The Lung 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.
The Lung Project
Largest movements
- Cash +€4,339
up €4,339 (+2.2%), from €193,770 to €198,109
mainly Net result for the year (+€6,403) and Depreciation (+€6,363)
- Receivables within one year +€3,339
up €3,339 (+23.0%), from €14,515 to €17,854
of which Trade receivables: +€5,357
- Trade debts -€8,083
down €8,083 (-62.8%), from €12,863 to €4,780
- Reserves +€6,403
up €6,403 (+4.1%), from €154,341 to €160,744
of which Distributable reserves: +€6,403
- Tax, wage and social debts +€4,502
up €4,502 (+38.1%), from €11,821 to €16,322
of which Taxes: +€5,900
- Advances received +€3,846
new in 2025: €3,846
- Gross operating margin -€72,355
down €72,355 (-81.1%), from €89,228 to €16,874
- Taxes -€17,083
down €17,083 (-81.9%), from €20,871 to €3,788
- Staff costs -€11,507
no longer reported in 2025 (was €11,507)
- Depreciation +€3,947
up €3,947 (+163%), from €2,417 to €6,363
- Write-downs -€1,185
no longer reported in 2025 (was €1,185)
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 | €211,665 | €219,683 | +€8,018 | +3.8% |
| Fixed assets | 21/28 | €796 | €2,790 | +€1,994 | +250% |
| Tangible fixed assets | 22/27 | €796 | €2,790 | +€1,994 | +250% |
| Plant, machinery and equipment | 23 | €796 | €419 | -€377 | -47.3% |
| Furniture and vehicles | 24 | - | €2,371 | +€2,371 | |
| Current assets | 29/58 | €210,869 | €216,893 | +€6,024 | +2.9% |
| Amounts receivable within one year | 40/41 | €14,515 | €17,854 | +€3,339 | +23.0% |
| Trade receivables | 40 | €12,497 | €17,854 | +€5,357 | +42.9% |
| Other amounts receivable | 41 | €2,018 | - | -€2,018 | |
| Cash at bank and in hand | 54/58 | €193,770 | €198,109 | +€4,339 | +2.2% |
| Deferred charges and accrued income | 490/1 | €2,584 | €930 | -€1,653 | -64.0% |
| Total equity and liabilities | 10/49 | €211,665 | €219,683 | +€8,018 | +3.8% |
| Equity | 10/15 | €172,941 | €179,344 | +€6,403 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €154,341 | €160,744 | +€6,403 | +4.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €152,481 | €158,884 | +€6,403 | +4.2% |
| Amounts payable | 17/49 | €38,724 | €40,339 | +€1,615 | +4.2% |
| Amounts payable within one year | 42/48 | €38,724 | €40,339 | +€1,615 | +4.2% |
| Trade debts | 44 | €12,863 | €4,780 | -€8,083 | -62.8% |
| Suppliers | 440/4 | €12,863 | €4,780 | -€8,083 | -62.8% |
| Advances received on contracts in progress | 46 | - | €3,846 | +€3,846 | |
| Taxes, remuneration and social security | 45 | €11,821 | €16,322 | +€4,502 | +38.1% |
| Taxes | 450/3 | €6,831 | €12,732 | +€5,900 | +86.4% |
| Remuneration and social security | 454/9 | €4,989 | €3,591 | -€1,399 | -28.0% |
| Other amounts payable | 47/48 | €14,041 | €15,390 | +€1,349 | +9.6% |
| Remuneration, social security and pensions | 62 | €11,507 | - | -€11,507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,417 | €6,363 | +€3,947 | +163% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,185 | - | -€1,185 | |
| Other operating charges | 640/8 | €714 | €320 | -€394 | -55.2% |
| Gross operating margin | 9900 | €89,228 | €16,874 | -€72,355 | -81.1% |
| Operating profit (loss) | 9901 | €73,406 | €10,190 | -€63,215 | -86.1% |
| Financial income | 75/76B | €504 | €8 | -€496 | -98.4% |
| Recurring financial income | 75 | €504 | €8 | -€496 | -98.4% |
| Financial charges | 65/66B | €841 | €7 | -€834 | -99.2% |
| Recurring financial charges | 65 | €841 | €7 | -€834 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €73,068 | €10,191 | -€62,877 | -86.1% |
| Income taxes | 67/77 | €20,871 | €3,788 | -€17,083 | -81.9% |
| Profit (loss) for the period | 9904 | €52,197 | €6,403 | -€45,793 | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,197 | €6,403 | -€45,793 | -87.7% |
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 17 October 2026 via checked.be.