PROJO: what changed
What changed
PROJO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€122,198
2024 · €138,563-€16,365
Equity
€1.3m
2024 · €1.4m-€87,386
Cash
€49,861
2024 · €81,716-€31,855
Balance sheet total
€1.7m
2024 · €2.0m-€296,302
Largest movements
Assets
- Tangible fixed assets -€153,549
down €153,549 (-10.1%), from €1.5m to €1.4m
of which Land and buildings: -€131,179
- Receivables within one year -€68,950
down €68,950 (-38.2%), from €180,580 to €111,630
of which Other amounts receivable: -€86,206
- Current investments -€44,170
down €44,170 (-21.9%), from €201,951 to €157,782
- Cash -€31,855
down €31,855 (-39.0%), from €81,716 to €49,861
mainly Contributions, distributions and other (-€209,584) and Debts after one year (-€112,766)
Equity and liabilities
- Debts after one year -€112,766
down €112,766 (-32.8%), from €343,611 to €230,845
- Reserves -€87,386
down €87,386 (-6.3%), from €1.4m to €1.3m
- Trade debts -€79,339
down €79,339 (-98.5%), from €80,517 to €1,177
Income statement
- Gross operating margin -€380,100
down €380,100 (-55.0%), from €691,112 to €311,012
- Staff costs -€323,501
down €323,501, from €318,637 to -€4,864
- Taxes -€20,089
down €20,089 (-31.2%), from €64,293 to €44,203
- Financial charges -€9,135
down €9,135 (-64.4%), from €14,188 to €5,053
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.
Result 2024
€138,563
Gross operating margin
-€380,100
Staff costs
+€323,501
Depreciation
+€5,748
Other operating charges
+€849
Financial income
+€4,413
Financial charges
+€9,135
Taxes
+€20,089
Result 2025
€122,198
raises the resultlowers the result
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.
From operations
+€254,268
Investment
+€34,746
Financing
-€320,869
Cash 2024
€81,716
From operations (derived)
+€254,268
Net result for the year
+€122,198
Depreciation
+€162,973
Receivables within one year
+€68,950
Deferred charges and accrued income
-€2,223
Trade debts
-€79,339
Tax, wage and social debts
-€17,942
Other debts
+€1,000
Accrued charges and deferred income
-€1,351
Investment (derived)
+€34,746
Investment in fixed assets (net)
-€9,424
Current investments
+€44,170
Financing
-€320,869
Debts after one year
-€112,766
Current portion of long-term debt
+€1,482
Contributions, distributions and other
-€209,584
Cash 2025
€49,861
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,982,289 | €1,685,987 | -€296,302 | -14.9% |
| Fixed assets | 21/28 | €1,517,935 | €1,364,386 | -€153,549 | -10.1% |
| Tangible fixed assets | 22/27 | €1,517,895 | €1,364,346 | -€153,549 | -10.1% |
| Land and buildings | 22 | €1,410,488 | €1,279,309 | -€131,179 | -9.3% |
| Furniture and vehicles | 24 | €99,515 | €71,471 | -€28,044 | -28.2% |
| Assets under construction and advance payments | 27 | €7,892 | €13,566 | +€5,674 | +71.9% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €464,354 | €321,601 | -€142,753 | -30.7% |
| Amounts receivable within one year | 40/41 | €180,580 | €111,630 | -€68,950 | -38.2% |
| Trade receivables | 40 | €15,175 | €32,431 | +€17,256 | +114% |
| Other amounts receivable | 41 | €165,405 | €79,199 | -€86,206 | -52.1% |
| Current investments | 50/53 | €201,951 | €157,782 | -€44,170 | -21.9% |
| Cash at bank and in hand | 54/58 | €81,716 | €49,861 | -€31,855 | -39.0% |
| Deferred charges and accrued income | 490/1 | €107 | €2,329 | +€2,223 | +2,085% |
| Total equity and liabilities | 10/49 | €1,982,289 | €1,685,987 | -€296,302 | -14.9% |
| Equity | 10/15 | €1,414,896 | €1,327,510 | -€87,386 | -6.2% |
| Contributions | 10/11 | €18,351 | €18,351 | = | 0.0% |
| Reserves | 13 | €1,396,544 | €1,309,158 | -€87,386 | -6.3% |
| Distributable reserves | 133 | €1,396,544 | €1,309,158 | -€87,386 | -6.3% |
| Amounts payable | 17/49 | €567,393 | €358,477 | -€208,916 | -36.8% |
| Amounts payable after more than one year | 17 | €343,611 | €230,845 | -€112,766 | -32.8% |
| Financial debts | 170/4 | €343,611 | €230,845 | -€112,766 | -32.8% |
| Amounts payable within one year | 42/48 | €220,154 | €125,356 | -€94,799 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €111,284 | €112,766 | +€1,482 | +1.3% |
| Trade debts | 44 | €80,517 | €1,177 | -€79,339 | -98.5% |
| Suppliers | 440/4 | €80,517 | €1,177 | -€79,339 | -98.5% |
| Taxes, remuneration and social security | 45 | €26,682 | €8,740 | -€17,942 | -67.2% |
| Taxes | 450/3 | €24,481 | €8,740 | -€15,741 | -64.3% |
| Remuneration and social security | 454/9 | €2,201 | - | -€2,201 | |
| Other amounts payable | 47/48 | €1,672 | €2,672 | +€1,000 | +59.8% |
| Accrued charges and deferred income | 492/3 | €3,628 | €2,277 | -€1,351 | -37.2% |
| Remuneration, social security and pensions | 62 | €318,637 | -€4,864 | -€323,501 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,721 | €162,973 | -€5,748 | -3.4% |
| Other operating charges | 640/8 | €10,935 | €10,086 | -€849 | -7.8% |
| Gross operating margin | 9900 | €691,112 | €311,012 | -€380,100 | -55.0% |
| Operating profit (loss) | 9901 | €192,819 | €142,817 | -€50,003 | -25.9% |
| Financial income | 75/76B | €24,225 | €28,638 | +€4,413 | +18.2% |
| Recurring financial income | 75 | €2,053 | €28,638 | +€26,585 | +1,295% |
| Non-recurring financial income | 76B | €22,172 | - | -€22,172 | |
| Financial charges | 65/66B | €14,188 | €5,053 | -€9,135 | -64.4% |
| Recurring financial charges | 65 | €14,188 | €5,053 | -€9,135 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €202,856 | €166,401 | -€36,454 | -18.0% |
| Income taxes | 67/77 | €64,293 | €44,203 | -€20,089 | -31.2% |
| Profit (loss) for the period | 9904 | €138,563 | €122,198 | -€16,365 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €138,563 | €122,198 | -€16,365 | -11.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.