PROJECTVISIE: 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.
PROJECTVISIE
Largest movements
- Stocks and contracts +€263,484
up €263,484 (+31.4%), from €840,024 to €1.1m
- Cash -€222,225
down €222,225 (-90.1%), from €246,684 to €24,460
mainly Stocks and contracts (-€263,484) and Receivables within one year (-€201,431)
- Receivables within one year +€201,431
up €201,431 (+42.7%), from €471,977 to €673,408
of which Trade receivables: +€181,254
- Short-term financial debts +€270,000
up €270,000 (+96.4%), from €280,000 to €550,000
- Trade debts -€85,382
down €85,382 (-35.3%), from €241,618 to €156,235
- Other debts +€84,344
up €84,344 (+10.1%), from €834,654 to €918,998
- Tax, wage and social debts -€23,509
no longer reported in 2025 (was €23,509)
- Gross operating margin -€8,812
down €8,812 (-18.1%), from €48,582 to €39,770
- Financial charges +€1,936
up €1,936 (+6.0%), from €32,219 to €34,155
- Depreciation +€1,823
up €1,823 (+287.2%), from €635 to €2,457
- Write-downs +€1,350
new in 2025: €1,350
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 | €1,562,560 | €1,809,214 | +€246,654 | +15.8% |
| Fixed assets | 21/28 | €1,786 | €7,839 | +€6,052 | +338.8% |
| Intangible fixed assets | 21 | - | €1,118 | +€1,118 | |
| Tangible fixed assets | 22/27 | €1,786 | €6,721 | +€4,934 | +276.2% |
| Furniture and vehicles | 24 | €1,786 | €3,219 | +€1,432 | +80.2% |
| Other tangible fixed assets | 26 | - | €3,502 | +€3,502 | |
| Current assets | 29/58 | €1,560,774 | €1,801,376 | +€240,602 | +15.4% |
| Stocks and contracts in progress | 3 | €840,024 | €1,103,508 | +€263,484 | +31.4% |
| Contracts in progress | 37 | €840,024 | €1,103,508 | +€263,484 | +31.4% |
| Amounts receivable within one year | 40/41 | €471,977 | €673,408 | +€201,431 | +42.7% |
| Trade receivables | 40 | €471,977 | €653,231 | +€181,254 | +38.4% |
| Other amounts receivable | 41 | - | €20,177 | +€20,177 | |
| Cash at bank and in hand | 54/58 | €246,684 | €24,460 | -€222,225 | -90.1% |
| Deferred charges and accrued income | 490/1 | €2,088 | - | -€2,088 | |
| Total equity and liabilities | 10/49 | €1,562,560 | €1,809,214 | +€246,654 | +15.8% |
| Equity | 10/15 | €177,392 | €178,292 | +€900 | +0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €115,392 | €116,292 | +€900 | +0.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €109,192 | €110,092 | +€900 | +0.8% |
| Amounts payable | 17/49 | €1,385,168 | €1,630,923 | +€245,754 | +17.7% |
| Amounts payable within one year | 42/48 | €1,379,781 | €1,625,233 | +€245,453 | +17.8% |
| Financial debts | 43 | €280,000 | €550,000 | +€270,000 | +96.4% |
| Other loans | 439 | €280,000 | €550,000 | +€270,000 | +96.4% |
| Trade debts | 44 | €241,618 | €156,235 | -€85,382 | -35.3% |
| Suppliers | 440/4 | €241,618 | €156,235 | -€85,382 | -35.3% |
| Taxes, remuneration and social security | 45 | €23,509 | - | -€23,509 | |
| Taxes | 450/3 | €23,509 | - | -€23,509 | |
| Other amounts payable | 47/48 | €834,654 | €918,998 | +€84,344 | +10.1% |
| Accrued charges and deferred income | 492/3 | €5,388 | €5,689 | +€302 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €635 | €2,457 | +€1,823 | +287.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,350 | +€1,350 | |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | €48,582 | €39,770 | -€8,812 | -18.1% |
| Operating profit (loss) | 9901 | €46,862 | €34,844 | -€12,017 | -25.6% |
| Financial income | 75/76B | €168 | €210 | +€42 | +25.2% |
| Recurring financial income | 75 | €168 | €210 | +€42 | +25.2% |
| Financial charges | 65/66B | €32,219 | €34,155 | +€1,936 | +6.0% |
| Recurring financial charges | 65 | €32,219 | €34,155 | +€1,936 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €14,811 | €900 | -€13,911 | -93.9% |
| Profit (loss) for the period | 9904 | €14,811 | €900 | -€13,911 | -93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,811 | €900 | -€13,911 | -93.9% |
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 12 October 2026 via checked.be.