PROJECTIVE HOLDING: 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.
What changed
PROJECTIVE HOLDING
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6.4m
2024 · -€16.9m+€10.5m
Equity
€111.4m
2024 · €117.8m-€6.4m
Cash
€376,271
2024 · €141,031+€235,240
Balance sheet total
€159.9m
2024 · €168.4m-€8.5m
Largest movements
Assets
- Financial fixed assets -€8.4m
down €8.4m (-5.2%), from €160.8m to €152.4m
Equity and liabilities
- Profit (loss) carried forward -€6.4m
down €6.4m (-37.6%), from -€16.9m to -€23.3m
- Current portion of long-term debt -€3.4m
down €3.4m (-41.3%), from €8.2m to €4.8m
Income statement
- Financial charges -€10.7m
down €10.7m (-49.5%), from €21.6m to €10.9m
of which Non-recurring financial charges: -€11.5m
- Services and other goods -€546,168
down €546,168 (-12.3%), from €4.4m to €3.9m
- Financial income -€484,704
down €484,704 (-10.3%), from €4.7m to €4.2m
- Other operating income -€268,129
down €268,129 (-4.9%), from €5.5m to €5.2m
- Staff costs -€58,811
down €58,811 (-6.3%), from €931,298 to €872,487
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.
Result 2024
-€16.9m
Turnover
-€2,475
Other operating income
-€268,129
Services and other goods
+€546,168
Staff costs
+€58,811
Depreciation
+€19,486
Other operating charges
+€632
Other operating items
-€2,939
Financial income
-€484,704
Financial charges
+€10.7m
Taxes
+€108
Result 2025
-€6.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€6.4m
Investment
+€9.1m
Financing
-€2.5m
Cash 2024
€141,031
From operations (derived)
-€6.4m
Net result for the year
-€6.4m
Depreciation
+€171,936
Receivables after one year
-€670,448
Receivables within one year
+€41,244
Deferred charges and accrued income
+€43,174
Trade debts
-€689,923
Tax, wage and social debts
+€12,316
Other debts
+€1.2m
Accrued charges and deferred income
-€163,171
Investment (derived)
+€9.1m
Investment in fixed assets (net)
+€8.4m
Current investments
+€777,132
Financing
-€2.5m
Debts after one year
-€405,552
Current portion of long-term debt
-€3.4m
Short-term financial debts
+€1.3m
Cash 2025
€376,271
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €168,407,242 | €159,926,409 | -€8.5m | -5.0% |
| Fixed assets | 21/28 | €161,055,321 | €152,530,351 | -€8.5m | -5.3% |
| Intangible fixed assets | 21 | €204,302 | €96,558 | -€107,744 | -52.7% |
| Tangible fixed assets | 22/27 | €57,795 | €55,723 | -€2,072 | -3.6% |
| Plant, machinery and equipment | 23 | €57,795 | €55,723 | -€2,072 | -3.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €160,793,224 | €152,378,070 | -€8.4m | -5.2% |
| Affiliated companies | 280/1 | €160,793,224 | €152,378,070 | -€8.4m | -5.2% |
| Participating interests | 280 | €156,525,314 | €148,528,070 | -€8.0m | -5.1% |
| Amounts receivable | 281 | €4,267,910 | €3,850,000 | -€417,910 | -9.8% |
| Current assets | 29/58 | €7,351,921 | €7,396,058 | +€44,137 | +0.6% |
| Amounts receivable after more than one year | 29 | €499,090 | €1,169,538 | +€670,448 | +134% |
| Other amounts receivable | 291 | €499,090 | €1,169,538 | +€670,448 | +134% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €914,902 | €873,658 | -€41,244 | -4.5% |
| Trade receivables | 40 | €640,612 | €742,997 | +€102,386 | +16.0% |
| Other amounts receivable | 41 | €274,290 | €130,661 | -€143,629 | -52.4% |
| Current investments | 50/53 | €5,133,274 | €4,356,141 | -€777,132 | -15.1% |
| Own shares | 50 | €5,133,274 | €4,356,141 | -€777,132 | -15.1% |
| Cash at bank and in hand | 54/58 | €141,031 | €376,271 | +€235,240 | +167% |
| Deferred charges and accrued income | 490/1 | €663,625 | €620,450 | -€43,174 | -6.5% |
| Total equity and liabilities | 10/49 | €168,407,242 | €159,926,409 | -€8.5m | -5.0% |
| Equity | 10/15 | €117,782,175 | €111,419,378 | -€6.4m | -5.4% |
| Contributions | 10/11 | €128,381,968 | €128,381,968 | = | 0.0% |
| Capital | 10 | €124,858,935 | €124,858,935 | = | 0.0% |
| Issued capital | 100 | €124,858,935 | €124,858,935 | = | 0.0% |
| Contributions outside capital | 11 | €3,523,033 | €3,523,033 | = | 0.0% |
