BV4: 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.
BV4
Largest movements
- Tangible fixed assets -€30,030
no longer reported in 2025 (was €30,030)
- Cash -€28,638
down €28,638 (-99.8%), from €28,684 to €46
mainly Trade debts (-€37,792) and Receivables within one year (-€22,936)
- Receivables within one year +€22,936
up €22,936 (+14.0%), from €163,805 to €186,741
of which Other amounts receivable: +€15,436
- Intangible fixed assets -€15,520
no longer reported in 2025 (was €15,520)
- Trade debts -€37,792
down €37,792 (-99.5%), from €38,000 to €208
- Tax, wage and social debts -€18,165
down €18,165 (-45.3%), from €40,102 to €21,937
of which Taxes: -€16,082
- Reserves +€3,502
up €3,502 (+2.3%), from €154,158 to €157,660
- Gross operating margin -€75,561
down €75,561 (-73.0%), from €103,566 to €28,005
- Depreciation -€16,702
no longer reported in 2025 (was €16,702)
- Taxes -€16,430
down €16,430 (-81.6%), from €20,134 to €3,704
- Staff costs -€6,833
down €6,833 (-26.8%), from €25,489 to €18,656
- Other operating charges -€2,901
down €2,901 (-26.0%), from €11,142 to €8,241
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 | €238,460 | €187,208 | -€51,252 | -21.5% |
| Fixed assets | 21/28 | €45,970 | €420 | -€45,550 | -99.1% |
| Intangible fixed assets | 21 | €15,520 | - | -€15,520 | |
| Tangible fixed assets | 22/27 | €30,030 | - | -€30,030 | |
| Land and buildings | 22 | €30,030 | - | -€30,030 | |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €192,489 | €186,788 | -€5,702 | -3.0% |
| Amounts receivable within one year | 40/41 | €163,805 | €186,741 | +€22,936 | +14.0% |
| Trade receivables | 40 | - | €7,500 | +€7,500 | |
| Other amounts receivable | 41 | €163,805 | €179,241 | +€15,436 | +9.4% |
| Cash at bank and in hand | 54/58 | €28,684 | €46 | -€28,638 | -99.8% |
| Total equity and liabilities | 10/49 | €238,460 | €187,208 | -€51,252 | -21.5% |
| Equity | 10/15 | €160,358 | €163,860 | +€3,502 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €154,158 | €157,660 | +€3,502 | +2.3% |
| Distributable reserves | 133 | €154,158 | €157,660 | +€3,502 | +2.3% |
| Amounts payable | 17/49 | €78,102 | €23,348 | -€54,754 | -70.1% |
| Amounts payable within one year | 42/48 | €78,102 | €23,348 | -€54,754 | -70.1% |
| Trade debts | 44 | €38,000 | €208 | -€37,792 | -99.5% |
| Suppliers | 440/4 | €38,000 | €208 | -€37,792 | -99.5% |
| Taxes, remuneration and social security | 45 | €40,102 | €21,937 | -€18,165 | -45.3% |
| Taxes | 450/3 | €36,731 | €20,650 | -€16,082 | -43.8% |
| Remuneration and social security | 454/9 | €3,371 | €1,288 | -€2,083 | -61.8% |
| Other amounts payable | 47/48 | - | €1,203 | +€1,203 | |
| Non-recurring operating income | 76A | - | €29,450 | +€29,450 | |
| Remuneration, social security and pensions | 62 | €25,489 | €18,656 | -€6,833 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,702 | - | -€16,702 | |
| Other operating charges | 640/8 | €11,142 | €8,241 | -€2,901 | -26.0% |
| Gross operating margin | 9900 | €103,566 | €28,005 | -€75,561 | -73.0% |
| Operating profit (loss) | 9901 | €50,234 | €1,108 | -€49,126 | -97.8% |
| Financial income | 75/76B | €7,809 | €9,001 | +€1,192 | +15.3% |
| Recurring financial income | 75 | €7,809 | €9,001 | +€1,192 | +15.3% |
| Financial charges | 65/66B | €2,328 | €1,185 | -€1,143 | -49.1% |
| Recurring financial charges | 65 | €2,328 | €1,185 | -€1,143 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €55,714 | €8,924 | -€46,790 | -84.0% |
| Income taxes | 67/77 | €20,134 | €3,704 | -€16,430 | -81.6% |
| Profit (loss) for the period | 9904 | €35,580 | €5,220 | -€30,360 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,580 | €5,220 | -€30,360 | -85.3% |
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 30 September 2026 via checked.be.