Reserves | 13 | €7,690 | €7,690 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,690 | €7,690 | = | 0.0% |
| Legal reserve | 130 | €7,690 | €7,690 | = | 0.0% |
| Profit (loss) carried forward | 14 | €399,927 | €411,814 | +€11,887 | +3.0% |
| Amounts payable | 17/49 | €907,188 | €777,620 | -€129,568 | -14.3% |
| Amounts payable after more than one year | 17 | €228,159 | €159,475 | -€68,684 | -30.1% |
| Financial debts | 170/4 | €228,159 | €159,475 | -€68,684 | -30.1% |
| Amounts payable within one year | 42/48 | €679,029 | €616,241 | -€62,788 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €67,637 | €69,485 | +€1,848 | +2.7% |
| Financial debts | 43 | €50,414 | €87,596 | +€37,182 | +73.8% |
| Credit institutions | 430/8 | €50,414 | €87,596 | +€37,182 | +73.8% |
| Trade debts | 44 | €266,803 | €286,084 | +€19,281 | +7.2% |
| Suppliers | 440/4 | €266,803 | €286,084 | +€19,281 | +7.2% |
| Taxes, remuneration and social security | 45 | €244,175 | €133,076 | -€111,099 | -45.5% |
| Taxes | 450/3 | €58,290 | €19,132 | -€39,158 | -67.2% |
| Remuneration and social security | 454/9 | €185,885 | €113,944 | -€71,941 | -38.7% |
| Other amounts payable | 47/48 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Accrued charges and deferred income | 492/3 | - | €1,904 | +€1,904 | |
| Remuneration, social security and pensions | 62 | €1,133,078 | €1,004,153 | -€128,925 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,223 | €31,620 | -€12,603 | -28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,386 | - | -€29,386 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€212,322 | - | +€212,322 | |
| Other operating charges | 640/8 | €3,561 | €1,896 | -€1,665 | -46.8% |
| Non-recurring operating charges | 66A | €34 | - | -€34 | |
| Gross operating margin | 9900 | €896,068 | €1,105,783 | +€209,715 | +23.4% |
| Operating profit (loss) | 9901 | -€101,892 | €68,114 | +€170,006 | |
| Financial income | 75/76B | €2,803 | €4,146 | +€1,343 | +47.9% |
| Recurring financial income | 75 | €2,803 | €4,146 | +€1,343 | +47.9% |
| Financial charges | 65/66B | €12,574 | €18,932 | +€6,358 | +50.6% |
| Recurring financial charges | 65 | €12,574 | €18,932 | +€6,358 | +50.6% |
| Profit (loss) for the period before taxes | 9903 | -€111,663 | €53,328 | +€164,991 | |
| Income taxes | 67/77 | €1,506 | €1,441 | -€65 | -4.3% |
| Profit (loss) for the period | 9904 | -€113,169 | €51,887 | +€165,056 | |
| Profit (loss) for the period to be appropriated | 9905 | -€113,169 | €51,887 | +€165,056 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.