URBAN 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.
URBAN PROJECTS
Largest movements
- Cash +€412,146
up €412,146 (+122.6%), from €336,162 to €748,308
mainly Current investments (+€251,926) and Net result for the year (+€78,170)
- Current investments -€251,926
down €251,926 (-94.2%), from €267,376 to €15,450
- Tangible fixed assets -€37,026
down €37,026 (-96.3%), from €38,441 to €1,415
of which Land and buildings: -€36,000
- Reserves +€235,502
up €235,502 (+49.4%), from €477,027 to €712,530
of which Distributable reserves: +€235,502
- Profit (loss) carried forward -€157,332
down €157,332 (-99.9%), from €157,502 to €170
- Tax, wage and social debts +€36,049
up €36,049 (+9155.3%), from €394 to €36,443
- Gross operating margin +€82,250
up €82,250, from -€23,896 to €58,353
- Financial income +€59,174
up €59,174 (+678.9%), from €8,717 to €67,890
- Financial charges +€20,377
up €20,377, from -€13,676 to €6,701
- Taxes -€16,483
down €16,483 (-29.8%), from €55,363 to €38,880
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 | €1,883,723 | €1,999,988 | +€116,264 | +6.2% |
| Fixed assets | 21/28 | €1,263,241 | €1,226,215 | -€37,026 | -2.9% |
| Tangible fixed assets | 22/27 | €38,441 | €1,415 | -€37,026 | -96.3% |
| Land and buildings | 22 | €36,000 | - | -€36,000 | |
| Plant, machinery and equipment | 23 | €1,826 | €1,181 | -€644 | -35.3% |
| Furniture and vehicles | 24 | €615 | €233 | -€382 | -62.1% |
| Financial fixed assets | 28 | €1,224,800 | €1,224,800 | = | 0.0% |
| Current assets | 29/58 | €620,482 | €773,773 | +€153,291 | +24.7% |
| Amounts receivable within one year | 40/41 | €16,945 | €10,015 | -€6,930 | -40.9% |
| Other amounts receivable | 41 | €16,945 | €10,015 | -€6,930 | -40.9% |
| Current investments | 50/53 | €267,376 | €15,450 | -€251,926 | -94.2% |
| Cash at bank and in hand | 54/58 | €336,162 | €748,308 | +€412,146 | +122.6% |
| Total equity and liabilities | 10/49 | €1,883,723 | €1,999,988 | +€116,264 | +6.2% |
| Equity | 10/15 | €1,883,330 | €1,961,500 | +€78,170 | +4.2% |
| Contributions | 10/11 | €1,248,800 | €1,248,800 | = | 0.0% |
| Outside capital | 11 | - | €1,248,800 | +€1.2m | |
| Other | 1109/19 | - | €1,248,800 | +€1.2m | |
| Reserves | 13 | €477,027 | €712,530 | +€235,502 | +49.4% |
| Non-distributable reserves | 130/1 | €124,880 | €124,880 | = | 0.0% |
| Reserves not available under the articles | 1311 | €124,880 | €124,880 | = | 0.0% |
| Distributable reserves | 133 | €352,147 | €587,650 | +€235,502 | +66.9% |
| Profit (loss) carried forward | 14 | €157,502 | €170 | -€157,332 | -99.9% |
| Amounts payable | 17/49 | €394 | €38,488 | +€38,094 | +9674.6% |
| Amounts payable within one year | 42/48 | €394 | €38,488 | +€38,094 | +9674.6% |
| Trade debts | 44 | - | €2,045 | +€2,045 | |
| Suppliers | 440/4 | - | €2,045 | +€2,045 | |
| Taxes, remuneration and social security | 45 | €394 | €36,443 | +€36,049 | +9155.3% |
| Taxes | 450/3 | €394 | €36,443 | +€36,049 | +9155.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,380 | €1,026 | -€354 | -25.6% |
| Other operating charges | 640/8 | €1,227 | €1,466 | +€239 | +19.5% |
| Gross operating margin | 9900 | -€23,896 | €58,353 | +€82,250 | |
| Operating profit (loss) | 9901 | -€26,503 | €55,861 | +€82,365 | |
| Financial income | 75/76B | €8,717 | €67,890 | +€59,174 | +678.9% |
| Recurring financial income | 75 | €8,717 | €67,890 | +€59,174 | +678.9% |
| Financial charges | 65/66B | -€13,676 | €6,701 | +€20,377 | |
| Recurring financial charges | 65 | -€13,676 | €6,701 | +€20,377 | |
| Profit (loss) for the period before taxes | 9903 | -€4,111 | €117,051 | +€121,161 | |
| Transfer from deferred taxes | 780 | €61,961 | - | -€61,961 | |
| Income taxes | 67/77 | €55,363 | €38,880 | -€16,483 | -29.8% |
| Profit (loss) for the period | 9904 | €2,487 | €78,170 | +€75,684 | +3043.6% |
| Transfer from tax-exempt reserves | 789 | €185,882 | - | -€185,882 | |
| Profit (loss) for the period to be appropriated | 9905 | €188,369 | €78,170 | -€110,198 | -58.5% |
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 5 October 2026 via checked.be.