25 PROJECTS: 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.
25 PROJECTS
Largest movements
- Tangible fixed assets +€16,936
up €16,936 (+2.4%), from €720,204 to €737,140
of which Land and buildings: +€24,814
- Other debts +€152,073
up €152,073 (+74.0%), from €205,399 to €357,472
- Profit (loss) carried forward -€65,416
down €65,416 (-25.0%), from -€261,750 to -€327,166
- Current portion of long-term debt -€38,249
down €38,249 (-69.9%), from €54,702 to €16,453
- Trade debts -€18,519
down €18,519 (-92.7%), from €19,970 to €1,451
- Debts after one year -€16,453
down €16,453 (-10.3%), from €159,552 to €143,099
- Gross operating margin -€34,996
down €34,996, from €28,199 to -€6,797
- Financial income -€4,389
down €4,389 (-100.0%), from €4,391 to €1
of which Non-recurring financial income: -€4,390
- Financial charges -€2,125
down €2,125 (-31.9%), from €6,668 to €4,543
- Other operating charges -€1,924
down €1,924 (-41.7%), from €4,610 to €2,686
- Staff costs -€1,161
down €1,161 (-100%), from €1,161 to €0
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 | €729,073 | €741,863 | +€12,789 | +1.8% |
| Fixed assets | 21/28 | €720,204 | €737,140 | +€16,936 | +2.4% |
| Tangible fixed assets | 22/27 | €720,204 | €737,140 | +€16,936 | +2.4% |
| Land and buildings | 22 | €678,873 | €703,688 | +€24,814 | +3.7% |
| Plant, machinery and equipment | 23 | €9,353 | €8,138 | -€1,215 | -13.0% |
| Furniture and vehicles | 24 | €31,978 | €25,314 | -€6,664 | -20.8% |
| Current assets | 29/58 | €8,869 | €4,723 | -€4,146 | -46.8% |
| Amounts receivable within one year | 40/41 | €5,528 | €774 | -€4,754 | -86.0% |
| Trade receivables | 40 | €4,470 | €588 | -€3,881 | -86.8% |
| Other amounts receivable | 41 | €1,058 | €186 | -€872 | -82.5% |
| Cash at bank and in hand | 54/58 | €1,974 | €709 | -€1,264 | -64.1% |
| Deferred charges and accrued income | 490/1 | €1,368 | €3,240 | +€1,871 | +137% |
| Total equity and liabilities | 10/49 | €729,073 | €741,863 | +€12,789 | +1.8% |
| Equity | 10/15 | €288,250 | €222,834 | -€65,416 | -22.7% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€261,750 | -€327,166 | -€65,416 | -25.0% |
| Amounts payable | 17/49 | €440,823 | €519,028 | +€78,205 | +17.7% |
| Amounts payable after more than one year | 17 | €159,552 | €143,099 | -€16,453 | -10.3% |
| Financial debts | 170/4 | €159,552 | €143,099 | -€16,453 | -10.3% |
| Amounts payable within one year | 42/48 | €281,272 | €375,929 | +€94,658 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €54,702 | €16,453 | -€38,249 | -69.9% |
| Trade debts | 44 | €19,970 | €1,451 | -€18,519 | -92.7% |
| Suppliers | 440/4 | €19,970 | €1,451 | -€18,519 | -92.7% |
| Advances received on contracts in progress | 46 | €316 | €0 | -€316 | -100% |
| Taxes, remuneration and social security | 45 | €884 | €553 | -€331 | -37.5% |
| Taxes | 450/3 | €884 | €553 | -€331 | -37.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €205,399 | €357,472 | +€152,073 | +74.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,161 | €0 | -€1,161 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,334 | €50,316 | +€982 | +2.0% |
| Other operating charges | 640/8 | €4,610 | €2,686 | -€1,924 | -41.7% |
| Non-recurring operating charges | 66A | €0 | €745 | +€745 | |
| Gross operating margin | 9900 | €28,199 | -€6,797 | -€34,996 | |
| Operating profit (loss) | 9901 | -€26,907 | -€60,544 | -€33,637 | -125% |
| Financial income | 75/76B | €4,391 | €1 | -€4,389 | -100.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +348% |
| Non-recurring financial income | 76B | €4,390 | €0 | -€4,390 | -100% |
| Financial charges | 65/66B | €6,668 | €4,543 | -€2,125 | -31.9% |
| Recurring financial charges | 65 | €6,668 | €4,543 | -€2,125 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,185 | -€65,086 | -€35,901 | -123% |
| Income taxes | 67/77 | €279 | €330 | +€51 | +18.3% |
| Profit (loss) for the period | 9904 | -€29,464 | -€65,416 | -€35,952 | -122% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,464 | -€65,416 | -€35,952 | -122% |
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 29 October 2026 via checked.be.