4Value: 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.
4Value
Largest movements
- Tangible fixed assets +€85,597
up €85,597 (+1019.4%), from €8,397 to €93,994
- Intangible fixed assets -€36,000
down €36,000 (-18.2%), from €197,803 to €161,803
- Cash -€26,769
down €26,769 (-26.6%), from €100,753 to €73,983
mainly Investment in fixed assets (net) (-€91,578) and Debts after one year (-€29,945)
- Receivables within one year -€11,316
down €11,316 (-36.7%), from €30,805 to €19,489
of which Trade receivables: -€10,700
- Trade debts +€35,209
up €35,209 (+10171.9%), from €346 to €35,555
- Debts after one year -€29,945
down €29,945 (-21.3%), from €140,369 to €110,424
- Reserves +€13,353
up €13,353 (+8.6%), from €154,400 to €167,754
- Tax, wage and social debts -€10,339
down €10,339 (-64.5%), from €16,028 to €5,689
- Current portion of long-term debt +€3,601
up €3,601 (+13.7%), from €26,344 to €29,945
- Gross operating margin -€200,395
down €200,395 (-73.2%), from €273,645 to €73,250
- Taxes -€42,255
down €42,255 (-85.6%), from €49,344 to €7,089
- Depreciation -€12,239
down €12,239 (-22.6%), from €54,220 to €41,980
- Financial charges -€4,992
down €4,992 (-38.9%), from €12,830 to €7,839
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 | €339,321 | €352,383 | +€13,062 | +3.8% |
| Fixed assets | 21/28 | €206,200 | €255,798 | +€49,597 | +24.1% |
| Intangible fixed assets | 21 | €197,803 | €161,803 | -€36,000 | -18.2% |
| Tangible fixed assets | 22/27 | €8,397 | €93,994 | +€85,597 | +1019.4% |
| Furniture and vehicles | 24 | €8,397 | €93,994 | +€85,597 | +1019.4% |
| Current assets | 29/58 | €133,121 | €96,586 | -€36,535 | -27.4% |
| Amounts receivable within one year | 40/41 | €30,805 | €19,489 | -€11,316 | -36.7% |
| Trade receivables | 40 | €29,303 | €18,604 | -€10,700 | -36.5% |
| Other amounts receivable | 41 | €1,501 | €885 | -€616 | -41.0% |
| Cash at bank and in hand | 54/58 | €100,753 | €73,983 | -€26,769 | -26.6% |
| Deferred charges and accrued income | 490/1 | €1,563 | €3,113 | +€1,550 | +99.1% |
| Total equity and liabilities | 10/49 | €339,321 | €352,383 | +€13,062 | +3.8% |
| Equity | 10/15 | €155,400 | €168,754 | +€13,353 | +8.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €154,400 | €167,754 | +€13,353 | +8.6% |
| Distributable reserves | 133 | €154,400 | €167,754 | +€13,353 | +8.6% |
| Amounts payable | 17/49 | €183,921 | €183,630 | -€291 | -0.2% |
| Amounts payable after more than one year | 17 | €140,369 | €110,424 | -€29,945 | -21.3% |
| Financial debts | 170/4 | €140,369 | €110,424 | -€29,945 | -21.3% |
| Amounts payable within one year | 42/48 | €43,552 | €73,206 | +€29,654 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €26,344 | €29,945 | +€3,601 | +13.7% |
| Trade debts | 44 | €346 | €35,555 | +€35,209 | +10171.9% |
| Suppliers | 440/4 | €346 | €35,555 | +€35,209 | +10171.9% |
| Taxes, remuneration and social security | 45 | €16,028 | €5,689 | -€10,339 | -64.5% |
| Taxes | 450/3 | €16,028 | €5,689 | -€10,339 | -64.5% |
| Other amounts payable | 47/48 | €833 | €2,016 | +€1,183 | +142.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,220 | €41,980 | -€12,239 | -22.6% |
| Other operating charges | 640/8 | €2,017 | €2,156 | +€139 | +6.9% |
| Gross operating margin | 9900 | €273,645 | €73,250 | -€200,395 | -73.2% |
| Operating profit (loss) | 9901 | €217,408 | €29,114 | -€188,294 | -86.6% |
| Financial charges | 65/66B | €12,830 | €7,839 | -€4,992 | -38.9% |
| Recurring financial charges | 65 | €12,830 | €7,839 | -€4,992 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €204,578 | €21,275 | -€183,302 | -89.6% |
| Income taxes | 67/77 | €49,344 | €7,089 | -€42,255 | -85.6% |
| Profit (loss) for the period | 9904 | €155,233 | €14,186 | -€141,047 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €155,233 | €14,186 | -€141,047 | -90.9% |
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.