C4V: 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.
C4V
Largest movements
- Cash +€238,753
up €238,753 (+151.1%), from €158,009 to €396,761
mainly Depreciation (+€262,291) and Receivables within one year (+€215,616)
- Receivables within one year -€215,616
down €215,616 (-51.5%), from €418,957 to €203,341
of which Trade receivables: -€195,423
- Tangible fixed assets -€182,998
down €182,998 (-19.1%), from €960,285 to €777,287
of which Other tangible fixed assets: -€171,431
- Stocks and contracts -€20,784
no longer reported in 2025 (was €20,784)
- Debts after one year -€94,217
down €94,217 (-19.1%), from €494,439 to €400,222
- Other debts +€81,466
up €81,466 (+17.4%), from €466,943 to €548,409
- Reserves -€51,391
down €51,391 (-18.0%), from €284,850 to €233,459
- Current portion of long-term debt -€50,665
down €50,665 (-35.0%), from €144,882 to €94,217
- Trade debts -€47,936
down €47,936 (-61.8%), from €77,516 to €29,580
- Gross operating margin +€124,921
up €124,921 (+47.2%), from €264,553 to €389,475
- Depreciation +€23,364
up €23,364 (+9.8%), from €238,927 to €262,291
- Staff costs +€16,367
up €16,367 (+31.2%), from €52,497 to €68,864
- Taxes +€4,024
up €4,024 (+1673.9%), from €240 to €4,265
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 | €1,581,405 | €1,408,947 | -€172,458 | -10.9% |
| Fixed assets | 21/28 | €960,285 | €777,287 | -€182,998 | -19.1% |
| Tangible fixed assets | 22/27 | €960,285 | €777,287 | -€182,998 | -19.1% |
| Land and buildings | 22 | €59,290 | €59,290 | = | 0.0% |
| Plant, machinery and equipment | 23 | €163,401 | €138,544 | -€24,857 | -15.2% |
| Furniture and vehicles | 24 | €85,558 | €100,389 | +€14,831 | +17.3% |
| Leasing and similar rights | 25 | €3,243 | €1,702 | -€1,541 | -47.5% |
| Other tangible fixed assets | 26 | €648,793 | €477,362 | -€171,431 | -26.4% |
| Current assets | 29/58 | €621,120 | €631,660 | +€10,540 | +1.7% |
| Stocks and contracts in progress | 3 | €20,784 | - | -€20,784 | |
| Stocks | 30/36 | €20,784 | - | -€20,784 | |
| Amounts receivable within one year | 40/41 | €418,957 | €203,341 | -€215,616 | -51.5% |
| Trade receivables | 40 | €198,407 | €2,984 | -€195,423 | -98.5% |
| Other amounts receivable | 41 | €220,550 | €200,357 | -€20,193 | -9.2% |
| Cash at bank and in hand | 54/58 | €158,009 | €396,761 | +€238,753 | +151.1% |
| Deferred charges and accrued income | 490/1 | €23,371 | €31,558 | +€8,187 | +35.0% |
| Total equity and liabilities | 10/49 | €1,581,405 | €1,408,947 | -€172,458 | -10.9% |
| Equity | 10/15 | €368,656 | €317,265 | -€51,391 | -13.9% |
| Contributions | 10/11 | €32,600 | €32,600 | = | 0.0% |
| Reserves | 13 | €284,850 | €233,459 | -€51,391 | -18.0% |
| Distributable reserves | 133 | €284,850 | €233,459 | -€51,391 | -18.0% |
| Profit (loss) carried forward | 14 | €51,206 | €51,206 | = | 0.0% |
| Amounts payable | 17/49 | €1,212,750 | €1,091,683 | -€121,067 | -10.0% |
| Amounts payable after more than one year | 17 | €494,439 | €400,222 | -€94,217 | -19.1% |
| Financial debts | 170/4 | €494,439 | €400,222 | -€94,217 | -19.1% |
| Amounts payable within one year | 42/48 | €717,813 | €691,460 | -€26,353 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €144,882 | €94,217 | -€50,665 | -35.0% |
| Trade debts | 44 | €77,516 | €29,580 | -€47,936 | -61.8% |
| Suppliers | 440/4 | €77,516 | €29,580 | -€47,936 | -61.8% |
| Taxes, remuneration and social security | 45 | €28,471 | €19,254 | -€9,218 | -32.4% |
| Taxes | 450/3 | €18,140 | €8,515 | -€9,625 | -53.1% |
| Remuneration and social security | 454/9 | €10,332 | €10,739 | +€407 | +3.9% |
| Other amounts payable | 47/48 | €466,943 | €548,409 | +€81,466 | +17.4% |
| Accrued charges and deferred income | 492/3 | €498 | €1 | -€497 | -99.8% |
| Non-recurring operating income | 76A | €12,010 | - | -€12,010 | |
| Remuneration, social security and pensions | 62 | €52,497 | €68,864 | +€16,367 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,927 | €262,291 | +€23,364 | +9.8% |
| Other operating charges | 640/8 | €8,602 | €6,804 | -€1,798 | -20.9% |
| Gross operating margin | 9900 | €264,553 | €389,475 | +€124,921 | +47.2% |
| Operating profit (loss) | 9901 | -€35,472 | €51,515 | +€86,987 | |
| Financial income | 75/76B | €749 | €351 | -€398 | -53.1% |
| Recurring financial income | 75 | €749 | €351 | -€398 | -53.1% |
| Financial charges | 65/66B | €21,953 | €19,806 | -€2,146 | -9.8% |
| Recurring financial charges | 65 | €21,953 | €19,806 | -€2,146 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€56,675 | €32,060 | +€88,735 | |
| Income taxes | 67/77 | €240 | €4,265 | +€4,024 | +1673.9% |
| Profit (loss) for the period | 9904 | -€56,916 | €27,795 | +€84,711 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,916 | €27,795 | +€84,711 |
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.