PROJECTS-M: 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-M
Largest movements
- Receivables within one year -€28,229
down €28,229 (-49.5%), from €57,044 to €28,815
of which Trade receivables: -€26,913
- Tangible fixed assets -€9,202
down €9,202 (-22.2%), from €41,477 to €32,275
of which Furniture and vehicles: -€6,566
- Trade debts -€33,134
down €33,134 (-56.1%), from €59,049 to €25,914
- Profit (loss) carried forward +€23,713
up €23,713 (+68.4%), from -€34,643 to -€10,931
- Other debts -€23,346
down €23,346 (-54.4%), from €42,955 to €19,609
- Debts after one year -€5,978
down €5,978 (-22.6%), from €26,482 to €20,504
- Gross operating margin +€55,598
up €55,598, from -€16,571 to €39,027
- Depreciation +€1,682
up €1,682 (+18.2%), from €9,221 to €10,903
- Financial charges -€997
down €997 (-26.4%), from €3,774 to €2,777
- Other operating charges +€955
up €955 (+140.5%), from €679 to €1,634
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 | €102,021 | €64,369 | -€37,652 | -36.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €41,477 | €32,275 | -€9,202 | -22.2% |
| Tangible fixed assets | 22/27 | €41,477 | €32,275 | -€9,202 | -22.2% |
| Plant, machinery and equipment | 23 | €4,983 | €5,299 | +€317 | +6.4% |
| Furniture and vehicles | 24 | €7,643 | €1,077 | -€6,566 | -85.9% |
| Leasing and similar rights | 25 | €28,852 | €25,899 | -€2,953 | -10.2% |
| Current assets | 29/58 | €60,544 | €32,094 | -€28,450 | -47.0% |
| Amounts receivable within one year | 40/41 | €57,044 | €28,815 | -€28,229 | -49.5% |
| Trade receivables | 40 | €55,728 | €28,815 | -€26,913 | -48.3% |
| Other amounts receivable | 41 | €1,315 | €0 | -€1,315 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,466 | €3,109 | -€357 | -10.3% |
| Deferred charges and accrued income | 490/1 | €34 | €170 | +€136 | +396.9% |
| Total equity and liabilities | 10/49 | €102,021 | €64,369 | -€37,652 | -36.9% |
| Equity | 10/15 | -€32,143 | -€8,431 | +€23,713 | +73.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,643 | -€10,931 | +€23,713 | +68.4% |
| Amounts payable | 17/49 | €134,164 | €72,800 | -€61,364 | -45.7% |
| Amounts payable after more than one year | 17 | €26,482 | €20,504 | -€5,978 | -22.6% |
| Financial debts | 170/4 | €26,482 | €20,504 | -€5,978 | -22.6% |
| Amounts payable within one year | 42/48 | €107,682 | €52,296 | -€55,386 | -51.4% |
| Current portion of amounts payable after more than one year | 42 | €5,585 | €5,978 | +€394 | +7.0% |
| Trade debts | 44 | €59,049 | €25,914 | -€33,134 | -56.1% |
| Suppliers | 440/4 | €59,049 | €25,914 | -€33,134 | -56.1% |
| Taxes, remuneration and social security | 45 | €93 | €794 | +€701 | +752.7% |
| Taxes | 450/3 | €93 | €88 | -€5 | -5.6% |
| Remuneration and social security | 454/9 | - | €706 | +€706 | |
| Other amounts payable | 47/48 | €42,955 | €19,609 | -€23,346 | -54.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,221 | €10,903 | +€1,682 | +18.2% |
| Other operating charges | 640/8 | €679 | €1,634 | +€955 | +140.5% |
| Non-recurring operating charges | 66A | €302 | - | -€302 | |
| Gross operating margin | 9900 | -€16,571 | €39,027 | +€55,598 | |
| Operating profit (loss) | 9901 | -€26,773 | €26,490 | +€53,263 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -95.6% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -95.6% |
| Financial charges | 65/66B | €3,774 | €2,777 | -€997 | -26.4% |
| Recurring financial charges | 65 | €3,774 | €2,777 | -€997 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | -€30,547 | €23,713 | +€54,259 | |
| Profit (loss) for the period | 9904 | -€30,547 | €23,713 | +€54,259 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,547 | €23,713 | +€54,259 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.