TEAM PROJET: 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.
TEAM PROJET
Largest movements
- Receivables within one year -€524,221
down €524,221 (-67.7%), from €774,113 to €249,892
of which Trade receivables: -€512,517
- Cash -€60,078
down €60,078 (-72.0%), from €83,439 to €23,360
mainly Trade debts (-€461,631) and Net result for the year (-€74,286)
- Stocks and contracts +€58,641
new in 2025: €58,641
- Tangible fixed assets -€14,098
down €14,098 (-12.9%), from €109,193 to €95,095
of which Plant, machinery and equipment: -€7,836
- Trade debts -€461,631
down €461,631 (-63.8%), from €724,100 to €262,469
of which Suppliers: -€419,509
- Profit (loss) carried forward -€74,286
down €74,286, from €62,166 to -€12,120
- Short-term financial debts +€20,458
new in 2025: €20,458
- Current portion of long-term debt -€9,886
down €9,886 (-66.1%), from €14,961 to €5,075
- Gross operating margin -€101,033
down €101,033 (-33.5%), from €302,014 to €200,981
- Taxes -€17,838
down €17,838 (-63.3%), from €28,167 to €10,329
- Staff costs -€17,386
down €17,386 (-10.4%), from €167,046 to €149,660
- Other operating charges -€9,855
down €9,855 (-63.1%), from €15,628 to €5,772
- Financial charges +€4,885
up €4,885 (+60.3%), from €8,104 to €12,989
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 | €968,814 | €429,057 | -€539,757 | -55.7% |
| Fixed assets | 21/28 | €111,263 | €97,165 | -€14,098 | -12.7% |
| Tangible fixed assets | 22/27 | €109,193 | €95,095 | -€14,098 | -12.9% |
| Land and buildings | 22 | €84,210 | €80,838 | -€3,372 | -4.0% |
| Plant, machinery and equipment | 23 | €18,264 | €10,428 | -€7,836 | -42.9% |
| Furniture and vehicles | 24 | €6,719 | €3,829 | -€2,890 | -43.0% |
| Financial fixed assets | 28 | €2,070 | €2,070 | = | 0.0% |
| Current assets | 29/58 | €857,551 | €331,893 | -€525,659 | -61.3% |
| Stocks and contracts in progress | 3 | - | €58,641 | +€58,641 | |
| Contracts in progress | 37 | - | €58,641 | +€58,641 | |
| Amounts receivable within one year | 40/41 | €774,113 | €249,892 | -€524,221 | -67.7% |
| Trade receivables | 40 | €683,747 | €171,231 | -€512,517 | -75.0% |
| Other amounts receivable | 41 | €90,366 | €78,661 | -€11,704 | -13.0% |
| Cash at bank and in hand | 54/58 | €83,439 | €23,360 | -€60,078 | -72.0% |
| Total equity and liabilities | 10/49 | €968,814 | €429,057 | -€539,757 | -55.7% |
| Equity | 10/15 | €75,508 | €1,222 | -€74,286 | -98.4% |
| Contributions | 10/11 | €13,342 | €13,342 | = | 0.0% |
| Capital | 10 | €13,342 | - | -€13,342 | |
| Issued capital | 100 | €13,342 | - | -€13,342 | |
| Contributions outside capital | 11 | - | €13,342 | +€13,342 | |
| Other | 1109/19 | - | €13,342 | +€13,342 | |
| Profit (loss) carried forward | 14 | €62,166 | -€12,120 | -€74,286 | |
| Amounts payable | 17/49 | €893,306 | €427,835 | -€465,471 | -52.1% |
| Amounts payable after more than one year | 17 | €64,399 | €59,559 | -€4,840 | -7.5% |
| Financial debts | 170/4 | €64,399 | €59,559 | -€4,840 | -7.5% |
| Amounts payable within one year | 42/48 | €828,908 | €368,276 | -€460,632 | -55.6% |
| Current portion of amounts payable after more than one year | 42 | €14,961 | €5,075 | -€9,886 | -66.1% |
| Financial debts | 43 | - | €20,458 | +€20,458 | |
| Credit institutions | 430/8 | - | €20,458 | +€20,458 | |
| Trade debts | 44 | €724,100 | €262,469 | -€461,631 | -63.8% |
| Suppliers | 440/4 | €681,978 | €262,469 | -€419,509 | -61.5% |
| Bills of exchange payable | 441 | €42,122 | - | -€42,122 | |
| Taxes, remuneration and social security | 45 | €61,605 | €55,274 | -€6,331 | -10.3% |
| Taxes | 450/3 | €50,427 | €35,157 | -€15,270 | -30.3% |
| Remuneration and social security | 454/9 | €11,178 | €20,117 | +€8,939 | +80.0% |
| Other amounts payable | 47/48 | €28,242 | €25,000 | -€3,242 | -11.5% |
| Remuneration, social security and pensions | 62 | €167,046 | €149,660 | -€17,386 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,334 | €14,098 | +€2,764 | +24.4% |
| Other operating charges | 640/8 | €15,628 | €5,772 | -€9,855 | -63.1% |
| Non-recurring operating charges | 66A | - | €82,421 | +€82,421 | |
| Gross operating margin | 9900 | €302,014 | €200,981 | -€101,033 | -33.5% |
| Operating profit (loss) | 9901 | €108,006 | -€50,970 | -€158,976 | |
| Financial income | 75/76B | €1 | €2 | +€1 | +170.9% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +170.9% |
| Financial charges | 65/66B | €8,104 | €12,989 | +€4,885 | +60.3% |
| Recurring financial charges | 65 | €8,104 | €12,989 | +€4,885 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €99,902 | -€63,957 | -€163,859 | |
| Income taxes | 67/77 | €28,167 | €10,329 | -€17,838 | -63.3% |
| Profit (loss) for the period | 9904 | €71,736 | -€74,286 | -€146,021 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,736 | -€74,286 | -€146,021 |
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 12 October 2026 via checked.be.