4LM: 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.
4LM
Largest movements
- Tangible fixed assets -€6,392
down €6,392 (-47.1%), from €13,571 to €7,180
- Receivables within one year +€2,944
up €2,944 (+8.7%), from €33,774 to €36,718
of which Trade receivables: +€2,732
- Cash -€2,396
down €2,396 (-12.2%), from €19,563 to €17,167
mainly Debts after one year (-€23,485) and Receivables within one year (-€2,944)
- Debts after one year -€23,485
down €23,485 (-49.0%), from €47,972 to €24,487
- Reserves +€15,680
up €15,680 (+22.2%), from €70,687 to €86,367
- Trade debts +€2,043
up €2,043 (+179.3%), from €1,140 to €3,183
- Gross operating margin -€7,951
down €7,951 (-17.8%), from €44,725 to €36,774
- Taxes +€1,110
up €1,110 (+11.6%), from €9,543 to €10,653
- Financial charges -€930
down €930 (-22.8%), from €4,080 to €3,150
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 | €186,908 | €181,064 | -€5,843 | -3.1% |
| Fixed assets | 21/28 | €133,571 | €127,180 | -€6,392 | -4.8% |
| Tangible fixed assets | 22/27 | €13,571 | €7,180 | -€6,392 | -47.1% |
| Furniture and vehicles | 24 | €13,571 | €7,180 | -€6,392 | -47.1% |
| Financial fixed assets | 28 | €120,000 | €120,000 | = | 0.0% |
| Current assets | 29/58 | €53,336 | €53,885 | +€548 | +1.0% |
| Amounts receivable within one year | 40/41 | €33,774 | €36,718 | +€2,944 | +8.7% |
| Trade receivables | 40 | €26,311 | €29,043 | +€2,732 | +10.4% |
| Other amounts receivable | 41 | €7,463 | €7,675 | +€211 | +2.8% |
| Cash at bank and in hand | 54/58 | €19,563 | €17,167 | -€2,396 | -12.2% |
| Total equity and liabilities | 10/49 | €186,908 | €181,064 | -€5,843 | -3.1% |
| Equity | 10/15 | €105,687 | €121,367 | +€15,680 | +14.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €70,687 | €86,367 | +€15,680 | +22.2% |
| Distributable reserves | 133 | €70,687 | €86,367 | +€15,680 | +22.2% |
| Amounts payable | 17/49 | €81,220 | €59,697 | -€21,523 | -26.5% |
| Amounts payable after more than one year | 17 | €47,972 | €24,487 | -€23,485 | -49.0% |
| Financial debts | 170/4 | €47,972 | €24,487 | -€23,485 | -49.0% |
| Amounts payable within one year | 42/48 | €33,248 | €35,210 | +€1,962 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €24,969 | €23,485 | -€1,484 | -5.9% |
| Trade debts | 44 | €1,140 | €3,183 | +€2,043 | +179.3% |
| Suppliers | 440/4 | €1,140 | €3,183 | +€2,043 | +179.3% |
| Taxes, remuneration and social security | 45 | €7,140 | €8,542 | +€1,402 | +19.6% |
| Taxes | 450/3 | €7,140 | €8,542 | +€1,402 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,392 | €6,392 | = | 0.0% |
| Other operating charges | 640/8 | €917 | €900 | -€17 | -1.8% |
| Gross operating margin | 9900 | €44,725 | €36,774 | -€7,951 | -17.8% |
| Operating profit (loss) | 9901 | €37,417 | €29,482 | -€7,935 | -21.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,080 | €3,150 | -€930 | -22.8% |
| Recurring financial charges | 65 | €4,080 | €3,150 | -€930 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €33,337 | €26,333 | -€7,004 | -21.0% |
| Income taxes | 67/77 | €9,543 | €10,653 | +€1,110 | +11.6% |
| Profit (loss) for the period | 9904 | €23,793 | €15,680 | -€8,114 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,793 | €15,680 | -€8,114 | -34.1% |
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 12 October 2026 via checked.be.