DL4: 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.
DL4
Largest movements
- Receivables within one year +€86,890
up €86,890 (+274.4%), from €31,671 to €118,561
of which Other amounts receivable: +€77,513
- Cash +€60,335
up €60,335 (+138.3%), from €43,632 to €103,967
mainly Net result for the year (+€96,696) and Investment in fixed assets (net) (+€46,282)
- Tangible fixed assets -€48,425
down €48,425 (-73.4%), from €66,001 to €17,576
of which Other tangible fixed assets: -€58,935
- Stocks and contracts +€4,712
new in 2025: €4,712
- Profit (loss) carried forward +€52,469
up €52,469 (+135.5%), from €38,709 to €91,178
- Reserves +€34,127
up €34,127 (+747.3%), from €4,567 to €38,694
of which Tax-exempt reserves: +€34,127
- Tax, wage and social debts +€26,071
up €26,071 (+168.3%), from €15,489 to €41,560
of which Taxes: +€24,991
- Debts after one year -€20,269
no longer reported in 2025 (was €20,269)
- Provisions +€11,376
new in 2025: €11,376
- Gross operating margin +€96,274
up €96,274 (+159.7%), from €60,278 to €156,552
- Taxes +€14,982
up €14,982 (+130.4%), from €11,490 to €26,472
- Staff costs -€3,510
no longer reported in 2025 (was €3,510)
- Depreciation -€2,047
down €2,047 (-48.9%), from €4,190 to €2,143
- Financial income +€1,985
new in 2025: €1,985
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 | €141,422 | €245,107 | +€103,685 | +73.3% |
| Fixed assets | 21/28 | €66,001 | €17,576 | -€48,425 | -73.4% |
| Tangible fixed assets | 22/27 | €66,001 | €17,576 | -€48,425 | -73.4% |
| Furniture and vehicles | 24 | €1,503 | €12,013 | +€10,510 | +699.3% |
| Other tangible fixed assets | 26 | €64,498 | €5,563 | -€58,935 | -91.4% |
| Current assets | 29/58 | €75,421 | €227,531 | +€152,110 | +201.7% |
| Stocks and contracts in progress | 3 | - | €4,712 | +€4,712 | |
| Stocks | 30/36 | - | €4,712 | +€4,712 | |
| Amounts receivable within one year | 40/41 | €31,671 | €118,561 | +€86,890 | +274.4% |
| Trade receivables | 40 | €29,970 | €39,347 | +€9,377 | +31.3% |
| Other amounts receivable | 41 | €1,701 | €79,214 | +€77,513 | +4556.9% |
| Cash at bank and in hand | 54/58 | €43,632 | €103,967 | +€60,335 | +138.3% |
| Deferred charges and accrued income | 490/1 | €118 | €291 | +€173 | +146.6% |
| Total equity and liabilities | 10/49 | €141,422 | €245,107 | +€103,685 | +73.3% |
| Equity | 10/15 | €61,876 | €148,472 | +€86,596 | +140.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,567 | €38,694 | +€34,127 | +747.3% |
| Tax-exempt reserves | 132 | €2,707 | €36,834 | +€34,127 | +1260.7% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,709 | €91,178 | +€52,469 | +135.5% |
| Provisions and deferred taxes | 16 | - | €11,376 | +€11,376 | |
| Deferred taxes | 168 | - | €11,376 | +€11,376 | |
| Amounts payable | 17/49 | €79,546 | €85,259 | +€5,713 | +7.2% |
| Amounts payable after more than one year | 17 | €20,269 | - | -€20,269 | |
| Financial debts | 170/4 | €20,269 | - | -€20,269 | |
| Amounts payable within one year | 42/48 | €57,528 | €82,437 | +€24,909 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €7,484 | - | -€7,484 | |
| Trade debts | 44 | €19,857 | €30,777 | +€10,920 | +55.0% |
| Suppliers | 440/4 | €19,857 | €30,777 | +€10,920 | +55.0% |
| Taxes, remuneration and social security | 45 | €15,489 | €41,560 | +€26,071 | +168.3% |
| Taxes | 450/3 | €15,189 | €40,180 | +€24,991 | +164.5% |
| Remuneration and social security | 454/9 | €300 | €1,380 | +€1,080 | +360.0% |
| Other amounts payable | 47/48 | €14,698 | €10,100 | -€4,598 | -31.3% |
| Accrued charges and deferred income | 492/3 | €1,749 | €2,822 | +€1,073 | +61.3% |
| Non-recurring operating income | 76A | - | €160,211 | +€160,211 | |
| Remuneration, social security and pensions | 62 | €3,510 | - | -€3,510 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,190 | €2,143 | -€2,047 | -48.9% |
| Other operating charges | 640/8 | €1,109 | €832 | -€277 | -25.0% |
| Non-recurring operating charges | 66A | - | €17,575 | +€17,575 | |
| Gross operating margin | 9900 | €60,278 | €156,552 | +€96,274 | +159.7% |
| Operating profit (loss) | 9901 | €51,469 | €136,002 | +€84,533 | +164.2% |
| Financial income | 75/76B | - | €1,985 | +€1,985 | |
| Recurring financial income | 75 | - | €1,985 | +€1,985 | |
| Financial charges | 65/66B | €1,842 | €3,443 | +€1,601 | +86.9% |
| Recurring financial charges | 65 | €1,842 | €3,443 | +€1,601 | +86.9% |
| Profit (loss) for the period before taxes | 9903 | €49,627 | €134,544 | +€84,917 | +171.1% |
| Transfer to deferred taxes | 680 | - | €11,376 | +€11,376 | |
| Income taxes | 67/77 | €11,490 | €26,472 | +€14,982 | +130.4% |
| Profit (loss) for the period | 9904 | €38,137 | €96,696 | +€58,559 | +153.5% |
| Transfer to tax-exempt reserves | 689 | - | €34,127 | +€34,127 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,137 | €62,569 | +€24,432 | +64.1% |
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 8 October 2026 via checked.be.