ProjEx'S: 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'S
Largest movements
- Receivables within one year +€89,626
up €89,626 (+127%), from €70,299 to €159,926
of which Trade receivables: +€89,553
- Cash -€46,028
down €46,028 (-59.2%), from €77,748 to €31,720
mainly Short-term financial debts (-€166,500) and Receivables within one year (-€89,626)
- Tangible fixed assets +€31,104
up €31,104 (+72.3%), from €43,048 to €74,152
of which Furniture and vehicles: +€32,216
- Stocks and contracts -€12,246
down €12,246 (-4.2%), from €289,659 to €277,413
- Short-term financial debts -€166,500
down €166,500 (-100%), from €166,500 to €0
of which Other loans: -€166,500
- Profit (loss) carried forward +€133,959
up €133,959 (+231%), from €58,087 to €192,046
- Other debts +€62,133
up €62,133 (+34.2%), from €181,466 to €243,599
- Tax, wage and social debts +€40,060
up €40,060 (+315%), from €12,736 to €52,795
- Trade debts -€7,289
down €7,289 (-23.7%), from €30,716 to €23,427
- Gross operating margin +€176,619
up €176,619 (+983%), from €17,963 to €194,583
- Taxes +€42,423
up €42,423 (+478%), from €8,882 to €51,306
- Financial charges -€6,572
down €6,572 (-71.2%), from €9,234 to €2,662
- Depreciation -€3,768
down €3,768 (-38.3%), from €9,840 to €6,072
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 | €483,169 | €545,184 | +€62,015 | +12.8% |
| Fixed assets | 21/28 | €43,572 | €74,194 | +€30,622 | +70.3% |
| Intangible fixed assets | 21 | €524 | €42 | -€482 | -91.9% |
| Tangible fixed assets | 22/27 | €43,048 | €74,152 | +€31,104 | +72.3% |
| Land and buildings | 22 | €40,000 | €40,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,314 | €1,203 | -€1,112 | -48.0% |
| Furniture and vehicles | 24 | €734 | €32,949 | +€32,216 | +4,391% |
| Current assets | 29/58 | €439,597 | €470,990 | +€31,393 | +7.1% |
| Stocks and contracts in progress | 3 | €289,659 | €277,413 | -€12,246 | -4.2% |
| Stocks | 30/36 | €289,659 | €277,413 | -€12,246 | -4.2% |
| Amounts receivable within one year | 40/41 | €70,299 | €159,926 | +€89,626 | +127% |
| Trade receivables | 40 | €70,299 | €159,852 | +€89,553 | +127% |
| Other amounts receivable | 41 | €0 | €74 | +€74 | |
| Cash at bank and in hand | 54/58 | €77,748 | €31,720 | -€46,028 | -59.2% |
| Deferred charges and accrued income | 490/1 | €1,890 | €1,931 | +€41 | +2.1% |
| Total equity and liabilities | 10/49 | €483,169 | €545,184 | +€62,015 | +12.8% |
| Equity | 10/15 | €91,087 | €225,046 | +€133,959 | +147% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,087 | €192,046 | +€133,959 | +231% |
| Amounts payable | 17/49 | €392,082 | €320,138 | -€71,944 | -18.3% |
| Amounts payable within one year | 42/48 | €391,418 | €319,821 | -€71,596 | -18.3% |
| Financial debts | 43 | €166,500 | €0 | -€166,500 | -100% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €166,500 | €0 | -€166,500 | -100% |
| Trade debts | 44 | €30,716 | €23,427 | -€7,289 | -23.7% |
| Suppliers | 440/4 | €30,716 | €23,427 | -€7,289 | -23.7% |
| Taxes, remuneration and social security | 45 | €12,736 | €52,795 | +€40,060 | +315% |
| Taxes | 450/3 | €12,736 | €52,795 | +€40,060 | +315% |
| Other amounts payable | 47/48 | €181,466 | €243,599 | +€62,133 | +34.2% |
| Accrued charges and deferred income | 492/3 | €664 | €316 | -€348 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,840 | €6,072 | -€3,768 | -38.3% |
| Other operating charges | 640/8 | €1,510 | €886 | -€623 | -41.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €17,963 | €194,583 | +€176,619 | +983% |
| Operating profit (loss) | 9901 | €6,614 | €187,625 | +€181,011 | +2,737% |
| Financial income | 75/76B | €36 | €301 | +€265 | +736% |
| Recurring financial income | 75 | €36 | €301 | +€265 | +736% |
| Financial charges | 65/66B | €9,234 | €2,662 | -€6,572 | -71.2% |
| Recurring financial charges | 65 | €9,234 | €2,662 | -€6,572 | -71.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,584 | €185,265 | +€187,848 | |
| Income taxes | 67/77 | €8,882 | €51,306 | +€42,423 | +478% |
| Profit (loss) for the period | 9904 | -€11,466 | €133,959 | +€145,425 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,466 | €133,959 | +€145,425 |
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 16 October 2026 via checked.be.