4Fulfilment: 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.
4Fulfilment
Largest movements
- Cash -€201,520
down €201,520 (-89.5%), from €225,246 to €23,726
mainly Receivables within one year (-€196,663) and Net result for the year (-€53,765)
- Receivables within one year +€196,663
up €196,663 (+53.8%), from €365,302 to €561,966
- Tangible fixed assets +€22,619
up €22,619 (+3.4%), from €673,688 to €696,307
of which Assets under construction and advance payments: +€24,320
- Profit (loss) carried forward -€53,765
down €53,765 (-288.4%), from -€18,645 to -€72,409
- Debts after one year +€47,402
up €47,402 (+3.8%), from €1.3m to €1.3m
- Trade debts +€22,708
up €22,708 (+1224.6%), from €1,854 to €24,562
- Financial charges +€62,754
up €62,754 (+44661.8%), from €141 to €62,895
- Gross operating margin -€5,306
down €5,306 (-169.9%), from -€3,122 to -€8,428
- Financial income +€1,512
up €1,512 (+7.2%), from €21,070 to €22,582
- Other operating charges +€1,052
up €1,052 (+121.0%), from €870 to €1,922
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 | €1,269,890 | €1,286,253 | +€16,363 | +1.3% |
| Fixed assets | 21/28 | €679,342 | €700,561 | +€21,219 | +3.1% |
| Intangible fixed assets | 21 | €5,654 | €4,254 | -€1,400 | -24.8% |
| Tangible fixed assets | 22/27 | €673,688 | €696,307 | +€22,619 | +3.4% |
| Land and buildings | 22 | €504,915 | €503,213 | -€1,701 | -0.3% |
| Assets under construction and advance payments | 27 | €168,774 | €193,094 | +€24,320 | +14.4% |
| Current assets | 29/58 | €590,548 | €585,692 | -€4,856 | -0.8% |
| Amounts receivable within one year | 40/41 | €365,302 | €561,966 | +€196,663 | +53.8% |
| Other amounts receivable | 41 | €365,302 | €561,966 | +€196,663 | +53.8% |
| Cash at bank and in hand | 54/58 | €225,246 | €23,726 | -€201,520 | -89.5% |
| Total equity and liabilities | 10/49 | €1,269,890 | €1,286,253 | +€16,363 | +1.3% |
| Equity | 10/15 | €6,355 | -€47,409 | -€53,765 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,645 | -€72,409 | -€53,765 | -288.4% |
| Amounts payable | 17/49 | €1,263,535 | €1,333,662 | +€70,127 | +5.6% |
| Amounts payable after more than one year | 17 | €1,261,681 | €1,309,083 | +€47,402 | +3.8% |
| Other amounts payable | 178/9 | €1,261,681 | €1,309,083 | +€47,402 | +3.8% |
| Amounts payable within one year | 42/48 | €1,854 | €24,562 | +€22,708 | +1224.6% |
| Trade debts | 44 | €1,854 | €24,562 | +€22,708 | +1224.6% |
| Suppliers | 440/4 | €1,854 | €24,562 | +€22,708 | +1224.6% |
| Accrued charges and deferred income | 492/3 | - | €17 | +€17 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,018 | €3,101 | +€84 | +2.8% |
| Other operating charges | 640/8 | €870 | €1,922 | +€1,052 | +121.0% |
| Gross operating margin | 9900 | -€3,122 | -€8,428 | -€5,306 | -169.9% |
| Operating profit (loss) | 9901 | -€7,010 | -€13,452 | -€6,442 | -91.9% |
| Financial income | 75/76B | €21,070 | €22,582 | +€1,512 | +7.2% |
| Recurring financial income | 75 | €21,070 | €22,582 | +€1,512 | +7.2% |
| Financial charges | 65/66B | €141 | €62,895 | +€62,754 | +44661.8% |
| Recurring financial charges | 65 | €141 | €62,895 | +€62,754 | +44661.8% |
| Profit (loss) for the period before taxes | 9903 | €13,920 | -€53,765 | -€67,684 | |
| Profit (loss) for the period | 9904 | €13,920 | -€53,765 | -€67,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,920 | -€53,765 | -€67,684 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.