| Share premium | 1100/10 | €3,378,033 | €3,378,033 | = | 0.0% |
| Other | 1109/19 | €145,000 | €145,000 | = | 0.0% |
| Reserves | 13 | €6,307,000 | €6,307,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,458,274 | €4,681,141 | -€777,132 | -14.2% |
| Legal reserve | 130 | €325,000 | €325,000 | = | 0.0% |
| Own shares acquired | 1312 | €5,133,274 | €4,356,141 | -€777,132 | -15.1% |
| Distributable reserves | 133 | €848,726 | €1,625,859 | +€777,132 | +91.6% |
| Profit (loss) carried forward | 14 | -€16,906,794 | -€23,269,591 | -€6.4m | -37.6% |
| Amounts payable | 17/49 | €50,625,067 | €48,507,031 | -€2.1m | -4.2% |
| Amounts payable after more than one year | 17 | €28,379,007 | €27,973,456 | -€405,552 | -1.4% |
| Financial debts | 170/4 | €28,379,007 | €27,973,456 | -€405,552 | -1.4% |
| Subordinated loans | 170 | €6,000,000 | €6,720,000 | +€720,000 | +12.0% |
| Credit institutions | 173 | €22,379,007 | €21,253,456 | -€1.1m | -5.0% |
| Amounts payable within one year | 42/48 | €22,009,647 | €20,460,335 | -€1.5m | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €8,151,129 | €4,781,292 | -€3.4m | -41.3% |
| Financial debts | 43 | €12,333,949 | €13,599,069 | +€1.3m | +10.3% |
| Credit institutions | 430/8 | €12,333,949 | €11,600,000 | -€733,949 | -6.0% |
| Other loans | 439 | - | €1,999,069 | +€2.0m | |
| Trade debts | 44 | €1,286,067 | €596,145 | -€689,923 | -53.6% |
| Suppliers | 440/4 | €1,286,067 | €596,145 | -€689,923 | -53.6% |
| Taxes, remuneration and social security | 45 | €88,289 | €100,605 | +€12,316 | +13.9% |
| Taxes | 450/3 | €4,733 | €21,252 | +€16,519 | +349% |
| Remuneration and social security | 454/9 | €83,556 | €79,353 | -€4,203 | -5.0% |
| Other amounts payable | 47/48 | €150,212 | €1,383,225 | +€1.2m | +821% |
| Accrued charges and deferred income | 492/3 | €236,413 | €73,241 | -€163,171 | -69.0% |
| Operating income | 70/76A | €5,512,277 | €5,241,673 | -€270,604 | -4.9% |
| Turnover | 70 | €2,475 | €0 | -€2,475 | -100% |
| Other operating income | 74 | €5,509,802 | €5,241,673 | -€268,129 | -4.9% |
| Operating charges | 60/66A | €5,559,151 | €4,936,994 | -€622,158 | -11.2% |
| Services and other goods | 61 | €4,433,782 | €3,887,614 | -€546,168 | -12.3% |
| Remuneration, social security and pensions | 62 | €931,298 | €872,487 | -€58,811 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,422 | €171,936 | -€19,486 | -10.2% |
| Other operating charges | 640/8 | €2,649 | €2,017 | -€632 | -23.9% |
| Non-recurring operating charges | 66A | - | €2,939 | +€2,939 | |
| Operating profit (loss) | 9901 | -€46,874 | €304,680 | +€351,554 | |
| Financial income | 75/76B | €4,705,552 | €4,220,848 | -€484,704 | -10.3% |
| Recurring financial income | 75 | €4,705,552 | €4,220,848 | -€484,704 | -10.3% |
| Income from financial fixed assets | 750 | €4,564,118 | €3,989,414 | -€574,705 | -12.6% |
| Income from current assets | 751 | €141,108 | €219,603 | +€78,495 | +55.6% |
| Other financial income | 752/9 | €326 | €11,831 | +€11,506 | +3,533% |
| Financial charges | 65/66B | €21,564,073 | €10,885,993 | -€10.7m | -49.5% |
| Recurring financial charges | 65 | €2,080,062 | €2,882,570 | +€802,507 | +38.6% |
| Debt charges | 650 | €2,035,341 | €2,869,812 | +€834,471 | +41.0% |
| Other financial charges | 652/9 | €44,721 | €12,758 | -€31,964 | -71.5% |
| Non-recurring financial charges | 66B | €19,484,011 | €8,003,423 | -€11.5m | -58.9% |
| Profit (loss) for the period before taxes | 9903 | -€16,905,395 | -€6,360,465 | +€10.5m | +62.4% |
| Income taxes | 67/77 | €2,440 | €2,332 | -€108 | -4.4% |
| Taxes | 670/3 | €2,448 | €2,369 | -€79 | -3.2% |
| Tax adjustments and reversals of tax provisions | 77 | €8 | €37 | +€29 | +361% |
| Profit (loss) for the period | 9904 | -€16,907,835 | -€6,362,797 | +€10.5m | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,907,835 | -€6,362,797 | +€10.5m | +62.4% |
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 30 October 2026 via checked.be.