PROPELLER: 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.
PROPELLER
Largest movements
- Tangible fixed assets -€69,326
down €69,326 (-14.9%), from €463,951 to €394,624
- Receivables within one year -€20,562
down €20,562 (-40.6%), from €50,660 to €30,098
of which Trade receivables: -€17,727
- Debts after one year -€63,963
down €63,963 (-24.1%), from €265,281 to €201,318
of which Financial debts: -€63,963
- Profit (loss) carried forward -€44,661
down €44,661 (-27.6%), from -€161,732 to -€206,394
- Trade debts +€12,679
up €12,679 (+92.2%), from €13,757 to €26,436
- Current portion of long-term debt +€8,973
up €8,973 (+16.3%), from €54,991 to €63,963
- Gross operating margin -€33,231
down €33,231 (-39.9%), from €83,353 to €50,122
- Depreciation +€2,325
up €2,325 (+3.0%), from €76,285 to €78,610
- Other operating charges +€955
up €955 (+7.1%), from €13,536 to €14,491
- Financial charges -€875
down €875 (-31.6%), from €2,765 to €1,890
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 | €572,434 | €486,122 | -€86,312 | -15.1% |
| Fixed assets | 21/28 | €468,526 | €399,199 | -€69,326 | -14.8% |
| Tangible fixed assets | 22/27 | €463,951 | €394,624 | -€69,326 | -14.9% |
| Plant, machinery and equipment | 23 | €118,856 | €98,821 | -€20,035 | -16.9% |
| Furniture and vehicles | 24 | €110,208 | €92,562 | -€17,646 | -16.0% |
| Leasing and similar rights | 25 | €234,462 | €203,029 | -€31,433 | -13.4% |
| Other tangible fixed assets | 26 | €425 | €212 | -€212 | -50.0% |
| Financial fixed assets | 28 | €4,575 | €4,575 | = | 0.0% |
| Current assets | 29/58 | €103,909 | €86,923 | -€16,986 | -16.3% |
| Amounts receivable within one year | 40/41 | €50,660 | €30,098 | -€20,562 | -40.6% |
| Trade receivables | 40 | €46,937 | €29,210 | -€17,727 | -37.8% |
| Other amounts receivable | 41 | €3,723 | €888 | -€2,835 | -76.2% |
| Cash at bank and in hand | 54/58 | €45,723 | €47,432 | +€1,709 | +3.7% |
| Deferred charges and accrued income | 490/1 | €7,526 | €9,393 | +€1,867 | +24.8% |
| Total equity and liabilities | 10/49 | €572,434 | €486,122 | -€86,312 | -15.1% |
| Equity | 10/15 | €238,268 | €193,606 | -€44,661 | -18.7% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,732 | -€206,394 | -€44,661 | -27.6% |
| Amounts payable | 17/49 | €334,167 | €292,516 | -€41,651 | -12.5% |
| Amounts payable after more than one year | 17 | €265,281 | €201,318 | -€63,963 | -24.1% |
| Financial debts | 170/4 | €63,963 | €0 | -€63,963 | -100.0% |
| Other amounts payable | 178/9 | €201,318 | €201,318 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,763 | €91,134 | +€22,371 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €54,991 | €63,963 | +€8,973 | +16.3% |
| Financial debts | 43 | - | €735 | +€735 | |
| Credit institutions | 430/8 | - | €735 | +€735 | |
| Trade debts | 44 | €13,757 | €26,436 | +€12,679 | +92.2% |
| Suppliers | 440/4 | €13,757 | €26,436 | +€12,679 | +92.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15 | €0 | -€15 | -100.0% |
| Taxes | 450/3 | €15 | €0 | -€15 | -100.0% |
| Accrued charges and deferred income | 492/3 | €123 | €64 | -€59 | -48.2% |
| Non-recurring operating income | 76A | €63,982 | €15,000 | -€48,982 | -76.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,285 | €78,610 | +€2,325 | +3.0% |
| Other operating charges | 640/8 | €13,536 | €14,491 | +€955 | +7.1% |
| Gross operating margin | 9900 | €83,353 | €50,122 | -€33,231 | -39.9% |
| Operating profit (loss) | 9901 | -€6,469 | -€42,980 | -€36,511 | -564.4% |
| Financial income | 75/76B | €654 | €208 | -€445 | -68.1% |
| Recurring financial income | 75 | €654 | €208 | -€445 | -68.1% |
| Financial charges | 65/66B | €2,765 | €1,890 | -€875 | -31.6% |
| Recurring financial charges | 65 | €2,765 | €1,890 | -€875 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,580 | -€44,661 | -€36,082 | -420.6% |
| Profit (loss) for the period | 9904 | -€8,580 | -€44,661 | -€36,082 | -420.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,580 | -€44,661 | -€36,082 | -420.6% |
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 7 October 2026 via checked.be.