D4 Management: 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 Management
Largest movements
- Receivables within one year +€38,329
up €38,329 (+24.8%), from €154,848 to €193,177
of which Other amounts receivable: +€38,563
- Cash +€34,306
up €34,306 (+168.7%), from €20,331 to €54,637
mainly Net result for the year (+€77,816) and Other debts (+€39,230)
- Other debts +€39,230
up €39,230 (+216.4%), from €18,130 to €57,360
- Reserves +€25,055
up €25,055 (+18.7%), from €134,297 to €159,351
of which Distributable reserves: +€25,055
- Tax, wage and social debts +€7,776
up €7,776 (+44.8%), from €17,357 to €25,134
of which Remuneration and social security: +€9,900
- Gross operating margin +€65,505
up €65,505 (+145.8%), from €44,924 to €110,429
- Taxes +€17,717
up €17,717 (+133.8%), from €13,237 to €30,954
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 | €178,530 | €249,706 | +€71,176 | +39.9% |
| Fixed assets | 21/28 | €3,351 | €1,893 | -€1,459 | -43.5% |
| Tangible fixed assets | 22/27 | €3,351 | €1,893 | -€1,459 | -43.5% |
| Plant, machinery and equipment | 23 | €3,351 | €1,893 | -€1,459 | -43.5% |
| Current assets | 29/58 | €175,179 | €247,813 | +€72,634 | +41.5% |
| Amounts receivable within one year | 40/41 | €154,848 | €193,177 | +€38,329 | +24.8% |
| Trade receivables | 40 | €14,462 | €14,228 | -€234 | -1.6% |
| Other amounts receivable | 41 | €140,386 | €178,949 | +€38,563 | +27.5% |
| Cash at bank and in hand | 54/58 | €20,331 | €54,637 | +€34,306 | +168.7% |
| Total equity and liabilities | 10/49 | €178,530 | €249,706 | +€71,176 | +39.9% |
| Equity | 10/15 | €140,497 | €165,551 | +€25,055 | +17.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €134,297 | €159,351 | +€25,055 | +18.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €132,437 | €157,491 | +€25,055 | +18.9% |
| Amounts payable | 17/49 | €38,033 | €84,155 | +€46,121 | +121.3% |
| Amounts payable within one year | 42/48 | €38,033 | €84,155 | +€46,121 | +121.3% |
| Trade debts | 44 | €2,546 | €1,661 | -€886 | -34.8% |
| Suppliers | 440/4 | €2,546 | €1,661 | -€886 | -34.8% |
| Taxes, remuneration and social security | 45 | €17,357 | €25,134 | +€7,776 | +44.8% |
| Taxes | 450/3 | €14,057 | €11,934 | -€2,124 | -15.1% |
| Remuneration and social security | 454/9 | €3,300 | €13,200 | +€9,900 | +300.0% |
| Other amounts payable | 47/48 | €18,130 | €57,360 | +€39,230 | +216.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,459 | €1,459 | +€0 | 0.0% |
| Other operating charges | 640/8 | €63 | €194 | +€131 | +207.0% |
| Gross operating margin | 9900 | €44,924 | €110,429 | +€65,505 | +145.8% |
| Operating profit (loss) | 9901 | €43,403 | €108,777 | +€65,374 | +150.6% |
| Financial income | 75/76B | €61 | €209 | +€148 | +241.7% |
| Recurring financial income | 75 | €61 | €209 | +€148 | +241.7% |
| Financial charges | 65/66B | €144 | €215 | +€71 | +49.5% |
| Recurring financial charges | 65 | €144 | €215 | +€71 | +49.5% |
| Profit (loss) for the period before taxes | 9903 | €43,320 | €108,770 | +€65,451 | +151.1% |
| Income taxes | 67/77 | €13,237 | €30,954 | +€17,717 | +133.8% |
| Profit (loss) for the period | 9904 | €30,082 | €77,816 | +€47,734 | +158.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,082 | €77,816 | +€47,734 | +158.7% |
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 5 October 2026 via checked.be.