SN PROJECT: 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.
SN PROJECT
Largest movements
- Cash +€11,465
up €11,465 (+3702.7%), from €310 to €11,774
mainly Other debts (+€53,608) and Stocks and contracts (+€100)
- Other debts +€53,608
up €53,608 (+34.7%), from €154,682 to €208,290
- Profit (loss) carried forward -€30,680
down €30,680 (-112.5%), from -€27,276 to -€57,955
- Accrued charges and deferred income -€10,232
down €10,232 (-53.2%), from €19,233 to €9,001
- Financial charges +€8,086
up €8,086 (+38.2%), from €21,141 to €29,227
- Gross operating margin +€3,591
up €3,591 (+72.3%), from -€4,964 to -€1,373
- Depreciation -€1,114
no longer reported in 2025 (was €1,114)
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 | €704,059 | €715,424 | +€11,365 | +1.6% |
| Current assets | 29/58 | €704,059 | €715,424 | +€11,365 | +1.6% |
| Stocks and contracts in progress | 3 | €703,750 | €703,650 | -€100 | 0.0% |
| Stocks | 30/36 | €621,084 | €621,084 | = | 0.0% |
| Contracts in progress | 37 | €82,665 | €82,565 | -€100 | -0.1% |
| Cash at bank and in hand | 54/58 | €310 | €11,774 | +€11,465 | +3702.7% |
| Total equity and liabilities | 10/49 | €704,059 | €715,424 | +€11,365 | +1.6% |
| Equity | 10/15 | -€17,276 | -€47,955 | -€30,680 | -177.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,276 | -€57,955 | -€30,680 | -112.5% |
| Amounts payable | 17/49 | €721,335 | €763,379 | +€42,045 | +5.8% |
| Amounts payable after more than one year | 17 | €545,000 | €545,000 | = | 0.0% |
| Financial debts | 170/4 | €545,000 | €545,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,102 | €209,379 | +€52,277 | +33.3% |
| Trade debts | 44 | €2,420 | €1,089 | -€1,331 | -55.0% |
| Suppliers | 440/4 | €2,420 | €1,089 | -€1,331 | -55.0% |
| Other amounts payable | 47/48 | €154,682 | €208,290 | +€53,608 | +34.7% |
| Accrued charges and deferred income | 492/3 | €19,233 | €9,001 | -€10,232 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,114 | - | -€1,114 | |
| Other operating charges | 640/8 | €56 | €80 | +€24 | +43.1% |
| Gross operating margin | 9900 | -€4,964 | -€1,373 | +€3,591 | +72.3% |
| Operating profit (loss) | 9901 | -€6,134 | -€1,453 | +€4,681 | +76.3% |
| Financial charges | 65/66B | €21,141 | €29,227 | +€8,086 | +38.2% |
| Recurring financial charges | 65 | €21,141 | €29,227 | +€8,086 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,276 | -€30,680 | -€3,404 | -12.5% |
| Profit (loss) for the period | 9904 | -€27,276 | -€30,680 | -€3,404 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,276 | -€30,680 | -€3,404 | -12.5% |
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 3 October 2026 via checked.be.