4N: 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.
4N
Largest movements
- Receivables within one year -€82,878
down €82,878 (-81.4%), from €101,865 to €18,987
of which Other amounts receivable: -€64,836
- Cash +€44,864
up €44,864 (+166%), from €27,101 to €71,965
mainly Receivables within one year (+€82,878) and Net result for the year (+€61,268)
- Tangible fixed assets -€3,904
down €3,904 (-22.8%), from €17,107 to €13,203
of which Other tangible fixed assets: -€3,095
- Deferred charges and accrued income +€2,763
up €2,763 (+113%), from €2,440 to €5,203
- Other debts -€65,211
down €65,211 (-91.3%), from €71,400 to €6,189
- Reserves +€51,268
up €51,268 (+431%), from €11,887 to €63,155
- Tax, wage and social debts -€24,113
down €24,113 (-54.8%), from €44,032 to €19,919
- Gross operating margin -€50,362
down €50,362 (-35.8%), from €140,512 to €90,150
- Taxes -€11,247
down €11,247 (-36.3%), from €30,990 to €19,742
- Depreciation -€5,981
down €5,981 (-46.5%), from €12,875 to €6,894
- Financial charges -€2,326
down €2,326 (-89.8%), from €2,591 to €265
- Financial income -€1,492
down €1,492 (-100%), from €1,492 to €0
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 | €150,614 | €111,458 | -€39,155 | -26.0% |
| Fixed assets | 21/28 | €19,207 | €15,303 | -€3,904 | -20.3% |
| Tangible fixed assets | 22/27 | €17,107 | €13,203 | -€3,904 | -22.8% |
| Plant, machinery and equipment | 23 | €1,766 | €2,949 | +€1,182 | +66.9% |
| Furniture and vehicles | 24 | €7,658 | €5,666 | -€1,992 | -26.0% |
| Other tangible fixed assets | 26 | €7,683 | €4,588 | -€3,095 | -40.3% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €131,406 | €96,155 | -€35,251 | -26.8% |
| Amounts receivable within one year | 40/41 | €101,865 | €18,987 | -€82,878 | -81.4% |
| Trade receivables | 40 | €37,029 | €18,987 | -€18,043 | -48.7% |
| Other amounts receivable | 41 | €64,836 | €0 | -€64,836 | -100% |
| Cash at bank and in hand | 54/58 | €27,101 | €71,965 | +€44,864 | +166% |
| Deferred charges and accrued income | 490/1 | €2,440 | €5,203 | +€2,763 | +113% |
| Total equity and liabilities | 10/49 | €150,614 | €111,458 | -€39,155 | -26.0% |
| Equity | 10/15 | €30,487 | €81,755 | +€51,268 | +168% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,887 | €63,155 | +€51,268 | +431% |
| Distributable reserves | 133 | €11,887 | €63,155 | +€51,268 | +431% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €120,127 | €29,704 | -€90,423 | -75.3% |
| Amounts payable within one year | 42/48 | €118,562 | €28,139 | -€90,423 | -76.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,130 | €2,030 | -€1,099 | -35.1% |
| Suppliers | 440/4 | €3,130 | €2,030 | -€1,099 | -35.1% |
| Taxes, remuneration and social security | 45 | €44,032 | €19,919 | -€24,113 | -54.8% |
| Taxes | 450/3 | €44,032 | €19,919 | -€24,113 | -54.8% |
| Other amounts payable | 47/48 | €71,400 | €6,189 | -€65,211 | -91.3% |
| Accrued charges and deferred income | 492/3 | €1,565 | €1,565 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,875 | €6,894 | -€5,981 | -46.5% |
| Other operating charges | 640/8 | €1,522 | €1,981 | +€460 | +30.2% |
| Gross operating margin | 9900 | €140,512 | €90,150 | -€50,362 | -35.8% |
| Operating profit (loss) | 9901 | €126,115 | €81,275 | -€44,840 | -35.6% |
| Financial income | 75/76B | €1,492 | €0 | -€1,492 | -100% |
| Recurring financial income | 75 | €1,492 | €0 | -€1,492 | -100% |
| Financial charges | 65/66B | €2,591 | €265 | -€2,326 | -89.8% |
| Recurring financial charges | 65 | €2,591 | €265 | -€2,326 | -89.8% |
| Profit (loss) for the period before taxes | 9903 | €125,017 | €81,010 | -€44,006 | -35.2% |
| Income taxes | 67/77 | €30,990 | €19,742 | -€11,247 | -36.3% |
| Profit (loss) for the period | 9904 | €94,027 | €61,268 | -€32,759 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,027 | €61,268 | -€32,759 | -34.8% |
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 14 October 2026 via checked.be.