PROJECTMAN: what changed
Two fiscal 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.
PROJECTMAN
Largest movements
- Cash -€11,913
down €11,913 (-92.3%), from €12,913 to €1,000
mainly Net result for the year (-€21,346) and Current portion of long-term debt (-€5,754)
- Tangible fixed assets -€5,288
down €5,288 (-5.8%), from €91,813 to €86,525
of which Plant, machinery and equipment: -€4,400
- Profit (loss) carried forward -€21,346
down €21,346 (-63.8%), from -€33,460 to -€54,806
- Other debts +€9,643
up €9,643 (+99.0%), from €9,743 to €19,385
- Current portion of long-term debt -€5,754
down €5,754 (-91.6%), from €6,284 to €531
- Short-term financial debts +€1,749
new in 2025: €1,749
- Trade debts -€1,555
down €1,555 (-86.8%), from €1,793 to €237
- Gross operating margin +€11,431
up €11,431 (+42.5%), from -€26,912 to -€15,481
- Other operating charges -€879
down €879 (-69.4%), from €1,267 to €388
- Financial income -€686
down €686 (-89.8%), from €764 to €78
- Depreciation -€278
down €278 (-5.0%), from €5,566 to €5,288
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.
Cash bridge derived
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 | €105,500 | €87,706 | -€17,794 | -16.9% |
| Fixed assets | 21/28 | €91,813 | €86,525 | -€5,288 | -5.8% |
| Tangible fixed assets | 22/27 | €91,813 | €86,525 | -€5,288 | -5.8% |
| Land and buildings | 22 | €65,100 | €65,100 | = | 0.0% |
| Plant, machinery and equipment | 23 | €23,730 | €19,330 | -€4,400 | -18.5% |
| Furniture and vehicles | 24 | €2,983 | €2,095 | -€888 | -29.8% |
| Current assets | 29/58 | €13,687 | €1,181 | -€12,506 | -91.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €774 | €181 | -€593 | -76.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €774 | €181 | -€593 | -76.6% |
| Cash at bank and in hand | 54/58 | €12,913 | €1,000 | -€11,913 | -92.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €105,500 | €87,706 | -€17,794 | -16.9% |
| Equity | 10/15 | €87,150 | €65,804 | -€21,346 | -24.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €108,110 | €108,110 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €108,110 | €108,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,460 | -€54,806 | -€21,346 | -63.8% |
| Amounts payable | 17/49 | €18,351 | €21,903 | +€3,552 | +19.4% |
| Amounts payable after more than one year | 17 | €531 | €0 | -€531 | -100.0% |
| Financial debts | 170/4 | €531 | €0 | -€531 | -100.0% |
| Amounts payable within one year | 42/48 | €17,820 | €21,903 | +€4,083 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €6,284 | €531 | -€5,754 | -91.6% |
| Financial debts | 43 | - | €1,749 | +€1,749 | |
| Credit institutions | 430/8 | - | €1,749 | +€1,749 | |
| Trade debts | 44 | €1,793 | €237 | -€1,555 | -86.8% |
| Suppliers | 440/4 | €1,793 | €237 | -€1,555 | -86.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,743 | €19,385 | +€9,643 | +99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,566 | €5,288 | -€278 | -5.0% |
| Other operating charges | 640/8 | €1,267 | €388 | -€879 | -69.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€26,912 | -€15,481 | +€11,431 | +42.5% |
| Operating profit (loss) | 9901 | -€33,745 | -€21,157 | +€12,588 | +37.3% |
| Financial income | 75/76B | €764 | €78 | -€686 | -89.8% |
| Recurring financial income | 75 | €764 | €78 | -€686 | -89.8% |
| Financial charges | 65/66B | €394 | €243 | -€151 | -38.3% |
| Recurring financial charges | 65 | €394 | €243 | -€151 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | -€33,376 | -€21,322 | +€12,053 | +36.1% |
| Income taxes | 67/77 | €84 | €23 | -€61 | -72.3% |
| Profit (loss) for the period | 9904 | -€33,460 | -€21,346 | +€12,114 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,460 | -€21,346 | +€12,114 | +36.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.