44444: 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.
44444
Largest movements
- Current investments +€75,442
new in 2025: €75,442
- Cash -€15,185
down €15,185 (-10.0%), from €151,596 to €136,411
mainly Current investments (-€75,442) and Tax, wage and social debts (-€14,821)
- Receivables within one year -€4,508
down €4,508 (-24.4%), from €18,491 to €13,983
of which Trade receivables: -€9,508
- Financial fixed assets -€3,200
no longer reported in 2025 (was €3,200)
- Reserves +€45,002
up €45,002 (+77.7%), from €57,899 to €102,901
- Other debts +€21,396
up €21,396 (+132.8%), from €16,105 to €37,501
- Tax, wage and social debts -€14,821
down €14,821 (-41.7%), from €35,511 to €20,691
- Gross operating margin -€31,902
down €31,902 (-25.5%), from €125,316 to €93,414
- Taxes -€12,590
down €12,590 (-48.9%), from €25,759 to €13,169
- Other operating charges -€10,433
down €10,433 (-29.4%), from €35,434 to €25,001
- Financial charges +€1,735
up €1,735 (+2583.1%), from €67 to €1,802
of which Non-recurring financial charges: +€1,404
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 | €230,370 | €282,369 | +€52,000 | +22.6% |
| Fixed assets | 21/28 | €59,382 | €55,609 | -€3,773 | -6.4% |
| Tangible fixed assets | 22/27 | €56,182 | €55,609 | -€573 | -1.0% |
| Land and buildings | 22 | €50,754 | €47,568 | -€3,186 | -6.3% |
| Plant, machinery and equipment | 23 | €577 | €455 | -€122 | -21.2% |
| Furniture and vehicles | 24 | €4,850 | €7,586 | +€2,736 | +56.4% |
| Financial fixed assets | 28 | €3,200 | - | -€3,200 | |
| Current assets | 29/58 | €170,988 | €226,761 | +€55,772 | +32.6% |
| Amounts receivable within one year | 40/41 | €18,491 | €13,983 | -€4,508 | -24.4% |
| Trade receivables | 40 | €18,491 | €8,983 | -€9,508 | -51.4% |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Current investments | 50/53 | - | €75,442 | +€75,442 | |
| Cash at bank and in hand | 54/58 | €151,596 | €136,411 | -€15,185 | -10.0% |
| Deferred charges and accrued income | 490/1 | €901 | €925 | +€24 | +2.7% |
| Total equity and liabilities | 10/49 | €230,370 | €282,369 | +€52,000 | +22.6% |
| Equity | 10/15 | €168,893 | €212,035 | +€43,142 | +25.5% |
| Contributions | 10/11 | €14,260 | €12,400 | -€1,860 | -13.0% |
| Reserves | 13 | €57,899 | €102,901 | +€45,002 | +77.7% |
| Distributable reserves | 133 | €57,899 | €102,901 | +€45,002 | +77.7% |
| Profit (loss) carried forward | 14 | €96,734 | €96,734 | = | 0.0% |
| Amounts payable | 17/49 | €61,477 | €70,335 | +€8,857 | +14.4% |
| Amounts payable after more than one year | 17 | €2,340 | €2,340 | = | 0.0% |
| Other amounts payable | 178/9 | €2,340 | €2,340 | = | 0.0% |
| Amounts payable within one year | 42/48 | €57,837 | €66,695 | +€8,857 | +15.3% |
| Trade debts | 44 | €6,221 | €8,503 | +€2,282 | +36.7% |
| Suppliers | 440/4 | €6,221 | €8,503 | +€2,282 | +36.7% |
| Taxes, remuneration and social security | 45 | €35,511 | €20,691 | -€14,821 | -41.7% |
| Taxes | 450/3 | €35,511 | €20,691 | -€14,821 | -41.7% |
| Other amounts payable | 47/48 | €16,105 | €37,501 | +€21,396 | +132.8% |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,095 | €6,617 | +€523 | +8.6% |
| Other operating charges | 640/8 | €35,434 | €25,001 | -€10,433 | -29.4% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €125,316 | €93,414 | -€31,902 | -25.5% |
| Operating profit (loss) | 9901 | €83,725 | €61,796 | -€21,929 | -26.2% |
| Financial income | 75/76B | - | €631 | +€631 | |
| Recurring financial income | 75 | - | €631 | +€631 | |
| Financial charges | 65/66B | €67 | €1,802 | +€1,735 | +2583.1% |
| Recurring financial charges | 65 | €67 | €398 | +€330 | +492.0% |
| Non-recurring financial charges | 66B | - | €1,404 | +€1,404 | |
| Profit (loss) for the period before taxes | 9903 | €83,657 | €60,625 | -€23,032 | -27.5% |
| Income taxes | 67/77 | €25,759 | €13,169 | -€12,590 | -48.9% |
| Profit (loss) for the period | 9904 | €57,899 | €47,456 | -€10,442 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,899 | €47,456 | -€10,442 | -18.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.