4T: 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.
4T
Largest movements
- Tangible fixed assets +€223,068
up €223,068 (+183.2%), from €121,750 to €344,817
of which Assets under construction and advance payments: +€224,832
- Cash +€33,964
up €33,964 (+54.8%), from €61,930 to €95,894
mainly Debts after one year (+€199,787) and Net result for the year (+€100,168)
- Debts after one year +€199,787
up €199,787 (+502.1%), from €39,793 to €239,580
- Reserves +€55,168
up €55,168 (+26.9%), from €205,429 to €260,597
- Trade debts -€13,395
down €13,395 (-32.0%), from €41,824 to €28,429
- Current portion of long-term debt +€12,803
up €12,803 (+189.7%), from €6,750 to €19,554
- Tax, wage and social debts +€5,717
up €5,717 (+763.3%), from €749 to €6,466
- Gross operating margin +€22,772
up €22,772 (+16.5%), from €138,188 to €160,960
- Taxes +€5,602
up €5,602 (+15.6%), from €35,864 to €41,466
- Financial charges +€5,277
up €5,277 (+80.9%), from €6,519 to €11,797
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 | €301,974 | €562,179 | +€260,205 | +86.2% |
| Fixed assets | 21/28 | €227,730 | €450,797 | +€223,068 | +98.0% |
| Tangible fixed assets | 22/27 | €121,750 | €344,817 | +€223,068 | +183.2% |
| Plant, machinery and equipment | 23 | €4,069 | €3,574 | -€494 | -12.1% |
| Furniture and vehicles | 24 | €6,164 | €7,324 | +€1,160 | +18.8% |
| Other tangible fixed assets | 26 | €14,497 | €12,068 | -€2,429 | -16.8% |
| Assets under construction and advance payments | 27 | €97,020 | €321,852 | +€224,832 | +231.7% |
| Financial fixed assets | 28 | €105,980 | €105,980 | = | 0.0% |
| Current assets | 29/58 | €74,244 | €111,382 | +€37,137 | +50.0% |
| Amounts receivable within one year | 40/41 | €10,035 | €10,825 | +€789 | +7.9% |
| Trade receivables | 40 | €7,899 | €8,689 | +€789 | +10.0% |
| Other amounts receivable | 41 | €2,136 | €2,136 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,930 | €95,894 | +€33,964 | +54.8% |
| Deferred charges and accrued income | 490/1 | €2,279 | €4,663 | +€2,384 | +104.6% |
| Total equity and liabilities | 10/49 | €301,974 | €562,179 | +€260,205 | +86.2% |
| Equity | 10/15 | €206,429 | €261,597 | +€55,168 | +26.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €205,429 | €260,597 | +€55,168 | +26.9% |
| Distributable reserves | 133 | €205,429 | €260,597 | +€55,168 | +26.9% |
| Amounts payable | 17/49 | €95,545 | €300,582 | +€205,037 | +214.6% |
| Amounts payable after more than one year | 17 | €39,793 | €239,580 | +€199,787 | +502.1% |
| Financial debts | 170/4 | €39,793 | €239,580 | +€199,787 | +502.1% |
| Amounts payable within one year | 42/48 | €55,752 | €60,974 | +€5,222 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €6,750 | €19,554 | +€12,803 | +189.7% |
| Financial debts | 43 | €6,428 | €6,525 | +€97 | +1.5% |
| Credit institutions | 430/8 | €6,428 | €6,525 | +€97 | +1.5% |
| Trade debts | 44 | €41,824 | €28,429 | -€13,395 | -32.0% |
| Suppliers | 440/4 | €41,824 | €28,429 | -€13,395 | -32.0% |
| Taxes, remuneration and social security | 45 | €749 | €6,466 | +€5,717 | +763.3% |
| Taxes | 450/3 | €749 | €6,466 | +€5,717 | +763.3% |
| Accrued charges and deferred income | 492/3 | - | €28 | +€28 | |
| Non-recurring operating income | 76A | - | €8,689 | +€8,689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,582 | €6,681 | +€99 | +1.5% |
| Other operating charges | 640/8 | €2,002 | €849 | -€1,153 | -57.6% |
| Gross operating margin | 9900 | €138,188 | €160,960 | +€22,772 | +16.5% |
| Operating profit (loss) | 9901 | €129,605 | €153,430 | +€23,825 | +18.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €6,519 | €11,797 | +€5,277 | +80.9% |
| Recurring financial charges | 65 | €6,519 | €11,797 | +€5,277 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | €123,085 | €141,633 | +€18,548 | +15.1% |
| Income taxes | 67/77 | €35,864 | €41,466 | +€5,602 | +15.6% |
| Profit (loss) for the period | 9904 | €87,221 | €100,168 | +€12,946 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €87,221 | €100,168 | +€12,946 | +14.8% |
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 9 October 2026 via checked.be.