d 4: 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.
d 4
Largest movements
- Receivables within one year +€18,768
up €18,768 (+24.3%), from €77,206 to €95,974
of which Other amounts receivable: +€19,872
- Tangible fixed assets -€16,860
down €16,860 (-57.8%), from €29,151 to €12,291
of which Furniture and vehicles: -€15,056
- Stocks and contracts -€4,677
down €4,677 (-100.0%), from €4,677 to €0
- Reserves +€21,222
up €21,222 (+13.3%), from €160,010 to €181,231
- Tax, wage and social debts -€15,776
down €15,776 (-92.1%), from €17,130 to €1,354
- Trade debts +€8,539
up €8,539 (+422.5%), from €2,021 to €10,560
- Current portion of long-term debt -€8,046
down €8,046 (-57.7%), from €13,950 to €5,903
- Debts after one year -€5,903
down €5,903 (-100.0%), from €5,903 to €0
- Gross operating margin -€22,960
down €22,960 (-35.9%), from €63,954 to €40,994
- Financial income +€6,902
up €6,902 (+272.5%), from €2,533 to €9,435
- Taxes +€2,392
up €2,392 (+37.2%), from €6,424 to €8,816
- Financial charges +€1,103
up €1,103 (+135.8%), from €812 to €1,915
- Depreciation -€793
down €793 (-4.5%), from €17,652 to €16,860
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 | €205,211 | €205,245 | +€34 | 0.0% |
| Fixed assets | 21/28 | €29,151 | €12,291 | -€16,860 | -57.8% |
| Tangible fixed assets | 22/27 | €29,151 | €12,291 | -€16,860 | -57.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €8,362 | €6,558 | -€1,804 | -21.6% |
| Furniture and vehicles | 24 | €20,789 | €5,733 | -€15,056 | -72.4% |
| Current assets | 29/58 | €176,060 | €192,954 | +€16,894 | +9.6% |
| Stocks and contracts in progress | 3 | €4,677 | €0 | -€4,677 | -100.0% |
| Stocks | 30/36 | €4,677 | €0 | -€4,677 | -100.0% |
| Amounts receivable within one year | 40/41 | €77,206 | €95,974 | +€18,768 | +24.3% |
| Trade receivables | 40 | €1,599 | €495 | -€1,104 | -69.0% |
| Other amounts receivable | 41 | €75,608 | €95,479 | +€19,872 | +26.3% |
| Cash at bank and in hand | 54/58 | €93,036 | €95,055 | +€2,019 | +2.2% |
| Deferred charges and accrued income | 490/1 | €1,141 | €1,925 | +€784 | +68.7% |
| Total equity and liabilities | 10/49 | €205,211 | €205,245 | +€34 | 0.0% |
| Equity | 10/15 | €166,207 | €187,428 | +€21,222 | +12.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €160,010 | €181,231 | +€21,222 | +13.3% |
| Distributable reserves | 133 | €160,010 | €181,231 | +€21,222 | +13.3% |
| Amounts payable | 17/49 | €39,004 | €17,817 | -€21,187 | -54.3% |
| Amounts payable after more than one year | 17 | €5,903 | €0 | -€5,903 | -100.0% |
| Financial debts | 170/4 | €5,903 | €0 | -€5,903 | -100.0% |
| Amounts payable within one year | 42/48 | €33,101 | €17,817 | -€15,284 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €13,950 | €5,903 | -€8,046 | -57.7% |
| Trade debts | 44 | €2,021 | €10,560 | +€8,539 | +422.5% |
| Suppliers | 440/4 | €2,021 | €10,560 | +€8,539 | +422.5% |
| Taxes, remuneration and social security | 45 | €17,130 | €1,354 | -€15,776 | -92.1% |
| Taxes | 450/3 | €17,130 | €1,354 | -€15,776 | -92.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €48,161 | €0 | -€48,161 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,652 | €16,860 | -€793 | -4.5% |
| Other operating charges | 640/8 | €2,228 | €1,616 | -€612 | -27.5% |
| Gross operating margin | 9900 | €63,954 | €40,994 | -€22,960 | -35.9% |
| Operating profit (loss) | 9901 | €44,074 | €22,518 | -€21,556 | -48.9% |
| Financial income | 75/76B | €2,533 | €9,435 | +€6,902 | +272.5% |
| Recurring financial income | 75 | €2,533 | €9,435 | +€6,902 | +272.5% |
| Financial charges | 65/66B | €812 | €1,915 | +€1,103 | +135.8% |
| Recurring financial charges | 65 | €812 | €1,915 | +€1,103 | +135.8% |
| Profit (loss) for the period before taxes | 9903 | €45,795 | €30,038 | -€15,757 | -34.4% |
| Income taxes | 67/77 | €6,424 | €8,816 | +€2,392 | +37.2% |
| Profit (loss) for the period | 9904 | €39,370 | €21,222 | -€18,149 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,370 | €21,222 | -€18,149 | -46.1% |
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 29 September 2026 via checked.be.