4F: 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.
What changed
4F
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €923,565+€235,825
Equity
€8.3m
2024 · €7.2m+€1.2m
Cash
€142,962
2024 · €83,489+€59,473
Balance sheet total
€10.2m
2024 · €7.3m+€2.9m
Largest movements
Assets
- Tangible fixed assets +€2.4m
up €2.4m (+145.9%), from €1.7m to €4.1m
of which Land and buildings: +€2.4m
- Current investments +€1.3m
up €1.3m (+46.9%), from €2.8m to €4.1m
- Financial fixed assets -€654,632
down €654,632 (-26.4%), from €2.5m to €1.8m
- Receivables within one year -€235,064
down €235,064 (-83.4%), from €281,691 to €46,627
of which Trade receivables: -€193,982
Equity and liabilities
- Other debts +€1.7m
new in 2025: €1.7m
- Reserves +€1.2m
up €1.2m (+16.3%), from €7.1m to €8.3m
of which Distributable reserves: +€1.2m
Income statement
- Financial income +€869,114
up €869,114 (+659.7%), from €131,740 to €1.0m
- Depreciation +€208,939
up €208,939 (+244.1%), from €85,588 to €294,527
- Financial charges +€114,610
up €114,610 (+171.6%), from €66,774 to €181,384
- Gross operating margin -€106,663
down €106,663 (-8.2%), from €1.3m to €1.2m
- Taxes +€93,440
up €93,440 (+27.7%), from €337,903 to €431,343
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.
Result 2024
€923,565
Gross operating margin
-€106,663
Depreciation
-€208,939
Other operating charges
-€13,014
Other operating items
-€96,623
Financial income
+€869,114
Financial charges
-€114,610
Taxes
-€93,440
Result 2025
€1.2m
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.
From operations
+€3.4m
Investment
-€3.4m
Financing
+€48,646
Cash 2024
€83,489
From operations (derived)
+€3.4m
Net result for the year
+€1.2m
Depreciation
+€294,527
Smaller working-capital items
+€2,639
Receivables within one year
+€235,064
Trade debts
+€8,016
Tax, wage and social debts
-€33,752
Other debts
+€1.7m
Accrued charges and deferred income
+€66,420
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€2.1m
Current investments
-€1.3m
Financing
+€48,646
Short-term financial debts
+€48,646
Cash 2025
€142,962
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,298,249 | €10,200,251 | +€2.9m | +39.8% |
| Fixed assets | 21/28 | €4,146,586 | €5,928,570 | +€1.8m | +43.0% |
| Intangible fixed assets | 21 | €1,436 | €1,052 | -€384 | -26.7% |
| Tangible fixed assets | 22/27 | €1,670,161 | €4,107,161 | +€2.4m | +145.9% |
| Land and buildings | 22 | €1,619,535 | €3,995,045 | +€2.4m | +146.7% |
| Plant, machinery and equipment | 23 | €1,363 | €1,065 | -€297 | -21.8% |
| Furniture and vehicles | 24 | €1,572 | €63,359 | +€61,787 | +3930.3% |
| Other tangible fixed assets | 26 | €47,692 | €47,692 | = | 0.0% |
| Financial fixed assets | 28 | €2,474,988 | €1,820,357 | -€654,632 | -26.4% |
| Current assets | 29/58 | €3,151,663 | €4,271,681 | +€1.1m | +35.5% |
| Stocks and contracts in progress | 3 | €3,936 | €2,368 | -€1,568 | -39.8% |
| Stocks | 30/36 | €3,936 | €2,368 | -€1,568 | -39.8% |
| Amounts receivable within one year | 40/41 | €281,691 | €46,627 | -€235,064 | -83.4% |
| Trade receivables | 40 | €239,339 | €45,357 | -€193,982 | -81.0% |
