4T2: 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.
4T2
Largest movements
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€35,772
up €35,772 (+134%), from €26,654 to €62,426
mainly Current investments (+€100,000) and Net result for the year (+€78,719)
- Receivables within one year +€33,024
up €33,024 (+280%), from €11,805 to €44,828
of which Trade receivables: +€41,164
- Stocks and contracts -€30,780
no longer reported in 2025 (was €30,780)
- Tangible fixed assets -€10,917
down €10,917 (-22.3%), from €48,858 to €37,941
- Other debts -€65,712
down €65,712 (-57.9%), from €113,569 to €47,858
- Tax, wage and social debts -€15,741
down €15,741 (-32.8%), from €48,048 to €32,307
- Reserves +€8,719
up €8,719 (+23.6%), from €37,002 to €45,720
of which Distributable reserves: +€8,719
- Other operating charges -€24,048
down €24,048 (-95.0%), from €25,326 to €1,278
- Gross operating margin +€13,408
up €13,408 (+13.5%), from €99,686 to €113,095
- Taxes +€8,143
up €8,143 (+60.4%), from €13,488 to €21,631
- Financial charges -€2,904
down €2,904 (-93.4%), from €3,111 to €207
- Financial income -€2,358
down €2,358 (-76.3%), from €3,091 to €733
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.
Derived cash bridge
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 | €218,098 | €145,195 | -€72,902 | -33.4% |
| Fixed assets | 21/28 | €48,858 | €37,941 | -€10,917 | -22.3% |
| Tangible fixed assets | 22/27 | €48,858 | €37,941 | -€10,917 | -22.3% |
| Furniture and vehicles | 24 | €48,858 | €37,941 | -€10,917 | -22.3% |
| Current assets | 29/58 | €169,239 | €107,254 | -€61,985 | -36.6% |
| Stocks and contracts in progress | 3 | €30,780 | - | -€30,780 | |
| Contracts in progress | 37 | €30,780 | - | -€30,780 | |
| Amounts receivable within one year | 40/41 | €11,805 | €44,828 | +€33,024 | +280% |
| Trade receivables | 40 | - | €41,164 | +€41,164 | |
| Other amounts receivable | 41 | €11,805 | €3,664 | -€8,141 | -69.0% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €26,654 | €62,426 | +€35,772 | +134% |
| Total equity and liabilities | 10/49 | €218,098 | €145,195 | -€72,902 | -33.4% |
| Equity | 10/15 | €55,552 | €64,270 | +€8,719 | +15.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €37,002 | €45,720 | +€8,719 | +23.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €35,147 | €43,865 | +€8,719 | +24.8% |
| Amounts payable | 17/49 | €162,546 | €80,925 | -€81,621 | -50.2% |
| Amounts payable within one year | 42/48 | €162,546 | €80,925 | -€81,621 | -50.2% |
| Trade debts | 44 | €928 | €761 | -€168 | -18.0% |
| Suppliers | 440/4 | €928 | €761 | -€168 | -18.0% |
| Taxes, remuneration and social security | 45 | €48,048 | €32,307 | -€15,741 | -32.8% |
| Taxes | 450/3 | €48,048 | €32,307 | -€15,741 | -32.8% |
| Other amounts payable | 47/48 | €113,569 | €47,858 | -€65,712 | -57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,778 | €11,993 | +€215 | +1.8% |
| Other operating charges | 640/8 | €25,326 | €1,278 | -€24,048 | -95.0% |
| Gross operating margin | 9900 | €99,686 | €113,095 | +€13,408 | +13.5% |
| Operating profit (loss) | 9901 | €62,582 | €99,823 | +€37,241 | +59.5% |
| Financial income | 75/76B | €3,091 | €733 | -€2,358 | -76.3% |
| Recurring financial income | 75 | €3,091 | €733 | -€2,358 | -76.3% |
| Financial charges | 65/66B | €3,111 | €207 | -€2,904 | -93.4% |
| Recurring financial charges | 65 | €3,111 | €207 | -€2,904 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €62,562 | €100,350 | +€37,788 | +60.4% |
| Income taxes | 67/77 | €13,488 | €21,631 | +€8,143 | +60.4% |
| Profit (loss) for the period | 9904 | €49,074 | €78,719 | +€29,644 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,074 | €78,719 | +€29,644 | +60.4% |
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 25 October 2026 via checked.be.