4 BHAI: 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.
4 BHAI
Largest movements
- Tangible fixed assets +€45,918
up €45,918 (+16.1%), from €285,634 to €331,552
of which Furniture and vehicles: +€71,797
- Cash +€39,123
up €39,123 (+30.9%), from €126,490 to €165,612
mainly Depreciation (+€92,873) and Net result for the year (+€73,765)
- Intangible fixed assets -€36,466
down €36,466 (-42.2%), from €86,312 to €49,846
- Receivables within one year +€30,002
up €30,002 (+815%), from €3,683 to €33,685
of which Other amounts receivable: +€21,872
- Financial fixed assets +€12,500
up €12,500 (+74.2%), from €16,849 to €29,349
- Other debts +€68,648
up €68,648 (+15,204%), from €452 to €69,100
- Debts after one year +€36,217
up €36,217 (+51.1%), from €70,902 to €107,120
- Tax, wage and social debts -€32,442
down €32,442 (-50.9%), from €63,772 to €31,330
of which Taxes: -€36,475
- Current portion of long-term debt +€14,520
up €14,520 (+59.6%), from €24,349 to €38,868
- Gross operating margin +€56,512
up €56,512 (+9.6%), from €587,495 to €644,007
- Staff costs +€46,404
up €46,404 (+13.3%), from €349,178 to €395,582
- Other operating charges +€14,724
up €14,724 (+88.4%), from €16,655 to €31,380
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 | €547,215 | €637,409 | +€90,194 | +16.5% |
| Fixed assets | 21/28 | €388,795 | €410,747 | +€21,951 | +5.6% |
| Intangible fixed assets | 21 | €86,312 | €49,846 | -€36,466 | -42.2% |
| Tangible fixed assets | 22/27 | €285,634 | €331,552 | +€45,918 | +16.1% |
| Land and buildings | 22 | €87,539 | €71,561 | -€15,978 | -18.3% |
| Plant, machinery and equipment | 23 | €61,580 | €51,680 | -€9,901 | -16.1% |
| Furniture and vehicles | 24 | €136,515 | €208,312 | +€71,797 | +52.6% |
| Financial fixed assets | 28 | €16,849 | €29,349 | +€12,500 | +74.2% |
| Current assets | 29/58 | €158,419 | €226,662 | +€68,243 | +43.1% |
| Stocks and contracts in progress | 3 | €20,888 | €20,496 | -€391 | -1.9% |
| Stocks | 30/36 | €20,888 | €20,496 | -€391 | -1.9% |
| Amounts receivable within one year | 40/41 | €3,683 | €33,685 | +€30,002 | +815% |
| Trade receivables | 40 | €2,050 | €10,180 | +€8,130 | +396% |
| Other amounts receivable | 41 | €1,633 | €23,505 | +€21,872 | +1,339% |
| Cash at bank and in hand | 54/58 | €126,490 | €165,612 | +€39,123 | +30.9% |
| Deferred charges and accrued income | 490/1 | €7,359 | €6,868 | -€491 | -6.7% |
| Total equity and liabilities | 10/49 | €547,215 | €637,409 | +€90,194 | +16.5% |
| Equity | 10/15 | €352,491 | €357,156 | +€4,665 | +1.3% |
| Reserves | 13 | €352,410 | €357,110 | +€4,700 | +1.3% |
| Distributable reserves | 133 | €352,410 | €357,110 | +€4,700 | +1.3% |
| Profit (loss) carried forward | 14 | €81 | €46 | -€35 | -43.7% |
| Amounts payable | 17/49 | €194,724 | €280,253 | +€85,530 | +43.9% |
| Amounts payable after more than one year | 17 | €70,902 | €107,120 | +€36,217 | +51.1% |
| Financial debts | 170/4 | €70,902 | €107,120 | +€36,217 | +51.1% |
| Amounts payable within one year | 42/48 | €123,604 | €172,746 | +€49,142 | +39.8% |
| Current portion of amounts payable after more than one year | 42 | €24,349 | €38,868 | +€14,520 | +59.6% |
| Trade debts | 44 | €35,032 | €33,448 | -€1,584 | -4.5% |
| Suppliers | 440/4 | €35,032 | €33,448 | -€1,584 | -4.5% |
| Taxes, remuneration and social security | 45 | €63,772 | €31,330 | -€32,442 | -50.9% |
| Taxes | 450/3 | €50,866 | €14,390 | -€36,475 | -71.7% |
| Remuneration and social security | 454/9 | €12,906 | €16,940 | +€4,033 | +31.3% |
| Other amounts payable | 47/48 | €452 | €69,100 | +€68,648 | +15,204% |
| Accrued charges and deferred income | 492/3 | €217 | €388 | +€171 | +78.6% |
| Non-recurring operating income | 76A | - | €7,365 | +€7,365 | |
| Remuneration, social security and pensions | 62 | €349,178 | €395,582 | +€46,404 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,798 | €92,873 | +€3,076 | +3.4% |
| Other operating charges | 640/8 | €16,655 | €31,380 | +€14,724 | +88.4% |
| Gross operating margin | 9900 | €587,495 | €644,007 | +€56,512 | +9.6% |
| Operating profit (loss) | 9901 | €131,864 | €124,173 | -€7,691 | -5.8% |
| Financial income | 75/76B | €1,329 | €1,118 | -€212 | -15.9% |
| Recurring financial income | 75 | €1,329 | €1,118 | -€212 | -15.9% |
| Financial charges | 65/66B | €18,852 | €23,266 | +€4,414 | +23.4% |
| Recurring financial charges | 65 | €18,852 | €23,266 | +€4,414 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €114,342 | €102,025 | -€12,317 | -10.8% |
| Income taxes | 67/77 | €32,061 | €28,260 | -€3,801 | -11.9% |
| Profit (loss) for the period | 9904 | €82,281 | €73,765 | -€8,517 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,281 | €73,765 | -€8,517 | -10.4% |
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.