4S: 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.
4S
Largest movements
- Cash +€44,645
up €44,645 (+19.9%), from €223,902 to €268,547
mainly Net result for the year (+€80,059) and Depreciation (+€864)
- Receivables within one year +€26,593
up €26,593 (+449.7%), from €5,914 to €32,507
of which Other amounts receivable: +€15,861
- Tangible fixed assets +€3,054
up €3,054 (+268.6%), from €1,137 to €4,192
- Profit (loss) carried forward +€80,059
up €80,059 (+37.9%), from €211,410 to €291,469
- Tax, wage and social debts -€4,407
no longer reported in 2025 (was €4,407)
- Gross operating margin -€26,167
down €26,167 (-20.1%), from €129,970 to €103,802
- Taxes -€6,589
down €6,589 (-24.1%), from €27,286 to €20,697
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 | €230,954 | €305,347 | +€74,393 | +32.2% |
| Fixed assets | 21/28 | €1,137 | €4,192 | +€3,054 | +268.6% |
| Tangible fixed assets | 22/27 | €1,137 | €4,192 | +€3,054 | +268.6% |
| Plant, machinery and equipment | 23 | €1,137 | €4,192 | +€3,054 | +268.6% |
| Current assets | 29/58 | €229,816 | €301,155 | +€71,339 | +31.0% |
| Amounts receivable within one year | 40/41 | €5,914 | €32,507 | +€26,593 | +449.7% |
| Trade receivables | 40 | €3,200 | €13,933 | +€10,733 | +335.4% |
| Other amounts receivable | 41 | €2,714 | €18,574 | +€15,861 | +584.5% |
| Cash at bank and in hand | 54/58 | €223,902 | €268,547 | +€44,645 | +19.9% |
| Deferred charges and accrued income | 490/1 | - | €100 | +€100 | |
| Total equity and liabilities | 10/49 | €230,954 | €305,347 | +€74,393 | +32.2% |
| Equity | 10/15 | €217,410 | €297,469 | +€80,059 | +36.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,410 | €291,469 | +€80,059 | +37.9% |
| Amounts payable | 17/49 | €13,544 | €7,878 | -€5,666 | -41.8% |
| Amounts payable within one year | 42/48 | €13,544 | €7,878 | -€5,666 | -41.8% |
| Trade debts | 44 | €9,137 | €7,878 | -€1,259 | -13.8% |
| Suppliers | 440/4 | €9,137 | €7,878 | -€1,259 | -13.8% |
| Taxes, remuneration and social security | 45 | €4,407 | - | -€4,407 | |
| Taxes | 450/3 | €4,407 | - | -€4,407 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11 | €864 | +€853 | +7487.4% |
| Other operating charges | 640/8 | €1,791 | €1,810 | +€19 | +1.1% |
| Gross operating margin | 9900 | €129,970 | €103,802 | -€26,167 | -20.1% |
| Operating profit (loss) | 9901 | €128,167 | €101,128 | -€27,039 | -21.1% |
| Financial income | 75/76B | €5 | €151 | +€146 | +2919.0% |
| Recurring financial income | 75 | €5 | €151 | +€146 | +2919.0% |
| Financial charges | 65/66B | €727 | €523 | -€204 | -28.1% |
| Recurring financial charges | 65 | €727 | €523 | -€204 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €127,445 | €100,756 | -€26,689 | -20.9% |
| Income taxes | 67/77 | €27,286 | €20,697 | -€6,589 | -24.1% |
| Profit (loss) for the period | 9904 | €100,159 | €80,059 | -€20,100 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,159 | €80,059 | -€20,100 | -20.1% |
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 29 September 2026 via checked.be.