T-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.
T-Project
Largest movements
- Stocks and contracts -€909,391
no longer reported in 2025 (was €909,391)
- Cash +€79,671
up €79,671 (+1,187%), from €6,713 to €86,385
mainly Stocks and contracts (+€909,391) and Depreciation (+€1,629)
- Debts after one year -€445,381
down €445,381 (-93.8%), from €474,861 to €29,480
- Current portion of long-term debt -€146,737
down €146,737 (-95.2%), from €154,118 to €7,381
- Profit (loss) carried forward -€144,362
down €144,362 (-73.2%), from -€197,089 to -€341,451
- Other debts -€89,370
down €89,370 (-18.5%), from €482,554 to €393,185
- Gross operating margin -€92,847
down €92,847 (-344%), from -€26,956 to -€119,802
- Financial charges -€11,933
down €11,933 (-34.9%), from €34,173 to €22,240
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 | €952,432 | €122,151 | -€830,281 | -87.2% |
| Fixed assets | 21/28 | €17,508 | €15,879 | -€1,629 | -9.3% |
| Tangible fixed assets | 22/27 | €15,809 | €14,180 | -€1,629 | -10.3% |
| Land and buildings | 22 | €6,940 | €5,929 | -€1,011 | -14.6% |
| Furniture and vehicles | 24 | €203 | - | -€203 | |
| Other tangible fixed assets | 26 | €8,666 | €8,251 | -€415 | -4.8% |
| Financial fixed assets | 28 | €1,699 | €1,699 | = | 0.0% |
| Current assets | 29/58 | €934,924 | €106,272 | -€828,652 | -88.6% |
| Stocks and contracts in progress | 3 | €909,391 | - | -€909,391 | |
| Stocks | 30/36 | €909,391 | - | -€909,391 | |
| Amounts receivable within one year | 40/41 | €17,814 | €19,888 | +€2,074 | +11.6% |
| Other amounts receivable | 41 | €17,814 | €19,888 | +€2,074 | +11.6% |
| Cash at bank and in hand | 54/58 | €6,713 | €86,385 | +€79,671 | +1,187% |
| Deferred charges and accrued income | 490/1 | €1,006 | - | -€1,006 | |
| Total equity and liabilities | 10/49 | €952,432 | €122,151 | -€830,281 | -87.2% |
| Equity | 10/15 | -€182,834 | -€327,196 | -€144,362 | -79.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,089 | -€341,451 | -€144,362 | -73.2% |
| Amounts payable | 17/49 | €1,135,266 | €449,347 | -€685,919 | -60.4% |
| Amounts payable after more than one year | 17 | €474,861 | €29,480 | -€445,381 | -93.8% |
| Financial debts | 170/4 | €474,861 | €29,480 | -€445,381 | -93.8% |
| Amounts payable within one year | 42/48 | €660,405 | €419,867 | -€240,538 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €154,118 | €7,381 | -€146,737 | -95.2% |
| Financial debts | 43 | €717 | €584 | -€132 | -18.5% |
| Credit institutions | 430/8 | €717 | €584 | -€132 | -18.5% |
| Trade debts | 44 | €19,940 | €18,717 | -€1,223 | -6.1% |
| Suppliers | 440/4 | €19,940 | €18,717 | -€1,223 | -6.1% |
| Taxes, remuneration and social security | 45 | €3,076 | - | -€3,076 | |
| Taxes | 450/3 | €3,076 | - | -€3,076 | |
| Other amounts payable | 47/48 | €482,554 | €393,185 | -€89,370 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,836 | €1,629 | -€207 | -11.3% |
| Other operating charges | 640/8 | €1,267 | €728 | -€538 | -42.5% |
| Gross operating margin | 9900 | -€26,956 | -€119,802 | -€92,847 | -344% |
| Operating profit (loss) | 9901 | -€30,058 | -€122,160 | -€92,101 | -306% |
| Financial income | 75/76B | €5 | €38 | +€33 | +613% |
| Recurring financial income | 75 | €5 | €38 | +€33 | +613% |
| Financial charges | 65/66B | €34,173 | €22,240 | -€11,933 | -34.9% |
| Recurring financial charges | 65 | €34,173 | €22,240 | -€11,933 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€64,227 | -€144,362 | -€80,135 | -125% |
| Profit (loss) for the period | 9904 | -€64,227 | -€144,362 | -€80,135 | -125% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,227 | -€144,362 | -€80,135 | -125% |
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 16 October 2026 via checked.be.