Projects & Co: what changed
Projects & Co
Largest movements
- Stocks and contracts -€658,535
down €658,535 (-100%), from €658,535 to €0
- Receivables within one year +€176,507
up €176,507 (+74.3%), from €237,570 to €414,077
of which Other amounts receivable: +€179,065
- Cash +€88,282
up €88,282 (+210%), from €42,098 to €130,379
mainly Stocks and contracts (+€658,535) and Net result for the year (+€164,830)
- Tangible fixed assets -€14,139
down €14,139 (-34.6%), from €40,886 to €26,748
of which Furniture and vehicles: -€12,451
- Debts after one year -€584,493
down €584,493 (-98.4%), from €594,254 to €9,761
- Profit (loss) carried forward +€164,830
up €164,830 (+51.5%), from €320,330 to €485,159
- Trade debts +€14,081
up €14,081 (+127%), from €11,071 to €25,151
- Other debts -€9,989
down €9,989 (-100%), from €9,989 to €0
- Gross operating margin +€118,587
up €118,587 (+63.3%), from €187,209 to €305,796
- Taxes +€23,502
up €23,502 (+77.5%), from €30,316 to €53,818
- Financial charges +€17,744
up €17,744 (+612%), from €2,901 to €20,645
- Other operating charges +€8,687
up €8,687 (+369%), from €2,355 to €11,042
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €988,278 | €580,911 | -€407,367 | -41.2% |
| Fixed assets | 21/28 | €43,136 | €28,998 | -€14,139 | -32.8% |
| Tangible fixed assets | 22/27 | €40,886 | €26,748 | -€14,139 | -34.6% |
| Plant, machinery and equipment | 23 | €3,807 | €2,119 | -€1,688 | -44.3% |
| Furniture and vehicles | 24 | €37,080 | €24,629 | -€12,451 | -33.6% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €945,142 | €551,913 | -€393,229 | -41.6% |
| Stocks and contracts in progress | 3 | €658,535 | €0 | -€658,535 | -100% |
| Stocks | 30/36 | €658,535 | €0 | -€658,535 | -100% |
| Amounts receivable within one year | 40/41 | €237,570 | €414,077 | +€176,507 | +74.3% |
| Trade receivables | 40 | €33,107 | €30,548 | -€2,558 | -7.7% |
| Other amounts receivable | 41 | €204,464 | €383,528 | +€179,065 | +87.6% |
| Cash at bank and in hand | 54/58 | €42,098 | €130,379 | +€88,282 | +210% |
| Deferred charges and accrued income | 490/1 | €6,939 | €7,457 | +€518 | +7.5% |
| Total equity and liabilities | 10/49 | €988,278 | €580,911 | -€407,367 | -41.2% |
| Equity | 10/15 | €340,790 | €505,619 | +€164,830 | +48.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €320,330 | €485,159 | +€164,830 | +51.5% |
| Amounts payable | 17/49 | €647,488 | €75,291 | -€572,197 | -88.4% |
| Amounts payable after more than one year | 17 | €594,254 | €9,761 | -€584,493 | -98.4% |
| Financial debts | 170/4 | €594,254 | €9,761 | -€584,493 | -98.4% |
| Amounts payable within one year | 42/48 | €52,529 | €65,530 | +€13,001 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €9,233 | €9,493 | +€260 | +2.8% |
| Trade debts | 44 | €11,071 | €25,151 | +€14,081 | +127% |
| Suppliers | 440/4 | €11,071 | €25,151 | +€14,081 | +127% |
| Taxes, remuneration and social security | 45 | €22,236 | €30,886 | +€8,649 | +38.9% |
| Taxes | 450/3 | €17,319 | €18,197 | +€878 | +5.1% |
| Remuneration and social security | 454/9 | €4,917 | €12,688 | +€7,771 | +158% |
| Other amounts payable | 47/48 | €9,989 | €0 | -€9,989 | -100% |
| Accrued charges and deferred income | 492/3 | €705 | €0 | -€705 | -100% |
| Remuneration, social security and pensions | 62 | €41,458 | €43,811 | +€2,353 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,133 | €14,139 | -€994 | -6.6% |
| Other operating charges | 640/8 | €2,355 | €11,042 | +€8,687 | +369% |
| Gross operating margin | 9900 | €187,209 | €305,796 | +€118,587 | +63.3% |
| Operating profit (loss) | 9901 | €128,264 | €236,805 | +€108,541 | +84.6% |
| Financial income | 75/76B | €2,038 | €2,487 | +€449 | +22.0% |
| Recurring financial income | 75 | €2,038 | €2,487 | +€449 | +22.0% |
| Financial charges | 65/66B | €2,901 | €20,645 | +€17,744 | +612% |
| Recurring financial charges | 65 | €2,901 | €20,645 | +€17,744 | +612% |
| Profit (loss) for the period before taxes | 9903 | €127,401 | €218,647 | +€91,247 | +71.6% |
| Income taxes | 67/77 | €30,316 | €53,818 | +€23,502 | +77.5% |
| Profit (loss) for the period | 9904 | €97,085 | €164,830 | +€67,745 | +69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €97,085 | €164,830 | +€67,745 | +69.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.