PROJECTON: 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.
PROJECTON
Largest movements
- Receivables within one year +€19,489
up €19,489 (+50.1%), from €38,893 to €58,381
of which Trade receivables: +€17,489
- Cash +€5,327
up €5,327 (+8.5%), from €62,459 to €67,786
mainly Net result for the year (+€13,900) and Other debts (+€11,957)
- Tangible fixed assets -€2,790
down €2,790 (-45.9%), from €6,078 to €3,288
- Deferred charges and accrued income +€1,956
new in 2025: €1,956
- Reserves +€13,900
up €13,900 (+19.5%), from €71,105 to €85,006
- Other debts +€11,957
up €11,957 (+61.1%), from €19,581 to €31,538
- Accrued charges and deferred income -€4,060
no longer reported in 2025 (was €4,060)
- Current portion of long-term debt +€2,732
new in 2025: €2,732
- Tax, wage and social debts -€1,924
down €1,924 (-17.6%), from €10,924 to €9,000
- Gross operating margin -€7,930
down €7,930 (-23.8%), from €33,274 to €25,344
- Taxes -€3,158
down €3,158 (-31.6%), from €9,988 to €6,830
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 | €107,429 | €131,410 | +€23,981 | +22.3% |
| Fixed assets | 21/28 | €6,078 | €3,288 | -€2,790 | -45.9% |
| Tangible fixed assets | 22/27 | €6,078 | €3,288 | -€2,790 | -45.9% |
| Plant, machinery and equipment | 23 | €6,078 | €3,288 | -€2,790 | -45.9% |
| Current assets | 29/58 | €101,351 | €128,123 | +€26,772 | +26.4% |
| Amounts receivable within one year | 40/41 | €38,893 | €58,381 | +€19,489 | +50.1% |
| Trade receivables | 40 | €32,893 | €50,381 | +€17,489 | +53.2% |
| Other amounts receivable | 41 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €62,459 | €67,786 | +€5,327 | +8.5% |
| Deferred charges and accrued income | 490/1 | - | €1,956 | +€1,956 | |
| Total equity and liabilities | 10/49 | €107,429 | €131,410 | +€23,981 | +22.3% |
| Equity | 10/15 | €71,105 | €85,006 | +€13,900 | +19.5% |
| Reserves | 13 | €71,105 | €85,006 | +€13,900 | +19.5% |
| Distributable reserves | 133 | €71,105 | €85,006 | +€13,900 | +19.5% |
| Amounts payable | 17/49 | €36,324 | €46,405 | +€10,081 | +27.8% |
| Amounts payable within one year | 42/48 | €32,264 | €46,405 | +€14,141 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | - | €2,732 | +€2,732 | |
| Trade debts | 44 | €1,759 | €3,135 | +€1,376 | +78.2% |
| Suppliers | 440/4 | €1,759 | €3,135 | +€1,376 | +78.2% |
| Taxes, remuneration and social security | 45 | €10,924 | €9,000 | -€1,924 | -17.6% |
| Taxes | 450/3 | €10,924 | €9,000 | -€1,924 | -17.6% |
| Other amounts payable | 47/48 | €19,581 | €31,538 | +€11,957 | +61.1% |
| Accrued charges and deferred income | 492/3 | €4,060 | - | -€4,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,790 | €2,790 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,611 | €1,823 | +€212 | +13.2% |
| Gross operating margin | 9900 | €33,274 | €25,344 | -€7,930 | -23.8% |
| Operating profit (loss) | 9901 | €28,872 | €20,731 | -€8,142 | -28.2% |
| Financial charges | 65/66B | €69 | €0 | -€68 | -99.8% |
| Recurring financial charges | 65 | €69 | €0 | -€68 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €28,804 | €20,730 | -€8,073 | -28.0% |
| Income taxes | 67/77 | €9,988 | €6,830 | -€3,158 | -31.6% |
| Profit (loss) for the period | 9904 | €18,816 | €13,900 | -€4,915 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,816 | €13,900 | -€4,915 | -26.1% |
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 18 October 2026 via checked.be.