4 Makers: what changed
What changed
4 Makers
NACE 43.223, Specialised construction activities
filed annual accounts (NBB)
Net result for the year
-€63,491
2024 · €45,567-€109,058
Equity
€411,637
2024 · €475,127-€63,491
Cash
€133,803
2024 · €136,093-€2,290
Balance sheet total
€1.5m
2024 · €2.0m-€435,273
Largest movements
Assets
- Tangible fixed assets -€311,719
down €311,719 (-23.9%), from €1.3m to €992,413
of which Land and buildings: -€249,392
- Stocks and contracts -€56,404
down €56,404 (-20.8%), from €270,747 to €214,343
- Deferred charges and accrued income -€42,029
down €42,029 (-72.1%), from €58,310 to €16,281
- Receivables within one year -€19,830
down €19,830 (-11.4%), from €173,494 to €153,664
of which Other amounts receivable: -€20,083
Equity and liabilities
- Debts after one year -€139,168
down €139,168 (-43.6%), from €319,418 to €180,250
- Trade debts -€129,564
down €129,564 (-46.5%), from €278,757 to €149,194
- Current portion of long-term debt -€98,405
down €98,405 (-41.4%), from €237,573 to €139,168
- Profit (loss) carried forward -€56,949
down €56,949, from €28,748 to -€28,201
- Short-term financial debts -€47,045
down €47,045 (-23.9%), from €197,045 to €150,000
Income statement
- Gross operating margin -€250,671
down €250,671 (-27.8%), from €900,193 to €649,522
- Taxes -€62,258
down €62,258 (-50.5%), from €123,242 to €60,984
- Staff costs -€46,068
down €46,068 (-8.0%), from €577,383 to €531,316
- Financial charges -€21,000
down €21,000 (-49.2%), from €42,685 to €21,685
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€45,567
Gross operating margin
-€250,671
Staff costs
+€46,068
Depreciation
+€6,479
Other operating charges
+€4,058
Financial income
+€1,751
Financial charges
+€21,000
Taxes
+€62,258
Result 2025
-€63,491
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€64,864
Investment
+€217,463
Financing
-€284,618
Cash 2024
€136,093
From operations (derived)
+€64,864
Net result for the year
-€63,491
Depreciation
+€97,256
Stocks and contracts
+€56,404
Receivables within one year
+€19,830
Deferred charges and accrued income
+€42,029
Provisions
-€2,945
Trade debts
-€129,564
Tax, wage and social debts
+€22,235
Advances received
+€15,927
Accrued charges and deferred income
+€7,182
Investment (derived)
+€217,463
Investment in fixed assets (net)
+€217,463
Financing
-€284,618
Debts after one year
-€139,168
Current portion of long-term debt
-€98,405
Short-term financial debts
-€47,045
Cash 2025
€133,803
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,950,321 | €1,515,048 | -€435,273 | -22.3% |
| Fixed assets | 21/28 | €1,311,677 | €996,958 | -€314,719 | -24.0% |
| Intangible fixed assets | 21 | €4,845 | €1,845 | -€3,000 | -61.9% |
| Tangible fixed assets | 22/27 | €1,304,132 | €992,413 | -€311,719 | -23.9% |
| Land and buildings | 22 | €1,035,947 | €786,556 | -€249,392 | -24.1% |
| Plant, machinery and equipment | 23 | €9,762 | €5,193 | -€4,570 | -46.8% |
| Furniture and vehicles | 24 | €4,538 | €2,151 | -€2,387 | -52.6% |
| Leasing and similar rights | 25 | €27,876 | €7,141 | -€20,736 | -74.4% |
| Other tangible fixed assets | 26 | €226,008 | €191,372 | -€34,636 | -15.3% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €638,643 | €518,090 | -€120,553 | -18.9% |
| Stocks and contracts in progress | 3 | €270,747 | €214,343 | -€56,404 | -20.8% |
