4.maat: 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.maat
Largest movements
- Cash +€38,513
up €38,513 (+180.3%), from €21,364 to €59,877
mainly Accrued charges and deferred income (+€37,255) and Depreciation (+€34,802)
- Tangible fixed assets +€27,817
up €27,817 (+20.6%), from €135,145 to €162,962
of which Leasing and similar rights: +€41,911
- Deferred charges and accrued income -€11,348
down €11,348 (-85.4%), from €13,287 to €1,938
- Stocks and contracts -€4,915
down €4,915 (-29.2%), from €16,825 to €11,910
- Receivables within one year -€2,820
down €2,820 (-17.5%), from €16,114 to €13,294
of which Trade receivables: -€2,820
- Accrued charges and deferred income +€37,255
up €37,255 (+189.8%), from €19,629 to €56,884
- Debts after one year +€23,368
up €23,368 (+33.2%), from €70,283 to €93,651
- Tax, wage and social debts -€14,260
down €14,260 (-52.0%), from €27,425 to €13,166
of which Taxes: -€16,148
- Other debts -€8,084
down €8,084 (-19.9%), from €40,644 to €32,560
- Profit (loss) carried forward +€7,988
up €7,988, from -€7,988 to €0
- Gross operating margin +€58,011
up €58,011 (+73.6%), from €78,873 to €136,884
- Staff costs +€28,638
up €28,638 (+56.9%), from €50,370 to €79,008
- Depreciation +€15,155
up €15,155 (+77.1%), from €19,647 to €34,802
- Other operating charges -€9,704
down €9,704 (-80.7%), from €12,023 to €2,318
- Financial charges +€3,469
up €3,469 (+66.9%), from €5,187 to €8,656
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.
Cash bridge derived
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 | €205,044 | €251,691 | +€46,647 | +22.7% |
| Fixed assets | 21/28 | €137,454 | €164,672 | +€27,217 | +19.8% |
| Intangible fixed assets | 21 | €2,309 | €1,709 | -€600 | -26.0% |
| Tangible fixed assets | 22/27 | €135,145 | €162,962 | +€27,817 | +20.6% |
| Plant, machinery and equipment | 23 | €116,321 | €100,199 | -€16,122 | -13.9% |
| Furniture and vehicles | 24 | €18,824 | €20,852 | +€2,028 | +10.8% |
| Leasing and similar rights | 25 | - | €41,911 | +€41,911 | |
| Current assets | 29/58 | €67,590 | €87,019 | +€19,429 | +28.7% |
| Stocks and contracts in progress | 3 | €16,825 | €11,910 | -€4,915 | -29.2% |
| Stocks | 30/36 | €16,825 | €11,910 | -€4,915 | -29.2% |
| Amounts receivable within one year | 40/41 | €16,114 | €13,294 | -€2,820 | -17.5% |
| Trade receivables | 40 | €16,114 | €13,294 | -€2,820 | -17.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €21,364 | €59,877 | +€38,513 | +180.3% |
| Deferred charges and accrued income | 490/1 | €13,287 | €1,938 | -€11,348 | -85.4% |
| Total equity and liabilities | 10/49 | €205,044 | €251,691 | +€46,647 | +22.7% |
| Equity | 10/15 | €34,245 | €44,903 | +€10,657 | +31.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €37,234 | €39,903 | +€2,669 | +7.2% |
| Distributable reserves | 133 | €37,234 | €39,903 | +€2,669 | +7.2% |
| Profit (loss) carried forward | 14 | -€7,988 | €0 | +€7,988 | |
| Amounts payable | 17/49 | €170,798 | €206,788 | +€35,990 | +21.1% |
| Amounts payable after more than one year | 17 | €70,283 | €93,651 | +€23,368 | +33.2% |
| Financial debts | 170/4 | €70,283 | €93,651 | +€23,368 | +33.2% |
| Amounts payable within one year | 42/48 | €80,887 | €56,253 | -€24,634 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €6,698 | €8,639 | +€1,940 | +29.0% |
| Trade debts | 44 | €6,119 | €1,888 | -€4,230 | -69.1% |
| Suppliers | 440/4 | €6,119 | €1,888 | -€4,230 | -69.1% |
| Taxes, remuneration and social security | 45 | €27,425 | €13,166 | -€14,260 | -52.0% |
| Taxes | 450/3 | €19,399 | €3,251 | -€16,148 | -83.2% |
| Remuneration and social security | 454/9 | €8,026 | €9,914 | +€1,888 | +23.5% |
| Other amounts payable | 47/48 | €40,644 | €32,560 | -€8,084 | -19.9% |
| Accrued charges and deferred income | 492/3 | €19,629 | €56,884 | +€37,255 | +189.8% |
| Remuneration, social security and pensions | 62 | €50,370 | €79,008 | +€28,638 | +56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,647 | €34,802 | +€15,155 | +77.1% |
| Other operating charges | 640/8 | €12,023 | €2,318 | -€9,704 | -80.7% |
| Gross operating margin | 9900 | €78,873 | €136,884 | +€58,011 | +73.6% |
| Operating profit (loss) | 9901 | -€3,167 | €20,756 | +€23,923 | |
| Financial income | 75/76B | €366 | €887 | +€521 | +142.2% |
| Recurring financial income | 75 | €366 | €887 | +€521 | +142.2% |
| Financial charges | 65/66B | €5,187 | €8,656 | +€3,469 | +66.9% |
| Recurring financial charges | 65 | €5,187 | €8,656 | +€3,469 | +66.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,988 | €12,987 | +€20,975 | |
| Income taxes | 67/77 | €0 | €686 | +€686 | |
| Profit (loss) for the period | 9904 | -€7,988 | €12,301 | +€20,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,988 | €12,301 | +€20,289 |
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 11 October 2026 via checked.be.