4D Projection: 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.
4D Projection
Largest movements
- Cash -€102,876
down €102,876 (-57.6%), from €178,726 to €75,850
mainly Contributions, distributions and other (-€92,305) and Other debts (-€30,045)
- Tangible fixed assets +€22,951
new in 2025: €22,951
- Reserves -€45,883
no longer reported in 2025 (was €45,883)
- Other debts -€30,045
down €30,045 (-31.1%), from €96,492 to €66,447
- Tax, wage and social debts -€3,997
down €3,997 (-23.3%), from €17,131 to €13,134
- Gross operating margin +€3,052
up €3,052 (+5.2%), from €58,532 to €61,584
- Depreciation +€1,457
up €1,457 (+234%), from €623 to €2,080
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €178,726 | €98,801 | -€79,925 | -44.7% |
| Fixed assets | 21/28 | - | €22,951 | +€22,951 | |
| Tangible fixed assets | 22/27 | - | €22,951 | +€22,951 | |
| Furniture and vehicles | 24 | - | €22,951 | +€22,951 | |
| Current assets | 29/58 | €178,726 | €75,850 | -€102,876 | -57.6% |
| Cash at bank and in hand | 54/58 | €178,726 | €75,850 | -€102,876 | -57.6% |
| Total equity and liabilities | 10/49 | €178,726 | €98,801 | -€79,925 | -44.7% |
| Equity | 10/15 | €65,103 | €19,220 | -€45,883 | -70.5% |
| Contributions | 10/11 | €19,220 | €19,220 | = | 0.0% |
| Reserves | 13 | €45,883 | - | -€45,883 | |
| Distributable reserves | 133 | €45,883 | - | -€45,883 | |
| Amounts payable | 17/49 | €113,623 | €79,581 | -€34,042 | -30.0% |
| Amounts payable within one year | 42/48 | €113,623 | €79,581 | -€34,042 | -30.0% |
| Taxes, remuneration and social security | 45 | €17,131 | €13,134 | -€3,997 | -23.3% |
| Taxes | 450/3 | €17,131 | €13,134 | -€3,997 | -23.3% |
| Other amounts payable | 47/48 | €96,492 | €66,447 | -€30,045 | -31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623 | €2,080 | +€1,457 | +234% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €58,532 | €61,584 | +€3,052 | +5.2% |
| Operating profit (loss) | 9901 | €57,522 | €59,104 | +€1,582 | +2.8% |
| Financial charges | 65/66B | €212 | €197 | -€15 | -7.1% |
| Recurring financial charges | 65 | €212 | €197 | -€15 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €57,310 | €58,907 | +€1,597 | +2.8% |
| Income taxes | 67/77 | €12,956 | €12,485 | -€471 | -3.6% |
| Profit (loss) for the period | 9904 | €44,354 | €46,422 | +€2,068 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,354 | €46,422 | +€2,068 | +4.7% |
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 14 October 2026 via checked.be.