| Stocks | 30/36 | €270,747 | €214,343 | -€56,404 | -20.8% |
| Amounts receivable within one year | 40/41 | €173,494 | €153,664 | -€19,830 | -11.4% |
| Trade receivables | 40 | €153,411 | €153,664 | +€254 | +0.2% |
| Other amounts receivable | 41 | €20,083 | €0 | -€20,083 | -100% |
| Cash at bank and in hand | 54/58 | €136,093 | €133,803 | -€2,290 | -1.7% |
| Deferred charges and accrued income | 490/1 | €58,310 | €16,281 | -€42,029 | -72.1% |
| Total equity and liabilities | 10/49 | €1,950,321 | €1,515,048 | -€435,273 | -22.3% |
| Equity | 10/15 | €475,127 | €411,637 | -€63,491 | -13.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €46,379 | €39,838 | -€6,542 | -14.1% |
| Tax-exempt reserves | 132 | €45,877 | €39,336 | -€6,542 | -14.3% |
| Distributable reserves | 133 | €502 | €502 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,748 | -€28,201 | -€56,949 | |
| Provisions and deferred taxes | 16 | €20,646 | €17,701 | -€2,945 | -14.3% |
| Deferred taxes | 168 | €20,646 | €17,701 | -€2,945 | -14.3% |
| Amounts payable | 17/49 | €1,454,547 | €1,085,711 | -€368,837 | -25.4% |
| Amounts payable after more than one year | 17 | €319,418 | €180,250 | -€139,168 | -43.6% |
| Financial debts | 170/4 | €319,418 | €180,250 | -€139,168 | -43.6% |
| Amounts payable within one year | 42/48 | €1,123,523 | €886,672 | -€236,851 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €237,573 | €139,168 | -€98,405 | -41.4% |
| Financial debts | 43 | €197,045 | €150,000 | -€47,045 | -23.9% |
| Credit institutions | 430/8 | €197,045 | €150,000 | -€47,045 | -23.9% |
| Trade debts | 44 | €278,757 | €149,194 | -€129,564 | -46.5% |
| Suppliers | 440/4 | €278,757 | €149,194 | -€129,564 | -46.5% |
| Advances received on contracts in progress | 46 | €179,000 | €194,927 | +€15,927 | +8.9% |
| Taxes, remuneration and social security | 45 | €231,148 | €253,383 | +€22,235 | +9.6% |
| Taxes | 450/3 | €175,429 | €203,797 | +€28,368 | +16.2% |
| Remuneration and social security | 454/9 | €55,719 | €49,586 | -€6,133 | -11.0% |
| Accrued charges and deferred income | 492/3 | €11,606 | €18,788 | +€7,182 | +61.9% |
| Remuneration, social security and pensions | 62 | €577,383 | €531,316 | -€46,068 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,735 | €97,256 | -€6,479 | -6.2% |
| Other operating charges | 640/8 | €11,739 | €7,681 | -€4,058 | -34.6% |
| Gross operating margin | 9900 | €900,193 | €649,522 | -€250,671 | -27.8% |
| Operating profit (loss) | 9901 | €207,336 | €13,269 | -€194,067 | -93.6% |
| Financial income | 75/76B | €1,213 | €2,964 | +€1,751 | +144% |
| Recurring financial income | 75 | €1,213 | €2,964 | +€1,751 | +144% |
| Financial charges | 65/66B | €42,685 | €21,685 | -€21,000 | -49.2% |
| Recurring financial charges | 65 | €42,685 | €21,685 | -€21,000 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | €165,864 | -€5,452 | -€171,316 | |
| Transfer from deferred taxes | 780 | €2,945 | €2,945 | = | 0.0% |
| Income taxes | 67/77 | €123,242 | €60,984 | -€62,258 | -50.5% |
| Profit (loss) for the period | 9904 | €45,567 | -€63,491 | -€109,058 | |
| Transfer from tax-exempt reserves | 789 | €6,542 | €6,542 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,109 | -€56,949 | -€109,058 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.