4vQ: 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.
4vQ
Largest movements
- Cash -€144,625
down €144,625 (-73.8%), from €195,899 to €51,274
mainly Contributions, distributions and other (-€266,000) and Investment in fixed assets (net) (-€27,577)
- Receivables within one year -€95,262
down €95,262 (-31.9%), from €299,033 to €203,771
of which Trade receivables: -€150,995
- Tangible fixed assets -€47,273
down €47,273 (-5.9%), from €799,622 to €752,349
of which Land and buildings: -€39,037
- Reserves -€261,444
down €261,444 (-23.4%), from €1.1m to €854,933
of which Distributable reserves: -€259,584
- Debts after one year -€24,248
down €24,248 (-20.9%), from €115,915 to €91,668
- Gross operating margin -€160,907
down €160,907 (-63.9%), from €251,874 to €90,968
- Taxes -€52,842
down €52,842 (-93.3%), from €56,661 to €3,819
- Depreciation +€4,540
up €4,540 (+6.5%), from €70,310 to €74,850
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 | €1,299,701 | €1,012,111 | -€287,590 | -22.1% |
| Fixed assets | 21/28 | €799,622 | €752,349 | -€47,273 | -5.9% |
| Tangible fixed assets | 22/27 | €799,622 | €752,349 | -€47,273 | -5.9% |
| Land and buildings | 22 | €559,264 | €520,226 | -€39,037 | -7.0% |
| Plant, machinery and equipment | 23 | €240,358 | €232,123 | -€8,236 | -3.4% |
| Current assets | 29/58 | €500,079 | €259,762 | -€240,317 | -48.1% |
| Stocks and contracts in progress | 3 | €1,824 | - | -€1,824 | |
| Stocks | 30/36 | €1,824 | - | -€1,824 | |
| Amounts receivable within one year | 40/41 | €299,033 | €203,771 | -€95,262 | -31.9% |
| Trade receivables | 40 | €269,583 | €118,588 | -€150,995 | -56.0% |
| Other amounts receivable | 41 | €29,450 | €85,183 | +€55,733 | +189% |
| Cash at bank and in hand | 54/58 | €195,899 | €51,274 | -€144,625 | -73.8% |
| Deferred charges and accrued income | 490/1 | €3,323 | €4,717 | +€1,394 | +42.0% |
| Total equity and liabilities | 10/49 | €1,299,701 | €1,012,111 | -€287,590 | -22.1% |
| Equity | 10/15 | €1,134,977 | €873,533 | -€261,444 | -23.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,116,377 | €854,933 | -€261,444 | -23.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,114,517 | €854,933 | -€259,584 | -23.3% |
| Amounts payable | 17/49 | €164,724 | €138,577 | -€26,146 | -15.9% |
| Amounts payable after more than one year | 17 | €115,915 | €91,668 | -€24,248 | -20.9% |
| Financial debts | 170/4 | €115,915 | €91,668 | -€24,248 | -20.9% |
| Amounts payable within one year | 42/48 | €48,808 | €46,910 | -€1,898 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €23,933 | €24,248 | +€315 | +1.3% |
| Financial debts | 43 | €595 | €384 | -€211 | -35.4% |
| Credit institutions | 430/8 | €595 | €384 | -€211 | -35.4% |
| Trade debts | 44 | €8,576 | €6,415 | -€2,160 | -25.2% |
| Suppliers | 440/4 | €8,576 | €6,415 | -€2,160 | -25.2% |
| Taxes, remuneration and social security | 45 | €15,705 | €15,704 | -€1 | 0.0% |
| Taxes | 450/3 | €15,705 | €15,704 | -€1 | 0.0% |
| Other amounts payable | 47/48 | - | €159 | +€159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,310 | €74,850 | +€4,540 | +6.5% |
| Other operating charges | 640/8 | €7,809 | €6,521 | -€1,288 | -16.5% |
| Gross operating margin | 9900 | €251,874 | €90,968 | -€160,907 | -63.9% |
| Operating profit (loss) | 9901 | €173,756 | €9,597 | -€164,159 | -94.5% |
| Financial income | 75/76B | €2,335 | €953 | -€1,382 | -59.2% |
| Recurring financial income | 75 | €2,335 | €953 | -€1,382 | -59.2% |
| Financial charges | 65/66B | €4,211 | €2,175 | -€2,036 | -48.3% |
| Recurring financial charges | 65 | €4,211 | €2,175 | -€2,036 | -48.3% |
| Profit (loss) for the period before taxes | 9903 | €171,880 | €8,375 | -€163,505 | -95.1% |
| Income taxes | 67/77 | €56,661 | €3,819 | -€52,842 | -93.3% |
| Profit (loss) for the period | 9904 | €115,219 | €4,556 | -€110,663 | -96.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,219 | €4,556 | -€110,663 | -96.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.