4U: 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.
4U
Largest movements
- Financial fixed assets +€232,398
up €232,398 (+6.3%), from €3.7m to €3.9m
- Receivables after one year +€121,900
up €121,900 (+7.3%), from €1.7m to €1.8m
- Profit (loss) carried forward +€207,163
up €207,163 (+8.0%), from -€2.6m to -€2.4m
- Accrued charges and deferred income +€162,186
up €162,186 (+176.3%), from €92,004 to €254,189
- Debts after one year -€76,349
down €76,349 (-1.7%), from €4.4m to €4.3m
- Financial income +€434,021
up €434,021, from €0 to €434,021
- Financial charges +€154,356
up €154,356 (+111.4%), from €138,579 to €292,934
- Gross operating margin -€78,193
down €78,193 (-40.6%), from €192,724 to €114,531
- Taxes +€41,314
new in 2025: €41,314
- Depreciation -€3,444
down €3,444 (-39.7%), from €8,677 to €5,233
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 | €5,572,209 | €5,968,202 | +€395,993 | +7.1% |
| Fixed assets | 21/28 | €3,861,069 | €4,093,054 | +€231,985 | +6.0% |
| Tangible fixed assets | 22/27 | €200,391 | €199,978 | -€413 | -0.2% |
| Land and buildings | 22 | €200,391 | €199,978 | -€413 | -0.2% |
| Financial fixed assets | 28 | €3,660,678 | €3,893,076 | +€232,398 | +6.3% |
| Current assets | 29/58 | €1,711,140 | €1,875,148 | +€164,008 | +9.6% |
| Amounts receivable after more than one year | 29 | €1,677,250 | €1,799,150 | +€121,900 | +7.3% |
| Other amounts receivable | 291 | €1,677,250 | €1,799,150 | +€121,900 | +7.3% |
| Amounts receivable within one year | 40/41 | €29,909 | €25,000 | -€4,909 | -16.4% |
| Trade receivables | 40 | €29,909 | €25,000 | -€4,909 | -16.4% |
| Cash at bank and in hand | 54/58 | €3,981 | €28,320 | +€24,339 | +611.4% |
| Deferred charges and accrued income | 490/1 | €0 | €22,678 | +€22,678 | |
| Total equity and liabilities | 10/49 | €5,572,209 | €5,968,202 | +€395,993 | +7.1% |
| Equity | 10/15 | €966,825 | €1,173,988 | +€207,163 | +21.4% |
| Contributions | 10/11 | €3,568,550 | €3,568,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,601,725 | -€2,394,562 | +€207,163 | +8.0% |
| Amounts payable | 17/49 | €4,605,384 | €4,794,214 | +€188,830 | +4.1% |
| Amounts payable after more than one year | 17 | €4,406,127 | €4,329,778 | -€76,349 | -1.7% |
| Financial debts | 170/4 | €4,406,127 | €4,329,778 | -€76,349 | -1.7% |
| Amounts payable within one year | 42/48 | €107,254 | €210,246 | +€102,993 | +96.0% |
| Current portion of amounts payable after more than one year | 42 | €95,061 | €99,349 | +€4,288 | +4.5% |
| Financial debts | 43 | - | €3,333 | +€3,333 | |
| Credit institutions | 430/8 | - | €3,333 | +€3,333 | |
| Trade debts | 44 | €0 | €47,491 | +€47,491 | |
| Suppliers | 440/4 | €0 | €47,491 | +€47,491 | |
| Taxes, remuneration and social security | 45 | - | €31,314 | +€31,314 | |
| Taxes | 450/3 | - | €31,314 | +€31,314 | |
| Other amounts payable | 47/48 | €12,193 | €28,760 | +€16,567 | +135.9% |
| Accrued charges and deferred income | 492/3 | €92,004 | €254,189 | +€162,186 | +176.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,677 | €5,233 | -€3,444 | -39.7% |
| Other operating charges | 640/8 | €1,414 | €1,908 | +€493 | +34.9% |
| Gross operating margin | 9900 | €192,724 | €114,531 | -€78,193 | -40.6% |
| Operating profit (loss) | 9901 | €182,633 | €107,390 | -€75,242 | -41.2% |
| Financial income | 75/76B | €0 | €434,021 | +€434,021 | |
| Recurring financial income | 75 | €0 | €434,021 | +€434,021 | |
| Financial charges | 65/66B | €138,579 | €292,934 | +€154,356 | +111.4% |
| Recurring financial charges | 65 | €138,579 | €292,934 | +€154,356 | +111.4% |
| Profit (loss) for the period before taxes | 9903 | €44,054 | €248,477 | +€204,423 | +464.0% |
| Income taxes | 67/77 | - | €41,314 | +€41,314 | |
| Profit (loss) for the period | 9904 | €44,054 | €207,163 | +€163,109 | +370.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,054 | €207,163 | +€163,109 | +370.3% |
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.