V. PROJECT: 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.
V. PROJECT
Largest movements
- Tangible fixed assets -€23,826
down €23,826 (-13.1%), from €181,668 to €157,842
of which Land and buildings: -€15,944
- Receivables after one year +€5,000
new in 2025: €5,000
- Deferred charges and accrued income -€4,508
down €4,508 (-70.7%), from €6,379 to €1,870
- Cash -€4,230
down €4,230 (-66.6%), from €6,355 to €2,124
mainly Net result for the year (-€22,468) and Debts after one year (-€5,423)
- Profit (loss) carried forward -€22,468
down €22,468 (-15.7%), from €143,265 to €120,796
- Debts after one year -€5,423
down €5,423 (-37.2%), from €14,567 to €9,144
- Current portion of long-term debt -€3,824
down €3,824 (-41.4%), from €9,248 to €5,423
- Gross operating margin +€7,564
up €7,564 (+15.9%), from €47,505 to €55,069
- Depreciation -€966
down €966 (-3.5%), from €27,701 to €26,736
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 | €208,614 | €179,149 | -€29,465 | -14.1% |
| Fixed assets | 21/28 | €182,443 | €158,617 | -€23,826 | -13.1% |
| Tangible fixed assets | 22/27 | €181,668 | €157,842 | -€23,826 | -13.1% |
| Land and buildings | 22 | €157,639 | €141,695 | -€15,944 | -10.1% |
| Plant, machinery and equipment | 23 | €3,626 | €2,098 | -€1,528 | -42.1% |
| Furniture and vehicles | 24 | €20,403 | €14,049 | -€6,354 | -31.1% |
| Financial fixed assets | 28 | €775 | €775 | = | 0.0% |
| Current assets | 29/58 | €26,171 | €20,533 | -€5,639 | -21.5% |
| Amounts receivable after more than one year | 29 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 291 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €13,438 | €11,538 | -€1,900 | -14.1% |
| Trade receivables | 40 | €12,020 | €11,538 | -€482 | -4.0% |
| Other amounts receivable | 41 | €1,418 | - | -€1,418 | |
| Cash at bank and in hand | 54/58 | €6,355 | €2,124 | -€4,230 | -66.6% |
| Deferred charges and accrued income | 490/1 | €6,379 | €1,870 | -€4,508 | -70.7% |
| Total equity and liabilities | 10/49 | €208,614 | €179,149 | -€29,465 | -14.1% |
| Equity | 10/15 | €170,533 | €148,065 | -€22,468 | -13.2% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143,265 | €120,796 | -€22,468 | -15.7% |
| Amounts payable | 17/49 | €38,081 | €31,085 | -€6,997 | -18.4% |
| Amounts payable after more than one year | 17 | €14,567 | €9,144 | -€5,423 | -37.2% |
| Financial debts | 170/4 | €14,567 | €9,144 | -€5,423 | -37.2% |
| Amounts payable within one year | 42/48 | €23,409 | €21,898 | -€1,511 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €9,248 | €5,423 | -€3,824 | -41.4% |
| Financial debts | 43 | €14 | - | -€14 | |
| Credit institutions | 430/8 | €14 | - | -€14 | |
| Trade debts | 44 | €5,926 | €5,392 | -€534 | -9.0% |
| Suppliers | 440/4 | €5,926 | €5,392 | -€534 | -9.0% |
| Taxes, remuneration and social security | 45 | €8,221 | €10,203 | +€1,982 | +24.1% |
| Taxes | 450/3 | €2,993 | €3,983 | +€991 | +33.1% |
| Remuneration and social security | 454/9 | €5,229 | €6,220 | +€991 | +19.0% |
| Other amounts payable | 47/48 | - | €879 | +€879 | |
| Accrued charges and deferred income | 492/3 | €105 | €43 | -€62 | -58.9% |
| Remuneration, social security and pensions | 62 | €45,612 | €46,042 | +€430 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,701 | €26,736 | -€966 | -3.5% |
| Other operating charges | 640/8 | €2,533 | €3,061 | +€529 | +20.9% |
| Gross operating margin | 9900 | €47,505 | €55,069 | +€7,564 | +15.9% |
| Operating profit (loss) | 9901 | -€28,341 | -€20,770 | +€7,571 | +26.7% |
| Financial income | 75/76B | €252 | €8 | -€244 | -96.9% |
| Recurring financial income | 75 | €252 | €8 | -€244 | -96.9% |
| Financial charges | 65/66B | €1,502 | €1,501 | -€1 | -0.1% |
| Recurring financial charges | 65 | €1,502 | €1,501 | -€1 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,592 | -€22,263 | +€7,328 | +24.8% |
| Income taxes | 67/77 | €525 | €205 | -€319 | -60.9% |
| Profit (loss) for the period | 9904 | -€30,116 | -€22,468 | +€7,648 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,116 | -€22,468 | +€7,648 | +25.4% |
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 30 September 2026 via checked.be.