SELECT 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.
SELECT PROJECTS
Largest movements
- Tangible fixed assets +€51,294
up €51,294 (+205.7%), from €24,931 to €76,225
of which Leasing and similar rights: +€55,887
- Receivables within one year +€29,275
up €29,275 (+3937.1%), from €744 to €30,019
of which Trade receivables: +€15,801
- Cash -€8,714
down €8,714 (-50.6%), from €17,208 to €8,494
mainly Investment in fixed assets (net) (-€70,158) and Receivables within one year (-€29,275)
- Stocks and contracts +€3,488
up €3,488 (+230.0%), from €1,516 to €5,004
- Debts after one year +€47,840
up €47,840 (+1373.5%), from €3,483 to €51,323
- Current portion of long-term debt +€10,953
up €10,953 (+110.9%), from €9,880 to €20,834
- Reserves +€9,200
new in 2025: €9,200
- Tax, wage and social debts +€4,657
up €4,657 (+81.6%), from €5,710 to €10,367
of which Taxes: +€4,407
- Trade debts +€2,937
up €2,937 (+91.0%), from €3,229 to €6,167
- Gross operating margin +€7,838
up €7,838 (+25.4%), from €30,901 to €38,739
- Depreciation +€6,297
up €6,297 (+50.5%), from €12,465 to €18,762
- Taxes +€3,874
up €3,874 (+129.1%), from €3,000 to €6,874
- Other operating charges +€1,442
up €1,442 (+155.3%), from €929 to €2,371
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 | €44,832 | €121,098 | +€76,266 | +170.1% |
| Fixed assets | 21/28 | €24,931 | €76,327 | +€51,396 | +206.2% |
| Tangible fixed assets | 22/27 | €24,931 | €76,225 | +€51,294 | +205.7% |
| Plant, machinery and equipment | 23 | €4,027 | €3,457 | -€570 | -14.1% |
| Furniture and vehicles | 24 | €20,905 | €16,881 | -€4,024 | -19.2% |
| Leasing and similar rights | 25 | - | €55,887 | +€55,887 | |
| Financial fixed assets | 28 | - | €102 | +€102 | |
| Current assets | 29/58 | €19,901 | €44,771 | +€24,870 | +125.0% |
| Stocks and contracts in progress | 3 | €1,516 | €5,004 | +€3,488 | +230.0% |
| Stocks | 30/36 | €1,516 | €5,004 | +€3,488 | +230.0% |
| Amounts receivable within one year | 40/41 | €744 | €30,019 | +€29,275 | +3937.1% |
| Trade receivables | 40 | €647 | €16,448 | +€15,801 | +2442.0% |
| Other amounts receivable | 41 | €97 | €13,571 | +€13,474 | +13960.3% |
| Cash at bank and in hand | 54/58 | €17,208 | €8,494 | -€8,714 | -50.6% |
| Deferred charges and accrued income | 490/1 | €433 | €1,254 | +€821 | +189.6% |
| Total equity and liabilities | 10/49 | €44,832 | €121,098 | +€76,266 | +170.1% |
| Equity | 10/15 | €168 | €9,370 | +€9,203 | +5487.6% |
| Reserves | 13 | - | €9,200 | +€9,200 | |
| Distributable reserves | 133 | - | €9,200 | +€9,200 | |
| Profit (loss) carried forward | 14 | €168 | €170 | +€3 | +1.6% |
| Amounts payable | 17/49 | €44,664 | €111,728 | +€67,063 | +150.1% |
| Amounts payable after more than one year | 17 | €3,483 | €51,323 | +€47,840 | +1373.5% |
| Financial debts | 170/4 | €3,483 | €51,323 | +€47,840 | +1373.5% |
| Amounts payable within one year | 42/48 | €41,181 | €60,405 | +€19,224 | +46.7% |
| Current portion of amounts payable after more than one year | 42 | €9,880 | €20,834 | +€10,953 | +110.9% |
| Trade debts | 44 | €3,229 | €6,167 | +€2,937 | +91.0% |
| Suppliers | 440/4 | €3,229 | €6,167 | +€2,937 | +91.0% |
| Taxes, remuneration and social security | 45 | €5,710 | €10,367 | +€4,657 | +81.6% |
| Taxes | 450/3 | €5,710 | €10,117 | +€4,407 | +77.2% |
| Remuneration and social security | 454/9 | - | €250 | +€250 | |
| Other amounts payable | 47/48 | €22,361 | €23,037 | +€676 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,465 | €18,762 | +€6,297 | +50.5% |
| Other operating charges | 640/8 | €929 | €2,371 | +€1,442 | +155.3% |
| Gross operating margin | 9900 | €30,901 | €38,739 | +€7,838 | +25.4% |
| Operating profit (loss) | 9901 | €17,508 | €17,606 | +€99 | +0.6% |
| Financial income | 75/76B | €43 | €12 | -€31 | -72.8% |
| Recurring financial income | 75 | €43 | €12 | -€31 | -72.8% |
| Financial charges | 65/66B | €1,469 | €1,541 | +€72 | +4.9% |
| Recurring financial charges | 65 | €1,469 | €1,541 | +€72 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €16,081 | €16,077 | -€5 | 0.0% |
| Income taxes | 67/77 | €3,000 | €6,874 | +€3,874 | +129.1% |
| Profit (loss) for the period | 9904 | €13,081 | €9,203 | -€3,879 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,081 | €9,203 | -€3,879 | -29.7% |
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 11 October 2026 via checked.be.