PUBLI PROJECTS: 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.
PUBLI PROJECTS
Largest movements
- Current investments -€332,167
down €332,167 (-100.0%), from €332,167 to €0
- Tangible fixed assets -€129,793
down €129,793 (-4.9%), from €2.7m to €2.5m
of which Land and buildings: -€93,103
- Cash +€119,613
up €119,613 (+92.8%), from €128,963 to €248,576
mainly Current investments (+€332,167) and Depreciation (+€136,694)
- Receivables after one year -€81,829
down €81,829 (-28.2%), from €290,550 to €208,721
- Other debts -€284,973
down €284,973 (-37.7%), from €755,425 to €470,452
- Profit (loss) carried forward -€74,956
down €74,956 (-115.7%), from -€64,766 to -€139,722
- Debts after one year -€50,000
down €50,000 (-85.7%), from €58,334 to €8,334
- Gross operating margin -€19,926
down €19,926 (-26.4%), from €75,343 to €55,417
- Financial income +€13,254
up €13,254 (+52.8%), from €25,103 to €38,357
- Depreciation +€8,960
up €8,960 (+7.0%), from €127,735 to €136,694
- Financial charges -€2,168
down €2,168 (-7.0%), from €31,142 to €28,974
- Taxes -€2,045
down €2,045 (-70.7%), from €2,895 to €850
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 | €3,423,912 | €3,004,754 | -€419,158 | -12.2% |
| Fixed assets | 21/28 | €2,667,623 | €2,537,830 | -€129,793 | -4.9% |
| Tangible fixed assets | 22/27 | €2,667,623 | €2,537,830 | -€129,793 | -4.9% |
| Land and buildings | 22 | €2,480,600 | €2,387,498 | -€93,103 | -3.8% |
| Plant, machinery and equipment | 23 | €13,737 | €11,587 | -€2,150 | -15.6% |
| Furniture and vehicles | 24 | €156,921 | €121,754 | -€35,167 | -22.4% |
| Other tangible fixed assets | 26 | €16,364 | €16,991 | +€627 | +3.8% |
| Current assets | 29/58 | €756,289 | €466,924 | -€289,365 | -38.3% |
| Amounts receivable after more than one year | 29 | €290,550 | €208,721 | -€81,829 | -28.2% |
| Other amounts receivable | 291 | €290,550 | €208,721 | -€81,829 | -28.2% |
| Amounts receivable within one year | 40/41 | €2,255 | €7,941 | +€5,686 | +252.1% |
| Trade receivables | 40 | - | €6,479 | +€6,479 | |
| Other amounts receivable | 41 | €2,255 | €1,462 | -€794 | -35.2% |
| Current investments | 50/53 | €332,167 | €0 | -€332,167 | -100.0% |
| Cash at bank and in hand | 54/58 | €128,963 | €248,576 | +€119,613 | +92.8% |
| Deferred charges and accrued income | 490/1 | €2,354 | €1,686 | -€668 | -28.4% |
| Total equity and liabilities | 10/49 | €3,423,912 | €3,004,754 | -€419,158 | -12.2% |
| Equity | 10/15 | €2,492,863 | €2,413,353 | -€79,510 | -3.2% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €2,522,629 | €2,518,075 | -€4,554 | -0.2% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €113,856 | €109,302 | -€4,554 | -4.0% |
| Distributable reserves | 133 | €2,405,273 | €2,405,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,766 | -€139,722 | -€74,956 | -115.7% |
| Provisions and deferred taxes | 16 | €58,627 | €56,282 | -€2,345 | -4.0% |
| Deferred taxes | 168 | €58,627 | €56,282 | -€2,345 | -4.0% |
| Amounts payable | 17/49 | €872,422 | €535,119 | -€337,303 | -38.7% |
| Amounts payable after more than one year | 17 | €58,334 | €8,334 | -€50,000 | -85.7% |
| Financial debts | 170/4 | €58,334 | €8,334 | -€50,000 | -85.7% |
| Amounts payable within one year | 42/48 | €814,087 | €526,785 | -€287,303 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | - | €5,468 | +€5,468 | |
| Suppliers | 440/4 | - | €5,468 | +€5,468 | |
| Taxes, remuneration and social security | 45 | €8,662 | €865 | -€7,797 | -90.0% |
| Taxes | 450/3 | €8,662 | €865 | -€7,797 | -90.0% |
| Other amounts payable | 47/48 | €755,425 | €470,452 | -€284,973 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,735 | €136,694 | +€8,960 | +7.0% |
| Other operating charges | 640/8 | €10,340 | €9,112 | -€1,229 | -11.9% |
| Gross operating margin | 9900 | €75,343 | €55,417 | -€19,926 | -26.4% |
| Operating profit (loss) | 9901 | -€62,732 | -€90,389 | -€27,657 | -44.1% |
| Financial income | 75/76B | €25,103 | €38,357 | +€13,254 | +52.8% |
| Recurring financial income | 75 | €25,103 | €38,357 | +€13,254 | +52.8% |
| Financial charges | 65/66B | €31,142 | €28,974 | -€2,168 | -7.0% |
| Recurring financial charges | 65 | €31,142 | €28,974 | -€2,168 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€68,771 | -€81,006 | -€12,235 | -17.8% |
| Transfer from deferred taxes | 780 | €2,345 | €2,345 | = | 0.0% |
| Income taxes | 67/77 | €2,895 | €850 | -€2,045 | -70.7% |
| Profit (loss) for the period | 9904 | -€69,320 | -€79,510 | -€10,190 | -14.7% |
| Transfer from tax-exempt reserves | 789 | €4,554 | €4,554 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,766 | -€74,956 | -€10,190 | -15.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.