4S&M: 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.
4S&M
Largest movements
- Cash +€50,168
up €50,168 (+160.5%), from €31,259 to €81,427
mainly Other debts (+€100,317) and Net result for the year (+€39,875)
- Receivables within one year -€34,352
down €34,352 (-35.4%), from €96,915 to €62,563
of which Other amounts receivable: -€47,399
- Tangible fixed assets -€27,927
down €27,927 (-32.6%), from €85,726 to €57,799
of which Furniture and vehicles: -€14,241
- Deferred charges and accrued income -€10,044
down €10,044 (-69.5%), from €14,462 to €4,418
- Receivables after one year +€7,856
up €7,856 (+23.7%), from €33,144 to €41,000
- Reserves -€112,948
no longer reported in 2025 (was €112,948)
- Other debts +€100,317
up €100,317 (+108.2%), from €92,725 to €193,042
- Debts after one year -€12,628
down €12,628 (-79.8%), from €15,818 to €3,190
- Tax, wage and social debts +€12,621
up €12,621 (+289.1%), from €4,366 to €16,987
of which Taxes: +€15,110
- Gross operating margin +€25,694
up €25,694 (+49.7%), from €51,707 to €77,401
- Taxes +€5,828
up €5,828 (+110.8%), from €5,260 to €11,089
- Financial charges -€5,623
down €5,623 (-92.3%), from €6,092 to €469
- Financial income -€2,255
down €2,255 (-36.2%), from €6,230 to €3,975
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 | €261,805 | €247,506 | -€14,298 | -5.5% |
| Fixed assets | 21/28 | €86,026 | €58,099 | -€27,927 | -32.5% |
| Tangible fixed assets | 22/27 | €85,726 | €57,799 | -€27,927 | -32.6% |
| Furniture and vehicles | 24 | €42,253 | €28,012 | -€14,241 | -33.7% |
| Leasing and similar rights | 25 | €32,169 | €22,271 | -€9,898 | -30.8% |
| Other tangible fixed assets | 26 | €11,305 | €7,516 | -€3,788 | -33.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €175,779 | €189,408 | +€13,629 | +7.8% |
| Amounts receivable after more than one year | 29 | €33,144 | €41,000 | +€7,856 | +23.7% |
| Other amounts receivable | 291 | €33,144 | €41,000 | +€7,856 | +23.7% |
| Amounts receivable within one year | 40/41 | €96,915 | €62,563 | -€34,352 | -35.4% |
| Trade receivables | 40 | €5,340 | €18,387 | +€13,047 | +244.3% |
| Other amounts receivable | 41 | €91,574 | €44,175 | -€47,399 | -51.8% |
| Cash at bank and in hand | 54/58 | €31,259 | €81,427 | +€50,168 | +160.5% |
| Deferred charges and accrued income | 490/1 | €14,462 | €4,418 | -€10,044 | -69.5% |
| Total equity and liabilities | 10/49 | €261,805 | €247,506 | -€14,298 | -5.5% |
| Equity | 10/15 | €131,498 | €18,550 | -€112,948 | -85.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €112,948 | - | -€112,948 | |
| Distributable reserves | 133 | €112,948 | - | -€112,948 | |
| Amounts payable | 17/49 | €130,307 | €228,956 | +€98,650 | +75.7% |
| Amounts payable after more than one year | 17 | €15,818 | €3,190 | -€12,628 | -79.8% |
| Financial debts | 170/4 | €15,818 | €3,190 | -€12,628 | -79.8% |
| Amounts payable within one year | 42/48 | €112,442 | €225,718 | +€113,276 | +100.7% |
| Current portion of amounts payable after more than one year | 42 | €12,421 | €12,628 | +€207 | +1.7% |
| Trade debts | 44 | €2,930 | €3,061 | +€131 | +4.5% |
| Suppliers | 440/4 | €2,930 | €3,061 | +€131 | +4.5% |
| Taxes, remuneration and social security | 45 | €4,366 | €16,987 | +€12,621 | +289.1% |
| Taxes | 450/3 | €1,877 | €16,987 | +€15,110 | +804.9% |
| Remuneration and social security | 454/9 | €2,489 | - | -€2,489 | |
| Other amounts payable | 47/48 | €92,725 | €193,042 | +€100,317 | +108.2% |
| Accrued charges and deferred income | 492/3 | €2,047 | €49 | -€1,998 | -97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,457 | €27,927 | -€530 | -1.9% |
| Other operating charges | 640/8 | €2,014 | €2,017 | +€3 | +0.2% |
| Gross operating margin | 9900 | €51,707 | €77,401 | +€25,694 | +49.7% |
| Operating profit (loss) | 9901 | €21,235 | €47,456 | +€26,221 | +123.5% |
| Financial income | 75/76B | €6,230 | €3,975 | -€2,255 | -36.2% |
| Recurring financial income | 75 | €6,230 | €3,975 | -€2,255 | -36.2% |
| Financial charges | 65/66B | €6,092 | €469 | -€5,623 | -92.3% |
| Recurring financial charges | 65 | €6,092 | €469 | -€5,623 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €21,374 | €50,963 | +€29,589 | +138.4% |
| Income taxes | 67/77 | €5,260 | €11,089 | +€5,828 | +110.8% |
| Profit (loss) for the period | 9904 | €16,114 | €39,875 | +€23,761 | +147.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,114 | €39,875 | +€23,761 | +147.5% |
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 12 October 2026 via checked.be.