4K: 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.
4K
Largest movements
- Cash +€194,651
up €194,651 (+233.0%), from €83,533 to €278,184
mainly Trade debts (+€85,015) and Depreciation (+€55,213)
- Tangible fixed assets -€61,112
down €61,112 (-25.3%), from €241,862 to €180,750
of which Furniture and vehicles: -€44,603
- Receivables within one year -€40,754
down €40,754 (-9.9%), from €411,307 to €370,552
of which Other amounts receivable: -€116,744
- Stocks and contracts -€30,841
down €30,841 (-9.4%), from €329,486 to €298,646
- Trade debts +€85,015
up €85,015 (+40.6%), from €209,231 to €294,247
- Reserves -€35,000
down €35,000 (-1.4%), from €2.4m to €2.4m
of which Distributable reserves: -€35,000
- Staff costs +€86,212
up €86,212 (+18.6%), from €464,522 to €550,734
- Gross operating margin +€50,982
up €50,982 (+14.9%), from €341,803 to €392,786
- Write-downs -€43,748
down €43,748 (-100.0%), from €43,748 to €0
- Depreciation -€17,031
down €17,031 (-23.6%), from €72,244 to €55,213
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 | €2,847,949 | €2,898,886 | +€50,937 | +1.8% |
| Fixed assets | 21/28 | €2,010,972 | €1,938,911 | -€72,061 | -3.6% |
| Intangible fixed assets | 21 | €21,549 | €10,700 | -€10,849 | -50.3% |
| Tangible fixed assets | 22/27 | €241,862 | €180,750 | -€61,112 | -25.3% |
| Plant, machinery and equipment | 23 | €101,178 | €84,668 | -€16,510 | -16.3% |
| Furniture and vehicles | 24 | €140,684 | €96,081 | -€44,603 | -31.7% |
| Financial fixed assets | 28 | €1,747,561 | €1,747,461 | -€100 | 0.0% |
| Current assets | 29/58 | €836,977 | €959,975 | +€122,999 | +14.7% |
| Stocks and contracts in progress | 3 | €329,486 | €298,646 | -€30,841 | -9.4% |
| Stocks | 30/36 | €329,486 | €298,646 | -€30,841 | -9.4% |
| Amounts receivable within one year | 40/41 | €411,307 | €370,552 | -€40,754 | -9.9% |
| Trade receivables | 40 | €262,632 | €338,621 | +€75,989 | +28.9% |
| Other amounts receivable | 41 | €148,675 | €31,931 | -€116,744 | -78.5% |
| Cash at bank and in hand | 54/58 | €83,533 | €278,184 | +€194,651 | +233.0% |
| Deferred charges and accrued income | 490/1 | €12,650 | €12,593 | -€57 | -0.5% |
| Total equity and liabilities | 10/49 | €2,847,949 | €2,898,886 | +€50,937 | +1.8% |
| Equity | 10/15 | €2,542,761 | €2,508,362 | -€34,399 | -1.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,439,635 | €2,404,635 | -€35,000 | -1.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,429,635 | €2,394,635 | -€35,000 | -1.4% |
| Profit (loss) carried forward | 14 | €3,126 | €3,727 | +€601 | +19.2% |
| Amounts payable | 17/49 | €305,188 | €390,524 | +€85,336 | +28.0% |
| Amounts payable within one year | 42/48 | €304,860 | €390,138 | +€85,278 | +28.0% |
| Financial debts | 43 | €18,400 | €18,517 | +€117 | +0.6% |
| Credit institutions | 430/8 | €10,127 | €10,097 | -€30 | -0.3% |
| Other loans | 439 | €8,273 | €8,420 | +€148 | +1.8% |
| Trade debts | 44 | €209,231 | €294,247 | +€85,015 | +40.6% |
| Suppliers | 440/4 | €209,231 | €294,247 | +€85,015 | +40.6% |
| Taxes, remuneration and social security | 45 | €76,603 | €77,374 | +€771 | +1.0% |
| Taxes | 450/3 | €31,124 | €18,842 | -€12,282 | -39.5% |
| Remuneration and social security | 454/9 | €45,479 | €58,532 | +€13,053 | +28.7% |
| Other amounts payable | 47/48 | €626 | €0 | -€626 | -100.0% |
| Accrued charges and deferred income | 492/3 | €328 | €386 | +€58 | +17.6% |
| Non-recurring operating income | 76A | €3,132 | €1,510 | -€1,623 | -51.8% |
| Remuneration, social security and pensions | 62 | €464,522 | €550,734 | +€86,212 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,244 | €55,213 | -€17,031 | -23.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,748 | €0 | -€43,748 | -100.0% |
| Other operating charges | 640/8 | €9,226 | €10,463 | +€1,237 | +13.4% |
| Non-recurring operating charges | 66A | - | €3,219 | +€3,219 | |
| Gross operating margin | 9900 | €341,803 | €392,786 | +€50,982 | +14.9% |
| Operating profit (loss) | 9901 | -€247,936 | -€226,844 | +€21,093 | +8.5% |
| Financial income | 75/76B | €205,409 | €204,303 | -€1,106 | -0.5% |
| Recurring financial income | 75 | €205,409 | €204,303 | -€1,106 | -0.5% |
| Financial charges | 65/66B | €8,681 | €10,009 | +€1,328 | +15.3% |
| Recurring financial charges | 65 | €8,681 | €10,009 | +€1,328 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | -€51,208 | -€32,549 | +€18,659 | +36.4% |
| Income taxes | 67/77 | €1,360 | €1,850 | +€489 | +36.0% |
| Profit (loss) for the period | 9904 | -€52,569 | -€34,399 | +€18,169 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,569 | -€34,399 | +€18,169 | +34.6% |
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 10 October 2026 via checked.be.