4HaFeJe: 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.
4HaFeJe
Largest movements
- Tangible fixed assets -€9,879
down €9,879 (-18.4%), from €53,581 to €43,702
of which Leasing and similar rights: -€9,264
- Receivables within one year +€9,299
up €9,299 (+66.0%), from €14,099 to €23,398
of which Trade receivables: +€9,021
- Cash +€2,649
up €2,649 (+2.6%), from €102,278 to €104,927
mainly Other debts (+€83,157) and Net result for the year (+€22,028)
- Deferred charges and accrued income -€2,255
down €2,255 (-45.9%), from €4,910 to €2,655
- Reserves -€90,472
down €90,472 (-98.1%), from €92,254 to €1,781
- Other debts +€83,157
up €83,157 (+651%), from €12,779 to €95,937
- Tax, wage and social debts +€16,815
up €16,815 (+164%), from €10,282 to €27,097
- Debts after one year -€8,982
down €8,982 (-24.3%), from €36,915 to €27,934
- Gross operating margin -€16,243
down €16,243 (-27.5%), from €59,109 to €42,865
- Depreciation +€9,133
up €9,133 (+347%), from €2,631 to €11,764
- Taxes -€4,676
down €4,676 (-44.3%), from €10,553 to €5,877
- Financial charges +€1,106
up €1,106 (+141%), from €785 to €1,891
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 | €174,868 | €174,682 | -€186 | -0.1% |
| Fixed assets | 21/28 | €53,581 | €43,702 | -€9,879 | -18.4% |
| Tangible fixed assets | 22/27 | €53,581 | €43,702 | -€9,879 | -18.4% |
| Plant, machinery and equipment | 23 | €1,892 | €1,271 | -€621 | -32.8% |
| Furniture and vehicles | 24 | €4,198 | €4,458 | +€260 | +6.2% |
| Leasing and similar rights | 25 | €45,814 | €36,550 | -€9,264 | -20.2% |
| Other tangible fixed assets | 26 | €1,677 | €1,423 | -€255 | -15.2% |
| Current assets | 29/58 | €121,287 | €130,981 | +€9,693 | +8.0% |
| Amounts receivable within one year | 40/41 | €14,099 | €23,398 | +€9,299 | +66.0% |
| Trade receivables | 40 | €5,600 | €14,621 | +€9,021 | +161% |
| Other amounts receivable | 41 | €8,499 | €8,777 | +€278 | +3.3% |
| Cash at bank and in hand | 54/58 | €102,278 | €104,927 | +€2,649 | +2.6% |
| Deferred charges and accrued income | 490/1 | €4,910 | €2,655 | -€2,255 | -45.9% |
| Total equity and liabilities | 10/49 | €174,868 | €174,682 | -€186 | -0.1% |
| Equity | 10/15 | €102,254 | €11,781 | -€90,472 | -88.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €92,254 | €1,781 | -€90,472 | -98.1% |
| Distributable reserves | 133 | €92,254 | €1,781 | -€90,472 | -98.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,615 | €162,901 | +€90,286 | +124% |
| Amounts payable after more than one year | 17 | €36,915 | €27,934 | -€8,982 | -24.3% |
| Financial debts | 170/4 | €36,915 | €27,934 | -€8,982 | -24.3% |
| Amounts payable within one year | 42/48 | €35,699 | €134,967 | +€99,268 | +278% |
| Current portion of amounts payable after more than one year | 42 | €8,693 | €8,982 | +€288 | +3.3% |
| Trade debts | 44 | €3,945 | €2,952 | -€993 | -25.2% |
| Suppliers | 440/4 | €3,945 | €2,952 | -€993 | -25.2% |
| Taxes, remuneration and social security | 45 | €10,282 | €27,097 | +€16,815 | +164% |
| Taxes | 450/3 | €10,282 | €27,097 | +€16,815 | +164% |
| Other amounts payable | 47/48 | €12,779 | €95,937 | +€83,157 | +651% |
| Non-recurring operating income | 76A | €6,747 | €0 | -€6,747 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,631 | €11,764 | +€9,133 | +347% |
| Other operating charges | 640/8 | €1,429 | €1,306 | -€123 | -8.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €59,109 | €42,865 | -€16,243 | -27.5% |
| Operating profit (loss) | 9901 | €55,049 | €29,796 | -€25,253 | -45.9% |
| Financial income | 75/76B | €337 | €0 | -€337 | -100% |
| Recurring financial income | 75 | €337 | €0 | -€337 | -100% |
| Financial charges | 65/66B | €785 | €1,891 | +€1,106 | +141% |
| Recurring financial charges | 65 | €785 | €1,891 | +€1,106 | +141% |
| Profit (loss) for the period before taxes | 9903 | €54,601 | €27,905 | -€26,696 | -48.9% |
| Income taxes | 67/77 | €10,553 | €5,877 | -€4,676 | -44.3% |
| Profit (loss) for the period | 9904 | €44,048 | €22,028 | -€22,020 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,048 | €22,028 | -€22,020 | -50.0% |
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 18 October 2026 via checked.be.