PROJECT C: 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.
PROJECT C
Largest movements
- Cash +€275,845
up €275,845 (+54.3%), from €508,180 to €784,025
mainly Receivables within one year (+€254,864) and Net result for the year (+€69,269)
- Receivables within one year -€254,864
down €254,864 (-93.6%), from €272,240 to €17,376
- Tangible fixed assets -€37,308
down €37,308 (-2.1%), from €1.8m to €1.8m
of which Land and buildings: -€43,038
- Other debts -€83,988
down €83,988 (-66.1%), from €127,039 to €43,050
- Reserves +€69,269
up €69,269 (+6.2%), from €1.1m to €1.2m
of which Distributable reserves: +€93,124
- Debts after one year -€43,822
down €43,822 (-9.6%), from €457,733 to €413,911
- Tax, wage and social debts +€39,865
up €39,865 (+197%), from €20,252 to €60,117
- Depreciation -€101,705
down €101,705 (-70.3%), from €144,743 to €43,038
- Taxes +€31,265
up €31,265 (+203%), from €15,401 to €46,665
- Gross operating margin +€16,491
up €16,491 (+10.7%), from €154,038 to €170,530
- Financial income -€10,183
down €10,183 (-38.3%), from €26,597 to €16,414
- Other operating charges -€6,777
down €6,777 (-33.6%), from €20,155 to €13,378
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 | €2,581,782 | €2,561,079 | -€20,703 | -0.8% |
| Fixed assets | 21/28 | €1,796,986 | €1,759,677 | -€37,308 | -2.1% |
| Tangible fixed assets | 22/27 | €1,796,986 | €1,759,677 | -€37,308 | -2.1% |
| Land and buildings | 22 | €1,796,986 | €1,753,947 | -€43,038 | -2.4% |
| Other tangible fixed assets | 26 | - | €5,730 | +€5,730 | |
| Current assets | 29/58 | €784,796 | €801,402 | +€16,606 | +2.1% |
| Amounts receivable within one year | 40/41 | €272,240 | €17,376 | -€254,864 | -93.6% |
| Other amounts receivable | 41 | €272,240 | €17,376 | -€254,864 | -93.6% |
| Cash at bank and in hand | 54/58 | €508,180 | €784,025 | +€275,845 | +54.3% |
| Deferred charges and accrued income | 490/1 | €4,376 | - | -€4,376 | |
| Total equity and liabilities | 10/49 | €2,581,782 | €2,561,079 | -€20,703 | -0.8% |
| Equity | 10/15 | €1,812,231 | €1,881,499 | +€69,269 | +3.8% |
| Contributions | 10/11 | €696,205 | €696,205 | = | 0.0% |
| Reserves | 13 | €1,116,026 | €1,185,295 | +€69,269 | +6.2% |
| Tax-exempt reserves | 132 | €356,160 | €332,304 | -€23,856 | -6.7% |
| Distributable reserves | 133 | €759,866 | €852,991 | +€93,124 | +12.3% |
| Provisions and deferred taxes | 16 | €118,720 | €110,768 | -€7,952 | -6.7% |
| Deferred taxes | 168 | €118,720 | €110,768 | -€7,952 | -6.7% |
| Amounts payable | 17/49 | €650,831 | €568,812 | -€82,020 | -12.6% |
| Amounts payable after more than one year | 17 | €457,733 | €413,911 | -€43,822 | -9.6% |
| Financial debts | 170/4 | €457,733 | €413,911 | -€43,822 | -9.6% |
| Amounts payable within one year | 42/48 | €193,098 | €150,376 | -€42,722 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €42,267 | €43,822 | +€1,556 | +3.7% |
| Trade debts | 44 | €3,540 | €3,385 | -€155 | -4.4% |
| Suppliers | 440/4 | €3,540 | €3,385 | -€155 | -4.4% |
| Taxes, remuneration and social security | 45 | €20,252 | €60,117 | +€39,865 | +197% |
| Taxes | 450/3 | €20,252 | €60,117 | +€39,865 | +197% |
| Other amounts payable | 47/48 | €127,039 | €43,050 | -€83,988 | -66.1% |
| Accrued charges and deferred income | 492/3 | €0 | €4,525 | +€4,525 | |
| Non-recurring operating income | 76A | €12,618 | - | -€12,618 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,743 | €43,038 | -€101,705 | -70.3% |
| Other operating charges | 640/8 | €20,155 | €13,378 | -€6,777 | -33.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €154,038 | €170,530 | +€16,491 | +10.7% |
| Operating profit (loss) | 9901 | -€10,860 | €114,113 | +€124,973 | |
| Financial income | 75/76B | €26,597 | €16,414 | -€10,183 | -38.3% |
| Recurring financial income | 75 | €26,597 | €16,414 | -€10,183 | -38.3% |
| Financial charges | 65/66B | €17,911 | €22,545 | +€4,634 | +25.9% |
| Recurring financial charges | 65 | €17,911 | €22,545 | +€4,634 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,174 | €107,982 | +€110,156 | |
| Transfer from deferred taxes | 780 | €10,942 | €7,952 | -€2,990 | -27.3% |
| Transfer to deferred taxes | 680 | €0 | €0 | = | |
| Income taxes | 67/77 | €15,401 | €46,665 | +€31,265 | +203% |
| Profit (loss) for the period | 9904 | -€6,632 | €69,269 | +€75,901 | |
| Transfer from tax-exempt reserves | 789 | €32,826 | €23,856 | -€8,970 | -27.3% |
| Transfer to tax-exempt reserves | 689 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €26,193 | €93,124 | +€66,931 | +256% |
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 27 October 2026 via checked.be.