4EST: 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.
4EST
Largest movements
- Current investments +€217,500
up €217,500 (+7.6%), from €2.9m to €3.1m
- Tangible fixed assets +€201,930
up €201,930 (+22.9%), from €881,088 to €1.1m
of which Plant, machinery and equipment: +€289,852
- Cash +€194,453
up €194,453 (+337%), from €57,679 to €252,132
mainly Net result for the year (+€364,899) and Trade debts (+€296,821)
- Reserves +€364,899
up €364,899 (+10.0%), from €3.7m to €4.0m
of which Distributable reserves: +€322,799
- Trade debts +€296,821
up €296,821 (+1,407%), from €21,097 to €317,919
- Financial income -€368,995
down €368,995 (-91.0%), from €405,674 to €36,679
- Gross operating margin +€26,960
up €26,960 (+5.3%), from €511,541 to €538,501
- Taxes -€16,627
down €16,627 (-18.5%), from €89,740 to €73,113
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 | €3,817,695 | €4,444,448 | +€626,753 | +16.4% |
| Fixed assets | 21/28 | €881,088 | €1,083,018 | +€201,930 | +22.9% |
| Tangible fixed assets | 22/27 | €881,088 | €1,083,018 | +€201,930 | +22.9% |
| Land and buildings | 22 | €872,056 | €785,357 | -€86,699 | -9.9% |
| Plant, machinery and equipment | 23 | €7,193 | €297,045 | +€289,852 | +4,030% |
| Furniture and vehicles | 24 | €1,839 | €616 | -€1,223 | -66.5% |
| Current assets | 29/58 | €2,936,607 | €3,361,430 | +€424,823 | +14.5% |
| Amounts receivable within one year | 40/41 | €3,523 | €16,393 | +€12,870 | +365% |
| Trade receivables | 40 | €2,075 | €1,956 | -€119 | -5.7% |
| Other amounts receivable | 41 | €1,449 | €14,437 | +€12,989 | +897% |
| Current investments | 50/53 | €2,875,404 | €3,092,904 | +€217,500 | +7.6% |
| Cash at bank and in hand | 54/58 | €57,679 | €252,132 | +€194,453 | +337% |
| Total equity and liabilities | 10/49 | €3,817,695 | €4,444,448 | +€626,753 | +16.4% |
| Equity | 10/15 | €3,719,870 | €4,084,769 | +€364,899 | +9.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €3,657,897 | €4,022,796 | +€364,899 | +10.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €633,439 | €675,539 | +€42,100 | +6.6% |
| Distributable reserves | 133 | €3,018,261 | €3,341,060 | +€322,799 | +10.7% |
| Amounts payable | 17/49 | €97,824 | €359,679 | +€261,854 | +268% |
| Amounts payable after more than one year | 17 | €21,300 | €21,300 | = | 0.0% |
| Other amounts payable | 178/9 | €21,300 | €21,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €76,524 | €338,379 | +€261,854 | +342% |
| Trade debts | 44 | €21,097 | €317,919 | +€296,821 | +1,407% |
| Suppliers | 440/4 | €21,097 | €317,919 | +€296,821 | +1,407% |
| Taxes, remuneration and social security | 45 | €427 | €5,460 | +€5,033 | +1,179% |
| Taxes | 450/3 | €427 | €5,460 | +€5,033 | +1,179% |
| Other amounts payable | 47/48 | €55,000 | €15,000 | -€40,000 | -72.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,922 | €98,070 | -€853 | -0.9% |
| Other operating charges | 640/8 | €37,414 | €39,097 | +€1,683 | +4.5% |
| Gross operating margin | 9900 | €511,541 | €538,501 | +€26,960 | +5.3% |
| Operating profit (loss) | 9901 | €375,204 | €401,334 | +€26,130 | +7.0% |
| Financial income | 75/76B | €405,674 | €36,679 | -€368,995 | -91.0% |
| Recurring financial income | 75 | €405,674 | €36,679 | -€368,995 | -91.0% |
| Financial charges | 65/66B | - | €1 | +€1 | |
| Recurring financial charges | 65 | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | €780,878 | €438,012 | -€342,866 | -43.9% |
| Income taxes | 67/77 | €89,740 | €73,113 | -€16,627 | -18.5% |
| Profit (loss) for the period | 9904 | €691,138 | €364,899 | -€326,239 | -47.2% |
| Transfer to tax-exempt reserves | 689 | €168,400 | €168,400 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €522,738 | €196,499 | -€326,239 | -62.4% |
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.