PROJEX: 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.
PROJEX
Largest movements
- Cash -€360,905
down €360,905 (-58.7%), from €614,664 to €253,759
mainly Other debts (-€638,952) and Contributions, distributions and other (-€223,988)
- Receivables within one year -€332,686
down €332,686 (-12.7%), from €2.6m to €2.3m
of which Other amounts receivable: -€266,219
- Other debts -€638,952
down €638,952 (-25.5%), from €2.5m to €1.9m
- Financial income -€203,966
down €203,966 (-94.7%), from €215,288 to €11,322
- Gross operating margin -€46,713
down €46,713 (-10.7%), from €434,741 to €388,028
- Taxes -€11,332
down €11,332 (-15.5%), from €73,186 to €61,853
- Financial charges +€4,705
up €4,705 (+2.9%), from €160,589 to €165,294
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 | €6,515,118 | €5,820,174 | -€694,944 | -10.7% |
| Fixed assets | 21/28 | €2,958,307 | €2,956,954 | -€1,352 | 0.0% |
| Tangible fixed assets | 22/27 | €7,352 | €5,999 | -€1,352 | -18.4% |
| Land and buildings | 22 | €4,714 | €4,714 | = | 0.0% |
| Plant, machinery and equipment | 23 | €308 | - | -€308 | |
| Furniture and vehicles | 24 | €2,330 | €1,285 | -€1,045 | -44.8% |
| Financial fixed assets | 28 | €2,950,955 | €2,950,955 | = | 0.0% |
| Current assets | 29/58 | €3,556,811 | €2,863,220 | -€693,591 | -19.5% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,615,546 | €2,282,860 | -€332,686 | -12.7% |
| Trade receivables | 40 | €468,327 | €401,860 | -€66,467 | -14.2% |
| Other amounts receivable | 41 | €2,147,219 | €1,881,000 | -€266,219 | -12.4% |
| Cash at bank and in hand | 54/58 | €614,664 | €253,759 | -€360,905 | -58.7% |
| Deferred charges and accrued income | 490/1 | €26,600 | €26,600 | = | 0.0% |
| Total equity and liabilities | 10/49 | €6,515,118 | €5,820,174 | -€694,944 | -10.7% |
| Equity | 10/15 | €3,978,709 | €3,923,479 | -€55,230 | -1.4% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €2,178,709 | €2,123,479 | -€55,230 | -2.5% |
| Non-distributable reserves | 130/1 | €180,000 | €180,000 | = | 0.0% |
| Legal reserve | 130 | €180,000 | €180,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €363,744 | €363,744 | = | 0.0% |
| Distributable reserves | 133 | €1,634,965 | €1,579,735 | -€55,230 | -3.4% |
| Amounts payable | 17/49 | €2,536,409 | €1,896,695 | -€639,714 | -25.2% |
| Amounts payable within one year | 42/48 | €2,536,409 | €1,896,695 | -€639,714 | -25.2% |
| Trade debts | 44 | €6,384 | €6,780 | +€395 | +6.2% |
| Suppliers | 440/4 | €6,384 | €6,780 | +€395 | +6.2% |
| Taxes, remuneration and social security | 45 | €20,406 | €19,249 | -€1,157 | -5.7% |
| Taxes | 450/3 | €20,406 | €19,249 | -€1,157 | -5.7% |
| Other amounts payable | 47/48 | €2,509,619 | €1,870,667 | -€638,952 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,766 | €1,352 | -€414 | -23.4% |
| Other operating charges | 640/8 | €2,642 | €2,092 | -€550 | -20.8% |
| Gross operating margin | 9900 | €434,741 | €388,028 | -€46,713 | -10.7% |
| Operating profit (loss) | 9901 | €430,334 | €384,584 | -€45,750 | -10.6% |
| Financial income | 75/76B | €215,288 | €11,322 | -€203,966 | -94.7% |
| Recurring financial income | 75 | €215,288 | €11,322 | -€203,966 | -94.7% |
| Financial charges | 65/66B | €160,589 | €165,294 | +€4,705 | +2.9% |
| Recurring financial charges | 65 | €160,589 | €165,294 | +€4,705 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €485,032 | €230,612 | -€254,421 | -52.5% |
| Income taxes | 67/77 | €73,186 | €61,853 | -€11,332 | -15.5% |
| Profit (loss) for the period | 9904 | €411,847 | €168,759 | -€243,088 | -59.0% |
| Transfer to tax-exempt reserves | 689 | €205,869 | - | -€205,869 | |
| Profit (loss) for the period to be appropriated | 9905 | €205,978 | €168,759 | -€37,219 | -18.1% |
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 19 October 2026 via checked.be.