APPROACH4: 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.
APPROACH4
Largest movements
- Receivables within one year -€10,818
down €10,818 (-36.6%), from €29,590 to €18,772
of which Trade receivables: -€8,210
- Cash -€10,084
down €10,084 (-12.6%), from €80,315 to €70,231
mainly Investment in fixed assets (net) (-€14,387) and Other debts (-€12,977)
- Tangible fixed assets +€7,673
up €7,673 (+47.7%), from €16,073 to €23,745
of which Land and buildings: +€9,445
- Intangible fixed assets +€1,918
up €1,918 (+101.7%), from €1,886 to €3,805
- Other debts -€12,977
down €12,977 (-23.3%), from €55,604 to €42,627
- Reserves +€5,914
up €5,914 (+13.9%), from €42,526 to €48,440
of which Distributable reserves: +€5,914
- Trade debts -€4,409
down €4,409 (-47.9%), from €9,205 to €4,796
- Accrued charges and deferred income +€1,600
up €1,600 (+8796.2%), from €18 to €1,618
- Gross operating margin -€9,657
down €9,657 (-41.7%), from €23,169 to €13,513
- Staff costs -€9,080
no longer reported in 2025 (was €9,080)
- Taxes +€786
up €786 (+53.8%), from €1,461 to €2,247
- Depreciation +€453
up €453 (+10.4%), from €4,343 to €4,796
- Financial income +€234
up €234 (+175.7%), from €133 to €367
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 | €127,965 | €117,858 | -€10,107 | -7.9% |
| Fixed assets | 21/28 | €17,959 | €27,550 | +€9,591 | +53.4% |
| Intangible fixed assets | 21 | €1,886 | €3,805 | +€1,918 | +101.7% |
| Tangible fixed assets | 22/27 | €16,073 | €23,745 | +€7,673 | +47.7% |
| Land and buildings | 22 | €10,094 | €19,539 | +€9,445 | +93.6% |
| Plant, machinery and equipment | 23 | €2,001 | €962 | -€1,039 | -51.9% |
| Other tangible fixed assets | 26 | €3,977 | €3,244 | -€733 | -18.4% |
| Current assets | 29/58 | €110,006 | €90,308 | -€19,698 | -17.9% |
| Amounts receivable within one year | 40/41 | €29,590 | €18,772 | -€10,818 | -36.6% |
| Trade receivables | 40 | €23,443 | €15,233 | -€8,210 | -35.0% |
| Other amounts receivable | 41 | €6,147 | €3,539 | -€2,609 | -42.4% |
| Cash at bank and in hand | 54/58 | €80,315 | €70,231 | -€10,084 | -12.6% |
| Deferred charges and accrued income | 490/1 | €101 | €1,306 | +€1,205 | +1194.3% |
| Total equity and liabilities | 10/49 | €127,965 | €117,858 | -€10,107 | -7.9% |
| Equity | 10/15 | €54,926 | €60,840 | +€5,914 | +10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €42,526 | €48,440 | +€5,914 | +13.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,666 | €46,580 | +€5,914 | +14.5% |
| Amounts payable | 17/49 | €73,039 | €57,018 | -€16,021 | -21.9% |
| Amounts payable within one year | 42/48 | €73,020 | €55,400 | -€17,621 | -24.1% |
| Trade debts | 44 | €9,205 | €4,796 | -€4,409 | -47.9% |
| Suppliers | 440/4 | €9,205 | €4,796 | -€4,409 | -47.9% |
| Taxes, remuneration and social security | 45 | €8,211 | €7,977 | -€235 | -2.9% |
| Taxes | 450/3 | €7,499 | €7,977 | +€477 | +6.4% |
| Remuneration and social security | 454/9 | €712 | - | -€712 | |
| Other amounts payable | 47/48 | €55,604 | €42,627 | -€12,977 | -23.3% |
| Accrued charges and deferred income | 492/3 | €18 | €1,618 | +€1,600 | +8796.2% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Remuneration, social security and pensions | 62 | €9,080 | - | -€9,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,343 | €4,796 | +€453 | +10.4% |
| Other operating charges | 640/8 | €671 | €707 | +€36 | +5.4% |
| Gross operating margin | 9900 | €23,169 | €13,513 | -€9,657 | -41.7% |
| Operating profit (loss) | 9901 | €9,075 | €8,009 | -€1,066 | -11.7% |
| Financial income | 75/76B | €133 | €367 | +€234 | +175.7% |
| Recurring financial income | 75 | €133 | €367 | +€234 | +175.7% |
| Financial charges | 65/66B | €212 | €215 | +€3 | +1.4% |
| Recurring financial charges | 65 | €212 | €215 | +€3 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €8,996 | €8,161 | -€834 | -9.3% |
| Income taxes | 67/77 | €1,461 | €2,247 | +€786 | +53.8% |
| Profit (loss) for the period | 9904 | €7,534 | €5,914 | -€1,620 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,534 | €5,914 | -€1,620 | -21.5% |
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 2 October 2026 via checked.be.