4MM: what changed
Two fiscal 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.
4MM
Largest movements
- Tangible fixed assets +€638,624
up €638,624 (+1287.3%), from €49,611 to €688,235
of which Land and buildings: +€567,906
- Cash -€310,667
down €310,667 (-99.8%), from €311,181 to €514
mainly Investment in fixed assets (net) (-€714,601) and Contributions, distributions and other (-€400,000)
- Receivables after one year +€37,730
up €37,730 (+29.7%), from €127,000 to €164,730
- Receivables within one year +€26,783
up €26,783 (+4.3%), from €621,724 to €648,508
of which Trade receivables: +€167,745
- Other debts +€823,317
new in 2025: €823,317
- Reserves -€334,922
down €334,922 (-38.2%), from €876,771 to €541,849
- Tax, wage and social debts -€102,992
down €102,992 (-44.4%), from €231,746 to €128,754
- Gross operating margin -€266,716
down €266,716 (-60.1%), from €443,916 to €177,201
- Taxes -€86,813
down €86,813 (-77.8%), from €111,536 to €24,723
- Depreciation +€66,784
up €66,784 (+726.5%), from €9,192 to €75,977
- Financial charges +€12,227
up €12,227 (+20044.8%), from €61 to €12,288
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 | €1,114,767 | €1,511,952 | +€397,185 | +35.6% |
| Fixed assets | 21/28 | €49,611 | €688,235 | +€638,624 | +1287.3% |
| Tangible fixed assets | 22/27 | €49,611 | €688,235 | +€638,624 | +1287.3% |
| Land and buildings | 22 | - | €567,906 | +€567,906 | |
| Plant, machinery and equipment | 23 | - | €2,310 | +€2,310 | |
| Furniture and vehicles | 24 | €11,482 | €84,137 | +€72,655 | +632.8% |
| Other tangible fixed assets | 26 | €38,129 | €33,881 | -€4,247 | -11.1% |
| Current assets | 29/58 | €1,065,157 | €823,717 | -€241,439 | -22.7% |
| Amounts receivable after more than one year | 29 | €127,000 | €164,730 | +€37,730 | +29.7% |
| Other amounts receivable | 291 | €127,000 | €164,730 | +€37,730 | +29.7% |
| Amounts receivable within one year | 40/41 | €621,724 | €648,508 | +€26,783 | +4.3% |
| Trade receivables | 40 | €388,855 | €556,600 | +€167,745 | +43.1% |
| Other amounts receivable | 41 | €232,869 | €91,908 | -€140,961 | -60.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €311,181 | €514 | -€310,667 | -99.8% |
| Deferred charges and accrued income | 490/1 | €5,252 | €9,966 | +€4,714 | +89.8% |
| Total equity and liabilities | 10/49 | €1,114,767 | €1,511,952 | +€397,185 | +35.6% |
| Equity | 10/15 | €881,771 | €546,849 | -€334,922 | -38.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €876,771 | €541,849 | -€334,922 | -38.2% |
| Distributable reserves | 133 | €876,771 | €541,849 | -€334,922 | -38.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €232,996 | €965,103 | +€732,107 | +314.2% |
| Amounts payable within one year | 42/48 | €232,996 | €957,255 | +€724,258 | +310.8% |
| Trade debts | 44 | €1,250 | €5,183 | +€3,933 | +314.6% |
| Suppliers | 440/4 | €1,250 | €5,183 | +€3,933 | +314.6% |
| Taxes, remuneration and social security | 45 | €231,746 | €128,754 | -€102,992 | -44.4% |
| Taxes | 450/3 | €231,746 | €128,754 | -€102,992 | -44.4% |
| Other amounts payable | 47/48 | - | €823,317 | +€823,317 | |
| Accrued charges and deferred income | 492/3 | - | €7,849 | +€7,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,192 | €75,977 | +€66,784 | +726.5% |
| Other operating charges | 640/8 | €1,296 | €3,831 | +€2,536 | +195.7% |
| Gross operating margin | 9900 | €443,916 | €177,201 | -€266,716 | -60.1% |
| Operating profit (loss) | 9901 | €433,429 | €97,393 | -€336,036 | -77.5% |
| Financial income | 75/76B | €9,029 | €4,696 | -€4,332 | -48.0% |
| Recurring financial income | 75 | €9,029 | €4,696 | -€4,332 | -48.0% |
| Financial charges | 65/66B | €61 | €12,288 | +€12,227 | +20044.8% |
| Recurring financial charges | 65 | €61 | €12,288 | +€12,227 | +20044.8% |
| Profit (loss) for the period before taxes | 9903 | €442,396 | €89,801 | -€352,595 | -79.7% |
| Income taxes | 67/77 | €111,536 | €24,723 | -€86,813 | -77.8% |
| Profit (loss) for the period | 9904 | €330,860 | €65,078 | -€265,782 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €330,860 | €65,078 | -€265,782 | -80.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.