TO BE PROJECTS: what changed
Two fiscal 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.
TO BE PROJECTS
Largest movements
- Financial fixed assets +€2.9m
up €2.9m (+262.2%), from €1.1m to €4.1m
- Current investments -€408,287
down €408,287 (-64.9%), from €629,234 to €220,948
- Cash +€87,812
up €87,812 (+24.3%), from €361,989 to €449,800
mainly Net result for the year (+€1.1m) and Contributions, distributions and other (+€920,015)
- Tangible fixed assets +€87,809
up €87,809 (+4082.7%), from €2,151 to €89,960
- Reserves +€1.1m
up €1.1m (+62.6%), from €1.8m to €2.9m
of which Distributable reserves: +€1.1m
- Contributions +€920,015
up €920,015 (+4600.1%), from €20,000 to €940,015
- Tax, wage and social debts +€330,203
up €330,203 (+81.9%), from €403,215 to €733,418
- Other debts +€328,690
up €328,690 (+191.8%), from €171,380 to €500,069
- Gross operating margin +€380,307
up €380,307 (+30.5%), from €1.2m to €1.6m
- Taxes +€145,747
up €145,747 (+36.0%), from €404,666 to €550,412
- Financial income +€51,383
new in 2025: €51,383
- Depreciation +€18,636
up €18,636 (+1288.3%), from €1,447 to €20,083
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 | €2,364,034 | €5,068,113 | +€2.7m | +114.4% |
| Fixed assets | 21/28 | €1,124,987 | €4,156,330 | +€3.0m | +269.5% |
| Tangible fixed assets | 22/27 | €2,151 | €89,960 | +€87,809 | +4082.7% |
| Furniture and vehicles | 24 | €2,151 | €89,960 | +€87,809 | +4082.7% |
| Financial fixed assets | 28 | €1,122,836 | €4,066,370 | +€2.9m | +262.2% |
| Current assets | 29/58 | €1,239,047 | €911,783 | -€327,264 | -26.4% |
| Amounts receivable after more than one year | 29 | €210,000 | €210,000 | = | 0.0% |
| Other amounts receivable | 291 | €210,000 | €210,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,824 | €31,035 | -€6,789 | -17.9% |
| Trade receivables | 40 | €37,824 | €27,224 | -€10,601 | -28.0% |
| Other amounts receivable | 41 | - | €3,811 | +€3,811 | |
| Current investments | 50/53 | €629,234 | €220,948 | -€408,287 | -64.9% |
| Cash at bank and in hand | 54/58 | €361,989 | €449,800 | +€87,812 | +24.3% |
| Total equity and liabilities | 10/49 | €2,364,034 | €5,068,113 | +€2.7m | +114.4% |
| Equity | 10/15 | €1,788,679 | €3,816,526 | +€2.0m | +113.4% |
| Contributions | 10/11 | €20,000 | €940,015 | +€920,015 | +4600.1% |
| Reserves | 13 | €1,768,679 | €2,876,511 | +€1.1m | +62.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,768,679 | €2,876,511 | +€1.1m | +62.6% |
| Amounts payable | 17/49 | €575,356 | €1,251,587 | +€676,231 | +117.5% |
| Amounts payable within one year | 42/48 | €575,356 | €1,251,587 | +€676,231 | +117.5% |
| Trade debts | 44 | €761 | €18,099 | +€17,338 | +2278.5% |
| Suppliers | 440/4 | €761 | €18,099 | +€17,338 | +2278.5% |
| Taxes, remuneration and social security | 45 | €403,215 | €733,418 | +€330,203 | +81.9% |
| Taxes | 450/3 | €403,215 | €733,418 | +€330,203 | +81.9% |
| Other amounts payable | 47/48 | €171,380 | €500,069 | +€328,690 | +191.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,447 | €20,083 | +€18,636 | +1288.3% |
| Other operating charges | 640/8 | €4,728 | €1,148 | -€3,579 | -75.7% |
| Gross operating margin | 9900 | €1,248,669 | €1,628,976 | +€380,307 | +30.5% |
| Operating profit (loss) | 9901 | €1,242,495 | €1,607,745 | +€365,250 | +29.4% |
| Financial income | 75/76B | - | €51,383 | +€51,383 | |
| Recurring financial income | 75 | - | €51,383 | +€51,383 | |
| Financial charges | 65/66B | €1,901 | €883 | -€1,018 | -53.6% |
| Recurring financial charges | 65 | €1,901 | €883 | -€1,018 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €1,240,594 | €1,658,245 | +€417,651 | +33.7% |
| Income taxes | 67/77 | €404,666 | €550,412 | +€145,747 | +36.0% |
| Profit (loss) for the period | 9904 | €835,928 | €1,107,832 | +€271,904 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €835,928 | €1,107,832 | +€271,904 | +32.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.