D4: 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.
D4
Largest movements
- Stocks and contracts -€670,330
down €670,330 (-100.0%), from €670,330 to €0
of which Stocks: -€605,000
- Cash +€461,574
up €461,574 (+261.3%), from €176,659 to €638,233
mainly Stocks and contracts (+€670,330) and Other debts (+€389,426)
- Tangible fixed assets -€41,857
down €41,857 (-36.7%), from €114,004 to €72,147
of which Furniture and vehicles: -€39,278
- Receivables after one year -€38,333
down €38,333 (-69.7%), from €55,000 to €16,667
- Deferred charges and accrued income +€27,612
up €27,612 (+330.4%), from €8,358 to €35,970
- Reserves -€405,467
down €405,467 (-62.2%), from €652,002 to €246,534
- Other debts +€389,426
up €389,426 (+414.6%), from €93,937 to €483,363
- Debts after one year -€226,315
down €226,315 (-91.0%), from €248,647 to €22,332
- Gross operating margin -€8,549
down €8,549 (-7.0%), from €122,841 to €114,292
- Financial charges +€5,533
up €5,533 (+47.1%), from €11,743 to €17,277
- Financial income -€4,327
down €4,327 (-57.0%), from €7,591 to €3,265
- Taxes -€3,642
down €3,642 (-15.7%), from €23,198 to €19,556
- Depreciation -€2,747
down €2,747 (-9.3%), from €29,560 to €26,813
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 | €1,077,376 | €821,754 | -€255,621 | -23.7% |
| Fixed assets | 21/28 | €140,129 | €98,272 | -€41,857 | -29.9% |
| Tangible fixed assets | 22/27 | €114,004 | €72,147 | -€41,857 | -36.7% |
| Plant, machinery and equipment | 23 | €1,021 | €0 | -€1,021 | -100.0% |
| Furniture and vehicles | 24 | €99,305 | €60,027 | -€39,278 | -39.6% |
| Other tangible fixed assets | 26 | €13,678 | €12,120 | -€1,559 | -11.4% |
| Financial fixed assets | 28 | €26,126 | €26,126 | = | 0.0% |
| Current assets | 29/58 | €937,246 | €723,482 | -€213,764 | -22.8% |
| Amounts receivable after more than one year | 29 | €55,000 | €16,667 | -€38,333 | -69.7% |
| Other amounts receivable | 291 | €55,000 | €16,667 | -€38,333 | -69.7% |
| Stocks and contracts in progress | 3 | €670,330 | €0 | -€670,330 | -100.0% |
| Stocks | 30/36 | €605,000 | €0 | -€605,000 | -100.0% |
| Contracts in progress | 37 | €65,330 | €0 | -€65,330 | -100.0% |
| Amounts receivable within one year | 40/41 | €26,900 | €32,612 | +€5,712 | +21.2% |
| Trade receivables | 40 | €1,634 | €3,920 | +€2,287 | +140.0% |
| Other amounts receivable | 41 | €25,266 | €28,692 | +€3,425 | +13.6% |
| Cash at bank and in hand | 54/58 | €176,659 | €638,233 | +€461,574 | +261.3% |
| Deferred charges and accrued income | 490/1 | €8,358 | €35,970 | +€27,612 | +330.4% |
| Total equity and liabilities | 10/49 | €1,077,376 | €821,754 | -€255,621 | -23.7% |
| Equity | 10/15 | €664,402 | €258,934 | -€405,467 | -61.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €652,002 | €246,534 | -€405,467 | -62.2% |
| Distributable reserves | 133 | €652,002 | €246,534 | -€405,467 | -62.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €412,974 | €562,820 | +€149,846 | +36.3% |
| Amounts payable after more than one year | 17 | €248,647 | €22,332 | -€226,315 | -91.0% |
| Financial debts | 170/4 | €248,647 | €22,332 | -€226,315 | -91.0% |
| Amounts payable within one year | 42/48 | €163,212 | €538,132 | +€374,920 | +229.7% |
| Current portion of amounts payable after more than one year | 42 | €31,796 | €21,981 | -€9,814 | -30.9% |
| Financial debts | 43 | €6,363 | €0 | -€6,363 | -100.0% |
| Credit institutions | 430/8 | €6,363 | €0 | -€6,363 | -100.0% |
| Trade debts | 44 | €5,635 | €6,783 | +€1,148 | +20.4% |
| Suppliers | 440/4 | €5,635 | €6,783 | +€1,148 | +20.4% |
| Taxes, remuneration and social security | 45 | €25,482 | €26,005 | +€524 | +2.1% |
| Taxes | 450/3 | €25,482 | €26,005 | +€524 | +2.1% |
| Other amounts payable | 47/48 | €93,937 | €483,363 | +€389,426 | +414.6% |
| Accrued charges and deferred income | 492/3 | €1,115 | €2,355 | +€1,240 | +111.2% |
| Non-recurring operating income | 76A | €10,744 | €0 | -€10,744 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,560 | €26,813 | -€2,747 | -9.3% |
| Other operating charges | 640/8 | €3,053 | €4,239 | +€1,186 | +38.9% |
| Gross operating margin | 9900 | €122,841 | €114,292 | -€8,549 | -7.0% |
| Operating profit (loss) | 9901 | €90,228 | €83,240 | -€6,988 | -7.7% |
| Financial income | 75/76B | €7,591 | €3,265 | -€4,327 | -57.0% |
| Recurring financial income | 75 | €7,591 | €3,265 | -€4,327 | -57.0% |
| Financial charges | 65/66B | €11,743 | €17,277 | +€5,533 | +47.1% |
| Recurring financial charges | 65 | €11,743 | €17,277 | +€5,533 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €86,076 | €69,228 | -€16,848 | -19.6% |
| Income taxes | 67/77 | €23,198 | €19,556 | -€3,642 | -15.7% |
| Profit (loss) for the period | 9904 | €62,877 | €49,672 | -€13,206 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,877 | €49,672 | -€13,206 | -21.0% |
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 8 October 2026 via checked.be.