Reflection Projects: 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.
Reflection Projects
Largest movements
- Stocks and contracts -€287,079
down €287,079 (-27.0%), from €1.1m to €776,443
of which Stocks: -€325,424
- Receivables within one year +€231,531
up €231,531 (+152%), from €152,701 to €384,232
of which Trade receivables: +€258,450
- Deferred charges and accrued income +€15,700
new in 2025: €15,700
- Debts after one year -€290,044
down €290,044 (-36.7%), from €790,019 to €499,975
- Trade debts +€251,946
up €251,946 (+180%), from €139,838 to €391,785
- Short-term financial debts -€202,300
no longer reported in 2025 (was €202,300)
- Current portion of long-term debt +€103,500
new in 2025: €103,500
- Other debts +€71,192
up €71,192 (+15.9%), from €446,354 to €517,546
- Gross operating margin +€141,129
up €141,129, from -€68,387 to €72,741
- Financial charges -€5,085
down €5,085 (-10.9%), from €46,473 to €41,388
- Other operating charges +€1,106
up €1,106 (+73.9%), from €1,496 to €2,602
- Financial income +€1,041
up €1,041 (+2,081,260%), from €0 to €1,041
- Depreciation -€890
down €890 (-19.0%), from €4,680 to €3,790
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 | €1,393,452 | €1,354,442 | -€39,010 | -2.8% |
| Fixed assets | 21/28 | €164,348 | €164,808 | +€460 | +0.3% |
| Tangible fixed assets | 22/27 | €126,352 | €126,812 | +€460 | +0.4% |
| Land and buildings | 22 | €126,352 | €122,846 | -€3,506 | -2.8% |
| Furniture and vehicles | 24 | - | €3,967 | +€3,967 | |
| Financial fixed assets | 28 | €37,996 | €37,996 | = | 0.0% |
| Current assets | 29/58 | €1,229,104 | €1,189,633 | -€39,471 | -3.2% |
| Stocks and contracts in progress | 3 | €1,063,522 | €776,443 | -€287,079 | -27.0% |
| Stocks | 30/36 | €634,424 | €309,000 | -€325,424 | -51.3% |
| Contracts in progress | 37 | €429,097 | €467,443 | +€38,346 | +8.9% |
| Amounts receivable within one year | 40/41 | €152,701 | €384,232 | +€231,531 | +152% |
| Trade receivables | 40 | €22,270 | €280,720 | +€258,450 | +1,161% |
| Other amounts receivable | 41 | €130,431 | €103,512 | -€26,919 | -20.6% |
| Cash at bank and in hand | 54/58 | €12,881 | €13,258 | +€377 | +2.9% |
| Deferred charges and accrued income | 490/1 | - | €15,700 | +€15,700 | |
| Total equity and liabilities | 10/49 | €1,393,452 | €1,354,442 | -€39,010 | -2.8% |
| Equity | 10/15 | -€185,687 | -€159,684 | +€26,003 | +14.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,629 | €7,629 | = | 0.0% |
| Distributable reserves | 133 | €7,629 | €7,629 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€195,316 | -€169,313 | +€26,003 | +13.3% |
| Amounts payable | 17/49 | €1,579,139 | €1,514,125 | -€65,013 | -4.1% |
| Amounts payable after more than one year | 17 | €790,019 | €499,975 | -€290,044 | -36.7% |
| Financial debts | 170/4 | €790,019 | €499,975 | -€290,044 | -36.7% |
| Amounts payable within one year | 42/48 | €789,120 | €1,014,150 | +€225,030 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | - | €103,500 | +€103,500 | |
| Financial debts | 43 | €202,300 | - | -€202,300 | |
| Credit institutions | 430/8 | €202,300 | - | -€202,300 | |
| Trade debts | 44 | €139,838 | €391,785 | +€251,946 | +180% |
| Suppliers | 440/4 | €139,838 | €391,785 | +€251,946 | +180% |
| Taxes, remuneration and social security | 45 | €628 | €1,319 | +€691 | +110% |
| Taxes | 450/3 | €628 | €1,319 | +€691 | +110% |
| Other amounts payable | 47/48 | €446,354 | €517,546 | +€71,192 | +15.9% |
| Remuneration, social security and pensions | 62 | €55 | - | -€55 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,680 | €3,790 | -€890 | -19.0% |
| Other operating charges | 640/8 | €1,496 | €2,602 | +€1,106 | +73.9% |
| Gross operating margin | 9900 | -€68,387 | €72,741 | +€141,129 | |
| Operating profit (loss) | 9901 | -€74,618 | €66,350 | +€140,968 | |
| Financial income | 75/76B | €0 | €1,041 | +€1,041 | +2,081,260% |
| Recurring financial income | 75 | €0 | €1,041 | +€1,041 | +2,081,260% |
| Financial charges | 65/66B | €46,473 | €41,388 | -€5,085 | -10.9% |
| Recurring financial charges | 65 | €46,473 | €41,388 | -€5,085 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€121,091 | €26,003 | +€147,094 | |
| Profit (loss) for the period | 9904 | -€121,091 | €26,003 | +€147,094 | |
| Profit (loss) for the period to be appropriated | 9905 | -€121,091 | €26,003 | +€147,094 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.