PROJECTM: 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.
PROJECTM
Largest movements
- Receivables within one year +€45,455
up €45,455 (+50.1%), from €90,789 to €136,244
of which Trade receivables: +€68,079
- Tangible fixed assets -€26,458
down €26,458 (-15.2%), from €173,702 to €147,244
of which Furniture and vehicles: -€16,580
- Cash +€18,725
up €18,725 (+53.2%), from €35,228 to €53,953
mainly Net result for the year (+€75,005) and Depreciation (+€26,458)
- Reserves +€22,064
up €22,064 (+37.2%), from €59,374 to €81,438
- Debts after one year -€20,033
down €20,033 (-16.6%), from €120,792 to €100,759
- Tax, wage and social debts +€18,889
up €18,889 (+103%), from €18,360 to €37,249
- Other debts +€15,411
up €15,411 (+19.3%), from €79,825 to €95,236
- Gross operating margin +€71,437
up €71,437 (+131%), from €54,494 to €125,931
- Taxes +€11,542
up €11,542 (+128%), from €9,032 to €20,574
- Financial income +€2,985
up €2,985 (+53,782%), from €6 to €2,990
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 | €321,537 | €361,467 | +€39,931 | +12.4% |
| Fixed assets | 21/28 | €173,852 | €147,394 | -€26,458 | -15.2% |
| Tangible fixed assets | 22/27 | €173,702 | €147,244 | -€26,458 | -15.2% |
| Land and buildings | 22 | €122,342 | €115,692 | -€6,650 | -5.4% |
| Plant, machinery and equipment | 23 | €903 | €425 | -€478 | -53.0% |
| Furniture and vehicles | 24 | €38,639 | €22,058 | -€16,580 | -42.9% |
| Other tangible fixed assets | 26 | €11,819 | €9,069 | -€2,750 | -23.3% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €147,684 | €214,073 | +€66,389 | +45.0% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €90,789 | €136,244 | +€45,455 | +50.1% |
| Trade receivables | 40 | €31,514 | €99,593 | +€68,079 | +216% |
| Other amounts receivable | 41 | €59,275 | €36,651 | -€22,623 | -38.2% |
| Cash at bank and in hand | 54/58 | €35,228 | €53,953 | +€18,725 | +53.2% |
| Deferred charges and accrued income | 490/1 | €1,667 | €3,876 | +€2,209 | +132% |
| Total equity and liabilities | 10/49 | €321,537 | €361,467 | +€39,931 | +12.4% |
| Equity | 10/15 | €77,974 | €100,038 | +€22,064 | +28.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,374 | €81,438 | +€22,064 | +37.2% |
| Distributable reserves | 133 | €59,374 | €81,438 | +€22,064 | +37.2% |
| Amounts payable | 17/49 | €243,563 | €261,429 | +€17,867 | +7.3% |
| Amounts payable after more than one year | 17 | €120,792 | €100,759 | -€20,033 | -16.6% |
| Financial debts | 170/4 | €120,792 | €100,759 | -€20,033 | -16.6% |
| Amounts payable within one year | 42/48 | €122,770 | €160,671 | +€37,900 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €24,004 | €26,849 | +€2,845 | +11.9% |
| Trade debts | 44 | €581 | €1,336 | +€755 | +130% |
| Suppliers | 440/4 | €581 | €1,336 | +€755 | +130% |
| Taxes, remuneration and social security | 45 | €18,360 | €37,249 | +€18,889 | +103% |
| Taxes | 450/3 | €18,360 | €37,249 | +€18,889 | +103% |
| Other amounts payable | 47/48 | €79,825 | €95,236 | +€15,411 | +19.3% |
| Remuneration, social security and pensions | 62 | €163 | €170 | +€7 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,758 | €26,458 | +€700 | +2.7% |
| Other operating charges | 640/8 | €1,827 | €1,612 | -€215 | -11.8% |
| Gross operating margin | 9900 | €54,494 | €125,931 | +€71,437 | +131% |
| Operating profit (loss) | 9901 | €26,745 | €97,691 | +€70,946 | +265% |
| Financial income | 75/76B | €6 | €2,990 | +€2,985 | +53,782% |
| Recurring financial income | 75 | €6 | €2,990 | +€2,985 | +53,782% |
| Financial charges | 65/66B | €5,445 | €5,102 | -€343 | -6.3% |
| Recurring financial charges | 65 | €5,445 | €5,102 | -€343 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €21,305 | €95,579 | +€74,274 | +349% |
| Income taxes | 67/77 | €9,032 | €20,574 | +€11,542 | +128% |
| Profit (loss) for the period | 9904 | €12,273 | €75,005 | +€62,732 | +511% |
| Profit (loss) for the period to be appropriated | 9905 | €12,273 | €75,005 | +€62,732 | +511% |
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 15 October 2026 via checked.be.