Why does the Profitability number for my Clients doesn't seem right, considering the Budget and Cost

Sometimes, when you look at the Profitability number in the Clients view, it doesn't look right, taking into account the Budget, Spent Budget and Costs we are showing:

Looking at the numbers you can calculate the profitability in 2 ways:

1. (Budget - Costs) / Budget, which in case of the above numbers would be 93%
2. (Spent budget - Costs) / Spent Budget, which in case of the above numbers would be 48.86%

So why are we showing Profitability as 49.94% ?

The reason is that we use different budgets for profitability calculation for the individual projects depending on the project type: it's Spent Budget for Time&Materials projects and Total Budget for Fixed Fee projects. The client above has 69 projects, some of which are Time&Materials and others are Fixed Fee. Under the hood, we are accounting for the differences in profitability calculation depending on the project type.