TOP 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.
TOP PROJECTS
Largest movements
- Cash -€136,145
down €136,145 (-91.0%), from €149,651 to €13,506
mainly Current investments (-€80,000) and Other debts (-€71,215)
- Receivables within one year -€105,814
down €105,814 (-27.4%), from €386,618 to €280,804
of which Other amounts receivable: -€105,814
- Current investments +€80,000
new in 2025: €80,000
- Receivables after one year +€23,925
up €23,925 (+5.1%), from €467,257 to €491,182
- Other debts -€71,215
down €71,215 (-5.4%), from €1.3m to €1.2m
- Profit (loss) carried forward -€46,047
down €46,047, from €0 to -€46,047
- Debts after one year -€20,506
down €20,506 (-24.9%), from €82,283 to €61,777
- Gross operating margin -€263,736
down €263,736, from €252,360 to -€11,376
- Other operating charges -€92,751
down €92,751 (-95.7%), from €96,968 to €4,217
- Taxes -€29,187
down €29,187 (-100.0%), from €29,187 to €0
- Financial charges +€5,102
up €5,102 (+17.9%), from €28,476 to €33,577
- Financial income +€2,779
up €2,779 (+47.6%), from €5,839 to €8,619
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 | €1,556,044 | €1,426,314 | -€129,730 | -8.3% |
| Fixed assets | 21/28 | €545,919 | €549,430 | +€3,511 | +0.6% |
| Tangible fixed assets | 22/27 | €185,919 | €189,430 | +€3,511 | +1.9% |
| Land and buildings | 22 | €185,919 | €189,430 | +€3,511 | +1.9% |
| Financial fixed assets | 28 | €360,000 | €360,000 | = | 0.0% |
| Current assets | 29/58 | €1,010,124 | €876,884 | -€133,241 | -13.2% |
| Amounts receivable after more than one year | 29 | €467,257 | €491,182 | +€23,925 | +5.1% |
| Other amounts receivable | 291 | €467,257 | €491,182 | +€23,925 | +5.1% |
| Stocks and contracts in progress | 3 | - | €3,582 | +€3,582 | |
| Stocks | 30/36 | - | €3,582 | +€3,582 | |
| Amounts receivable within one year | 40/41 | €386,618 | €280,804 | -€105,814 | -27.4% |
| Trade receivables | 40 | €17,615 | €17,615 | = | 0.0% |
| Other amounts receivable | 41 | €369,002 | €263,188 | -€105,814 | -28.7% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €149,651 | €13,506 | -€136,145 | -91.0% |
| Deferred charges and accrued income | 490/1 | €6,598 | €7,809 | +€1,212 | +18.4% |
| Total equity and liabilities | 10/49 | €1,556,044 | €1,426,314 | -€129,730 | -8.3% |
| Equity | 10/15 | €114,972 | €66,925 | -€48,047 | -41.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €94,972 | €92,972 | -€2,000 | -2.1% |
| Distributable reserves | 133 | €94,972 | €92,972 | -€2,000 | -2.1% |
| Profit (loss) carried forward | 14 | €0 | -€46,047 | -€46,047 | |
| Amounts payable | 17/49 | €1,441,072 | €1,359,389 | -€81,683 | -5.7% |
| Amounts payable after more than one year | 17 | €82,283 | €61,777 | -€20,506 | -24.9% |
| Financial debts | 170/4 | €82,283 | €61,777 | -€20,506 | -24.9% |
| Amounts payable within one year | 42/48 | €1,332,881 | €1,265,819 | -€67,063 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €20,171 | €20,506 | +€335 | +1.7% |
| Trade debts | 44 | €3,330 | €7,446 | +€4,116 | +123.6% |
| Suppliers | 440/4 | €3,330 | €7,446 | +€4,116 | +123.6% |
| Taxes, remuneration and social security | 45 | €558 | €258 | -€299 | -53.7% |
| Taxes | 450/3 | €158 | €258 | +€101 | +63.9% |
| Remuneration and social security | 454/9 | €400 | €0 | -€400 | -100.0% |
| Other amounts payable | 47/48 | €1,308,823 | €1,237,608 | -€71,215 | -5.4% |
| Accrued charges and deferred income | 492/3 | €25,908 | €31,794 | +€5,886 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,136 | €7,494 | +€358 | +5.0% |
| Other operating charges | 640/8 | €96,968 | €4,217 | -€92,751 | -95.7% |
| Gross operating margin | 9900 | €252,360 | -€11,376 | -€263,736 | |
| Operating profit (loss) | 9901 | €148,255 | -€23,088 | -€171,343 | |
| Financial income | 75/76B | €5,839 | €8,619 | +€2,779 | +47.6% |
| Recurring financial income | 75 | €5,839 | €8,619 | +€2,779 | +47.6% |
| Financial charges | 65/66B | €28,476 | €33,577 | +€5,102 | +17.9% |
| Recurring financial charges | 65 | €28,476 | €33,577 | +€5,102 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €125,619 | -€48,047 | -€173,666 | |
| Income taxes | 67/77 | €29,187 | €0 | -€29,187 | -100.0% |
| Profit (loss) for the period | 9904 | €96,432 | -€48,047 | -€144,479 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,432 | -€48,047 | -€144,479 |
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 10 October 2026 via checked.be.