4M CONCEPT: 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.
4M CONCEPT
Largest movements
- Receivables within one year +€9,100
up €9,100 (+17.6%), from €51,600 to €60,700
of which Trade receivables: +€8,401
- Cash +€5,080
up €5,080 (+1672.7%), from €304 to €5,383
mainly Net result for the year (+€8,849) and Other debts (+€5,455)
- Reserves +€6,734
up €6,734 (+40.2%), from €16,733 to €23,467
- Other debts +€5,455
up €5,455 (+77.8%), from €7,016 to €12,471
- Accrued charges and deferred income +€1,342
up €1,342 (+16423.9%), from €8 to €1,350
- Gross operating margin +€7,170
up €7,170 (+118.6%), from €6,043 to €13,213
- Taxes +€2,741
up €2,741 (+316.1%), from €867 to €3,608
- Depreciation -€375
down €375 (-65.2%), from €575 to €200
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 | €53,028 | €67,008 | +€13,980 | +26.4% |
| Fixed assets | 21/28 | €1,125 | €925 | -€200 | -17.8% |
| Tangible fixed assets | 22/27 | €1,095 | €895 | -€200 | -18.3% |
| Other tangible fixed assets | 26 | €1,095 | €895 | -€200 | -18.3% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €51,904 | €66,083 | +€14,180 | +27.3% |
| Amounts receivable within one year | 40/41 | €51,600 | €60,700 | +€9,100 | +17.6% |
| Trade receivables | 40 | €14,700 | €23,101 | +€8,401 | +57.2% |
| Other amounts receivable | 41 | €36,900 | €37,599 | +€699 | +1.9% |
| Cash at bank and in hand | 54/58 | €304 | €5,383 | +€5,080 | +1672.7% |
| Total equity and liabilities | 10/49 | €53,028 | €67,008 | +€13,980 | +26.4% |
| Equity | 10/15 | €37,615 | €44,349 | +€6,734 | +17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,733 | €23,467 | +€6,734 | +40.2% |
| Distributable reserves | 133 | €16,733 | €23,467 | +€6,734 | +40.2% |
| Profit (loss) carried forward | 14 | €2,282 | €2,282 | = | 0.0% |
| Amounts payable | 17/49 | €15,413 | €22,659 | +€7,246 | +47.0% |
| Amounts payable within one year | 42/48 | €15,405 | €21,309 | +€5,904 | +38.3% |
| Trade debts | 44 | €1,458 | €1,253 | -€206 | -14.1% |
| Suppliers | 440/4 | €1,458 | €1,253 | -€206 | -14.1% |
| Taxes, remuneration and social security | 45 | €6,931 | €7,585 | +€654 | +9.4% |
| Taxes | 450/3 | €3,935 | €4,566 | +€631 | +16.0% |
| Remuneration and social security | 454/9 | €2,996 | €3,019 | +€23 | +0.8% |
| Other amounts payable | 47/48 | €7,016 | €12,471 | +€5,455 | +77.8% |
| Accrued charges and deferred income | 492/3 | €8 | €1,350 | +€1,342 | +16423.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575 | €200 | -€375 | -65.2% |
| Other operating charges | 640/8 | €490 | €490 | -€1 | -0.2% |
| Gross operating margin | 9900 | €6,043 | €13,213 | +€7,170 | +118.6% |
| Operating profit (loss) | 9901 | €4,978 | €12,524 | +€7,546 | +151.6% |
| Financial income | 75/76B | €0 | €3 | +€2 | +3112.5% |
| Recurring financial income | 75 | €0 | €3 | +€2 | +3112.5% |
| Financial charges | 65/66B | €158 | €68 | -€90 | -56.8% |
| Recurring financial charges | 65 | €158 | €68 | -€90 | -56.8% |
| Profit (loss) for the period before taxes | 9903 | €4,820 | €12,458 | +€7,638 | +158.5% |
| Income taxes | 67/77 | €867 | €3,608 | +€2,741 | +316.1% |
| Profit (loss) for the period | 9904 | €3,953 | €8,849 | +€4,897 | +123.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,953 | €8,849 | +€4,897 | +123.9% |
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.