4-US: 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.
What changed
4-US
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€162,164
2024 · -€50,775+€212,940
Equity
€529,425
2024 · €367,260+€162,164
Cash
€9,641
2024 · €11,085-€1,443
Balance sheet total
€1.3m
2024 · €1.2m+€86,975
Largest movements
Assets
- Stocks and contracts +€110,520
up €110,520 (+13.0%), from €852,940 to €963,460
- Receivables within one year -€20,230
down €20,230 (-41.2%), from €49,091 to €28,860
of which Other amounts receivable: -€19,384
Equity and liabilities
- Debts after one year +€340,515
up €340,515 (+267,071%), from €128 to €340,643
of which Financial debts: +€340,000
- Advances received -€168,750
down €168,750 (-100%), from €168,750 to €0
- Other debts -€131,148
down €131,148 (-25.6%), from €513,006 to €381,859
- Current portion of long-term debt -€100,000
down €100,000 (-100%), from €100,000 to €0
- Profit (loss) carried forward +€96,513
up €96,513, from -€96,513 to €0
Income statement
- Gross operating margin +€171,700
up €171,700 (+515%), from €33,365 to €205,066
- Provisions -€60,852
down €60,852, from €30,426 to -€30,426
- Taxes +€39,036
up €39,036, from -€580 to €38,456
- Financial charges -€17,048
down €17,048 (-36.0%), from €47,394 to €30,347
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.
Result 2024
-€50,775
Gross operating margin
+€171,700
Depreciation
+€402
Provisions
+€60,852
Other operating charges
+€1,998
Financial income
-€25
Financial charges
+€17,048
Taxes
-€39,036
Result 2025
€162,164
raises the resultlowers the result
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.
From operations
-€239,895
Investment
-€2,063
Financing
+€240,515
Cash 2024
€11,085
From operations (derived)
-€239,895
Net result for the year
+€162,164
Depreciation
+€4,593
Stocks and contracts
-€110,520
Receivables within one year
+€20,230
Deferred charges and accrued income
-€659
Provisions
-€30,426
Trade debts
-€2,074
Tax, wage and social debts
-€15,333
Advances received
-€168,750
Other debts
-€131,148
Accrued charges and deferred income
+€32,027
Investment (derived)
-€2,063
Current investments
-€2,063
Financing
+€240,515
Debts after one year
+€340,515
Current portion of long-term debt
-€100,000
Cash 2025
€9,641
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,217,021 | €1,303,997 | +€86,975 | +7.1% |
| Fixed assets | 21/28 | €116,000 | €111,407 | -€4,593 | -4.0% |
| Tangible fixed assets | 22/27 | €116,000 | €111,407 | -€4,593 | -4.0% |
| Land and buildings | 22 | €115,742 | €111,407 | -€4,335 | -3.7% |
| Furniture and vehicles | 24 | €258 | €0 | -€258 | -100% |
| Current assets | 29/58 | €1,101,022 | €1,192,590 | +€91,568 | +8.3% |
| Stocks and contracts in progress | 3 | €852,940 | €963,460 | +€110,520 | +13.0% |
| Stocks | 30/36 | €852,940 | €963,460 | +€110,520 | +13.0% |
| Amounts receivable within one year | 40/41 | €49,091 | €28,860 | -€20,230 | -41.2% |
| Trade receivables | 40 | €4,886 | €4,039 | -€847 | -17.3% |
| Other amounts receivable | 41 | €44,205 | €24,821 | -€19,384 | -43.8% |
| Current investments | 50/53 | €186,719 | €188,782 | +€2,063 | +1.1% |
| Cash at bank and in hand | 54/58 | €11,085 | €9,641 | -€1,443 | -13.0% |
| Deferred charges and accrued income | 490/1 | €1,188 | €1,847 | +€659 | +55.4% |
| Total equity and liabilities | 10/49 | €1,217,021 | €1,303,997 | +€86,975 | +7.1% |
| Equity | 10/15 | €367,260 | €529,425 | +€162,164 | +44.2% |
| Contributions | 10/11 | €99,660 | €99,660 | = | 0.0% |
| Reserves | 13 | €364,114 | €429,765 | +€65,651 | +18.0% |
| Distributable reserves | 133 | €364,114 | €429,765 | +€65,651 | +18.0% |
| Profit (loss) carried forward | 14 | -€96,513 | €0 | +€96,513 | |
| Provisions and deferred taxes | 16 | €30,426 | €0 | -€30,426 | -100% |
| Provisions for liabilities and charges | 160/5 | €30,426 | €0 | -€30,426 | -100% |
| Other liabilities and charges | 164/5 | €30,426 | €0 | -€30,426 | -100% |
| Amounts payable | 17/49 | €819,335 | €774,572 | -€44,763 | -5.5% |
| Amounts payable after more than one year | 17 | €128 | €340,643 | +€340,515 | +267,071% |
| Financial debts | 170/4 | - | €340,000 | +€340,000 | |
| Other amounts payable | 178/9 | €128 | €643 | +€515 | +404% |
| Amounts payable within one year | 42/48 | €815,863 | €398,558 | -€417,305 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €18,567 | €16,493 | -€2,074 | -11.2% |
| Suppliers | 440/4 | €18,567 | €16,493 | -€2,074 | -11.2% |
| Advances received on contracts in progress | 46 | €168,750 | €0 | -€168,750 | -100% |
| Taxes, remuneration and social security | 45 | €15,539 | €207 | -€15,333 | -98.7% |
| Taxes | 450/3 | €15,539 | €207 | -€15,333 | -98.7% |
| Other amounts payable | 47/48 | €513,006 | €381,859 | -€131,148 | -25.6% |
| Accrued charges and deferred income | 492/3 | €3,344 | €35,372 | +€32,027 | +958% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,995 | €4,593 | -€402 | -8.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,426 | -€30,426 | -€60,852 | |
| Other operating charges | 640/8 | €4,881 | €2,883 | -€1,998 | -40.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €33,365 | €205,066 | +€171,700 | +515% |
| Operating profit (loss) | 9901 | -€6,937 | €228,015 | +€234,953 | |
| Financial income | 75/76B | €2,976 | €2,952 | -€25 | -0.8% |
| Recurring financial income | 75 | €2,976 | €2,952 | -€25 | -0.8% |
| Financial charges | 65/66B | €47,394 | €30,347 | -€17,048 | -36.0% |
| Recurring financial charges | 65 | €47,394 | €30,347 | -€17,048 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | -€51,356 | €200,620 | +€251,976 | |
| Income taxes | 67/77 | -€580 | €38,456 | +€39,036 | |
| Profit (loss) for the period | 9904 | -€50,775 | €162,164 | +€212,940 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,775 | €162,164 | +€212,940 |
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 24 October 2026 via checked.be.