4m GROUP: 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 GROUP
Largest movements
- Receivables within one year +€451,558
up €451,558 (+119%), from €378,467 to €830,025
of which Other amounts receivable: +€443,383
- Tangible fixed assets -€82,104
down €82,104 (-10.6%), from €774,966 to €692,862
of which Land and buildings: -€76,742
- Short-term financial debts +€249,953
up €249,953 (+536,611%), from €47 to €250,000
- Profit (loss) carried forward +€241,297
up €241,297 (+13.4%), from €1.8m to €2.0m
- Debts after one year -€115,378
down €115,378 (-46.7%), from €247,244 to €131,866
- Gross operating margin -€69,689
down €69,689 (-13.1%), from €531,192 to €461,503
- Provisions +€51,139
no longer reported in 2025 (was -€51,139)
- Staff costs -€37,789
down €37,789 (-99.5%), from €37,983 to €194
- Taxes -€26,751
down €26,751 (-21.1%), from €126,673 to €99,922
- Financial charges +€8,306
up €8,306 (+49.2%), from €16,878 to €25,184
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.
Derived cash bridge
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 | €3,355,310 | €3,749,286 | +€393,976 | +11.7% |
| Fixed assets | 21/28 | €2,953,380 | €2,871,276 | -€82,104 | -2.8% |
| Tangible fixed assets | 22/27 | €774,966 | €692,862 | -€82,104 | -10.6% |
| Land and buildings | 22 | €708,540 | €631,798 | -€76,742 | -10.8% |
| Furniture and vehicles | 24 | €66,426 | €61,064 | -€5,362 | -8.1% |
| Financial fixed assets | 28 | €2,178,414 | €2,178,414 | = | 0.0% |
| Current assets | 29/58 | €401,931 | €878,011 | +€476,080 | +118% |
| Amounts receivable within one year | 40/41 | €378,467 | €830,025 | +€451,558 | +119% |
| Trade receivables | 40 | €24,200 | €32,376 | +€8,176 | +33.8% |
| Other amounts receivable | 41 | €354,267 | €797,650 | +€443,383 | +125% |
| Cash at bank and in hand | 54/58 | €20,776 | €44,985 | +€24,209 | +117% |
| Deferred charges and accrued income | 490/1 | €2,688 | €3,000 | +€313 | +11.6% |
| Total equity and liabilities | 10/49 | €3,355,310 | €3,749,286 | +€393,976 | +11.7% |
| Equity | 10/15 | €2,651,291 | €2,892,588 | +€241,297 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €242,026 | €219,569 | -€22,457 | -9.3% |
| Reserves | 13 | €588,191 | €610,648 | +€22,457 | +3.8% |
| Tax-exempt reserves | 132 | €74,585 | €74,585 | = | 0.0% |
| Distributable reserves | 133 | €513,606 | €536,063 | +€22,457 | +4.4% |
| Profit (loss) carried forward | 14 | €1,802,474 | €2,043,771 | +€241,297 | +13.4% |
| Amounts payable | 17/49 | €704,020 | €856,699 | +€152,679 | +21.7% |
| Amounts payable after more than one year | 17 | €247,244 | €131,866 | -€115,378 | -46.7% |
| Financial debts | 170/4 | €247,244 | €131,866 | -€115,378 | -46.7% |
| Amounts payable within one year | 42/48 | €455,808 | €718,537 | +€262,729 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €113,385 | €115,378 | +€1,993 | +1.8% |
| Financial debts | 43 | €47 | €250,000 | +€249,953 | +536,611% |
| Credit institutions | 430/8 | €47 | €250,000 | +€249,953 | +536,611% |
| Trade debts | 44 | €21,071 | €21,148 | +€77 | +0.4% |
| Suppliers | 440/4 | €21,071 | €21,148 | +€77 | +0.4% |
| Taxes, remuneration and social security | 45 | €282,775 | €293,511 | +€10,736 | +3.8% |
| Taxes | 450/3 | €282,775 | €293,511 | +€10,736 | +3.8% |
| Other amounts payable | 47/48 | €38,530 | €38,500 | -€30 | -0.1% |
| Accrued charges and deferred income | 492/3 | €968 | €6,295 | +€5,328 | +551% |
| Non-recurring operating income | 76A | €139,474 | €16,453 | -€123,021 | -88.2% |
| Remuneration, social security and pensions | 62 | €37,983 | €194 | -€37,789 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,781 | €92,193 | -€589 | -0.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€51,139 | - | +€51,139 | |
| Other operating charges | 640/8 | €5,725 | €2,722 | -€3,003 | -52.5% |
| Gross operating margin | 9900 | €531,192 | €461,503 | -€69,689 | -13.1% |
| Operating profit (loss) | 9901 | €445,841 | €366,394 | -€79,447 | -17.8% |
| Financial income | 75/76B | €2,899 | €9 | -€2,890 | -99.7% |
| Recurring financial income | 75 | €2,899 | €9 | -€2,890 | -99.7% |
| Financial charges | 65/66B | €16,878 | €25,184 | +€8,306 | +49.2% |
| Recurring financial charges | 65 | €16,878 | €25,184 | +€8,306 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €431,863 | €341,219 | -€90,644 | -21.0% |
| Income taxes | 67/77 | €126,673 | €99,922 | -€26,751 | -21.1% |
| Profit (loss) for the period | 9904 | €305,190 | €241,297 | -€63,893 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €305,190 | €241,297 | -€63,893 | -20.9% |
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 19 October 2026 via checked.be.