The-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.
The-Projects
Largest movements
- Tangible fixed assets -€8,309
down €8,309 (-3.0%), from €278,591 to €270,282
of which Land and buildings: -€8,014
- Profit (loss) carried forward +€27,574
up €27,574 (+14.4%), from €191,266 to €218,839
- Debts after one year -€25,666
no longer reported in 2026 (was €25,666)
- Current portion of long-term debt -€5,515
down €5,515 (-17.0%), from €32,446 to €26,931
- Tax, wage and social debts -€3,700
down €3,700 (-42.5%), from €8,700 to €5,000
- Write-downs -€4,765
down €4,765, from €2,382 to -€2,382
- Financial charges -€3,101
down €3,101 (-49.6%), from €6,252 to €3,150
- Other operating charges +€2,479
up €2,479 (+79.3%), from €3,124 to €5,603
- Taxes +€1,052
up €1,052 (+11.8%), from €8,890 to €9,942
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €287,417 | €276,596 | -€10,821 | -3.8% |
| Fixed assets | 21/28 | €278,591 | €270,282 | -€8,309 | -3.0% |
| Tangible fixed assets | 22/27 | €278,591 | €270,282 | -€8,309 | -3.0% |
| Land and buildings | 22 | €278,296 | €270,282 | -€8,014 | -2.9% |
| Plant, machinery and equipment | 23 | €295 | - | -€295 | |
| Current assets | 29/58 | €8,825 | €6,314 | -€2,511 | -28.5% |
| Amounts receivable within one year | 40/41 | €2,027 | €660 | -€1,368 | -67.5% |
| Other amounts receivable | 41 | €2,027 | €660 | -€1,368 | -67.5% |
| Cash at bank and in hand | 54/58 | €6,798 | €5,654 | -€1,144 | -16.8% |
| Total equity and liabilities | 10/49 | €287,417 | €276,596 | -€10,821 | -3.8% |
| Equity | 10/15 | €199,326 | €226,899 | +€27,574 | +13.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,266 | €218,839 | +€27,574 | +14.4% |
| Amounts payable | 17/49 | €88,091 | €49,697 | -€38,394 | -43.6% |
| Amounts payable after more than one year | 17 | €25,666 | - | -€25,666 | |
| Financial debts | 170/4 | €25,666 | - | -€25,666 | |
| Amounts payable within one year | 42/48 | €58,425 | €45,697 | -€12,728 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €32,446 | €26,931 | -€5,515 | -17.0% |
| Trade debts | 44 | €3,418 | €1,383 | -€2,035 | -59.5% |
| Suppliers | 440/4 | €3,418 | €1,383 | -€2,035 | -59.5% |
| Taxes, remuneration and social security | 45 | €8,700 | €5,000 | -€3,700 | -42.5% |
| Taxes | 450/3 | €8,700 | €5,000 | -€3,700 | -42.5% |
| Other amounts payable | 47/48 | €13,862 | €12,383 | -€1,479 | -10.7% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,182 | €8,309 | +€127 | +1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,382 | -€2,382 | -€4,765 | |
| Other operating charges | 640/8 | €3,124 | €5,603 | +€2,479 | +79.3% |
| Gross operating margin | 9900 | €52,257 | €52,195 | -€62 | -0.1% |
| Operating profit (loss) | 9901 | €38,568 | €40,666 | +€2,097 | +5.4% |
| Financial charges | 65/66B | €6,252 | €3,150 | -€3,101 | -49.6% |
| Recurring financial charges | 65 | €6,252 | €3,150 | -€3,101 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €32,317 | €37,515 | +€5,199 | +16.1% |
| Income taxes | 67/77 | €8,890 | €9,942 | +€1,052 | +11.8% |
| Profit (loss) for the period | 9904 | €23,427 | €27,574 | +€4,147 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,427 | €27,574 | +€4,147 | +17.7% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.