D4-INVEST: what changed
What changed
D4-INVEST
filed annual accounts (NBB)
Net result for the year
€121,845
2024 · €57,737+€64,108
Equity
€435,840
2024 · €318,995+€116,845
Cash
€207,018
2024 · €111,695+€95,322
Balance sheet total
€486,838
2024 · €415,044+€71,794
Largest movements
Assets
- Cash +€95,322
up €95,322 (+85.3%), from €111,695 to €207,018
mainly Net result for the year (+€121,845) and Depreciation (+€57,443)
- Tangible fixed assets -€22,282
down €22,282 (-7.5%), from €296,123 to €273,841
of which Land and buildings: -€18,988
- Intangible fixed assets +€5,980
new in 2025: €5,980
Equity and liabilities
- Profit (loss) carried forward +€121,845
up €121,845 (+138%), from €88,593 to €210,438
- Other debts -€39,508
down €39,508 (-81.6%), from €48,426 to €8,918
- Debts after one year -€9,156
no longer reported in 2025 (was €9,156)
- Trade debts +€6,841
up €6,841 (+47.4%), from €14,421 to €21,262
- Accrued charges and deferred income -€5,119
down €5,119 (-37.4%), from €13,688 to €8,568
Income statement
- Depreciation -€66,293
down €66,293 (-53.6%), from €123,736 to €57,443
- Taxes +€20,263
up €20,263 (+96.9%), from €20,909 to €41,172
- Gross operating margin +€16,592
up €16,592 (+6.8%), from €244,997 to €261,589
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.
Result 2024
€57,737
Gross operating margin
+€16,592
Depreciation
+€66,293
Other operating charges
-€339
Financial income
-€210
Financial charges
+€2,035
Taxes
-€20,263
Result 2025
€121,845
raises the resultlowers the result
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.
From operations
+€150,619
Investment
-€41,141
Financing
-€14,156
Cash 2024
€111,695
From operations (derived)
+€150,619
Net result for the year
+€121,845
Depreciation
+€57,443
Receivables within one year
+€3,605
Deferred charges and accrued income
+€3,621
Trade debts
+€6,841
Tax, wage and social debts
+€1,891
Other debts
-€39,508
Accrued charges and deferred income
-€5,119
Investment (derived)
-€41,141
Investment in fixed assets (net)
-€41,141
Financing
-€14,156
Debts after one year
-€9,156
Contributions, distributions and other
-€5,000
Cash 2025
€207,018
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €415,044 | €486,838 | +€71,794 | +17.3% |
| Fixed assets | 21/28 | €296,123 | €279,820 | -€16,302 | -5.5% |
| Intangible fixed assets | 21 | - | €5,980 | +€5,980 | |
| Tangible fixed assets | 22/27 | €296,123 | €273,841 | -€22,282 | -7.5% |
| Land and buildings | 22 | €288,042 | €269,053 | -€18,988 | -6.6% |
| Plant, machinery and equipment | 23 | €2,480 | €1,858 | -€622 | -25.1% |
| Furniture and vehicles | 24 | €5,601 | €2,929 | -€2,672 | -47.7% |
| Current assets | 29/58 | €118,921 | €207,018 | +€88,096 | +74.1% |
| Amounts receivable within one year | 40/41 | €3,605 | - | -€3,605 | |
| Trade receivables | 40 | €605 | - | -€605 | |
| Other amounts receivable | 41 | €3,000 | - | -€3,000 | |
| Cash at bank and in hand | 54/58 | €111,695 | €207,018 | +€95,322 | +85.3% |
| Deferred charges and accrued income | 490/1 | €3,621 | - | -€3,621 | |
| Total equity and liabilities | 10/49 | €415,044 | €486,838 | +€71,794 | +17.3% |
| Equity | 10/15 | €318,995 | €435,840 | +€116,845 | +36.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €211,851 | €206,851 | -€5,000 | -2.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,996 | €3,996 | = | 0.0% |
| Distributable reserves | 133 | €206,000 | €201,000 | -€5,000 | -2.4% |
| Profit (loss) carried forward | 14 | €88,593 | €210,438 | +€121,845 | +138% |
| Amounts payable | 17/49 | €96,050 | €50,999 | -€45,051 | -46.9% |
| Amounts payable after more than one year | 17 | €9,156 | - | -€9,156 | |
| Financial debts | 170/4 | €9,156 | - | -€9,156 | |
| Amounts payable within one year | 42/48 | €73,206 | €42,430 | -€30,776 | -42.0% |
| Trade debts | 44 | €14,421 | €21,262 | +€6,841 | +47.4% |
| Suppliers | 440/4 | €14,421 | €21,262 | +€6,841 | +47.4% |
| Taxes, remuneration and social security | 45 | €10,359 | €12,250 | +€1,891 | +18.3% |
| Taxes | 450/3 | €10,359 | €12,250 | +€1,891 | +18.3% |
| Other amounts payable | 47/48 | €48,426 | €8,918 | -€39,508 | -81.6% |
| Accrued charges and deferred income | 492/3 | €13,688 | €8,568 | -€5,119 | -37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,736 | €57,443 | -€66,293 | -53.6% |
| Other operating charges | 640/8 | €40,603 | €40,942 | +€339 | +0.8% |
| Gross operating margin | 9900 | €244,997 | €261,589 | +€16,592 | +6.8% |
| Operating profit (loss) | 9901 | €80,658 | €163,204 | +€82,546 | +102% |
| Financial income | 75/76B | €819 | €609 | -€210 | -25.6% |
| Recurring financial income | 75 | €819 | €609 | -€210 | -25.6% |
| Financial charges | 65/66B | €2,831 | €796 | -€2,035 | -71.9% |
| Recurring financial charges | 65 | €2,831 | €796 | -€2,035 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | €78,646 | €163,017 | +€84,372 | +107% |
| Income taxes | 67/77 | €20,909 | €41,172 | +€20,263 | +96.9% |
| Profit (loss) for the period | 9904 | €57,737 | €121,845 | +€64,108 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €57,737 | €121,845 | +€64,108 | +111% |
Next steps
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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.