The Project Factory: 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 Project Factory
Largest movements
- Receivables within one year -€8,386
no longer reported in 2025 (was €8,386)
of which Trade receivables: -€4,788
- Cash +€4,305
up €4,305 (+31.9%), from €13,509 to €17,814
mainly Receivables within one year (+€8,386) and Depreciation (+€968)
- Tangible fixed assets -€968
down €968 (-31.8%), from €3,047 to €2,079
- Profit (loss) carried forward -€3,360
down €3,360, from €1,415 to -€1,945
- Other debts -€1,769
down €1,769 (-28.2%), from €6,274 to €4,505
- Gross operating margin -€16,890
down €16,890, from €14,942 to -€1,948
- Taxes -€1,049
no longer reported in 2025 (was €1,049)
- Other operating charges -€379
down €379 (-48.7%), from €778 to €399
- Depreciation +€164
up €164 (+20.4%), from €804 to €968
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 | €25,004 | €19,966 | -€5,038 | -20.1% |
| Fixed assets | 21/28 | €3,047 | €2,079 | -€968 | -31.8% |
| Tangible fixed assets | 22/27 | €3,047 | €2,079 | -€968 | -31.8% |
| Furniture and vehicles | 24 | €3,047 | €2,079 | -€968 | -31.8% |
| Current assets | 29/58 | €21,957 | €17,887 | -€4,070 | -18.5% |
| Amounts receivable within one year | 40/41 | €8,386 | - | -€8,386 | |
| Trade receivables | 40 | €4,788 | - | -€4,788 | |
| Other amounts receivable | 41 | €3,598 | - | -€3,598 | |
| Cash at bank and in hand | 54/58 | €13,509 | €17,814 | +€4,305 | +31.9% |
| Deferred charges and accrued income | 490/1 | €62 | €73 | +€11 | +17.7% |
| Total equity and liabilities | 10/49 | €25,004 | €19,966 | -€5,038 | -20.1% |
| Equity | 10/15 | €18,107 | €14,747 | -€3,360 | -18.6% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €4,492 | €4,492 | = | 0.0% |
| Distributable reserves | 133 | €4,492 | €4,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,415 | -€1,945 | -€3,360 | |
| Amounts payable | 17/49 | €6,897 | €5,219 | -€1,678 | -24.3% |
| Amounts payable within one year | 42/48 | €6,274 | €4,582 | -€1,692 | -27.0% |
| Trade debts | 44 | - | €77 | +€77 | |
| Suppliers | 440/4 | - | €77 | +€77 | |
| Other amounts payable | 47/48 | €6,274 | €4,505 | -€1,769 | -28.2% |
| Accrued charges and deferred income | 492/3 | €623 | €637 | +€14 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €804 | €968 | +€164 | +20.4% |
| Other operating charges | 640/8 | €778 | €399 | -€379 | -48.7% |
| Gross operating margin | 9900 | €14,942 | -€1,948 | -€16,890 | |
| Operating profit (loss) | 9901 | €13,360 | -€3,315 | -€16,675 | |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €13,315 | -€3,360 | -€16,675 | |
| Income taxes | 67/77 | €1,049 | - | -€1,049 | |
| Profit (loss) for the period | 9904 | €12,266 | -€3,360 | -€15,626 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,266 | -€3,360 | -€15,626 |
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 28 October 2026 via checked.be.