4ward: 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.
4ward
Largest movements
- Receivables within one year +€23,220
up €23,220 (+57.4%), from €40,449 to €63,669
of which Trade receivables: +€20,874
- Tangible fixed assets -€20,863
down €20,863 (-21.8%), from €95,541 to €74,679
of which Leasing and similar rights: -€19,627
- Cash -€9,442
down €9,442 (-20.0%), from €47,302 to €37,859
mainly Receivables within one year (-€23,220) and Debts after one year (-€13,419)
- Debts after one year -€13,419
down €13,419 (-25.6%), from €52,509 to €39,090
- Tax, wage and social debts +€4,780
up €4,780 (+30.3%), from €15,753 to €20,532
of which Taxes: +€4,780
- Trade debts +€3,675
up €3,675 (+127.6%), from €2,880 to €6,555
- Gross operating margin -€16,104
down €16,104 (-38.2%), from €42,113 to €26,008
- Depreciation +€14,774
up €14,774 (+242.7%), from €6,088 to €20,863
- Taxes -€8,569
down €8,569 (-87.7%), from €9,771 to €1,201
- Financial charges +€1,248
up €1,248 (+79.0%), from €1,580 to €2,829
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 | €194,340 | €187,271 | -€7,069 | -3.6% |
| Fixed assets | 21/28 | €104,204 | €83,341 | -€20,863 | -20.0% |
| Tangible fixed assets | 22/27 | €95,541 | €74,679 | -€20,863 | -21.8% |
| Land and buildings | 22 | €138 | - | -€138 | |
| Furniture and vehicles | 24 | €1,825 | €728 | -€1,097 | -60.1% |
| Leasing and similar rights | 25 | €93,578 | €73,951 | -€19,627 | -21.0% |
| Financial fixed assets | 28 | €8,663 | €8,663 | = | 0.0% |
| Current assets | 29/58 | €90,136 | €103,930 | +€13,794 | +15.3% |
| Amounts receivable within one year | 40/41 | €40,449 | €63,669 | +€23,220 | +57.4% |
| Trade receivables | 40 | €40,449 | €61,323 | +€20,874 | +51.6% |
| Other amounts receivable | 41 | - | €2,346 | +€2,346 | |
| Cash at bank and in hand | 54/58 | €47,302 | €37,859 | -€9,442 | -20.0% |
| Deferred charges and accrued income | 490/1 | €2,386 | €2,402 | +€16 | +0.7% |
| Total equity and liabilities | 10/49 | €194,340 | €187,271 | -€7,069 | -3.6% |
| Equity | 10/15 | €95,701 | €96,165 | +€465 | +0.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €83,301 | €83,765 | +€465 | +0.6% |
| Distributable reserves | 133 | €83,301 | €83,765 | +€465 | +0.6% |
| Amounts payable | 17/49 | €98,640 | €91,106 | -€7,534 | -7.6% |
| Amounts payable after more than one year | 17 | €52,509 | €39,090 | -€13,419 | -25.6% |
| Financial debts | 170/4 | €52,509 | €39,090 | -€13,419 | -25.6% |
| Amounts payable within one year | 42/48 | €44,756 | €51,716 | +€6,960 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €13,014 | €13,419 | +€404 | +3.1% |
| Trade debts | 44 | €2,880 | €6,555 | +€3,675 | +127.6% |
| Suppliers | 440/4 | €2,880 | €6,555 | +€3,675 | +127.6% |
| Taxes, remuneration and social security | 45 | €15,753 | €20,532 | +€4,780 | +30.3% |
| Taxes | 450/3 | €13,253 | €18,032 | +€4,780 | +36.1% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €13,109 | €11,210 | -€1,899 | -14.5% |
| Accrued charges and deferred income | 492/3 | €1,375 | €300 | -€1,075 | -78.2% |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,088 | €20,863 | +€14,774 | +242.7% |
| Other operating charges | 640/8 | €854 | €652 | -€202 | -23.7% |
| Gross operating margin | 9900 | €42,113 | €26,008 | -€16,104 | -38.2% |
| Operating profit (loss) | 9901 | €35,170 | €4,494 | -€30,677 | -87.2% |
| Financial income | 75/76B | €0 | €1 | +€1 | +500.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +500.0% |
| Financial charges | 65/66B | €1,580 | €2,829 | +€1,248 | +79.0% |
| Recurring financial charges | 65 | €1,580 | €2,829 | +€1,248 | +79.0% |
| Profit (loss) for the period before taxes | 9903 | €33,590 | €1,666 | -€31,924 | -95.0% |
| Income taxes | 67/77 | €9,771 | €1,201 | -€8,569 | -87.7% |
| Profit (loss) for the period | 9904 | €23,820 | €465 | -€23,355 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,820 | €465 | -€23,355 | -98.0% |
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.