| Other amounts receivable | 41 | €42,352 | €1,270 | -€41,082 | -97.0% |
| Current investments | 50/53 | €2,767,813 | €4,066,737 | +€1.3m | +46.9% |
| Cash at bank and in hand | 54/58 | €83,489 | €142,962 | +€59,473 | +71.2% |
| Deferred charges and accrued income | 490/1 | €14,734 | €12,988 | -€1,747 | -11.9% |
| Total equity and liabilities | 10/49 | €7,298,249 | €10,200,251 | +€2.9m | +39.8% |
| Equity | 10/15 | €7,185,046 | €8,344,436 | +€1.2m | +16.1% |
| Contributions | 10/11 | €56,250 | €56,250 | = | 0.0% |
| Reserves | 13 | €7,128,000 | €8,288,000 | +€1.2m | +16.3% |
| Non-distributable reserves | 130/1 | €6,120,128 | €6,120,128 | = | 0.0% |
| Other | 1319 | €6,120,128 | €6,120,128 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,696 | €37,670 | -€2,026 | -5.1% |
| Distributable reserves | 133 | €968,176 | €2,130,202 | +€1.2m | +120.0% |
| Profit (loss) carried forward | 14 | €796 | €186 | -€610 | -76.6% |
| Provisions and deferred taxes | 16 | €13,232 | €12,557 | -€675 | -5.1% |
| Deferred taxes | 168 | €13,232 | €12,557 | -€675 | -5.1% |
| Amounts payable | 17/49 | €99,971 | €1,843,259 | +€1.7m | +1743.8% |
| Amounts payable within one year | 42/48 | €98,080 | €1,774,947 | +€1.7m | +1709.7% |
| Financial debts | 43 | - | €48,646 | +€48,646 | |
| Credit institutions | 430/8 | - | €48,646 | +€48,646 | |
| Trade debts | 44 | €7,064 | €15,080 | +€8,016 | +113.5% |
| Suppliers | 440/4 | €7,064 | €15,080 | +€8,016 | +113.5% |
| Taxes, remuneration and social security | 45 | €91,015 | €57,263 | -€33,752 | -37.1% |
| Taxes | 450/3 | €91,015 | €57,263 | -€33,752 | -37.1% |
| Other amounts payable | 47/48 | - | €1,653,958 | +€1.7m | |
| Accrued charges and deferred income | 492/3 | €1,892 | €68,312 | +€66,420 | +3511.4% |
| Non-recurring operating income | 76A | - | €20,637 | +€20,637 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,588 | €294,527 | +€208,939 | +244.1% |
| Other operating charges | 640/8 | €9,787 | €22,801 | +€13,014 | +133.0% |
| Non-recurring operating charges | 66A | €11,924 | €108,547 | +€96,623 | +810.4% |
| Gross operating margin | 9900 | €1,303,125 | €1,196,463 | -€106,663 | -8.2% |
| Operating profit (loss) | 9901 | €1,195,827 | €770,588 | -€425,239 | -35.6% |
| Financial income | 75/76B | €131,740 | €1,000,854 | +€869,114 | +659.7% |
| Recurring financial income | 75 | €131,740 | €1,000,854 | +€869,114 | +659.7% |
| Financial charges | 65/66B | €66,774 | €181,384 | +€114,610 | +171.6% |
| Recurring financial charges | 65 | €66,774 | €181,384 | +€114,610 | +171.6% |
| Profit (loss) for the period before taxes | 9903 | €1,260,793 | €1,590,058 | +€329,265 | +26.1% |
| Transfer from deferred taxes | 780 | €675 | €675 | = | 0.0% |
| Income taxes | 67/77 | €337,903 | €431,343 | +€93,440 | +27.7% |
| Profit (loss) for the period | 9904 | €923,565 | €1,159,390 | +€235,825 | +25.5% |
| Transfer from tax-exempt reserves | 789 | €2,026 | €2,026 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €925,592 | €1,161,416 | +€235,825 | +25.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.