ProjExc: what changed
Two fiscal 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.
ProjExc
Largest movements
- Cash +€151,016
up €151,016 (+164.7%), from €91,672 to €242,688
mainly Other debts (+€155,747) and Net result for the year (+€103,012)
- Receivables within one year -€49,583
down €49,583 (-68.2%), from €72,663 to €23,080
of which Trade receivables: -€44,557
- Other debts +€155,747
up €155,747 (+8407.7%), from €1,852 to €157,600
- Reserves -€49,929
down €49,929 (-39.1%), from €127,838 to €77,908
of which Distributable reserves: -€49,929
- Tax, wage and social debts -€3,792
down €3,792 (-20.3%), from €18,636 to €14,844
of which Taxes: -€2,081
- Depreciation -€5,704
down €5,704 (-80.4%), from €7,096 to €1,392
- Taxes +€2,002
up €2,002 (+6.9%), from €29,054 to €31,056
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 | €171,984 | €272,139 | +€100,155 | +58.2% |
| Fixed assets | 21/28 | €5,375 | €3,983 | -€1,392 | -25.9% |
| Tangible fixed assets | 22/27 | €5,375 | €3,983 | -€1,392 | -25.9% |
| Furniture and vehicles | 24 | €703 | €280 | -€423 | -60.2% |
| Other tangible fixed assets | 26 | €4,672 | €3,703 | -€969 | -20.7% |
| Current assets | 29/58 | €166,609 | €268,156 | +€101,546 | +60.9% |
| Amounts receivable within one year | 40/41 | €72,663 | €23,080 | -€49,583 | -68.2% |
| Trade receivables | 40 | €60,598 | €16,041 | -€44,557 | -73.5% |
| Other amounts receivable | 41 | €12,065 | €7,039 | -€5,026 | -41.7% |
| Cash at bank and in hand | 54/58 | €91,672 | €242,688 | +€151,016 | +164.7% |
| Deferred charges and accrued income | 490/1 | €2,274 | €2,387 | +€114 | +5.0% |
| Total equity and liabilities | 10/49 | €171,984 | €272,139 | +€100,155 | +58.2% |
| Equity | 10/15 | €146,438 | €96,508 | -€49,929 | -34.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,838 | €77,908 | -€49,929 | -39.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €125,978 | €76,048 | -€49,929 | -39.6% |
| Amounts payable | 17/49 | €25,547 | €175,631 | +€150,084 | +587.5% |
| Amounts payable within one year | 42/48 | €25,547 | €175,631 | +€150,084 | +587.5% |
| Trade debts | 44 | €5,058 | €3,187 | -€1,871 | -37.0% |
| Suppliers | 440/4 | €5,058 | €3,187 | -€1,871 | -37.0% |
| Taxes, remuneration and social security | 45 | €18,636 | €14,844 | -€3,792 | -20.3% |
| Taxes | 450/3 | €13,483 | €11,402 | -€2,081 | -15.4% |
| Remuneration and social security | 454/9 | €5,153 | €3,441 | -€1,711 | -33.2% |
| Other amounts payable | 47/48 | €1,852 | €157,600 | +€155,747 | +8407.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,096 | €1,392 | -€5,704 | -80.4% |
| Other operating charges | 640/8 | €1,041 | €1,132 | +€91 | +8.7% |
| Gross operating margin | 9900 | €137,579 | €136,941 | -€638 | -0.5% |
| Operating profit (loss) | 9901 | €129,442 | €134,418 | +€4,976 | +3.8% |
| Financial income | 75/76B | €3 | €1 | -€2 | -68.0% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -68.0% |
| Financial charges | 65/66B | €246 | €351 | +€105 | +42.8% |
| Recurring financial charges | 65 | €246 | €351 | +€105 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €129,200 | €134,068 | +€4,869 | +3.8% |
| Income taxes | 67/77 | €29,054 | €31,056 | +€2,002 | +6.9% |
| Profit (loss) for the period | 9904 | €100,146 | €103,012 | +€2,867 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,146 | €103,012 | +€2,867 | +2.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.