PROJECTS IN MOTION: 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.
PROJECTS IN MOTION
Largest movements
- Cash +€223,478
up €223,478 (+47.5%), from €470,348 to €693,826
mainly Other debts (+€267,652) and Net result for the year (+€152,281)
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Receivables within one year -€39,789
down €39,789 (-53.2%), from €74,776 to €34,987
of which Other amounts receivable: -€33,750
- Other debts +€267,652
up €267,652 (+620.0%), from €43,171 to €310,823
- Reserves -€177,471
down €177,471 (-22.8%), from €777,307 to €599,836
of which Distributable reserves: -€157,825
- Debts after one year -€23,476
down €23,476 (-8.5%), from €275,839 to €252,364
- Tax, wage and social debts +€18,409
up €18,409 (+47.5%), from €38,739 to €57,147
- Gross operating margin +€38,873
up €38,873 (+17.6%), from €221,300 to €260,173
- Taxes +€13,502
up €13,502 (+24.4%), from €55,253 to €68,755
- Financial charges -€6,159
down €6,159 (-44.1%), from €13,962 to €7,803
- Depreciation +€4,714
up €4,714 (+15.7%), from €29,957 to €34,670
- Financial income -€4,026
down €4,026 (-32.7%), from €12,296 to €8,270
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 | €1,173,968 | €1,255,839 | +€81,870 | +7.0% |
| Fixed assets | 21/28 | €520,659 | €516,931 | -€3,727 | -0.7% |
| Tangible fixed assets | 22/27 | €320,659 | €316,931 | -€3,727 | -1.2% |
| Land and buildings | 22 | €310,301 | €284,443 | -€25,858 | -8.3% |
| Plant, machinery and equipment | 23 | €9,088 | €6,256 | -€2,832 | -31.2% |
| Furniture and vehicles | 24 | €319 | €25,824 | +€25,505 | +7995.6% |
| Other tangible fixed assets | 26 | €951 | €409 | -€542 | -57.0% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €653,310 | €738,907 | +€85,598 | +13.1% |
| Amounts receivable within one year | 40/41 | €74,776 | €34,987 | -€39,789 | -53.2% |
| Trade receivables | 40 | €41,026 | €34,987 | -€6,039 | -14.7% |
| Other amounts receivable | 41 | €33,750 | €0 | -€33,750 | -100.0% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €470,348 | €693,826 | +€223,478 | +47.5% |
| Deferred charges and accrued income | 490/1 | €8,186 | €10,095 | +€1,909 | +23.3% |
| Total equity and liabilities | 10/49 | €1,173,968 | €1,255,839 | +€81,870 | +7.0% |
| Equity | 10/15 | €783,507 | €606,036 | -€177,471 | -22.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €777,307 | €599,836 | -€177,471 | -22.8% |
| Tax-exempt reserves | 132 | €189,450 | €169,803 | -€19,647 | -10.4% |
| Distributable reserves | 133 | €587,857 | €430,033 | -€157,825 | -26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €390,461 | €649,802 | +€259,342 | +66.4% |
| Amounts payable after more than one year | 17 | €275,839 | €252,364 | -€23,476 | -8.5% |
| Financial debts | 170/4 | €275,839 | €252,364 | -€23,476 | -8.5% |
| Amounts payable within one year | 42/48 | €107,599 | €396,069 | +€288,470 | +268.1% |
| Current portion of amounts payable after more than one year | 42 | €23,476 | €23,476 | = | 0.0% |
| Trade debts | 44 | €2,214 | €4,623 | +€2,409 | +108.8% |
| Suppliers | 440/4 | €2,214 | €4,623 | +€2,409 | +108.8% |
| Taxes, remuneration and social security | 45 | €38,739 | €57,147 | +€18,409 | +47.5% |
| Taxes | 450/3 | €38,739 | €57,147 | +€18,409 | +47.5% |
| Other amounts payable | 47/48 | €43,171 | €310,823 | +€267,652 | +620.0% |
| Accrued charges and deferred income | 492/3 | €7,023 | €1,370 | -€5,653 | -80.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,957 | €34,670 | +€4,714 | +15.7% |
| Other operating charges | 640/8 | €5,444 | €4,934 | -€509 | -9.4% |
| Gross operating margin | 9900 | €221,300 | €260,173 | +€38,873 | +17.6% |
| Operating profit (loss) | 9901 | €185,900 | €220,568 | +€34,669 | +18.6% |
| Financial income | 75/76B | €12,296 | €8,270 | -€4,026 | -32.7% |
| Recurring financial income | 75 | €12,296 | €8,270 | -€4,026 | -32.7% |
| Financial charges | 65/66B | €13,962 | €7,803 | -€6,159 | -44.1% |
| Recurring financial charges | 65 | €13,962 | €7,803 | -€6,159 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €184,234 | €221,035 | +€36,801 | +20.0% |
| Income taxes | 67/77 | €55,253 | €68,755 | +€13,502 | +24.4% |
| Profit (loss) for the period | 9904 | €128,981 | €152,281 | +€23,300 | +18.1% |
| Transfer from tax-exempt reserves | 789 | - | €19,647 | +€19,647 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,981 | €171,927 | +€42,946 | +33.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.