4D&S: 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&S
Largest movements
- Tangible fixed assets +€141,077
up €141,077 (+43.0%), from €328,418 to €469,495
of which Land and buildings: +€141,461
- Cash -€85,048
down €85,048 (-84.3%), from €100,864 to €15,816
mainly Investment in fixed assets (net) (-€159,879) and Deferred charges and accrued income (-€29,577)
- Deferred charges and accrued income +€29,577
up €29,577 (+81.3%), from €36,389 to €65,966
- Intangible fixed assets -€10,000
down €10,000 (-19.7%), from €50,833 to €40,833
- Reserves +€86,669
up €86,669 (+41.2%), from €210,345 to €297,014
- Other debts -€28,716
down €28,716 (-61.4%), from €46,750 to €18,034
- Debts after one year +€25,116
up €25,116 (+13.0%), from €193,268 to €218,385
- Tax, wage and social debts -€17,331
down €17,331 (-58.7%), from €29,516 to €12,185
of which Taxes: -€15,331
- Gross operating margin +€35,387
up €35,387 (+30.3%), from €116,907 to €152,295
- Depreciation +€7,186
up €7,186 (+33.2%), from €21,616 to €28,802
- Taxes +€6,029
up €6,029 (+31.5%), from €19,153 to €25,183
- Financial charges +€2,947
up €2,947 (+49.6%), from €5,938 to €8,884
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 | €534,971 | €609,643 | +€74,672 | +14.0% |
| Fixed assets | 21/28 | €379,252 | €510,329 | +€131,077 | +34.6% |
| Intangible fixed assets | 21 | €50,833 | €40,833 | -€10,000 | -19.7% |
| Tangible fixed assets | 22/27 | €328,418 | €469,495 | +€141,077 | +43.0% |
| Land and buildings | 22 | €322,803 | €464,264 | +€141,461 | +43.8% |
| Plant, machinery and equipment | 23 | €5,615 | €5,232 | -€383 | -6.8% |
| Current assets | 29/58 | €155,720 | €99,314 | -€56,406 | -36.2% |
| Stocks and contracts in progress | 3 | €9,880 | €12,540 | +€2,660 | +26.9% |
| Stocks | 30/36 | €9,880 | €12,540 | +€2,660 | +26.9% |
| Amounts receivable within one year | 40/41 | €8,587 | €4,992 | -€3,595 | -41.9% |
| Trade receivables | 40 | €4,800 | €4,235 | -€565 | -11.8% |
| Other amounts receivable | 41 | €3,787 | €757 | -€3,030 | -80.0% |
| Cash at bank and in hand | 54/58 | €100,864 | €15,816 | -€85,048 | -84.3% |
| Deferred charges and accrued income | 490/1 | €36,389 | €65,966 | +€29,577 | +81.3% |
| Total equity and liabilities | 10/49 | €534,971 | €609,643 | +€74,672 | +14.0% |
| Equity | 10/15 | €215,345 | €302,014 | +€86,669 | +40.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €210,345 | €297,014 | +€86,669 | +41.2% |
| Distributable reserves | 133 | €210,345 | €297,014 | +€86,669 | +41.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €319,626 | €307,629 | -€11,997 | -3.8% |
| Amounts payable after more than one year | 17 | €193,268 | €218,385 | +€25,116 | +13.0% |
| Financial debts | 170/4 | €193,268 | €218,385 | +€25,116 | +13.0% |
| Amounts payable within one year | 42/48 | €126,074 | €89,244 | -€36,830 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €26,975 | €31,104 | +€4,129 | +15.3% |
| Trade debts | 44 | €22,832 | €27,921 | +€5,088 | +22.3% |
| Suppliers | 440/4 | €22,832 | €27,921 | +€5,088 | +22.3% |
| Taxes, remuneration and social security | 45 | €29,516 | €12,185 | -€17,331 | -58.7% |
| Taxes | 450/3 | €24,516 | €9,185 | -€15,331 | -62.5% |
| Remuneration and social security | 454/9 | €5,000 | €3,000 | -€2,000 | -40.0% |
| Other amounts payable | 47/48 | €46,750 | €18,034 | -€28,716 | -61.4% |
| Accrued charges and deferred income | 492/3 | €284 | €0 | -€284 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,616 | €28,802 | +€7,186 | +33.2% |
| Other operating charges | 640/8 | €2,909 | €2,757 | -€152 | -5.2% |
| Gross operating margin | 9900 | €116,907 | €152,295 | +€35,387 | +30.3% |
| Operating profit (loss) | 9901 | €92,383 | €120,736 | +€28,353 | +30.7% |
| Financial income | 75/76B | €112 | €0 | -€112 | -100.0% |
| Recurring financial income | 75 | €112 | €0 | -€112 | -100.0% |
| Financial charges | 65/66B | €5,938 | €8,884 | +€2,947 | +49.6% |
| Recurring financial charges | 65 | €5,938 | €8,884 | +€2,947 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €86,556 | €111,851 | +€25,295 | +29.2% |
| Income taxes | 67/77 | €19,153 | €25,183 | +€6,029 | +31.5% |
| Profit (loss) for the period | 9904 | €67,403 | €86,669 | +€19,266 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,403 | €86,669 | +€19,266 | +28.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.