4Retail: what changed
4Retail
Largest movements
- Financial fixed assets +€592,427
up €592,427 (+567%), from €104,475 to €696,902
- Cash -€170,333
down €170,333 (-33.4%), from €510,405 to €340,072
mainly Investment in fixed assets (net) (-€614,571) and Debts after one year (-€165,769)
- Stocks and contracts +€80,850
up €80,850 (+32.8%), from €246,485 to €327,335
- Receivables within one year -€46,395
down €46,395 (-2.3%), from €2.0m to €1.9m
of which Other amounts receivable: -€180,633
- Intangible fixed assets -€38,483
down €38,483 (-18.6%), from €206,406 to €167,923
- Contributions +€350,000
up €350,000 (+2,824%), from €12,395 to €362,395
- Debts after one year -€165,769
down €165,769 (-54.2%), from €305,909 to €140,139
- Profit (loss) carried forward +€158,708
up €158,708 (+25.5%), from €622,110 to €780,818
- Other debts +€154,846
new in 2025: €154,846
- Tax, wage and social debts +€94,511
up €94,511 (+265%), from €35,658 to €130,168
of which Taxes: +€93,605
- Staff costs -€325,419
down €325,419 (-52.4%), from €621,392 to €295,972
- Gross operating margin -€108,883
down €108,883 (-13.7%), from €794,602 to €685,719
- Taxes +€69,649
up €69,649 (+19,204%), from €363 to €70,011
- Other operating charges -€53,860
down €53,860 (-49.0%), from €110,011 to €56,151
- Depreciation +€36,492
up €36,492 (+413%), from €8,827 to €45,320
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,076,242 | €3,512,735 | +€436,493 | +14.2% |
| Fixed assets | 21/28 | €317,870 | €887,122 | +€569,252 | +179% |
| Intangible fixed assets | 21 | €206,406 | €167,923 | -€38,483 | -18.6% |
| Tangible fixed assets | 22/27 | €6,989 | €22,297 | +€15,308 | +219% |
| Furniture and vehicles | 24 | €6,989 | €22,297 | +€15,308 | +219% |
| Financial fixed assets | 28 | €104,475 | €696,902 | +€592,427 | +567% |
| Current assets | 29/58 | €2,758,372 | €2,625,613 | -€132,759 | -4.8% |
| Stocks and contracts in progress | 3 | €246,485 | €327,335 | +€80,850 | +32.8% |
| Stocks | 30/36 | €246,485 | €327,335 | +€80,850 | +32.8% |
| Amounts receivable within one year | 40/41 | €1,981,061 | €1,934,666 | -€46,395 | -2.3% |
| Trade receivables | 40 | €1,368,202 | €1,502,440 | +€134,238 | +9.8% |
| Other amounts receivable | 41 | €612,859 | €432,226 | -€180,633 | -29.5% |
| Cash at bank and in hand | 54/58 | €510,405 | €340,072 | -€170,333 | -33.4% |
| Deferred charges and accrued income | 490/1 | €20,421 | €23,540 | +€3,120 | +15.3% |
| Total equity and liabilities | 10/49 | €3,076,242 | €3,512,735 | +€436,493 | +14.2% |
| Equity | 10/15 | €636,363 | €1,145,072 | +€508,708 | +79.9% |
| Contributions | 10/11 | €12,395 | €362,395 | +€350,000 | +2,824% |
| Revaluation surpluses | 12 | €1,859 | - | -€1,859 | |
| Reserves | 13 | - | €1,859 | +€1,859 | |
| Distributable reserves | 133 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | €622,110 | €780,818 | +€158,708 | +25.5% |
| Amounts payable | 17/49 | €2,439,879 | €2,367,663 | -€72,215 | -3.0% |
| Amounts payable after more than one year | 17 | €305,909 | €140,139 | -€165,769 | -54.2% |
| Financial debts | 170/4 | €305,909 | €140,139 | -€165,769 | -54.2% |
| Amounts payable within one year | 42/48 | €2,095,045 | €2,220,940 | +€125,895 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €159,205 | €158,369 | -€836 | -0.5% |
| Financial debts | 43 | €395,000 | €350,000 | -€45,000 | -11.4% |
| Credit institutions | 430/8 | €395,000 | €350,000 | -€45,000 | -11.4% |
| Trade debts | 44 | €1,505,183 | €1,427,557 | -€77,626 | -5.2% |
| Suppliers | 440/4 | €1,505,183 | €1,427,557 | -€77,626 | -5.2% |
| Taxes, remuneration and social security | 45 | €35,658 | €130,168 | +€94,511 | +265% |
| Taxes | 450/3 | €542 | €94,147 | +€93,605 | +17,263% |
| Remuneration and social security | 454/9 | €35,115 | €36,021 | +€906 | +2.6% |
| Other amounts payable | 47/48 | - | €154,846 | +€154,846 | |
| Accrued charges and deferred income | 492/3 | €38,925 | €6,583 | -€32,342 | -83.1% |
| Non-recurring operating income | 76A | €1,126 | €0 | -€1,126 | -100% |
| Remuneration, social security and pensions | 62 | €621,392 | €295,972 | -€325,419 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,827 | €45,320 | +€36,492 | +413% |
| Other operating charges | 640/8 | €110,011 | €56,151 | -€53,860 | -49.0% |
| Gross operating margin | 9900 | €794,602 | €685,719 | -€108,883 | -13.7% |
| Operating profit (loss) | 9901 | €54,372 | €288,276 | +€233,904 | +430% |
| Financial income | 75/76B | €128 | €1,395 | +€1,267 | +987% |
| Recurring financial income | 75 | €128 | €1,395 | +€1,267 | +987% |
| Financial charges | 65/66B | €87,543 | €60,952 | -€26,591 | -30.4% |
| Recurring financial charges | 65 | €87,543 | €60,952 | -€26,591 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | -€33,043 | €228,720 | +€261,763 | |
| Income taxes | 67/77 | €363 | €70,011 | +€69,649 | +19,204% |
| Profit (loss) for the period | 9904 | -€33,406 | €158,708 | +€192,114 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,406 | €158,708 | +€192,114 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.