4MN: 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.
4MN
Largest movements
- Receivables within one year -€141,852
down €141,852 (-91.0%), from €155,852 to €14,000
of which Trade receivables: -€140,000
- Tangible fixed assets +€35,588
up €35,588 (+2.3%), from €1.5m to €1.6m
of which Land and buildings: +€40,369
- Cash +€26,975
up €26,975 (+30.7%), from €87,888 to €114,863
mainly Receivables within one year (+€141,852) and Net result for the year (+€63,140)
- Debts after one year -€69,646
down €69,646 (-30.4%), from €228,917 to €159,272
- Reserves +€63,140
up €63,140 (+22.4%), from €281,907 to €345,047
of which Distributable reserves: +€63,140
- Other debts -€56,457
down €56,457 (-6.1%), from €926,261 to €869,804
- Trade debts -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Gross operating margin +€24,853
up €24,853 (+17.6%), from €141,309 to €166,162
- Depreciation -€14,169
down €14,169 (-33.6%), from €42,189 to €28,019
- Other operating charges +€11,269
up €11,269 (+892.0%), from €1,263 to €12,533
- Taxes +€7,260
up €7,260 (+52.2%), from €13,916 to €21,176
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 | €1,784,278 | €1,704,989 | -€79,289 | -4.4% |
| Fixed assets | 21/28 | €1,540,539 | €1,576,127 | +€35,588 | +2.3% |
| Tangible fixed assets | 22/27 | €1,540,539 | €1,576,127 | +€35,588 | +2.3% |
| Land and buildings | 22 | €1,530,977 | €1,571,346 | +€40,369 | +2.6% |
| Plant, machinery and equipment | 23 | €9,562 | €4,781 | -€4,781 | -50.0% |
| Current assets | 29/58 | €243,739 | €128,863 | -€114,877 | -47.1% |
| Amounts receivable within one year | 40/41 | €155,852 | €14,000 | -€141,852 | -91.0% |
| Trade receivables | 40 | €154,000 | €14,000 | -€140,000 | -90.9% |
| Other amounts receivable | 41 | €1,852 | €0 | -€1,852 | -100.0% |
| Cash at bank and in hand | 54/58 | €87,888 | €114,863 | +€26,975 | +30.7% |
| Total equity and liabilities | 10/49 | €1,784,278 | €1,704,989 | -€79,289 | -4.4% |
| Equity | 10/15 | €531,907 | €595,047 | +€63,140 | +11.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €281,907 | €345,047 | +€63,140 | +22.4% |
| Non-distributable reserves | 130/1 | €4,639 | €4,639 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,639 | €4,639 | = | 0.0% |
| Distributable reserves | 133 | €277,268 | €340,408 | +€63,140 | +22.8% |
| Amounts payable | 17/49 | €1,252,371 | €1,109,942 | -€142,429 | -11.4% |
| Amounts payable after more than one year | 17 | €228,917 | €159,272 | -€69,646 | -30.4% |
| Financial debts | 170/4 | €228,917 | €159,272 | -€69,646 | -30.4% |
| Amounts payable within one year | 42/48 | €1,023,454 | €950,670 | -€72,783 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €68,953 | €69,646 | +€693 | +1.0% |
| Trade debts | 44 | €20,000 | €0 | -€20,000 | -100.0% |
| Suppliers | 440/4 | €20,000 | €0 | -€20,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,240 | €11,221 | +€2,981 | +36.2% |
| Taxes | 450/3 | €8,240 | €11,221 | +€2,981 | +36.2% |
| Other amounts payable | 47/48 | €926,261 | €869,804 | -€56,457 | -6.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,189 | €28,019 | -€14,169 | -33.6% |
| Other operating charges | 640/8 | €1,263 | €12,533 | +€11,269 | +892.0% |
| Gross operating margin | 9900 | €141,309 | €166,162 | +€24,853 | +17.6% |
| Operating profit (loss) | 9901 | €97,857 | €125,610 | +€27,753 | +28.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €42,198 | €41,294 | -€904 | -2.1% |
| Recurring financial charges | 65 | €42,198 | €41,294 | -€904 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €55,659 | €84,316 | +€28,658 | +51.5% |
| Income taxes | 67/77 | €13,916 | €21,176 | +€7,260 | +52.2% |
| Profit (loss) for the period | 9904 | €41,742 | €63,140 | +€21,398 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,742 | €63,140 | +€21,398 | +51.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.