Project²: 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.
Project²
Largest movements
- Receivables within one year -€130,532
down €130,532 (-58.5%), from €223,038 to €92,506
of which Other amounts receivable: -€90,209
- Cash -€32,782
down €32,782 (-49.3%), from €66,514 to €33,732
mainly Net result for the year (-€69,000) and Investment in fixed assets (net) (-€28,955)
- Tangible fixed assets +€4,678
up €4,678 (+17.1%), from €27,368 to €32,046
of which Furniture and vehicles: +€22,029
- Deferred charges and accrued income -€3,425
down €3,425 (-86.6%), from €3,953 to €528
- Reserves -€40,000
down €40,000 (-17.8%), from €224,817 to €184,817
- Profit (loss) carried forward -€29,000
new in 2025: -€29,000
- Tax, wage and social debts -€27,792
down €27,792 (-98.1%), from €28,332 to €539
- Other debts -€25,364
down €25,364 (-97.0%), from €26,136 to €772
- Current portion of long-term debt -€16,615
no longer reported in 2025 (was €16,615)
- Gross operating margin -€285,828
down €285,828, from €240,222 to -€45,606
- Taxes -€56,371
down €56,371 (-99.1%), from €56,911 to €539
- Other operating charges +€3,243
up €3,243 (+125%), from €2,586 to €5,829
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.
Derived cash bridge
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 | €320,874 | €158,812 | -€162,061 | -50.5% |
| Fixed assets | 21/28 | €27,368 | €32,046 | +€4,678 | +17.1% |
| Tangible fixed assets | 22/27 | €27,368 | €32,046 | +€4,678 | +17.1% |
| Land and buildings | 22 | €1,400 | €1,168 | -€233 | -16.6% |
| Furniture and vehicles | 24 | €8,849 | €30,879 | +€22,029 | +249% |
| Leasing and similar rights | 25 | €17,118 | - | -€17,118 | |
| Current assets | 29/58 | €293,506 | €126,766 | -€166,740 | -56.8% |
| Amounts receivable within one year | 40/41 | €223,038 | €92,506 | -€130,532 | -58.5% |
| Trade receivables | 40 | €40,323 | - | -€40,323 | |
| Other amounts receivable | 41 | €182,715 | €92,506 | -€90,209 | -49.4% |
| Cash at bank and in hand | 54/58 | €66,514 | €33,732 | -€32,782 | -49.3% |
| Deferred charges and accrued income | 490/1 | €3,953 | €528 | -€3,425 | -86.6% |
| Total equity and liabilities | 10/49 | €320,874 | €158,812 | -€162,061 | -50.5% |
| Equity | 10/15 | €224,818 | €155,817 | -€69,000 | -30.7% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €224,817 | €184,817 | -€40,000 | -17.8% |
| Distributable reserves | 133 | €224,817 | €184,817 | -€40,000 | -17.8% |
| Profit (loss) carried forward | 14 | - | -€29,000 | -€29,000 | |
| Amounts payable | 17/49 | €96,056 | €2,995 | -€93,061 | -96.9% |
| Amounts payable within one year | 42/48 | €95,548 | €2,695 | -€92,853 | -97.2% |
| Current portion of amounts payable after more than one year | 42 | €16,615 | - | -€16,615 | |
| Financial debts | 43 | €15,000 | - | -€15,000 | |
| Credit institutions | 430/8 | €15,000 | - | -€15,000 | |
| Trade debts | 44 | €9,466 | €1,384 | -€8,081 | -85.4% |
| Suppliers | 440/4 | €9,466 | €1,384 | -€8,081 | -85.4% |
| Taxes, remuneration and social security | 45 | €28,332 | €539 | -€27,792 | -98.1% |
| Taxes | 450/3 | €28,332 | €539 | -€27,792 | -98.1% |
| Other amounts payable | 47/48 | €26,136 | €772 | -€25,364 | -97.0% |
| Accrued charges and deferred income | 492/3 | €508 | €300 | -€208 | -41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,034 | €24,277 | +€243 | +1.0% |
| Other operating charges | 640/8 | €2,586 | €5,829 | +€3,243 | +125% |
| Non-recurring operating charges | 66A | €369 | - | -€369 | |
| Gross operating margin | 9900 | €240,222 | -€45,606 | -€285,828 | |
| Operating profit (loss) | 9901 | €213,233 | -€75,712 | -€288,945 | |
| Financial income | 75/76B | €7,361 | €8,222 | +€861 | +11.7% |
| Recurring financial income | 75 | €7,361 | €8,222 | +€861 | +11.7% |
| Financial charges | 65/66B | €1,030 | €970 | -€60 | -5.8% |
| Recurring financial charges | 65 | €1,030 | €970 | -€60 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €219,564 | -€68,461 | -€288,024 | |
| Income taxes | 67/77 | €56,911 | €539 | -€56,371 | -99.1% |
| Profit (loss) for the period | 9904 | €162,653 | -€69,000 | -€231,653 | |
| Profit (loss) for the period to be appropriated | 9905 | €162,653 | -€69,000 | -€231,653 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.