PROJET TIME: 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.
PROJET TIME
Largest movements
- Receivables within one year +€142,243
up €142,243 (+254%), from €55,920 to €198,163
of which Trade receivables: +€105,516
- Cash -€84,607
down €84,607 (-71.8%), from €117,913 to €33,307
mainly Receivables within one year (-€142,243) and Investment in fixed assets (net) (-€12,835)
- Stocks and contracts -€38,839
down €38,839 (-30.1%), from €128,857 to €90,018
- Trade debts +€15,313
up €15,313 (+62.8%), from €24,395 to €39,708
- Reserves +€6,503
up €6,503 (+4.9%), from €133,326 to €139,829
- Tax, wage and social debts -€5,531
down €5,531 (-64.6%), from €8,559 to €3,028
of which Remuneration and social security: -€2,938
- Debts after one year +€3,943
new in 2025: €3,943
- Gross operating margin -€22,213
down €22,213 (-18.2%), from €121,909 to €99,695
- Taxes -€11,185
down €11,185 (-80.5%), from €13,903 to €2,718
- Financial charges +€7,598
up €7,598 (+252%), from €3,012 to €10,610
- Staff costs +€3,216
up €3,216 (+5.2%), from €61,700 to €64,916
- Depreciation -€1,777
down €1,777 (-13.1%), from €13,611 to €11,834
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.
Derived cash bridge
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 | €341,968 | €363,934 | +€21,967 | +6.4% |
| Fixed assets | 21/28 | €26,536 | €27,536 | +€1,001 | +3.8% |
| Tangible fixed assets | 22/27 | €24,106 | €25,106 | +€1,001 | +4.2% |
| Plant, machinery and equipment | 23 | €21,995 | €18,357 | -€3,638 | -16.5% |
| Furniture and vehicles | 24 | €2,111 | €6,750 | +€4,639 | +220% |
| Financial fixed assets | 28 | €2,430 | €2,430 | = | 0.0% |
| Current assets | 29/58 | €315,432 | €336,398 | +€20,966 | +6.6% |
| Stocks and contracts in progress | 3 | €128,857 | €90,018 | -€38,839 | -30.1% |
| Stocks | 30/36 | €128,857 | €90,018 | -€38,839 | -30.1% |
| Amounts receivable within one year | 40/41 | €55,920 | €198,163 | +€142,243 | +254% |
| Trade receivables | 40 | €26,629 | €132,145 | +€105,516 | +396% |
| Other amounts receivable | 41 | €29,291 | €66,018 | +€36,727 | +125% |
| Cash at bank and in hand | 54/58 | €117,913 | €33,307 | -€84,607 | -71.8% |
| Deferred charges and accrued income | 490/1 | €12,742 | €14,911 | +€2,169 | +17.0% |
| Total equity and liabilities | 10/49 | €341,968 | €363,934 | +€21,967 | +6.4% |
| Equity | 10/15 | €282,368 | €288,871 | +€6,503 | +2.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €133,326 | €139,829 | +€6,503 | +4.9% |
| Distributable reserves | 133 | €133,326 | €139,829 | +€6,503 | +4.9% |
| Profit (loss) carried forward | 14 | €149,040 | €149,040 | = | 0.0% |
| Amounts payable | 17/49 | €59,600 | €75,063 | +€15,463 | +25.9% |
| Amounts payable after more than one year | 17 | - | €3,943 | +€3,943 | |
| Financial debts | 170/4 | - | €3,943 | +€3,943 | |
| Amounts payable within one year | 42/48 | €57,954 | €69,450 | +€11,495 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €26,713 | +€1,713 | +6.9% |
| Trade debts | 44 | €24,395 | €39,708 | +€15,313 | +62.8% |
| Suppliers | 440/4 | €24,395 | €39,708 | +€15,313 | +62.8% |
| Taxes, remuneration and social security | 45 | €8,559 | €3,028 | -€5,531 | -64.6% |
| Taxes | 450/3 | €2,593 | - | -€2,593 | |
| Remuneration and social security | 454/9 | €5,966 | €3,028 | -€2,938 | -49.2% |
| Accrued charges and deferred income | 492/3 | €1,646 | €1,671 | +€25 | +1.5% |
| Remuneration, social security and pensions | 62 | €61,700 | €64,916 | +€3,216 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,611 | €11,834 | -€1,777 | -13.1% |
| Other operating charges | 640/8 | €1,969 | €3,212 | +€1,243 | +63.1% |
| Gross operating margin | 9900 | €121,909 | €99,695 | -€22,213 | -18.2% |
| Operating profit (loss) | 9901 | €44,629 | €19,733 | -€24,896 | -55.8% |
| Financial income | 75/76B | €127 | €99 | -€29 | -22.5% |
| Recurring financial income | 75 | €127 | €99 | -€29 | -22.5% |
| Financial charges | 65/66B | €3,012 | €10,610 | +€7,598 | +252% |
| Recurring financial charges | 65 | €3,012 | €10,610 | +€7,598 | +252% |
| Profit (loss) for the period before taxes | 9903 | €41,744 | €9,221 | -€32,522 | -77.9% |
| Income taxes | 67/77 | €13,903 | €2,718 | -€11,185 | -80.5% |
| Profit (loss) for the period | 9904 | €27,840 | €6,503 | -€21,337 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,840 | €6,503 | -€21,337 | -76.6% |
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 17 October 2026 via checked.be.