SPECIAL MANAGEMENT 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.
SPECIAL MANAGEMENT PROJECTS
Largest movements
- Stocks and contracts +€10,954
up €10,954 (+28.0%), from €39,065 to €50,019
- Receivables within one year -€6,234
down €6,234 (-62.8%), from €9,924 to €3,689
of which Other amounts receivable: -€4,521
- Tangible fixed assets -€4,957
down €4,957 (-5.4%), from €92,405 to €87,448
of which Land and buildings: -€4,528
- Profit (loss) carried forward +€14,343
up €14,343 (+8.4%), from -€170,577 to -€156,234
- Other debts -€10,088
down €10,088 (-14.2%), from €70,806 to €60,718
- Trade debts -€5,087
down €5,087 (-5.0%), from €101,597 to €96,510
- Tax, wage and social debts +€1,716
new in 2025: €1,716
- Gross operating margin +€10,518
up €10,518 (+87.2%), from €12,064 to €22,581
- Depreciation +€1,049
up €1,049 (+18.6%), from €5,643 to €6,692
- Other operating charges +€239
up €239 (+20.5%), from €1,165 to €1,404
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 | €151,409 | €152,293 | +€884 | +0.6% |
| Fixed assets | 21/28 | €92,405 | €87,448 | -€4,957 | -5.4% |
| Tangible fixed assets | 22/27 | €92,405 | €87,448 | -€4,957 | -5.4% |
| Land and buildings | 22 | €90,575 | €86,047 | -€4,528 | -5.0% |
| Plant, machinery and equipment | 23 | €1,830 | €1,401 | -€429 | -23.5% |
| Current assets | 29/58 | €59,004 | €64,845 | +€5,841 | +9.9% |
| Stocks and contracts in progress | 3 | €39,065 | €50,019 | +€10,954 | +28.0% |
| Stocks | 30/36 | €39,065 | €50,019 | +€10,954 | +28.0% |
| Amounts receivable within one year | 40/41 | €9,924 | €3,689 | -€6,234 | -62.8% |
| Trade receivables | 40 | €5,402 | €3,689 | -€1,713 | -31.7% |
| Other amounts receivable | 41 | €4,521 | - | -€4,521 | |
| Cash at bank and in hand | 54/58 | €10,015 | €11,136 | +€1,121 | +11.2% |
| Total equity and liabilities | 10/49 | €151,409 | €152,293 | +€884 | +0.6% |
| Equity | 10/15 | -€20,994 | -€6,651 | +€14,343 | +68.3% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €55,983 | €55,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Distributable reserves | 133 | €54,000 | €54,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€170,577 | -€156,234 | +€14,343 | +8.4% |
| Amounts payable | 17/49 | €172,403 | €158,944 | -€13,459 | -7.8% |
| Amounts payable within one year | 42/48 | €172,403 | €158,944 | -€13,459 | -7.8% |
| Trade debts | 44 | €101,597 | €96,510 | -€5,087 | -5.0% |
| Suppliers | 440/4 | €101,597 | €96,510 | -€5,087 | -5.0% |
| Taxes, remuneration and social security | 45 | - | €1,716 | +€1,716 | |
| Taxes | 450/3 | - | €1,716 | +€1,716 | |
| Other amounts payable | 47/48 | €70,806 | €60,718 | -€10,088 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,643 | €6,692 | +€1,049 | +18.6% |
| Other operating charges | 640/8 | €1,165 | €1,404 | +€239 | +20.5% |
| Gross operating margin | 9900 | €12,064 | €22,581 | +€10,518 | +87.2% |
| Operating profit (loss) | 9901 | €5,255 | €14,485 | +€9,230 | +175.6% |
| Financial income | 75/76B | €71 | - | -€71 | |
| Recurring financial income | 75 | €71 | - | -€71 | |
| Financial charges | 65/66B | €81 | €142 | +€62 | +76.3% |
| Recurring financial charges | 65 | €81 | €142 | +€62 | +76.3% |
| Profit (loss) for the period before taxes | 9903 | €5,245 | €14,343 | +€9,097 | +173.4% |
| Profit (loss) for the period | 9904 | €5,245 | €14,343 | +€9,097 | +173.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,245 | €14,343 | +€9,097 | +173.4% |
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 6 October 2026 via checked.be.