T-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.
T-Projects
Largest movements
- Tangible fixed assets -€151,895
down €151,895 (-25.1%), from €604,124 to €452,229
of which Land and buildings: -€150,382
- Cash +€60,558
up €60,558 (+164%), from €36,997 to €97,555
mainly Investment in fixed assets (net) (+€126,252) and Net result for the year (+€41,361)
- Receivables within one year +€9,162
up €9,162 (+36.6%), from €25,024 to €34,186
of which Trade receivables: +€9,257
- Debts after one year -€134,917
down €134,917 (-30.9%), from €436,126 to €301,209
of which Financial debts: -€149,917
- Reserves +€32,000
up €32,000 (+36.6%), from €87,500 to €119,500
- Tax, wage and social debts +€16,228
up €16,228 (+287%), from €5,646 to €21,874
- Other debts +€13,113
up €13,113 (+550%), from €2,386 to €15,498
- Gross operating margin +€46,300
up €46,300 (+97.1%), from €47,669 to €93,969
- Taxes +€10,715
up €10,715 (+508%), from €2,110 to €12,825
- Depreciation -€2,318
down €2,318 (-8.3%), from €27,960 to €25,642
- Financial charges +€1,699
up €1,699 (+18.7%), from €9,087 to €10,787
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 | €694,460 | €611,956 | -€82,504 | -11.9% |
| Fixed assets | 21/28 | €629,024 | €477,129 | -€151,895 | -24.1% |
| Tangible fixed assets | 22/27 | €604,124 | €452,229 | -€151,895 | -25.1% |
| Land and buildings | 22 | €596,624 | €446,242 | -€150,382 | -25.2% |
| Furniture and vehicles | 24 | €7,500 | €5,988 | -€1,512 | -20.2% |
| Financial fixed assets | 28 | €24,900 | €24,900 | = | 0.0% |
| Current assets | 29/58 | €65,436 | €134,826 | +€69,390 | +106% |
| Amounts receivable within one year | 40/41 | €25,024 | €34,186 | +€9,162 | +36.6% |
| Trade receivables | 40 | €24,894 | €34,151 | +€9,257 | +37.2% |
| Other amounts receivable | 41 | €130 | €35 | -€95 | -73.0% |
| Cash at bank and in hand | 54/58 | €36,997 | €97,555 | +€60,558 | +164% |
| Deferred charges and accrued income | 490/1 | €3,415 | €3,085 | -€330 | -9.7% |
| Total equity and liabilities | 10/49 | €694,460 | €611,956 | -€82,504 | -11.9% |
| Equity | 10/15 | €148,042 | €179,405 | +€31,363 | +21.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €87,500 | €119,500 | +€32,000 | +36.6% |
| Distributable reserves | 133 | €87,500 | €119,500 | +€32,000 | +36.6% |
| Profit (loss) carried forward | 14 | €6,549 | €6,910 | +€361 | +5.5% |
| Investment grants | 15 | €3,993 | €2,995 | -€998 | -25.0% |
| Amounts payable | 17/49 | €546,418 | €432,550 | -€113,867 | -20.8% |
| Amounts payable after more than one year | 17 | €436,126 | €301,209 | -€134,917 | -30.9% |
| Financial debts | 170/4 | €299,176 | €149,259 | -€149,917 | -50.1% |
| Other amounts payable | 178/9 | €136,950 | €151,950 | +€15,000 | +11.0% |
| Amounts payable within one year | 42/48 | €110,292 | €131,341 | +€21,049 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €38,355 | €32,305 | -€6,050 | -15.8% |
| Trade debts | 44 | €63,906 | €61,664 | -€2,242 | -3.5% |
| Suppliers | 440/4 | €63,906 | €61,664 | -€2,242 | -3.5% |
| Taxes, remuneration and social security | 45 | €5,646 | €21,874 | +€16,228 | +287% |
| Taxes | 450/3 | €5,646 | €21,874 | +€16,228 | +287% |
| Other amounts payable | 47/48 | €2,386 | €15,498 | +€13,113 | +550% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,960 | €25,642 | -€2,318 | -8.3% |
| Other operating charges | 640/8 | €3,534 | €3,353 | -€181 | -5.1% |
| Gross operating margin | 9900 | €47,669 | €93,969 | +€46,300 | +97.1% |
| Operating profit (loss) | 9901 | €16,175 | €64,973 | +€48,798 | +302% |
| Financial income | 75/76B | €46 | €0 | -€46 | -100.0% |
| Recurring financial income | 75 | €46 | €0 | -€46 | -100.0% |
| Financial charges | 65/66B | €9,087 | €10,787 | +€1,699 | +18.7% |
| Recurring financial charges | 65 | €9,087 | €10,787 | +€1,699 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €7,133 | €54,186 | +€47,053 | +660% |
| Income taxes | 67/77 | €2,110 | €12,825 | +€10,715 | +508% |
| Profit (loss) for the period | 9904 | €5,024 | €41,361 | +€36,338 | +723% |
| Profit (loss) for the period to be appropriated | 9905 | €5,024 | €41,361 | +€36,338 | +723% |
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 27 October 2026 via checked.be.