4Keys: 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.
4Keys
Largest movements
- Current investments +€152,000
new in 2025: €152,000
- Cash -€112,478
down €112,478 (-68.3%), from €164,666 to €52,188
mainly Current investments (-€152,000) and Receivables within one year (-€35,015)
- Receivables within one year +€35,015
up €35,015 (+973.9%), from €3,596 to €38,611
of which Other amounts receivable: +€37,515
- Reserves +€77,611
up €77,611 (+34.2%), from €227,118 to €304,729
- Tax, wage and social debts -€10,774
down €10,774 (-97.8%), from €11,014 to €240
- Other debts +€9,266
up €9,266 (+503.1%), from €1,842 to €11,107
- Gross operating margin +€9,933
up €9,933 (+9.1%), from €109,052 to €118,986
- Taxes +€3,673
up €3,673 (+10.8%), from €33,904 to €37,577
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 | €416,735 | €492,885 | +€76,150 | +18.3% |
| Fixed assets | 21/28 | €248,381 | €250,086 | +€1,705 | +0.7% |
| Tangible fixed assets | 22/27 | €5,453 | €7,158 | +€1,705 | +31.3% |
| Plant, machinery and equipment | 23 | €1,278 | €257 | -€1,021 | -79.9% |
| Furniture and vehicles | 24 | €4,175 | €6,901 | +€2,726 | +65.3% |
| Financial fixed assets | 28 | €242,928 | €242,928 | = | 0.0% |
| Current assets | 29/58 | €168,354 | €242,799 | +€74,445 | +44.2% |
| Amounts receivable within one year | 40/41 | €3,596 | €38,611 | +€35,015 | +973.9% |
| Trade receivables | 40 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts receivable | 41 | €1,096 | €38,611 | +€37,515 | +3424.4% |
| Current investments | 50/53 | - | €152,000 | +€152,000 | |
| Cash at bank and in hand | 54/58 | €164,666 | €52,188 | -€112,478 | -68.3% |
| Deferred charges and accrued income | 490/1 | €93 | €0 | -€93 | -100.0% |
| Total equity and liabilities | 10/49 | €416,735 | €492,885 | +€76,150 | +18.3% |
| Equity | 10/15 | €399,765 | €477,376 | +€77,611 | +19.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €227,118 | €304,729 | +€77,611 | +34.2% |
| Distributable reserves | 133 | €227,118 | €304,729 | +€77,611 | +34.2% |
| Profit (loss) carried forward | 14 | €154,047 | €154,047 | = | 0.0% |
| Amounts payable | 17/49 | €16,971 | €15,509 | -€1,461 | -8.6% |
| Amounts payable within one year | 42/48 | €16,971 | €15,509 | -€1,461 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €3,928 | €0 | -€3,928 | -100.0% |
| Financial debts | 43 | - | €119 | +€119 | |
| Credit institutions | 430/8 | - | €119 | +€119 | |
| Trade debts | 44 | €187 | €4,043 | +€3,856 | +2066.1% |
| Suppliers | 440/4 | €187 | €4,043 | +€3,856 | +2066.1% |
| Taxes, remuneration and social security | 45 | €11,014 | €240 | -€10,774 | -97.8% |
| Taxes | 450/3 | €11,014 | €240 | -€10,774 | -97.8% |
| Other amounts payable | 47/48 | €1,842 | €11,107 | +€9,266 | +503.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,101 | €3,285 | +€1,184 | +56.3% |
| Other operating charges | 640/8 | €1,652 | €557 | -€1,094 | -66.3% |
| Gross operating margin | 9900 | €109,052 | €118,986 | +€9,933 | +9.1% |
| Operating profit (loss) | 9901 | €105,300 | €115,144 | +€9,844 | +9.3% |
| Financial income | 75/76B | - | €309 | +€309 | |
| Recurring financial income | 75 | - | €309 | +€309 | |
| Financial charges | 65/66B | €1,188 | €265 | -€923 | -77.7% |
| Recurring financial charges | 65 | €1,188 | €265 | -€923 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | €104,111 | €115,188 | +€11,076 | +10.6% |
| Income taxes | 67/77 | €33,904 | €37,577 | +€3,673 | +10.8% |
| Profit (loss) for the period | 9904 | €70,207 | €77,611 | +€7,404 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,207 | €77,611 | +€7,404 | +10.5% |
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 11 October 2026 via checked.be.