4SMA: 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.
4SMA
Largest movements
- Financial fixed assets +€175,163
up €175,163 (+470%), from €37,259 to €212,422
- Cash -€151,378
down €151,378 (-83.6%), from €181,063 to €29,685
mainly Investment in fixed assets (net) (-€179,312) and Receivables within one year (-€38,380)
- Receivables within one year +€38,380
up €38,380 (+331%), from €11,608 to €49,988
of which Trade receivables: +€27,508
- Profit (loss) carried forward +€54,623
new in 2026: €54,623
- Trade debts +€14,126
up €14,126 (+79.0%), from €17,871 to €31,997
- Gross operating margin -€72,637
down €72,637 (-45.1%), from €160,991 to €88,354
- Taxes -€27,010
down €27,010 (-58.3%), from €46,293 to €19,283
- Financial charges +€8,372
up €8,372 (+486%), from €1,723 to €10,094
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €231,468 | €297,898 | +€66,430 | +28.7% |
| Fixed assets | 21/28 | €38,797 | €215,969 | +€177,172 | +457% |
| Tangible fixed assets | 22/27 | €1,538 | €3,546 | +€2,009 | +131% |
| Furniture and vehicles | 24 | €1,538 | €3,546 | +€2,009 | +131% |
| Financial fixed assets | 28 | €37,259 | €212,422 | +€175,163 | +470% |
| Current assets | 29/58 | €192,671 | €81,929 | -€110,742 | -57.5% |
| Amounts receivable within one year | 40/41 | €11,608 | €49,988 | +€38,380 | +331% |
| Trade receivables | 40 | €11,608 | €39,116 | +€27,508 | +237% |
| Other amounts receivable | 41 | €0 | €10,872 | +€10,872 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €181,063 | €29,685 | -€151,378 | -83.6% |
| Deferred charges and accrued income | 490/1 | - | €2,256 | +€2,256 | |
| Total equity and liabilities | 10/49 | €231,468 | €297,898 | +€66,430 | +28.7% |
| Equity | 10/15 | €201,238 | €255,861 | +€54,623 | +27.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €194,238 | €194,238 | = | 0.0% |
| Distributable reserves | 133 | €194,238 | €194,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €54,623 | +€54,623 | |
| Amounts payable | 17/49 | €30,230 | €42,037 | +€11,807 | +39.1% |
| Amounts payable within one year | 42/48 | €30,230 | €42,037 | +€11,807 | +39.1% |
| Trade debts | 44 | €17,871 | €31,997 | +€14,126 | +79.0% |
| Suppliers | 440/4 | €17,871 | €31,997 | +€14,126 | +79.0% |
| Taxes, remuneration and social security | 45 | €4,509 | €4,901 | +€391 | +8.7% |
| Taxes | 450/3 | €4,509 | €4,901 | +€391 | +8.7% |
| Other amounts payable | 47/48 | €7,850 | €5,139 | -€2,710 | -34.5% |
| Remuneration, social security and pensions | 62 | €3,343 | €2,766 | -€577 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €772 | €2,140 | +€1,368 | +177% |
| Other operating charges | 640/8 | €838 | €625 | -€213 | -25.4% |
| Gross operating margin | 9900 | €160,991 | €88,354 | -€72,637 | -45.1% |
| Operating profit (loss) | 9901 | €156,038 | €82,823 | -€73,215 | -46.9% |
| Financial income | 75/76B | €2,489 | €1,177 | -€1,312 | -52.7% |
| Recurring financial income | 75 | €2,489 | €1,177 | -€1,312 | -52.7% |
| Financial charges | 65/66B | €1,723 | €10,094 | +€8,372 | +486% |
| Recurring financial charges | 65 | €1,723 | €10,094 | +€8,372 | +486% |
| Profit (loss) for the period before taxes | 9903 | €156,805 | €73,906 | -€82,899 | -52.9% |
| Income taxes | 67/77 | €46,293 | €19,283 | -€27,010 | -58.3% |
| Profit (loss) for the period | 9904 | €110,512 | €54,623 | -€55,889 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €110,512 | €54,623 | -€55,889 | -50.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.