S.O. PROJECT: 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.
S.O. PROJECT
Largest movements
- Cash -€50,257
down €50,257 (-50.3%), from €99,996 to €49,739
mainly Investment in fixed assets (net) (-€71,267) and Trade debts (-€62,664)
- Tangible fixed assets +€34,228
up €34,228 (+48.1%), from €71,195 to €105,423
- Receivables within one year -€11,152
down €11,152 (-18.4%), from €60,483 to €49,331
of which Trade receivables: -€20,322
- Trade debts -€62,664
down €62,664 (-64.2%), from €97,658 to €34,994
of which Bills of exchange payable: -€52,236
- Profit (loss) carried forward +€20,679
up €20,679 (+27.3%), from €75,765 to €96,443
- Current portion of long-term debt +€9,079
up €9,079 (+61.3%), from €14,813 to €23,891
- Debts after one year +€4,869
up €4,869 (+17.1%), from €28,554 to €33,423
- Gross operating margin +€22,040
up €22,040 (+47.3%), from €46,553 to €68,592
- Depreciation +€12,935
up €12,935 (+53.7%), from €24,104 to €37,039
- Taxes +€2,049
up €2,049 (+36.8%), from €5,566 to €7,616
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €241,074 | €213,493 | -€27,581 | -11.4% |
| Fixed assets | 21/28 | €77,595 | €111,823 | +€34,228 | +44.1% |
| Tangible fixed assets | 22/27 | €71,195 | €105,423 | +€34,228 | +48.1% |
| Furniture and vehicles | 24 | €71,195 | €105,423 | +€34,228 | +48.1% |
| Financial fixed assets | 28 | €6,400 | €6,400 | = | 0.0% |
| Current assets | 29/58 | €163,479 | €101,670 | -€61,809 | -37.8% |
| Amounts receivable within one year | 40/41 | €60,483 | €49,331 | -€11,152 | -18.4% |
| Trade receivables | 40 | €40,744 | €20,422 | -€20,322 | -49.9% |
| Other amounts receivable | 41 | €19,739 | €28,909 | +€9,170 | +46.5% |
| Cash at bank and in hand | 54/58 | €99,996 | €49,739 | -€50,257 | -50.3% |
| Deferred charges and accrued income | 490/1 | €3,000 | €2,600 | -€400 | -13.3% |
| Total equity and liabilities | 10/49 | €241,074 | €213,493 | -€27,581 | -11.4% |
| Equity | 10/15 | €83,825 | €104,503 | +€20,679 | +24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,765 | €96,443 | +€20,679 | +27.3% |
| Provisions and deferred taxes | 16 | €7,500 | €7,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,500 | €7,500 | = | 0.0% |
| Environmental obligations | 163 | €7,500 | €7,500 | = | 0.0% |
| Amounts payable | 17/49 | €149,749 | €101,490 | -€48,260 | -32.2% |
| Amounts payable after more than one year | 17 | €28,554 | €33,423 | +€4,869 | +17.1% |
| Financial debts | 170/4 | €28,554 | €33,423 | +€4,869 | +17.1% |
| Amounts payable within one year | 42/48 | €121,195 | €68,066 | -€53,129 | -43.8% |
| Current portion of amounts payable after more than one year | 42 | €14,813 | €23,891 | +€9,079 | +61.3% |
| Trade debts | 44 | €97,658 | €34,994 | -€62,664 | -64.2% |
| Suppliers | 440/4 | €28,554 | €18,126 | -€10,428 | -36.5% |
| Bills of exchange payable | 441 | €69,104 | €16,868 | -€52,236 | -75.6% |
| Taxes, remuneration and social security | 45 | €8,724 | €9,181 | +€457 | +5.2% |
| Taxes | 450/3 | €2,724 | €181 | -€2,543 | -93.4% |
| Remuneration and social security | 454/9 | €6,000 | €9,000 | +€3,000 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,104 | €37,039 | +€12,935 | +53.7% |
| Other operating charges | 640/8 | €501 | €995 | +€494 | +98.7% |
| Gross operating margin | 9900 | €46,553 | €68,592 | +€22,040 | +47.3% |
| Operating profit (loss) | 9901 | €21,948 | €30,558 | +€8,611 | +39.2% |
| Financial income | 75/76B | - | €50 | +€50 | |
| Recurring financial income | 75 | - | €50 | +€50 | |
| Financial charges | 65/66B | €2,319 | €2,314 | -€5 | -0.2% |
| Recurring financial charges | 65 | €2,319 | €2,314 | -€5 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €19,629 | €28,295 | +€8,666 | +44.2% |
| Income taxes | 67/77 | €5,566 | €7,616 | +€2,049 | +36.8% |
| Profit (loss) for the period | 9904 | €14,062 | €20,679 | +€6,617 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,062 | €20,679 | +€6,617 | +47.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.