4XL: 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.
4XL
Largest movements
- Tangible fixed assets +€385,408
up €385,408 (+113%), from €339,697 to €725,105
of which Other tangible fixed assets: +€385,792
- Receivables within one year -€346,329
down €346,329 (-44.9%), from €770,791 to €424,462
of which Trade receivables: -€226,382
- Cash +€117,171
up €117,171 (+224%), from €52,413 to €169,585
mainly Receivables within one year (+€346,329) and Trade debts (+€259,015)
- Trade debts +€259,015
up €259,015 (+82.1%), from €315,585 to €574,599
- Tax, wage and social debts -€155,169
down €155,169 (-88.1%), from €176,055 to €20,886
of which Taxes: -€153,678
- Other debts +€113,928
up €113,928 (+67.2%), from €169,595 to €283,522
- Accrued charges and deferred income -€100,000
no longer reported in 2025 (was €100,000)
- Debts after one year +€45,095
up €45,095 (+19.8%), from €227,812 to €272,908
- Staff costs -€49,233
no longer reported in 2025 (was €49,233)
- Gross operating margin -€37,244
down €37,244 (-21.7%), from €171,940 to €134,696
- Depreciation +€22,483
up €22,483 (+30.7%), from €73,185 to €95,668
- Financial income +€6,219
up €6,219 (+2,115%), from €294 to €6,513
- Taxes -€1,844
down €1,844 (-17.0%), from €10,825 to €8,981
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 | €1,318,573 | €1,474,397 | +€155,824 | +11.8% |
| Fixed assets | 21/28 | €339,829 | €725,238 | +€385,408 | +113% |
| Tangible fixed assets | 22/27 | €339,697 | €725,105 | +€385,408 | +113% |
| Land and buildings | 22 | €230,081 | €228,596 | -€1,485 | -0.6% |
| Plant, machinery and equipment | 23 | €2,102 | €1,532 | -€570 | -27.1% |
| Furniture and vehicles | 24 | €10,912 | €12,583 | +€1,671 | +15.3% |
| Other tangible fixed assets | 26 | €96,603 | €482,396 | +€385,792 | +399% |
| Financial fixed assets | 28 | €132 | €132 | = | 0.0% |
| Current assets | 29/58 | €978,743 | €749,159 | -€229,584 | -23.5% |
| Amounts receivable within one year | 40/41 | €770,791 | €424,462 | -€346,329 | -44.9% |
| Trade receivables | 40 | €641,698 | €415,316 | -€226,382 | -35.3% |
| Other amounts receivable | 41 | €129,093 | €9,147 | -€119,946 | -92.9% |
| Cash at bank and in hand | 54/58 | €52,413 | €169,585 | +€117,171 | +224% |
| Deferred charges and accrued income | 490/1 | €155,539 | €155,112 | -€427 | -0.3% |
| Total equity and liabilities | 10/49 | €1,318,573 | €1,474,397 | +€155,824 | +11.8% |
| Equity | 10/15 | €210,924 | €225,540 | +€14,616 | +6.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €198,524 | €213,140 | +€14,616 | +7.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €177,914 | €192,530 | +€14,616 | +8.2% |
| Amounts payable | 17/49 | €1,107,648 | €1,248,857 | +€141,209 | +12.7% |
| Amounts payable after more than one year | 17 | €227,812 | €272,908 | +€45,095 | +19.8% |
| Financial debts | 170/4 | €227,812 | €272,908 | +€45,095 | +19.8% |
| Amounts payable within one year | 42/48 | €779,836 | €975,949 | +€196,113 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €75,052 | €96,942 | +€21,889 | +29.2% |
| Financial debts | 43 | €43,550 | - | -€43,550 | |
| Credit institutions | 430/8 | €43,550 | - | -€43,550 | |
| Trade debts | 44 | €315,585 | €574,599 | +€259,015 | +82.1% |
| Suppliers | 440/4 | €315,585 | €574,599 | +€259,015 | +82.1% |
| Taxes, remuneration and social security | 45 | €176,055 | €20,886 | -€155,169 | -88.1% |
| Taxes | 450/3 | €174,565 | €20,886 | -€153,678 | -88.0% |
| Remuneration and social security | 454/9 | €1,490 | - | -€1,490 | |
| Other amounts payable | 47/48 | €169,595 | €283,522 | +€113,928 | +67.2% |
| Accrued charges and deferred income | 492/3 | €100,000 | - | -€100,000 | |
| Remuneration, social security and pensions | 62 | €49,233 | - | -€49,233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,185 | €95,668 | +€22,483 | +30.7% |
| Other operating charges | 640/8 | €3,608 | €5,325 | +€1,717 | +47.6% |
| Gross operating margin | 9900 | €171,940 | €134,696 | -€37,244 | -21.7% |
| Operating profit (loss) | 9901 | €45,914 | €33,703 | -€12,211 | -26.6% |
| Financial income | 75/76B | €294 | €6,513 | +€6,219 | +2,115% |
| Recurring financial income | 75 | €294 | €6,513 | +€6,219 | +2,115% |
| Financial charges | 65/66B | €15,536 | €16,620 | +€1,084 | +7.0% |
| Recurring financial charges | 65 | €15,536 | €16,620 | +€1,084 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €30,672 | €23,597 | -€7,075 | -23.1% |
| Income taxes | 67/77 | €10,825 | €8,981 | -€1,844 | -17.0% |
| Profit (loss) for the period | 9904 | €19,847 | €14,616 | -€5,231 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,847 | €14,616 | -€5,231 | -26.4% |
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 20 October 2026 via checked.be.