T-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.
T-PROJECTS
Largest movements
- Tangible fixed assets +€213,401
up €213,401 (+83.2%), from €256,477 to €469,879
of which Assets under construction and advance payments: +€188,518
- Cash +€46,795
up €46,795 (+154.3%), from €30,328 to €77,124
mainly Debts after one year (+€107,402) and Trade debts (+€102,171)
- Receivables within one year -€44,997
down €44,997 (-39.6%), from €113,550 to €68,553
of which Trade receivables: -€32,503
- Stocks and contracts +€38,018
up €38,018 (+143.8%), from €26,445 to €64,463
of which Contracts in progress: +€51,269
- Debts after one year +€107,402
up €107,402 (+68.1%), from €157,775 to €265,177
- Trade debts +€102,171
up €102,171 (+361.0%), from €28,305 to €130,476
- Short-term financial debts +€35,000
new in 2025: €35,000
- Reserves -€17,181
down €17,181 (-9.1%), from €189,116 to €171,935
- Profit (loss) carried forward +€15,623
up €15,623 (+28.5%), from -€54,740 to -€39,116
- Gross operating margin -€21,313
down €21,313 (-31.6%), from €67,391 to €46,079
- Taxes +€10,566
up €10,566 (+3007.4%), from €351 to €10,918
- Depreciation +€5,802
up €5,802 (+33.1%), from €17,506 to €23,308
- Financial charges +€4,295
up €4,295 (+38.9%), from €11,052 to €15,348
- Write-downs -€2,868
down €2,868 (-100.0%), from €2,868 to €0
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 | €429,996 | €682,690 | +€252,694 | +58.8% |
| Fixed assets | 21/28 | €256,477 | €469,879 | +€213,401 | +83.2% |
| Tangible fixed assets | 22/27 | €256,477 | €469,879 | +€213,401 | +83.2% |
| Land and buildings | 22 | €30,000 | €30,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €64,660 | €57,403 | -€7,257 | -11.2% |
| Furniture and vehicles | 24 | €6,746 | €52,197 | +€45,451 | +673.8% |
| Leasing and similar rights | 25 | €58,248 | €45,205 | -€13,043 | -22.4% |
| Other tangible fixed assets | 26 | €2,364 | €2,096 | -€268 | -11.4% |
| Assets under construction and advance payments | 27 | €94,460 | €282,979 | +€188,518 | +199.6% |
| Current assets | 29/58 | €173,519 | €212,812 | +€39,293 | +22.6% |
| Stocks and contracts in progress | 3 | €26,445 | €64,463 | +€38,018 | +143.8% |
| Stocks | 30/36 | €22,305 | €9,055 | -€13,250 | -59.4% |
| Contracts in progress | 37 | €4,140 | €55,409 | +€51,269 | +1238.4% |
| Amounts receivable within one year | 40/41 | €113,550 | €68,553 | -€44,997 | -39.6% |
| Trade receivables | 40 | €62,347 | €29,845 | -€32,503 | -52.1% |
| Other amounts receivable | 41 | €51,203 | €38,709 | -€12,494 | -24.4% |
| Cash at bank and in hand | 54/58 | €30,328 | €77,124 | +€46,795 | +154.3% |
| Deferred charges and accrued income | 490/1 | €3,196 | €2,671 | -€524 | -16.4% |
| Total equity and liabilities | 10/49 | €429,996 | €682,690 | +€252,694 | +58.8% |
| Equity | 10/15 | €146,776 | €145,218 | -€1,558 | -1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €189,116 | €171,935 | -€17,181 | -9.1% |
| Tax-exempt reserves | 132 | €189,116 | €171,935 | -€17,181 | -9.1% |
| Profit (loss) carried forward | 14 | -€54,740 | -€39,116 | +€15,623 | +28.5% |
| Provisions and deferred taxes | 16 | €63,039 | €57,312 | -€5,727 | -9.1% |
| Deferred taxes | 168 | €63,039 | €57,312 | -€5,727 | -9.1% |
| Amounts payable | 17/49 | €220,182 | €480,160 | +€259,978 | +118.1% |
| Amounts payable after more than one year | 17 | €157,775 | €265,177 | +€107,402 | +68.1% |
| Financial debts | 170/4 | €157,775 | €265,177 | +€107,402 | +68.1% |
| Amounts payable within one year | 42/48 | €62,407 | €214,984 | +€152,577 | +244.5% |
| Current portion of amounts payable after more than one year | 42 | €33,258 | €43,319 | +€10,061 | +30.3% |
| Financial debts | 43 | - | €35,000 | +€35,000 | |
| Credit institutions | 430/8 | - | €35,000 | +€35,000 | |
| Trade debts | 44 | €28,305 | €130,476 | +€102,171 | +361.0% |
| Suppliers | 440/4 | €28,305 | €130,476 | +€102,171 | +361.0% |
| Taxes, remuneration and social security | 45 | €844 | €6,189 | +€5,345 | +633.2% |
| Taxes | 450/3 | €844 | €6,006 | +€5,162 | +611.5% |
| Remuneration and social security | 454/9 | - | €183 | +€183 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | €2,490 | +€2,490 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,506 | €23,308 | +€5,802 | +33.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,868 | €0 | -€2,868 | -100.0% |
| Other operating charges | 640/8 | €1,705 | €2,370 | +€664 | +38.9% |
| Gross operating margin | 9900 | €67,391 | €46,079 | -€21,313 | -31.6% |
| Operating profit (loss) | 9901 | €45,312 | €17,912 | -€27,400 | -60.5% |
| Financial income | 75/76B | €1,589 | €1,151 | -€438 | -27.6% |
| Recurring financial income | 75 | €1,589 | €1,151 | -€438 | -27.6% |
| Financial charges | 65/66B | €11,052 | €15,348 | +€4,295 | +38.9% |
| Recurring financial charges | 65 | €11,052 | €15,348 | +€4,295 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €35,848 | €3,715 | -€32,133 | -89.6% |
| Transfer from deferred taxes | 780 | €1,289 | €5,727 | +€4,438 | +344.3% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €351 | €10,918 | +€10,566 | +3007.4% |
| Profit (loss) for the period | 9904 | €36,786 | -€1,476 | -€38,261 | |
| Transfer from tax-exempt reserves | 789 | €3,867 | €17,181 | +€13,314 | +344.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €40,652 | €15,705 | -€24,947 | -61.4% |
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 30 September 2026 via checked.be.