4FF: 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.
4FF
Largest movements
- Receivables within one year +€78,964
up €78,964 (+221.9%), from €35,578 to €114,542
of which Trade receivables: +€92,534
- Cash +€32,778
up €32,778 (+267.1%), from €12,270 to €45,048
mainly Net result for the year (+€260,875) and Other debts (+€45,513)
- Reserves +€210,875
up €210,875 (+59.2%), from €356,068 to €566,943
- Debts after one year -€158,341
down €158,341 (-14.5%), from €1.1m to €931,583
- Other debts +€45,513
up €45,513 (+58.4%), from €77,915 to €123,428
- Advances received -€26,399
down €26,399 (-100.0%), from €26,399 to €0
- Tax, wage and social debts +€19,645
up €19,645 (+177.4%), from €11,073 to €30,718
- Gross operating margin +€114,010
up €114,010 (+98.5%), from €115,770 to €229,780
- Financial income +€69,504
up €69,504 (+137.7%), from €50,477 to €119,981
- Taxes +€35,966
up €35,966 (+319.6%), from €11,252 to €47,218
- Depreciation -€32,505
down €32,505 (-72.9%), from €44,579 to €12,075
- Other operating charges +€3,205
up €3,205 (+148.2%), from €2,163 to €5,368
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 | €1,750,694 | €1,852,766 | +€102,072 | +5.8% |
| Fixed assets | 21/28 | €1,702,734 | €1,690,660 | -€12,075 | -0.7% |
| Tangible fixed assets | 22/27 | €399,179 | €387,105 | -€12,075 | -3.0% |
| Land and buildings | 22 | €351,515 | €351,515 | = | 0.0% |
| Furniture and vehicles | 24 | €2,408 | €1,734 | -€675 | -28.0% |
| Leasing and similar rights | 25 | €45,256 | €33,856 | -€11,400 | -25.2% |
| Financial fixed assets | 28 | €1,303,555 | €1,303,555 | = | 0.0% |
| Current assets | 29/58 | €47,959 | €162,106 | +€114,146 | +238.0% |
| Amounts receivable within one year | 40/41 | €35,578 | €114,542 | +€78,964 | +221.9% |
| Trade receivables | 40 | €22,008 | €114,542 | +€92,534 | +420.5% |
| Other amounts receivable | 41 | €13,570 | €0 | -€13,570 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €12,270 | €45,048 | +€32,778 | +267.1% |
| Deferred charges and accrued income | 490/1 | €111 | €2,515 | +€2,404 | +2163.4% |
| Total equity and liabilities | 10/49 | €1,750,694 | €1,852,766 | +€102,072 | +5.8% |
| Equity | 10/15 | €374,618 | €585,493 | +€210,875 | +56.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €356,068 | €566,943 | +€210,875 | +59.2% |
| Distributable reserves | 133 | €356,068 | €566,943 | +€210,875 | +59.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,376,076 | €1,267,272 | -€108,804 | -7.9% |
| Amounts payable after more than one year | 17 | €1,089,925 | €931,583 | -€158,341 | -14.5% |
| Financial debts | 170/4 | €1,089,925 | €931,583 | -€158,341 | -14.5% |
| Amounts payable within one year | 42/48 | €263,113 | €304,596 | +€41,483 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €135,595 | €135,941 | +€346 | +0.3% |
| Financial debts | 43 | €640 | €424 | -€215 | -33.7% |
| Credit institutions | 430/8 | €640 | €424 | -€215 | -33.7% |
| Trade debts | 44 | €11,492 | €14,084 | +€2,592 | +22.6% |
| Suppliers | 440/4 | €11,492 | €14,084 | +€2,592 | +22.6% |
| Advances received on contracts in progress | 46 | €26,399 | €0 | -€26,399 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,073 | €30,718 | +€19,645 | +177.4% |
| Taxes | 450/3 | €11,073 | €30,718 | +€19,645 | +177.4% |
| Other amounts payable | 47/48 | €77,915 | €123,428 | +€45,513 | +58.4% |
| Accrued charges and deferred income | 492/3 | €23,038 | €31,092 | +€8,055 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,579 | €12,075 | -€32,505 | -72.9% |
| Other operating charges | 640/8 | €2,163 | €5,368 | +€3,205 | +148.2% |
| Gross operating margin | 9900 | €115,770 | €229,780 | +€114,010 | +98.5% |
| Operating profit (loss) | 9901 | €69,028 | €212,338 | +€143,310 | +207.6% |
| Financial income | 75/76B | €50,477 | €119,981 | +€69,504 | +137.7% |
| Recurring financial income | 75 | €50,477 | €119,981 | +€69,504 | +137.7% |
| Financial charges | 65/66B | €23,687 | €24,225 | +€538 | +2.3% |
| Recurring financial charges | 65 | €23,687 | €24,225 | +€538 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €95,818 | €308,094 | +€212,276 | +221.5% |
| Income taxes | 67/77 | €11,252 | €47,218 | +€35,966 | +319.6% |
| Profit (loss) for the period | 9904 | €84,566 | €260,875 | +€176,309 | +208.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,566 | €260,875 | +€176,309 | +208.5% |
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 12 October 2026 via checked.be.