4SAH: 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.
4SAH
Largest movements
- Cash -€23,587
down €23,587 (-49.4%), from €47,742 to €24,154
mainly Contributions, distributions and other (-€35,324) and Investment in fixed assets (net) (-€12,152)
- Tangible fixed assets -€5,928
down €5,928 (-5.8%), from €102,168 to €96,240
of which Leasing and similar rights: -€6,100
- Deferred charges and accrued income +€2,037
up €2,037 (+435.7%), from €467 to €2,505
- Receivables within one year -€1,918
down €1,918 (-6.7%), from €28,437 to €26,519
of which Trade receivables: -€9,837
- Tax, wage and social debts -€12,028
down €12,028 (-57.1%), from €21,051 to €9,023
of which Taxes: -€12,028
- Trade debts -€10,892
down €10,892 (-40.2%), from €27,110 to €16,218
- Debts after one year -€7,730
down €7,730 (-27.7%), from €27,865 to €20,135
- Accrued charges and deferred income +€5,433
new in 2025: €5,433
- Profit (loss) carried forward -€4,585
down €4,585 (-4.6%), from €99,597 to €95,012
- Gross operating margin -€14,914
down €14,914 (-19.9%), from €74,842 to €59,928
- Depreciation +€7,070
up €7,070 (+64.2%), from €11,010 to €18,080
- Taxes -€4,236
down €4,236 (-33.7%), from €12,564 to €8,328
- Financial charges +€1,180
up €1,180 (+110.6%), from €1,067 to €2,247
- Other operating charges -€853
down €853 (-51.9%), from €1,644 to €791
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 | €186,093 | €156,051 | -€30,042 | -16.1% |
| Fixed assets | 21/28 | €102,251 | €96,323 | -€5,928 | -5.8% |
| Tangible fixed assets | 22/27 | €102,168 | €96,240 | -€5,928 | -5.8% |
| Plant, machinery and equipment | 23 | €22,838 | €21,011 | -€1,827 | -8.0% |
| Furniture and vehicles | 24 | €23,832 | €25,534 | +€1,702 | +7.1% |
| Leasing and similar rights | 25 | €29,117 | €23,017 | -€6,100 | -21.0% |
| Other tangible fixed assets | 26 | €26,382 | €26,678 | +€297 | +1.1% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €83,842 | €59,728 | -€24,115 | -28.8% |
| Stocks and contracts in progress | 3 | €7,196 | €6,549 | -€647 | -9.0% |
| Stocks | 30/36 | €7,196 | €6,549 | -€647 | -9.0% |
| Amounts receivable within one year | 40/41 | €28,437 | €26,519 | -€1,918 | -6.7% |
| Trade receivables | 40 | €26,269 | €16,433 | -€9,837 | -37.4% |
| Other amounts receivable | 41 | €2,168 | €10,086 | +€7,919 | +365.3% |
| Cash at bank and in hand | 54/58 | €47,742 | €24,154 | -€23,587 | -49.4% |
| Deferred charges and accrued income | 490/1 | €467 | €2,505 | +€2,037 | +435.7% |
| Total equity and liabilities | 10/49 | €186,093 | €156,051 | -€30,042 | -16.1% |
| Equity | 10/15 | €102,097 | €97,512 | -€4,585 | -4.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,597 | €95,012 | -€4,585 | -4.6% |
| Amounts payable | 17/49 | €83,997 | €58,539 | -€25,458 | -30.3% |
| Amounts payable after more than one year | 17 | €27,865 | €20,135 | -€7,730 | -27.7% |
| Financial debts | 170/4 | €27,865 | €20,135 | -€7,730 | -27.7% |
| Amounts payable within one year | 42/48 | €56,132 | €32,971 | -€23,161 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €7,459 | €7,730 | +€270 | +3.6% |
| Trade debts | 44 | €27,110 | €16,218 | -€10,892 | -40.2% |
| Suppliers | 440/4 | €27,110 | €16,218 | -€10,892 | -40.2% |
| Taxes, remuneration and social security | 45 | €21,051 | €9,023 | -€12,028 | -57.1% |
| Taxes | 450/3 | €21,051 | €9,023 | -€12,028 | -57.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €511 | €0 | -€511 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €5,433 | +€5,433 | |
| Non-recurring operating income | 76A | €1,067 | €0 | -€1,067 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,010 | €18,080 | +€7,070 | +64.2% |
| Other operating charges | 640/8 | €1,644 | €791 | -€853 | -51.9% |
| Gross operating margin | 9900 | €74,842 | €59,928 | -€14,914 | -19.9% |
| Operating profit (loss) | 9901 | €62,189 | €41,057 | -€21,132 | -34.0% |
| Financial income | 75/76B | €111 | €257 | +€146 | +131.2% |
| Recurring financial income | 75 | €111 | €257 | +€146 | +131.2% |
| Financial charges | 65/66B | €1,067 | €2,247 | +€1,180 | +110.6% |
| Recurring financial charges | 65 | €1,067 | €2,247 | +€1,180 | +110.6% |
| Profit (loss) for the period before taxes | 9903 | €61,233 | €39,067 | -€22,166 | -36.2% |
| Income taxes | 67/77 | €12,564 | €8,328 | -€4,236 | -33.7% |
| Profit (loss) for the period | 9904 | €48,669 | €30,740 | -€17,930 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,669 | €30,740 | -€17,930 | -36.8% |
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 4 October 2026 via checked.be.