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
- Stocks and contracts +€42,486
up €42,486 (+16.9%), from €250,906 to €293,392
- Tangible fixed assets -€14,805
down €14,805 (-6.8%), from €219,169 to €204,364
of which Furniture and vehicles: -€9,540
- Receivables within one year +€9,853
up €9,853 (+90.0%), from €10,947 to €20,800
of which Other amounts receivable: +€9,034
- Other debts +€25,878
up €25,878 (+11.2%), from €231,217 to €257,095
- Trade debts +€24,578
up €24,578 (+59.8%), from €41,074 to €65,651
- Tax, wage and social debts -€19,829
down €19,829 (-35.0%), from €56,607 to €36,778
of which Taxes: -€21,156
- Reserves +€17,000
up €17,000 (+12.6%), from €134,918 to €151,918
- Debts after one year -€12,095
down €12,095 (-35.2%), from €34,375 to €22,280
- Gross operating margin -€19,593
down €19,593 (-19.5%), from €100,497 to €80,904
- Staff costs -€16,990
down €16,990 (-32.8%), from €51,809 to €34,818
- Depreciation -€2,378
down €2,378 (-13.8%), from €17,184 to €14,805
- Financial charges -€1,068
down €1,068 (-51.3%), from €2,082 to €1,014
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 | €521,436 | €558,900 | +€37,464 | +7.2% |
| Fixed assets | 21/28 | €219,599 | €204,794 | -€14,805 | -6.7% |
| Tangible fixed assets | 22/27 | €219,169 | €204,364 | -€14,805 | -6.8% |
| Land and buildings | 22 | €195,129 | €189,864 | -€5,265 | -2.7% |
| Furniture and vehicles | 24 | €24,040 | €14,500 | -€9,540 | -39.7% |
| Financial fixed assets | 28 | €430 | €430 | = | 0.0% |
| Current assets | 29/58 | €301,836 | €354,106 | +€52,270 | +17.3% |
| Stocks and contracts in progress | 3 | €250,906 | €293,392 | +€42,486 | +16.9% |
| Stocks | 30/36 | €250,906 | €293,392 | +€42,486 | +16.9% |
| Amounts receivable within one year | 40/41 | €10,947 | €20,800 | +€9,853 | +90.0% |
| Trade receivables | 40 | €3,421 | €4,240 | +€819 | +23.9% |
| Other amounts receivable | 41 | €7,526 | €16,561 | +€9,034 | +120.0% |
| Cash at bank and in hand | 54/58 | €34,185 | €34,378 | +€193 | +0.6% |
| Deferred charges and accrued income | 490/1 | €5,798 | €5,536 | -€262 | -4.5% |
| Total equity and liabilities | 10/49 | €521,436 | €558,900 | +€37,464 | +7.2% |
| Equity | 10/15 | €146,509 | €165,000 | +€18,491 | +12.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €134,918 | €151,918 | +€17,000 | +12.6% |
| Distributable reserves | 133 | €134,918 | €151,918 | +€17,000 | +12.6% |
| Profit (loss) carried forward | 14 | €6,591 | €8,082 | +€1,491 | +22.6% |
| Amounts payable | 17/49 | €374,926 | €393,900 | +€18,973 | +5.1% |
| Amounts payable after more than one year | 17 | €34,375 | €22,280 | -€12,095 | -35.2% |
| Financial debts | 170/4 | €34,375 | €22,280 | -€12,095 | -35.2% |
| Amounts payable within one year | 42/48 | €340,551 | €371,620 | +€31,069 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €11,654 | €12,095 | +€442 | +3.8% |
| Trade debts | 44 | €41,074 | €65,651 | +€24,578 | +59.8% |
| Suppliers | 440/4 | €41,074 | €65,651 | +€24,578 | +59.8% |
| Taxes, remuneration and social security | 45 | €56,607 | €36,778 | -€19,829 | -35.0% |
| Taxes | 450/3 | €31,345 | €10,189 | -€21,156 | -67.5% |
| Remuneration and social security | 454/9 | €25,262 | €26,589 | +€1,327 | +5.3% |
| Other amounts payable | 47/48 | €231,217 | €257,095 | +€25,878 | +11.2% |
| Remuneration, social security and pensions | 62 | €51,809 | €34,818 | -€16,990 | -32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,184 | €14,805 | -€2,378 | -13.8% |
| Other operating charges | 640/8 | €3,297 | €3,404 | +€107 | +3.3% |
| Non-recurring operating charges | 66A | - | €70 | +€70 | |
| Gross operating margin | 9900 | €100,497 | €80,904 | -€19,593 | -19.5% |
| Operating profit (loss) | 9901 | €28,209 | €27,807 | -€402 | -1.4% |
| Financial income | 75/76B | €89 | €211 | +€123 | +138.3% |
| Recurring financial income | 75 | €89 | €211 | +€123 | +138.3% |
| Financial charges | 65/66B | €2,082 | €1,014 | -€1,068 | -51.3% |
| Recurring financial charges | 65 | €2,082 | €1,014 | -€1,068 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €26,215 | €27,004 | +€788 | +3.0% |
| Income taxes | 67/77 | €8,474 | €8,513 | +€39 | +0.5% |
| Profit (loss) for the period | 9904 | €17,741 | €18,491 | +€750 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,741 | €18,491 | +€750 | +4.2% |
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 11 October 2026 via checked.be.