projeKt D: what changed
projeKt D
Largest movements
- Receivables within one year -€40,835
down €40,835 (-42.4%), from €96,353 to €55,518
of which Trade receivables: -€48,341
- Cash -€33,092
down €33,092 (-96.3%), from €34,377 to €1,284
mainly Net result for the year (-€171,451) and Debts after one year (-€23,760)
- Tangible fixed assets -€16,135
down €16,135 (-15.9%), from €101,323 to €85,188
- Intangible fixed assets -€7,143
down €7,143 (-31.6%), from €22,621 to €15,478
- Stocks and contracts -€7,122
down €7,122 (-81.0%), from €8,797 to €1,675
- Profit (loss) carried forward -€171,451
down €171,451, from €64,629 to -€106,822
- Current portion of long-term debt +€48,152
up €48,152 (+142%), from €33,840 to €81,992
- Trade debts +€41,301
up €41,301 (+367%), from €11,242 to €52,543
- Debts after one year -€23,760
down €23,760 (-21.4%), from €110,878 to €87,118
- Tax, wage and social debts +€6,919
up €6,919 (+21.4%), from €32,299 to €39,218
of which Remuneration and social security: +€14,231
- Gross operating margin -€263,161
down €263,161 (-72.6%), from €362,719 to €99,558
- Staff costs -€25,720
down €25,720 (-10.3%), from €250,640 to €224,920
- Taxes -€14,206
down €14,206 (-99.0%), from €14,350 to €144
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 | €269,238 | €165,993 | -€103,246 | -38.3% |
| Fixed assets | 21/28 | €126,794 | €103,516 | -€23,278 | -18.4% |
| Intangible fixed assets | 21 | €22,621 | €15,478 | -€7,143 | -31.6% |
| Tangible fixed assets | 22/27 | €101,323 | €85,188 | -€16,135 | -15.9% |
| Plant, machinery and equipment | 23 | €16,872 | €11,306 | -€5,566 | -33.0% |
| Furniture and vehicles | 24 | €28,819 | €26,088 | -€2,731 | -9.5% |
| Other tangible fixed assets | 26 | €55,632 | €47,793 | -€7,838 | -14.1% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €142,444 | €62,477 | -€79,967 | -56.1% |
| Stocks and contracts in progress | 3 | €8,797 | €1,675 | -€7,122 | -81.0% |
| Stocks | 30/36 | €8,797 | €1,675 | -€7,122 | -81.0% |
| Amounts receivable within one year | 40/41 | €96,353 | €55,518 | -€40,835 | -42.4% |
| Trade receivables | 40 | €93,808 | €45,468 | -€48,341 | -51.5% |
| Other amounts receivable | 41 | €2,544 | €10,050 | +€7,506 | +295% |
| Cash at bank and in hand | 54/58 | €34,377 | €1,284 | -€33,092 | -96.3% |
| Deferred charges and accrued income | 490/1 | €2,918 | €4,000 | +€1,082 | +37.1% |
| Total equity and liabilities | 10/49 | €269,238 | €165,993 | -€103,246 | -38.3% |
| Equity | 10/15 | €74,127 | -€97,324 | -€171,451 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €6,998 | €6,998 | = | 0.0% |
| Distributable reserves | 133 | €6,998 | €6,998 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,629 | -€106,822 | -€171,451 | |
| Amounts payable | 17/49 | €195,111 | €263,316 | +€68,205 | +35.0% |
| Amounts payable after more than one year | 17 | €110,878 | €87,118 | -€23,760 | -21.4% |
| Financial debts | 170/4 | €110,878 | €87,118 | -€23,760 | -21.4% |
| Amounts payable within one year | 42/48 | €83,775 | €173,752 | +€89,978 | +107% |
| Current portion of amounts payable after more than one year | 42 | €33,840 | €81,992 | +€48,152 | +142% |
| Trade debts | 44 | €11,242 | €52,543 | +€41,301 | +367% |
| Suppliers | 440/4 | €11,242 | €52,543 | +€41,301 | +367% |
| Taxes, remuneration and social security | 45 | €32,299 | €39,218 | +€6,919 | +21.4% |
| Taxes | 450/3 | €13,477 | €6,165 | -€7,312 | -54.3% |
| Remuneration and social security | 454/9 | €18,822 | €33,053 | +€14,231 | +75.6% |
| Other amounts payable | 47/48 | €6,394 | €0 | -€6,394 | -100% |
| Accrued charges and deferred income | 492/3 | €458 | €2,446 | +€1,988 | +434% |
| Remuneration, social security and pensions | 62 | €250,640 | €224,920 | -€25,720 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,348 | €30,782 | +€3,433 | +12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,465 | €0 | +€3,465 | |
| Other operating charges | 640/8 | €3,240 | €3,101 | -€140 | -4.3% |
| Gross operating margin | 9900 | €362,719 | €99,558 | -€263,161 | -72.6% |
| Operating profit (loss) | 9901 | €84,956 | -€159,245 | -€244,200 | |
| Financial income | 75/76B | €1,971 | €155 | -€1,816 | -92.2% |
| Recurring financial income | 75 | €1,971 | €155 | -€1,816 | -92.2% |
| Financial charges | 65/66B | €14,253 | €12,217 | -€2,037 | -14.3% |
| Recurring financial charges | 65 | €14,253 | €12,217 | -€2,037 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €72,673 | -€171,307 | -€243,980 | |
| Income taxes | 67/77 | €14,350 | €144 | -€14,206 | -99.0% |
| Profit (loss) for the period | 9904 | €58,323 | -€171,451 | -€229,774 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,323 | -€171,451 | -€229,774 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.