4PIGS: 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.
4PIGS
Largest movements
- Stocks and contracts -€359,175
down €359,175 (-13.3%), from €2.7m to €2.3m
- Receivables within one year +€340,550
up €340,550 (+136.8%), from €248,934 to €589,483
of which Trade receivables: +€345,037
- Cash -€207,956
down €207,956 (-54.2%), from €383,678 to €175,722
mainly Receivables within one year (-€340,550) and Debts after one year (-€200,000)
- Debts after one year -€200,000
down €200,000 (-13.3%), from €1.5m to €1.3m
- Trade debts -€158,825
down €158,825 (-8.9%), from €1.8m to €1.6m
- Profit (loss) carried forward +€66,565
up €66,565 (+52.1%), from -€127,812 to -€61,247
- Other debts +€49,910
up €49,910 (+36.1%), from €138,362 to €188,272
- Gross operating margin -€488,231
down €488,231 (-80.2%), from €609,102 to €120,871
- Financial charges -€36,673
down €36,673 (-39.7%), from €92,288 to €55,615
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 | €3,411,273 | €3,183,812 | -€227,461 | -6.7% |
| Fixed assets | 21/28 | - | €1,456 | +€1,456 | |
| Intangible fixed assets | 21 | - | €1,456 | +€1,456 | |
| Current assets | 29/58 | €3,411,273 | €3,182,356 | -€228,918 | -6.7% |
| Stocks and contracts in progress | 3 | €2,699,948 | €2,340,774 | -€359,175 | -13.3% |
| Stocks | 30/36 | €2,699,948 | €2,340,774 | -€359,175 | -13.3% |
| Amounts receivable within one year | 40/41 | €248,934 | €589,483 | +€340,550 | +136.8% |
| Trade receivables | 40 | €244,447 | €589,483 | +€345,037 | +141.1% |
| Other amounts receivable | 41 | €4,487 | €0 | -€4,487 | -100.0% |
| Cash at bank and in hand | 54/58 | €383,678 | €175,722 | -€207,956 | -54.2% |
| Deferred charges and accrued income | 490/1 | €78,713 | €76,376 | -€2,337 | -3.0% |
| Total equity and liabilities | 10/49 | €3,411,273 | €3,183,812 | -€227,461 | -6.7% |
| Equity | 10/15 | -€4,271 | €62,294 | +€66,565 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €23,541 | €23,541 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €13,541 | €13,541 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,812 | -€61,247 | +€66,565 | +52.1% |
| Amounts payable | 17/49 | €3,415,545 | €3,121,518 | -€294,027 | -8.6% |
| Amounts payable after more than one year | 17 | €1,500,000 | €1,300,000 | -€200,000 | -13.3% |
| Financial debts | 170/4 | €1,500,000 | €1,300,000 | -€200,000 | -13.3% |
| Amounts payable within one year | 42/48 | €1,914,136 | €1,806,023 | -€108,113 | -5.6% |
| Trade debts | 44 | €1,775,773 | €1,616,948 | -€158,825 | -8.9% |
| Suppliers | 440/4 | €1,775,773 | €1,616,948 | -€158,825 | -8.9% |
| Taxes, remuneration and social security | 45 | - | €803 | +€803 | |
| Taxes | 450/3 | - | €803 | +€803 | |
| Other amounts payable | 47/48 | €138,362 | €188,272 | +€49,910 | +36.1% |
| Accrued charges and deferred income | 492/3 | €1,409 | €15,495 | +€14,086 | +999.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €44 | +€44 | |
| Other operating charges | 640/8 | €126 | €216 | +€90 | +71.2% |
| Gross operating margin | 9900 | €609,102 | €120,871 | -€488,231 | -80.2% |
| Operating profit (loss) | 9901 | €608,976 | €120,612 | -€488,364 | -80.2% |
| Financial income | 75/76B | €484 | €1,569 | +€1,085 | +224.2% |
| Recurring financial income | 75 | €484 | €1,569 | +€1,085 | +224.2% |
| Financial charges | 65/66B | €92,288 | €55,615 | -€36,673 | -39.7% |
| Recurring financial charges | 65 | €92,288 | €55,615 | -€36,673 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | €517,172 | €66,565 | -€450,606 | -87.1% |
| Profit (loss) for the period | 9904 | €517,172 | €66,565 | -€450,606 | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €517,172 | €66,565 | -€450,606 | -87.1% |
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 28 September 2026 via checked.be.