E&M 4 PROJECTS: 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.
E&M 4 PROJECTS
Largest movements
- Tangible fixed assets -€31,510
down €31,510 (-3.9%), from €818,150 to €786,640
of which Land and buildings: -€28,576
- Other debts -€47,389
down €47,389 (-8.7%), from €543,354 to €495,965
- Profit (loss) carried forward +€17,347
up €17,347 (+77.2%), from €22,477 to €39,824
- Gross operating margin -€35,926
down €35,926 (-36.2%), from €99,151 to €63,225
- Taxes +€5,859
up €5,859 (+3109.4%), from €188 to €6,047
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €872,155 | €844,384 | -€27,771 | -3.2% |
| Fixed assets | 21/28 | €855,277 | €823,767 | -€31,510 | -3.7% |
| Tangible fixed assets | 22/27 | €818,150 | €786,640 | -€31,510 | -3.9% |
| Land and buildings | 22 | €800,656 | €772,080 | -€28,576 | -3.6% |
| Furniture and vehicles | 24 | €17,494 | €14,559 | -€2,935 | -16.8% |
| Financial fixed assets | 28 | €37,127 | €37,127 | = | 0.0% |
| Current assets | 29/58 | €16,878 | €20,617 | +€3,740 | +22.2% |
| Cash at bank and in hand | 54/58 | €16,702 | €20,436 | +€3,734 | +22.4% |
| Deferred charges and accrued income | 490/1 | €176 | €181 | +€6 | +3.2% |
| Total equity and liabilities | 10/49 | €872,155 | €844,384 | -€27,771 | -3.2% |
| Equity | 10/15 | €322,477 | €339,824 | +€17,347 | +5.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,477 | €39,824 | +€17,347 | +77.2% |
| Amounts payable | 17/49 | €549,677 | €504,560 | -€45,118 | -8.2% |
| Amounts payable within one year | 42/48 | €544,105 | €498,987 | -€45,118 | -8.3% |
| Trade debts | 44 | €562 | €975 | +€413 | +73.5% |
| Suppliers | 440/4 | €562 | €975 | +€413 | +73.5% |
| Taxes, remuneration and social security | 45 | €188 | €2,047 | +€1,859 | +986.5% |
| Taxes | 450/3 | €188 | €2,047 | +€1,859 | +986.5% |
| Other amounts payable | 47/48 | €543,354 | €495,965 | -€47,389 | -8.7% |
| Accrued charges and deferred income | 492/3 | €5,573 | €5,573 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,510 | €31,510 | = | 0.0% |
| Other operating charges | 640/8 | €8,027 | €8,280 | +€253 | +3.2% |
| Gross operating margin | 9900 | €99,151 | €63,225 | -€35,926 | -36.2% |
| Operating profit (loss) | 9901 | €59,613 | €23,434 | -€36,179 | -60.7% |
| Financial charges | 65/66B | €44 | €40 | -€4 | -8.5% |
| Recurring financial charges | 65 | €44 | €40 | -€4 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €59,570 | €23,394 | -€36,175 | -60.7% |
| Income taxes | 67/77 | €188 | €6,047 | +€5,859 | +3109.4% |
| Profit (loss) for the period | 9904 | €59,381 | €17,347 | -€42,034 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,381 | €17,347 | -€42,034 | -70.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.