4L: 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.
4L
Largest movements
- Tangible fixed assets -€24,760
down €24,760 (-4.9%), from €508,389 to €483,629
- Receivables within one year -€6,839
down €6,839 (-33.5%), from €20,390 to €13,552
- Debts after one year -€30,784
down €30,784 (-100.0%), from €30,784 to €0
- Financial charges -€2,132
down €2,132 (-52.0%), from €4,103 to €1,972
- Gross operating margin +€2,023
up €2,023 (+4.6%), from €44,155 to €46,178
- Taxes +€1,101
up €1,101 (+34.8%), from €3,164 to €4,265
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 | €565,806 | €532,819 | -€32,987 | -5.8% |
| Fixed assets | 21/28 | €508,389 | €483,629 | -€24,760 | -4.9% |
| Tangible fixed assets | 22/27 | €508,389 | €483,629 | -€24,760 | -4.9% |
| Land and buildings | 22 | €508,389 | €483,629 | -€24,760 | -4.9% |
| Current assets | 29/58 | €57,418 | €49,190 | -€8,228 | -14.3% |
| Amounts receivable within one year | 40/41 | €20,390 | €13,552 | -€6,839 | -33.5% |
| Other amounts receivable | 41 | €20,390 | €13,552 | -€6,839 | -33.5% |
| Current investments | 50/53 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,834 | €19,913 | -€1,921 | -8.8% |
| Deferred charges and accrued income | 490/1 | €193 | €725 | +€532 | +275.4% |
| Total equity and liabilities | 10/49 | €565,806 | €532,819 | -€32,987 | -5.8% |
| Equity | 10/15 | €475,600 | €475,600 | = | 0.0% |
| Contributions | 10/11 | €475,600 | €475,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,206 | €57,219 | -€32,987 | -36.6% |
| Amounts payable after more than one year | 17 | €30,784 | €0 | -€30,784 | -100.0% |
| Financial debts | 170/4 | €30,784 | €0 | -€30,784 | -100.0% |
| Amounts payable within one year | 42/48 | €59,422 | €57,219 | -€2,203 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €30,768 | €30,784 | +€16 | +0.1% |
| Trade debts | 44 | €187 | €13 | -€174 | -93.2% |
| Suppliers | 440/4 | €187 | €13 | -€174 | -93.2% |
| Taxes, remuneration and social security | 45 | €18,975 | €13,627 | -€5,348 | -28.2% |
| Taxes | 450/3 | €18,975 | €13,627 | -€5,348 | -28.2% |
| Other amounts payable | 47/48 | €9,493 | €12,795 | +€3,302 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,160 | €24,760 | -€400 | -1.6% |
| Other operating charges | 640/8 | €2,722 | €2,807 | +€85 | +3.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €44,155 | €46,178 | +€2,023 | +4.6% |
| Operating profit (loss) | 9901 | €16,273 | €18,612 | +€2,338 | +14.4% |
| Financial income | 75/76B | €487 | €420 | -€67 | -13.8% |
| Recurring financial income | 75 | €487 | €420 | -€67 | -13.8% |
| Financial charges | 65/66B | €4,103 | €1,972 | -€2,132 | -52.0% |
| Recurring financial charges | 65 | €4,103 | €1,972 | -€2,132 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €12,657 | €17,060 | +€4,403 | +34.8% |
| Income taxes | 67/77 | €3,164 | €4,265 | +€1,101 | +34.8% |
| Profit (loss) for the period | 9904 | €9,493 | €12,795 | +€3,302 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,493 | €12,795 | +€3,302 | +34.8% |
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.