PROJET A: 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.
PROJET A
Largest movements
- Cash +€386,972
up €386,972 (+11,721%), from €3,302 to €390,274
mainly Debts after one year (+€678,345) and Contributions, distributions and other (+€132,000)
- Tangible fixed assets +€381,001
up €381,001 (+1,400%), from €27,209 to €408,210
of which Other tangible fixed assets: +€227,585
- Intangible fixed assets -€12,227
down €12,227 (-17.1%), from €71,405 to €59,178
- Debts after one year +€678,345
new in 2025: €678,345
- Profit (loss) carried forward -€180,841
down €180,841 (-530%), from -€34,095 to -€214,936
- Contributions +€132,000
up €132,000 (+1,320%), from €10,000 to €142,000
- Other debts +€101,086
up €101,086 (+92.6%), from €109,179 to €210,265
- Current portion of long-term debt +€13,655
new in 2025: €13,655
- Staff costs +€39,810
new in 2025: €39,810
- Gross operating margin +€31,798
up €31,798 (+96.6%), from -€32,909 to -€1,112
- Financial charges +€20,249
up €20,249 (+39,758%), from €51 to €20,300
- Depreciation +€18,272
new in 2025: €18,272
- Other operating charges -€1,135
no longer reported in 2025 (was €1,135)
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 | €109,836 | €868,216 | +€758,380 | +690% |
| Fixed assets | 21/28 | €98,614 | €467,388 | +€368,774 | +374% |
| Intangible fixed assets | 21 | €71,405 | €59,178 | -€12,227 | -17.1% |
| Tangible fixed assets | 22/27 | €27,209 | €408,210 | +€381,001 | +1,400% |
| Plant, machinery and equipment | 23 | - | €1,503 | +€1,503 | |
| Furniture and vehicles | 24 | - | €3,944 | +€3,944 | |
| Other tangible fixed assets | 26 | €27,209 | €254,794 | +€227,585 | +836% |
| Assets under construction and advance payments | 27 | - | €147,969 | +€147,969 | |
| Current assets | 29/58 | €11,222 | €400,828 | +€389,606 | +3,472% |
| Stocks and contracts in progress | 3 | - | €900 | +€900 | |
| Stocks | 30/36 | - | €900 | +€900 | |
| Amounts receivable within one year | 40/41 | €7,081 | €6,743 | -€338 | -4.8% |
| Trade receivables | 40 | €4,146 | €6,158 | +€2,013 | +48.5% |
| Other amounts receivable | 41 | €2,936 | €585 | -€2,350 | -80.1% |
| Cash at bank and in hand | 54/58 | €3,302 | €390,274 | +€386,972 | +11,721% |
| Deferred charges and accrued income | 490/1 | €840 | €2,911 | +€2,072 | +247% |
| Total equity and liabilities | 10/49 | €109,836 | €868,216 | +€758,380 | +690% |
| Equity | 10/15 | -€24,095 | -€72,936 | -€48,841 | -203% |
| Contributions | 10/11 | €10,000 | €142,000 | +€132,000 | +1,320% |
| Profit (loss) carried forward | 14 | -€34,095 | -€214,936 | -€180,841 | -530% |
| Amounts payable | 17/49 | €133,931 | €941,152 | +€807,221 | +603% |
| Amounts payable after more than one year | 17 | - | €678,345 | +€678,345 | |
| Other amounts payable | 178/9 | - | €678,345 | +€678,345 | |
| Amounts payable within one year | 42/48 | €133,931 | €262,807 | +€128,876 | +96.2% |
| Current portion of amounts payable after more than one year | 42 | - | €13,655 | +€13,655 | |
| Trade debts | 44 | €24,752 | €30,652 | +€5,900 | +23.8% |
| Suppliers | 440/4 | €24,752 | €30,652 | +€5,900 | +23.8% |
| Taxes, remuneration and social security | 45 | - | €8,234 | +€8,234 | |
| Taxes | 450/3 | - | €491 | +€491 | |
| Remuneration and social security | 454/9 | - | €7,744 | +€7,744 | |
| Other amounts payable | 47/48 | €109,179 | €210,265 | +€101,086 | +92.6% |
| Remuneration, social security and pensions | 62 | - | €39,810 | +€39,810 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €18,272 | +€18,272 | |
| Other operating charges | 640/8 | €1,135 | - | -€1,135 | |
| Non-recurring operating charges | 66A | - | €101,358 | +€101,358 | |
| Gross operating margin | 9900 | -€32,909 | -€1,112 | +€31,798 | +96.6% |
| Operating profit (loss) | 9901 | -€34,044 | -€160,551 | -€126,507 | -372% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €51 | €20,300 | +€20,249 | +39,758% |
| Recurring financial charges | 65 | €51 | €20,300 | +€20,249 | +39,758% |
| Profit (loss) for the period before taxes | 9903 | -€34,095 | -€180,841 | -€146,746 | -430% |
| Profit (loss) for the period | 9904 | -€34,095 | -€180,841 | -€146,746 | -430% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,095 | -€180,841 | -€146,746 | -430% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.