4SE: 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.
4SE
Largest movements
- Receivables within one year -€25,757
down €25,757 (-93.6%), from €27,504 to €1,747
of which Other amounts receivable: -€25,220
- Stocks and contracts -€12,733
down €12,733 (-20.5%), from €61,976 to €49,242
- Cash -€11,469
down €11,469 (-30.1%), from €38,088 to €26,619
mainly Debts after one year (-€120,876) and Net result for the year (-€65,469)
- Tangible fixed assets -€11,087
down €11,087 (-1.4%), from €810,943 to €799,856
of which Land and buildings: -€14,272
- Other debts +€124,120
up €124,120 (+43.0%), from €288,637 to €412,757
- Debts after one year -€120,876
down €120,876 (-34.1%), from €354,064 to €233,187
- Profit (loss) carried forward -€65,469
down €65,469 (-81.3%), from -€80,534 to -€146,002
- Advances received -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Accrued charges and deferred income +€18,522
up €18,522 (+63.1%), from €29,367 to €47,889
- Gross operating margin +€51,230
up €51,230 (+96.8%), from -€52,905 to -€1,676
- Financial charges +€2,617
up €2,617 (+18.2%), from €14,359 to €16,976
- Depreciation +€2,331
up €2,331 (+7.3%), from €31,856 to €34,187
- Other operating charges -€551
down €551 (-15.7%), from €3,507 to €2,956
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 | €940,507 | €881,367 | -€59,140 | -6.3% |
| Fixed assets | 21/28 | €812,443 | €801,356 | -€11,087 | -1.4% |
| Tangible fixed assets | 22/27 | €810,943 | €799,856 | -€11,087 | -1.4% |
| Land and buildings | 22 | €652,464 | €638,193 | -€14,272 | -2.2% |
| Plant, machinery and equipment | 23 | €13,798 | €28,551 | +€14,754 | +106.9% |
| Furniture and vehicles | 24 | €8,138 | €4,965 | -€3,174 | -39.0% |
| Leasing and similar rights | 25 | €6,800 | €4,250 | -€2,550 | -37.5% |
| Other tangible fixed assets | 26 | €129,743 | €123,897 | -€5,845 | -4.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €128,065 | €80,011 | -€48,054 | -37.5% |
| Stocks and contracts in progress | 3 | €61,976 | €49,242 | -€12,733 | -20.5% |
| Stocks | 30/36 | €61,976 | €49,242 | -€12,733 | -20.5% |
| Amounts receivable within one year | 40/41 | €27,504 | €1,747 | -€25,757 | -93.6% |
| Trade receivables | 40 | €570 | €33 | -€538 | -94.3% |
| Other amounts receivable | 41 | €26,934 | €1,714 | -€25,220 | -93.6% |
| Cash at bank and in hand | 54/58 | €38,088 | €26,619 | -€11,469 | -30.1% |
| Deferred charges and accrued income | 490/1 | €497 | €2,403 | +€1,905 | +383.3% |
| Total equity and liabilities | 10/49 | €940,507 | €881,367 | -€59,140 | -6.3% |
| Equity | 10/15 | €225,039 | €159,570 | -€65,469 | -29.1% |
| Contributions | 10/11 | €223,231 | €223,231 | = | 0.0% |
| Reserves | 13 | €82,341 | €82,341 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,592 | €37,592 | = | 0.0% |
| Distributable reserves | 133 | €44,749 | €44,749 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,534 | -€146,002 | -€65,469 | -81.3% |
| Amounts payable | 17/49 | €715,469 | €721,797 | +€6,328 | +0.9% |
| Amounts payable after more than one year | 17 | €354,064 | €233,187 | -€120,876 | -34.1% |
| Financial debts | 170/4 | €354,064 | €233,187 | -€120,876 | -34.1% |
| Amounts payable within one year | 42/48 | €332,038 | €440,721 | +€108,682 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €20,247 | €20,876 | +€630 | +3.1% |
| Trade debts | 44 | €3,155 | €7,087 | +€3,933 | +124.7% |
| Suppliers | 440/4 | €3,155 | €7,087 | +€3,933 | +124.7% |
| Advances received on contracts in progress | 46 | €20,000 | €0 | -€20,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €288,637 | €412,757 | +€124,120 | +43.0% |
| Accrued charges and deferred income | 492/3 | €29,367 | €47,889 | +€18,522 | +63.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,856 | €34,187 | +€2,331 | +7.3% |
| Other operating charges | 640/8 | €3,507 | €2,956 | -€551 | -15.7% |
| Non-recurring operating charges | 66A | - | €9,675 | +€9,675 | |
| Gross operating margin | 9900 | -€52,905 | -€1,676 | +€51,230 | +96.8% |
| Operating profit (loss) | 9901 | -€88,268 | -€48,493 | +€39,775 | +45.1% |
| Financial income | 75/76B | €19 | €0 | -€19 | -100.0% |
| Recurring financial income | 75 | €19 | €0 | -€19 | -100.0% |
| Financial charges | 65/66B | €14,359 | €16,976 | +€2,617 | +18.2% |
| Recurring financial charges | 65 | €14,359 | €16,976 | +€2,617 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | -€102,608 | -€65,469 | +€37,140 | +36.2% |
| Income taxes | 67/77 | -€95 | €0 | +€95 | |
| Profit (loss) for the period | 9904 | -€102,513 | -€65,469 | +€37,044 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€102,513 | -€65,469 | +€37,044 | +36.1% |
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 3 October 2026 via checked.be.