4see: 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.
4see
Largest movements
- Receivables within one year -€146,101
down €146,101 (-86.2%), from €169,495 to €23,393
of which Other amounts receivable: -€147,332
- Cash +€74,781
up €74,781 (+15715.7%), from €476 to €75,257
mainly Receivables within one year (+€146,101) and Depreciation (+€39,836)
- Tangible fixed assets -€24,611
down €24,611 (-6.5%), from €376,455 to €351,845
of which Land and buildings: -€15,327
- Receivables after one year -€11,903
down €11,903 (-29.8%), from €39,892 to €27,989
- Intangible fixed assets -€7,095
down €7,095 (-36.1%), from €19,663 to €12,568
- Reserves -€81,790
down €81,790 (-54.2%), from €150,905 to €69,115
of which Distributable reserves: -€81,790
- Debts after one year -€30,198
down €30,198 (-8.8%), from €344,236 to €314,038
of which Financial debts: -€32,458
- Financial income -€30,153
down €30,153 (-88.7%), from €34,003 to €3,850
- Taxes -€6,670
down €6,670 (-43.0%), from €15,498 to €8,828
- Depreciation +€4,889
up €4,889 (+14.0%), from €34,947 to €39,836
- Gross operating margin +€2,727
up €2,727 (+3.7%), from €73,146 to €75,873
- Financial charges -€1,608
down €1,608 (-14.9%), from €10,796 to €9,188
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 | €617,961 | €500,204 | -€117,757 | -19.1% |
| Fixed assets | 21/28 | €396,118 | €364,413 | -€31,705 | -8.0% |
| Intangible fixed assets | 21 | €19,663 | €12,568 | -€7,095 | -36.1% |
| Tangible fixed assets | 22/27 | €376,455 | €351,845 | -€24,611 | -6.5% |
| Land and buildings | 22 | €318,027 | €302,699 | -€15,327 | -4.8% |
| Plant, machinery and equipment | 23 | €6,298 | €7,829 | +€1,531 | +24.3% |
| Furniture and vehicles | 24 | €52,131 | €41,317 | -€10,814 | -20.7% |
| Current assets | 29/58 | €221,843 | €135,791 | -€86,051 | -38.8% |
| Amounts receivable after more than one year | 29 | €39,892 | €27,989 | -€11,903 | -29.8% |
| Other amounts receivable | 291 | €39,892 | €27,989 | -€11,903 | -29.8% |
| Amounts receivable within one year | 40/41 | €169,495 | €23,393 | -€146,101 | -86.2% |
| Trade receivables | 40 | €15,991 | €17,222 | +€1,231 | +7.7% |
| Other amounts receivable | 41 | €153,504 | €6,172 | -€147,332 | -96.0% |
| Cash at bank and in hand | 54/58 | €476 | €75,257 | +€74,781 | +15715.7% |
| Deferred charges and accrued income | 490/1 | €11,980 | €9,152 | -€2,828 | -23.6% |
| Total equity and liabilities | 10/49 | €617,961 | €500,204 | -€117,757 | -19.1% |
| Equity | 10/15 | €200,905 | €119,115 | -€81,790 | -40.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €150,905 | €69,115 | -€81,790 | -54.2% |
| Tax-exempt reserves | 132 | €16,054 | €16,054 | = | 0.0% |
| Distributable reserves | 133 | €134,850 | €53,060 | -€81,790 | -60.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €417,056 | €381,089 | -€35,967 | -8.6% |
| Amounts payable after more than one year | 17 | €344,236 | €314,038 | -€30,198 | -8.8% |
| Financial debts | 170/4 | €279,253 | €246,795 | -€32,458 | -11.6% |
| Other amounts payable | 178/9 | €64,983 | €67,243 | +€2,260 | +3.5% |
| Amounts payable within one year | 42/48 | €72,114 | €66,596 | -€5,518 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €32,763 | €33,598 | +€836 | +2.6% |
| Financial debts | 43 | €0 | €3,805 | +€3,805 | |
| Credit institutions | 430/8 | €0 | €3,805 | +€3,805 | |
| Trade debts | 44 | €25,864 | €19,763 | -€6,102 | -23.6% |
| Suppliers | 440/4 | €25,864 | €19,763 | -€6,102 | -23.6% |
| Taxes, remuneration and social security | 45 | €10,810 | €7,993 | -€2,817 | -26.1% |
| Taxes | 450/3 | €10,810 | €7,993 | -€2,817 | -26.1% |
| Other amounts payable | 47/48 | €2,677 | €1,437 | -€1,239 | -46.3% |
| Accrued charges and deferred income | 492/3 | €707 | €456 | -€251 | -35.5% |
| Non-recurring operating income | 76A | €6,500 | €0 | -€6,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,947 | €39,836 | +€4,889 | +14.0% |
| Other operating charges | 640/8 | €2,344 | €2,604 | +€259 | +11.1% |
| Non-recurring operating charges | 66A | €1,405 | €1,058 | -€347 | -24.7% |
| Gross operating margin | 9900 | €73,146 | €75,873 | +€2,727 | +3.7% |
| Operating profit (loss) | 9901 | €34,450 | €32,376 | -€2,074 | -6.0% |
| Financial income | 75/76B | €34,003 | €3,850 | -€30,153 | -88.7% |
| Recurring financial income | 75 | €34,003 | €3,850 | -€30,153 | -88.7% |
| Financial charges | 65/66B | €10,796 | €9,188 | -€1,608 | -14.9% |
| Recurring financial charges | 65 | €10,796 | €9,188 | -€1,608 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €57,657 | €27,038 | -€30,618 | -53.1% |
| Income taxes | 67/77 | €15,498 | €8,828 | -€6,670 | -43.0% |
| Profit (loss) for the period | 9904 | €42,159 | €18,210 | -€23,949 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,159 | €18,210 | -€23,949 | -56.8% |
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 29 September 2026 via checked.be.