4 SEC: what changed
Two fiscal 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 SEC
Largest movements
- Receivables within one year +€66,344
up €66,344 (+108.8%), from €60,963 to €127,307
of which Other amounts receivable: +€55,505
- Cash -€9,248
down €9,248 (-94.1%), from €9,828 to €581
mainly Receivables within one year (-€66,344) and Contributions, distributions and other (-€50,535)
- Deferred charges and accrued income +€7,348
up €7,348 (+36.8%), from €19,946 to €27,295
- Tangible fixed assets -€7,239
down €7,239 (-25.8%), from €28,106 to €20,867
of which Plant, machinery and equipment: -€3,785
- Other debts +€48,535
up €48,535 (+269.6%), from €18,001 to €66,536
- Reserves +€27,101
up €27,101 (+9.3%), from €290,498 to €317,599
of which Distributable reserves: +€27,101
- Accrued charges and deferred income -€10,105
down €10,105 (-95.5%), from €10,576 to €471
- Trade debts -€6,719
down €6,719 (-44.6%), from €15,054 to €8,335
- Gross operating margin +€10,290
up €10,290 (+7.2%), from €143,724 to €154,014
- Financial income -€6,095
down €6,095 (-77.6%), from €7,858 to €1,763
- Financial charges +€6,085
up €6,085 (+256.2%), from €2,375 to €8,461
- Staff costs +€2,704
up €2,704 (+12.6%), from €21,498 to €24,203
- Taxes -€1,872
down €1,872 (-5.1%), from €36,930 to €35,058
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €382,843 | €440,049 | +€57,206 | +14.9% |
| Fixed assets | 21/28 | €28,106 | €20,867 | -€7,239 | -25.8% |
| Tangible fixed assets | 22/27 | €28,106 | €20,867 | -€7,239 | -25.8% |
| Plant, machinery and equipment | 23 | €10,213 | €6,428 | -€3,785 | -37.1% |
| Furniture and vehicles | 24 | €10,242 | €7,580 | -€2,663 | -26.0% |
| Other tangible fixed assets | 26 | €7,651 | €6,859 | -€791 | -10.3% |
| Current assets | 29/58 | €354,737 | €419,182 | +€64,445 | +18.2% |
| Amounts receivable after more than one year | 29 | €264,000 | €264,000 | = | 0.0% |
| Trade receivables | 290 | €78,000 | €78,000 | = | 0.0% |
| Other amounts receivable | 291 | €186,000 | €186,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,963 | €127,307 | +€66,344 | +108.8% |
| Trade receivables | 40 | €59,561 | €70,400 | +€10,839 | +18.2% |
| Other amounts receivable | 41 | €1,402 | €56,907 | +€55,505 | +3959.9% |
| Cash at bank and in hand | 54/58 | €9,828 | €581 | -€9,248 | -94.1% |
| Deferred charges and accrued income | 490/1 | €19,946 | €27,295 | +€7,348 | +36.8% |
| Total equity and liabilities | 10/49 | €382,843 | €440,049 | +€57,206 | +14.9% |
| Equity | 10/15 | €296,698 | €323,799 | +€27,101 | +9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €290,498 | €317,599 | +€27,101 | +9.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €290,498 | €317,599 | +€27,101 | +9.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €86,146 | €116,250 | +€30,104 | +34.9% |
| Amounts payable within one year | 42/48 | €75,570 | €115,779 | +€40,209 | +53.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €15,054 | €8,335 | -€6,719 | -44.6% |
| Suppliers | 440/4 | €15,054 | €8,335 | -€6,719 | -44.6% |
| Taxes, remuneration and social security | 45 | €17,515 | €15,908 | -€1,607 | -9.2% |
| Taxes | 450/3 | €14,876 | €11,804 | -€3,073 | -20.7% |
| Remuneration and social security | 454/9 | €2,639 | €4,104 | +€1,465 | +55.5% |
| Other amounts payable | 47/48 | €18,001 | €66,536 | +€48,535 | +269.6% |
| Accrued charges and deferred income | 492/3 | €10,576 | €471 | -€10,105 | -95.5% |
| Remuneration, social security and pensions | 62 | €21,498 | €24,203 | +€2,704 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,205 | €8,890 | -€315 | -3.4% |
| Other operating charges | 640/8 | €1,328 | €1,529 | +€201 | +15.1% |
| Gross operating margin | 9900 | €143,724 | €154,014 | +€10,290 | +7.2% |
| Operating profit (loss) | 9901 | €111,693 | €119,392 | +€7,699 | +6.9% |
| Financial income | 75/76B | €7,858 | €1,763 | -€6,095 | -77.6% |
| Recurring financial income | 75 | €7,858 | €1,763 | -€6,095 | -77.6% |
| Financial charges | 65/66B | €2,375 | €8,461 | +€6,085 | +256.2% |
| Recurring financial charges | 65 | €2,375 | €8,461 | +€6,085 | +256.2% |
| Profit (loss) for the period before taxes | 9903 | €117,175 | €112,694 | -€4,481 | -3.8% |
| Income taxes | 67/77 | €36,930 | €35,058 | -€1,872 | -5.1% |
| Profit (loss) for the period | 9904 | €80,245 | €77,636 | -€2,609 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,245 | €77,636 | -€2,609 | -3.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.