ProjectS: 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.
ProjectS
Largest movements
- Receivables within one year +€97,356
up €97,356 (+219%), from €44,528 to €141,885
of which Trade receivables: +€98,228
- Cash -€35,396
down €35,396 (-92.3%), from €38,358 to €2,962
mainly Receivables within one year (-€97,356) and Debts after one year (-€75,061)
- Other debts +€169,433
up €169,433 (+433%), from €39,114 to €208,547
- Debts after one year -€75,061
down €75,061 (-100%), from €75,061 to €0
- Reserves -€37,405
down €37,405 (-33.3%), from €112,366 to €74,961
- Accrued charges and deferred income +€7,769
up €7,769 (+53.3%), from €14,583 to €22,352
- Tax, wage and social debts -€4,913
down €4,913 (-46.8%), from €10,490 to €5,577
- Depreciation +€9,671
new in 2025: €9,671
- Gross operating margin +€9,263
up €9,263 (+15.7%), from €58,984 to €68,247
- Financial charges +€827
up €827 (+11.1%), from €7,473 to €8,300
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 | €253,145 | €314,044 | +€60,899 | +24.1% |
| Fixed assets | 21/28 | €169,000 | €169,000 | = | 0.0% |
| Financial fixed assets | 28 | €169,000 | €169,000 | = | 0.0% |
| Current assets | 29/58 | €84,145 | €145,044 | +€60,899 | +72.4% |
| Amounts receivable within one year | 40/41 | €44,528 | €141,885 | +€97,356 | +219% |
| Trade receivables | 40 | €43,657 | €141,885 | +€98,228 | +225% |
| Other amounts receivable | 41 | €871 | €0 | -€871 | -100% |
| Cash at bank and in hand | 54/58 | €38,358 | €2,962 | -€35,396 | -92.3% |
| Deferred charges and accrued income | 490/1 | €1,259 | €197 | -€1,062 | -84.3% |
| Total equity and liabilities | 10/49 | €253,145 | €314,044 | +€60,899 | +24.1% |
| Equity | 10/15 | €112,466 | €75,061 | -€37,405 | -33.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €112,366 | €74,961 | -€37,405 | -33.3% |
| Distributable reserves | 133 | €112,366 | €74,961 | -€37,405 | -33.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €140,680 | €238,983 | +€98,303 | +69.9% |
| Amounts payable after more than one year | 17 | €75,061 | €0 | -€75,061 | -100% |
| Financial debts | 170/4 | €75,061 | €0 | -€75,061 | -100% |
| Amounts payable within one year | 42/48 | €51,035 | €216,631 | +€165,595 | +324% |
| Trade debts | 44 | €1,432 | €2,507 | +€1,076 | +75.1% |
| Suppliers | 440/4 | €1,432 | €2,507 | +€1,076 | +75.1% |
| Taxes, remuneration and social security | 45 | €10,490 | €5,577 | -€4,913 | -46.8% |
| Taxes | 450/3 | €10,490 | €5,577 | -€4,913 | -46.8% |
| Other amounts payable | 47/48 | €39,114 | €208,547 | +€169,433 | +433% |
| Accrued charges and deferred income | 492/3 | €14,583 | €22,352 | +€7,769 | +53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €9,671 | +€9,671 | |
| Other operating charges | 640/8 | €720 | €583 | -€136 | -19.0% |
| Gross operating margin | 9900 | €58,984 | €68,247 | +€9,263 | +15.7% |
| Operating profit (loss) | 9901 | €58,264 | €57,993 | -€272 | -0.5% |
| Financial charges | 65/66B | €7,473 | €8,300 | +€827 | +11.1% |
| Recurring financial charges | 65 | €7,473 | €8,300 | +€827 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €50,791 | €49,692 | -€1,099 | -2.2% |
| Income taxes | 67/77 | €13,387 | €13,101 | -€286 | -2.1% |
| Profit (loss) for the period | 9904 | €37,405 | €36,591 | -€813 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,405 | €36,591 | -€813 | -2.2% |
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 25 October 2026 via checked.be.