TOP PROJECTS IMMO: 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.
TOP PROJECTS IMMO
Largest movements
- Receivables within one year -€78,510
down €78,510 (-55.5%), from €141,578 to €63,068
of which Trade receivables: -€90,038
- Cash +€68,662
up €68,662 (+75.0%), from €91,593 to €160,255
mainly Net result for the year (+€96,186) and Receivables within one year (+€78,510)
- Tangible fixed assets +€4,527
up €4,527 (+8.3%), from €54,819 to €59,346
of which Other tangible fixed assets: +€3,932
- Reserves +€21,186
up €21,186 (+106.7%), from €19,851 to €41,037
of which Distributable reserves: +€21,186
- Other debts -€21,147
down €21,147 (-21.6%), from €97,804 to €76,657
- Tax, wage and social debts -€8,192
down €8,192 (-51.4%), from €15,935 to €7,743
of which Taxes: -€8,779
- Trade debts +€6,759
up €6,759 (+6.4%), from €105,848 to €112,607
- Gross operating margin +€60,132
up €60,132 (+69.8%), from €86,165 to €146,297
- Depreciation +€3,369
up €3,369 (+46.5%), from €7,245 to €10,614
- Taxes +€1,592
up €1,592 (+119.0%), from €1,338 to €2,929
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 | €296,720 | €289,050 | -€7,670 | -2.6% |
| Fixed assets | 21/28 | €62,720 | €64,904 | +€2,184 | +3.5% |
| Intangible fixed assets | 21 | €7,901 | €5,559 | -€2,343 | -29.7% |
| Tangible fixed assets | 22/27 | €54,819 | €59,346 | +€4,527 | +8.3% |
| Plant, machinery and equipment | 23 | €5,526 | €6,692 | +€1,166 | +21.1% |
| Furniture and vehicles | 24 | €3,992 | €3,421 | -€570 | -14.3% |
| Other tangible fixed assets | 26 | €45,301 | €49,233 | +€3,932 | +8.7% |
| Current assets | 29/58 | €234,000 | €224,145 | -€9,855 | -4.2% |
| Amounts receivable within one year | 40/41 | €141,578 | €63,068 | -€78,510 | -55.5% |
| Trade receivables | 40 | €137,280 | €47,242 | -€90,038 | -65.6% |
| Other amounts receivable | 41 | €4,298 | €15,827 | +€11,529 | +268.2% |
| Cash at bank and in hand | 54/58 | €91,593 | €160,255 | +€68,662 | +75.0% |
| Deferred charges and accrued income | 490/1 | €829 | €822 | -€7 | -0.8% |
| Total equity and liabilities | 10/49 | €296,720 | €289,050 | -€7,670 | -2.6% |
| Equity | 10/15 | €38,851 | €60,037 | +€21,186 | +54.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €19,851 | €41,037 | +€21,186 | +106.7% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €17,951 | €39,137 | +€21,186 | +118.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €257,869 | €229,013 | -€28,856 | -11.2% |
| Amounts payable after more than one year | 17 | €31,998 | €30,176 | -€1,822 | -5.7% |
| Financial debts | 170/4 | €31,998 | €30,176 | -€1,822 | -5.7% |
| Amounts payable within one year | 42/48 | €223,181 | €198,829 | -€24,353 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €3,594 | €1,822 | -€1,772 | -49.3% |
| Trade debts | 44 | €105,848 | €112,607 | +€6,759 | +6.4% |
| Suppliers | 440/4 | €105,848 | €112,607 | +€6,759 | +6.4% |
| Taxes, remuneration and social security | 45 | €15,935 | €7,743 | -€8,192 | -51.4% |
| Taxes | 450/3 | €9,181 | €401 | -€8,779 | -95.6% |
| Remuneration and social security | 454/9 | €6,754 | €7,341 | +€587 | +8.7% |
| Other amounts payable | 47/48 | €97,804 | €76,657 | -€21,147 | -21.6% |
| Accrued charges and deferred income | 492/3 | €2,690 | €8 | -€2,681 | -99.7% |
| Remuneration, social security and pensions | 62 | €31,032 | €32,316 | +€1,284 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,245 | €10,614 | +€3,369 | +46.5% |
| Other operating charges | 640/8 | €2,528 | €3,056 | +€528 | +20.9% |
| Non-recurring operating charges | 66A | €30,079 | €0 | -€30,079 | -100.0% |
| Gross operating margin | 9900 | €86,165 | €146,297 | +€60,132 | +69.8% |
| Operating profit (loss) | 9901 | €15,281 | €100,311 | +€85,030 | +556.4% |
| Financial income | 75/76B | €450 | €204 | -€246 | -54.6% |
| Recurring financial income | 75 | €450 | €204 | -€246 | -54.6% |
| Financial charges | 65/66B | €1,696 | €1,400 | -€297 | -17.5% |
| Recurring financial charges | 65 | €1,696 | €1,400 | -€297 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €14,035 | €99,115 | +€85,080 | +606.2% |
| Income taxes | 67/77 | €1,338 | €2,929 | +€1,592 | +119.0% |
| Profit (loss) for the period | 9904 | €12,697 | €96,186 | +€83,489 | +657.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,697 | €96,186 | +€83,489 | +657.5% |
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.