4D MANAGEMENT: 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.
4D MANAGEMENT
Largest movements
- Tangible fixed assets -€36,901
down €36,901 (-13.2%), from €278,839 to €241,937
of which Plant, machinery and equipment: -€18,736
- Receivables within one year -€33,796
down €33,796 (-13.1%), from €258,720 to €224,923
of which Trade receivables: -€29,535
- Deferred charges and accrued income -€10,076
down €10,076 (-35.0%), from €28,753 to €18,677
- Debts after one year -€38,370
down €38,370 (-21.0%), from €182,900 to €144,530
- Trade debts -€25,840
down €25,840 (-17.6%), from €146,741 to €120,901
- Profit (loss) carried forward -€10,415
down €10,415 (-9.8%), from €105,849 to €95,434
- Tax, wage and social debts -€7,987
down €7,987 (-13.7%), from €58,507 to €50,520
of which Taxes: -€10,496
- Gross operating margin -€66,741
down €66,741 (-26.2%), from €254,721 to €187,980
- Staff costs -€22,792
down €22,792 (-13.2%), from €172,016 to €149,224
- Depreciation -€6,621
down €6,621 (-14.7%), from €45,119 to €38,498
- Taxes -€6,590
down €6,590 (-96.1%), from €6,858 to €269
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 | €599,386 | €516,061 | -€83,325 | -13.9% |
| Fixed assets | 21/28 | €281,588 | €243,090 | -€38,498 | -13.7% |
| Intangible fixed assets | 21 | €2,749 | €1,152 | -€1,597 | -58.1% |
| Tangible fixed assets | 22/27 | €278,839 | €241,937 | -€36,901 | -13.2% |
| Land and buildings | 22 | €237,741 | €221,838 | -€15,903 | -6.7% |
| Plant, machinery and equipment | 23 | €38,835 | €20,099 | -€18,736 | -48.2% |
| Furniture and vehicles | 24 | €2,262 | - | -€2,262 | |
| Current assets | 29/58 | €317,798 | €272,971 | -€44,827 | -14.1% |
| Amounts receivable within one year | 40/41 | €258,720 | €224,923 | -€33,796 | -13.1% |
| Trade receivables | 40 | €253,939 | €224,403 | -€29,535 | -11.6% |
| Other amounts receivable | 41 | €4,781 | €520 | -€4,261 | -89.1% |
| Cash at bank and in hand | 54/58 | €30,325 | €29,371 | -€955 | -3.1% |
| Deferred charges and accrued income | 490/1 | €28,753 | €18,677 | -€10,076 | -35.0% |
| Total equity and liabilities | 10/49 | €599,386 | €516,061 | -€83,325 | -13.9% |
| Equity | 10/15 | €171,849 | €161,434 | -€10,415 | -6.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,849 | €95,434 | -€10,415 | -9.8% |
| Amounts payable | 17/49 | €427,537 | €354,627 | -€72,910 | -17.1% |
| Amounts payable after more than one year | 17 | €182,900 | €144,530 | -€38,370 | -21.0% |
| Financial debts | 170/4 | €182,900 | €144,530 | -€38,370 | -21.0% |
| Amounts payable within one year | 42/48 | €244,184 | €210,008 | -€34,176 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €38,936 | €38,370 | -€565 | -1.5% |
| Trade debts | 44 | €146,741 | €120,901 | -€25,840 | -17.6% |
| Suppliers | 440/4 | €146,741 | €120,901 | -€25,840 | -17.6% |
| Taxes, remuneration and social security | 45 | €58,507 | €50,520 | -€7,987 | -13.7% |
| Taxes | 450/3 | €39,036 | €28,540 | -€10,496 | -26.9% |
| Remuneration and social security | 454/9 | €19,471 | €21,980 | +€2,509 | +12.9% |
| Other amounts payable | 47/48 | - | €216 | +€216 | |
| Accrued charges and deferred income | 492/3 | €453 | €89 | -€364 | -80.3% |
| Remuneration, social security and pensions | 62 | €172,016 | €149,224 | -€22,792 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,119 | €38,498 | -€6,621 | -14.7% |
| Other operating charges | 640/8 | €2,308 | €4,567 | +€2,258 | +97.8% |
| Gross operating margin | 9900 | €254,721 | €187,980 | -€66,741 | -26.2% |
| Operating profit (loss) | 9901 | €35,277 | -€4,309 | -€39,586 | |
| Financial income | 75/76B | €68 | €0 | -€68 | -99.8% |
| Recurring financial income | 75 | €68 | €0 | -€68 | -99.8% |
| Financial charges | 65/66B | €6,334 | €5,837 | -€497 | -7.8% |
| Recurring financial charges | 65 | €6,334 | €5,837 | -€497 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €29,011 | -€10,146 | -€39,157 | |
| Income taxes | 67/77 | €6,858 | €269 | -€6,590 | -96.1% |
| Profit (loss) for the period | 9904 | €22,152 | -€10,415 | -€32,567 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,152 | -€10,415 | -€32,567 |
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 3 October 2026 via checked.be.