PROJECTOR: 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.
What changed
PROJECTOR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,358
2024 · €18,422-€5,064
Equity
€204,222
2024 · €201,108+€3,114
Cash
€24,652
2024 · €46,588-€21,936
Balance sheet total
€802,311
2024 · €813,411-€11,100
Largest movements
Assets
- Cash -€21,936
down €21,936 (-47.1%), from €46,588 to €24,652
mainly Investment in fixed assets (net) (-€44,787) and Current investments (-€13,000)
- Current investments +€13,000
up €13,000 (+36.1%), from €36,000 to €49,000
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€22,845
down €22,845 (-21.7%), from €105,115 to €82,269
- Other operating charges -€17,778
down €17,778 (-67.4%), from €26,390 to €8,612
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.
Result 2024
€18,422
Gross operating margin
-€22,845
Depreciation
-€80
Other operating charges
+€17,778
Financial income
+€106
Financial charges
-€65
Taxes
+€42
Result 2025
€13,358
raises the resultlowers the result
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.
From operations
+€60,013
Investment
-€57,787
Financing
-€24,163
Cash 2024
€46,588
From operations (derived)
+€60,013
Net result for the year
+€13,358
Depreciation
+€39,272
Receivables within one year
+€7,766
Deferred charges and accrued income
-€87
Trade debts
+€2,297
Tax, wage and social debts
-€6,211
Other debts
+€3,619
Investment (derived)
-€57,787
Investment in fixed assets (net)
-€44,787
Current investments
-€13,000
Financing
-€24,163
Debts after one year
-€7,150
Current portion of long-term debt
-€6,769
Contributions, distributions and other
-€10,244
Cash 2025
€24,652
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €813,411 | €802,311 | -€11,100 | -1.4% |
| Fixed assets | 21/28 | €721,712 | €727,228 | +€5,515 | +0.8% |
| Tangible fixed assets | 22/27 | €721,712 | €727,228 | +€5,515 | +0.8% |
| Land and buildings | 22 | €703,515 | €714,452 | +€10,938 | +1.6% |
| Plant, machinery and equipment | 23 | €1,190 | €3,558 | +€2,369 | +199% |
| Furniture and vehicles | 24 | €17,008 | €9,217 | -€7,791 | -45.8% |
| Current assets | 29/58 | €91,699 | €75,084 | -€16,615 | -18.1% |
| Amounts receivable within one year | 40/41 | €8,230 | €464 | -€7,766 | -94.4% |
| Trade receivables | 40 | €8,075 | €0 | -€8,075 | -100% |
| Other amounts receivable | 41 | €155 | €464 | +€309 | +200% |
| Current investments | 50/53 | €36,000 | €49,000 | +€13,000 | +36.1% |
| Cash at bank and in hand | 54/58 | €46,588 | €24,652 | -€21,936 | -47.1% |
| Deferred charges and accrued income | 490/1 | €881 | €968 | +€87 | +9.9% |
| Total equity and liabilities | 10/49 | €813,411 | €802,311 | -€11,100 | -1.4% |
| Equity | 10/15 | €201,108 | €204,222 | +€3,114 | +1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €188,708 | €191,822 | +€3,114 | +1.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €186,848 | €189,962 | +€3,114 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €612,303 | €598,089 | -€14,214 | -2.3% |
| Amounts payable after more than one year | 17 | €532,665 | €525,515 | -€7,150 | -1.3% |
| Financial debts | 170/4 | €532,665 | €525,515 | -€7,150 | -1.3% |
| Amounts payable within one year | 42/48 | €79,638 | €72,574 | -€7,064 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €57,830 | €51,061 | -€6,769 | -11.7% |
| Trade debts | 44 | €1,385 | €3,682 | +€2,297 | +166% |
| Suppliers | 440/4 | €1,385 | €3,682 | +€2,297 | +166% |
| Taxes, remuneration and social security | 45 | €12,711 | €6,500 | -€6,211 | -48.9% |
| Taxes | 450/3 | €12,711 | €6,500 | -€6,211 | -48.9% |
| Other amounts payable | 47/48 | €7,712 | €11,331 | +€3,619 | +46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,192 | €39,272 | +€80 | +0.2% |
| Other operating charges | 640/8 | €26,390 | €8,612 | -€17,778 | -67.4% |
| Gross operating margin | 9900 | €105,115 | €82,269 | -€22,845 | -21.7% |
| Operating profit (loss) | 9901 | €39,533 | €34,386 | -€5,147 | -13.0% |
| Financial income | 75/76B | €486 | €592 | +€106 | +21.9% |
| Recurring financial income | 75 | €486 | €592 | +€106 | +21.9% |
| Financial charges | 65/66B | €15,432 | €15,496 | +€65 | +0.4% |
| Recurring financial charges | 65 | €15,432 | €15,496 | +€65 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €24,587 | €19,482 | -€5,106 | -20.8% |
| Income taxes | 67/77 | €6,166 | €6,124 | -€42 | -0.7% |
| Profit (loss) for the period | 9904 | €18,422 | €13,358 | -€5,064 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,422 | €13,358 | -€5,064 | -27.5% |
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 20 October 2026 via checked.be.