BD4U: what changed
BD4U
Largest movements
- Current investments -€358,697
down €358,697 (-31.0%), from €1.2m to €799,093
- Cash -€100,778
down €100,778 (-58.7%), from €171,827 to €71,050
mainly Contributions, distributions and other (-€350,000) and Debts after one year (-€225,000)
- Tangible fixed assets +€60,688
up €60,688 (+48.7%), from €124,664 to €185,352
of which Furniture and vehicles: +€90,642
- Debts after one year -€225,000
no longer reported in 2025 (was €225,000)
- Reserves -€156,453
down €156,453 (-16.3%), from €959,927 to €803,474
- Other debts -€25,117
down €25,117 (-80.8%), from €31,086 to €5,968
- Financial income +€64,729
up €64,729 (+414%), from €15,619 to €80,347
of which Non-recurring financial income: +€35,604
- Gross operating margin +€42,441
up €42,441 (+17.8%), from €238,143 to €280,584
- Financial charges -€9,455
down €9,455 (-53.4%), from €17,693 to €8,238
- Depreciation +€8,854
up €8,854 (+27.8%), from €31,897 to €40,751
- Taxes +€7,501
up €7,501 (+11.1%), from €67,482 to €74,983
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,456,736 | €1,056,842 | -€399,894 | -27.5% |
| Fixed assets | 21/28 | €124,698 | €185,386 | +€60,688 | +48.7% |
| Tangible fixed assets | 22/27 | €124,664 | €185,352 | +€60,688 | +48.7% |
| Land and buildings | 22 | €102,630 | €76,992 | -€25,639 | -25.0% |
| Plant, machinery and equipment | 23 | €15,436 | €11,121 | -€4,315 | -28.0% |
| Furniture and vehicles | 24 | €6,597 | €97,240 | +€90,642 | +1,374% |
| Financial fixed assets | 28 | €34 | €34 | = | 0.0% |
| Current assets | 29/58 | €1,332,038 | €871,456 | -€460,582 | -34.6% |
| Amounts receivable within one year | 40/41 | €761 | €1,313 | +€552 | +72.5% |
| Other amounts receivable | 41 | €761 | €1,313 | +€552 | +72.5% |
| Current investments | 50/53 | €1,157,791 | €799,093 | -€358,697 | -31.0% |
| Cash at bank and in hand | 54/58 | €171,827 | €71,050 | -€100,778 | -58.7% |
| Deferred charges and accrued income | 490/1 | €1,658 | - | -€1,658 | |
| Total equity and liabilities | 10/49 | €1,456,736 | €1,056,842 | -€399,894 | -27.5% |
| Equity | 10/15 | €1,159,927 | €1,003,474 | -€156,453 | -13.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €959,927 | €803,474 | -€156,453 | -16.3% |
| Distributable reserves | 133 | €959,927 | €803,474 | -€156,453 | -16.3% |
| Amounts payable | 17/49 | €296,809 | €53,368 | -€243,441 | -82.0% |
| Amounts payable after more than one year | 17 | €225,000 | - | -€225,000 | |
| Other amounts payable | 178/9 | €225,000 | - | -€225,000 | |
| Amounts payable within one year | 42/48 | €71,809 | €53,368 | -€18,441 | -25.7% |
| Trade debts | 44 | €159 | €218 | +€59 | +36.8% |
| Suppliers | 440/4 | €159 | €218 | +€59 | +36.8% |
| Taxes, remuneration and social security | 45 | €40,564 | €47,182 | +€6,618 | +16.3% |
| Taxes | 450/3 | €40,564 | €47,182 | +€6,618 | +16.3% |
| Other amounts payable | 47/48 | €31,086 | €5,968 | -€25,117 | -80.8% |
| Non-recurring operating income | 76A | - | €19,519 | +€19,519 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,897 | €40,751 | +€8,854 | +27.8% |
| Other operating charges | 640/8 | €258 | €1,102 | +€844 | +327% |
| Non-recurring operating charges | 66A | - | €42,310 | +€42,310 | |
| Gross operating margin | 9900 | €238,143 | €280,584 | +€42,441 | +17.8% |
| Operating profit (loss) | 9901 | €205,988 | €196,421 | -€9,567 | -4.6% |
| Financial income | 75/76B | €15,619 | €80,347 | +€64,729 | +414% |
| Recurring financial income | 75 | €13,064 | €42,188 | +€29,124 | +223% |
| Non-recurring financial income | 76B | €2,555 | €38,159 | +€35,604 | +1,394% |
| Financial charges | 65/66B | €17,693 | €8,238 | -€9,455 | -53.4% |
| Recurring financial charges | 65 | €17,693 | €8,238 | -€9,455 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | €203,914 | €268,531 | +€64,616 | +31.7% |
| Income taxes | 67/77 | €67,482 | €74,983 | +€7,501 | +11.1% |
| Profit (loss) for the period | 9904 | €136,433 | €193,547 | +€57,115 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €136,433 | €193,547 | +€57,115 | +41.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.