4WARDS: 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.
4WARDS
Largest movements
- Cash +€32,243
up €32,243 (+136.4%), from €23,639 to €55,882
mainly Net result for the year (+€28,100) and Tax, wage and social debts (+€8,919)
- Receivables within one year +€9,767
up €9,767 (+73.1%), from €13,354 to €23,122
of which Other amounts receivable: +€5,260
- Tangible fixed assets -€8,000
down €8,000 (-29.7%), from €26,908 to €18,908
of which Furniture and vehicles: -€5,157
- Reserves +€28,100
up €28,100 (+69.0%), from €40,710 to €68,810
- Tax, wage and social debts +€8,919
up €8,919 (+226.2%), from €3,944 to €12,863
- Trade debts -€1,738
down €1,738 (-62.0%), from €2,803 to €1,065
- Other debts -€1,158
no longer reported in 2025 (was €1,158)
- Gross operating margin +€27,143
up €27,143 (+108.6%), from €25,002 to €52,146
- Taxes +€8,454
up €8,454 (+121.8%), from €6,940 to €15,394
- Depreciation +€2,167
up €2,167 (+37.1%), from €5,833 to €8,000
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 | €67,214 | €101,338 | +€34,124 | +50.8% |
| Fixed assets | 21/28 | €28,664 | €20,664 | -€8,000 | -27.9% |
| Tangible fixed assets | 22/27 | €26,908 | €18,908 | -€8,000 | -29.7% |
| Plant, machinery and equipment | 23 | €17,070 | €14,860 | -€2,210 | -12.9% |
| Furniture and vehicles | 24 | €7,072 | €1,916 | -€5,157 | -72.9% |
| Other tangible fixed assets | 26 | €2,766 | €2,133 | -€633 | -22.9% |
| Financial fixed assets | 28 | €1,756 | €1,756 | = | 0.0% |
| Current assets | 29/58 | €38,549 | €80,674 | +€42,124 | +109.3% |
| Amounts receivable within one year | 40/41 | €13,354 | €23,122 | +€9,767 | +73.1% |
| Trade receivables | 40 | €12,100 | €16,607 | +€4,507 | +37.3% |
| Other amounts receivable | 41 | €1,254 | €6,514 | +€5,260 | +419.4% |
| Cash at bank and in hand | 54/58 | €23,639 | €55,882 | +€32,243 | +136.4% |
| Deferred charges and accrued income | 490/1 | €1,556 | €1,670 | +€114 | +7.4% |
| Total equity and liabilities | 10/49 | €67,214 | €101,338 | +€34,124 | +50.8% |
| Equity | 10/15 | €59,310 | €87,410 | +€28,100 | +47.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,710 | €68,810 | +€28,100 | +69.0% |
| Distributable reserves | 133 | €40,710 | €68,810 | +€28,100 | +69.0% |
| Amounts payable | 17/49 | €7,904 | €13,928 | +€6,024 | +76.2% |
| Amounts payable within one year | 42/48 | €7,904 | €13,928 | +€6,024 | +76.2% |
| Trade debts | 44 | €2,803 | €1,065 | -€1,738 | -62.0% |
| Suppliers | 440/4 | €2,803 | €1,065 | -€1,738 | -62.0% |
| Taxes, remuneration and social security | 45 | €3,944 | €12,863 | +€8,919 | +226.2% |
| Taxes | 450/3 | €3,944 | €12,863 | +€8,919 | +226.2% |
| Other amounts payable | 47/48 | €1,158 | - | -€1,158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,833 | €8,000 | +€2,167 | +37.1% |
| Other operating charges | 640/8 | €1,163 | €830 | -€333 | -28.6% |
| Gross operating margin | 9900 | €25,002 | €52,146 | +€27,143 | +108.6% |
| Operating profit (loss) | 9901 | €18,006 | €43,315 | +€25,309 | +140.6% |
| Financial income | 75/76B | - | €180 | +€180 | |
| Recurring financial income | 75 | - | €180 | +€180 | |
| Financial charges | 65/66B | €465 | €1 | -€464 | -99.8% |
| Recurring financial charges | 65 | €465 | €1 | -€464 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €17,541 | €43,494 | +€25,953 | +148.0% |
| Income taxes | 67/77 | €6,940 | €15,394 | +€8,454 | +121.8% |
| Profit (loss) for the period | 9904 | €10,601 | €28,100 | +€17,499 | +165.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,601 | €28,100 | +€17,499 | +165.1% |
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 12 October 2026 via checked.be.