E4B: what changed
Two financial 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.
E4B
Largest movements
- Receivables within one year -€703,297
down €703,297 (-35.1%), from €2.0m to €1.3m
of which Other amounts receivable: -€671,423
- Deferred charges and accrued income -€249,873
no longer reported in 2025 (was €249,873)
- Cash +€239,671
up €239,671 (+554%), from €43,299 to €282,970
mainly Receivables within one year (+€703,297) and Net result for the year (+€421,777)
- Debts after one year -€1.1m
down €1.1m (-31.6%), from €3.3m to €2.3m
- Reserves +€421,777
up €421,777 (+25.9%), from €1.6m to €2.0m
of which Distributable reserves: +€421,777
- Tax, wage and social debts -€77,334
no longer reported in 2025 (was €77,334)
of which Taxes: -€74,334
- Gross operating margin -€172,049
down €172,049 (-23.6%), from €727,687 to €555,638
- Taxes -€45,727
down €45,727 (-25.8%), from €177,334 to €131,608
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.
Derived cash bridge
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 | €5,141,071 | €4,424,809 | -€716,262 | -13.9% |
| Fixed assets | 21/28 | €2,831,615 | €2,828,853 | -€2,763 | -0.1% |
| Tangible fixed assets | 22/27 | €6,615 | €3,853 | -€2,763 | -41.8% |
| Furniture and vehicles | 24 | €6,615 | €3,853 | -€2,763 | -41.8% |
| Financial fixed assets | 28 | €2,825,000 | €2,825,000 | = | 0.0% |
| Current assets | 29/58 | €2,309,455 | €1,595,956 | -€713,499 | -30.9% |
| Amounts receivable within one year | 40/41 | €2,003,520 | €1,300,223 | -€703,297 | -35.1% |
| Trade receivables | 40 | €51,874 | €20,000 | -€31,874 | -61.4% |
| Other amounts receivable | 41 | €1,951,646 | €1,280,223 | -€671,423 | -34.4% |
| Current investments | 50/53 | €12,763 | €12,763 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,299 | €282,970 | +€239,671 | +554% |
| Deferred charges and accrued income | 490/1 | €249,873 | - | -€249,873 | |
| Total equity and liabilities | 10/49 | €5,141,071 | €4,424,809 | -€716,262 | -13.9% |
| Equity | 10/15 | €1,707,373 | €2,129,150 | +€421,777 | +24.7% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €1,627,373 | €2,049,150 | +€421,777 | +25.9% |
| Tax-exempt reserves | 132 | €568,350 | €568,350 | = | 0.0% |
| Distributable reserves | 133 | €1,059,023 | €1,480,800 | +€421,777 | +39.8% |
| Amounts payable | 17/49 | €3,433,698 | €2,295,658 | -€1.1m | -33.1% |
| Amounts payable after more than one year | 17 | €3,347,147 | €2,290,297 | -€1.1m | -31.6% |
| Financial debts | 170/4 | €3,347,147 | €2,290,297 | -€1.1m | -31.6% |
| Amounts payable within one year | 42/48 | €80,550 | €5,361 | -€75,189 | -93.3% |
| Trade debts | 44 | €1,516 | €3,962 | +€2,446 | +161% |
| Suppliers | 440/4 | €1,516 | €3,962 | +€2,446 | +161% |
| Taxes, remuneration and social security | 45 | €77,334 | - | -€77,334 | |
| Taxes | 450/3 | €74,334 | - | -€74,334 | |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €1,700 | €1,399 | -€301 | -17.7% |
| Accrued charges and deferred income | 492/3 | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,679 | €2,763 | +€83 | +3.1% |
| Other operating charges | 640/8 | €1,436 | €1,224 | -€212 | -14.8% |
| Gross operating margin | 9900 | €727,687 | €555,638 | -€172,049 | -23.6% |
| Operating profit (loss) | 9901 | €723,571 | €551,651 | -€171,920 | -23.8% |
| Financial income | 75/76B | €2,905 | €1,841 | -€1,064 | -36.6% |
| Recurring financial income | 75 | €2,905 | €1,841 | -€1,064 | -36.6% |
| Financial charges | 65/66B | €117 | €107 | -€10 | -8.7% |
| Recurring financial charges | 65 | €117 | €107 | -€10 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €726,360 | €553,385 | -€172,975 | -23.8% |
| Income taxes | 67/77 | €177,334 | €131,608 | -€45,727 | -25.8% |
| Profit (loss) for the period | 9904 | €549,025 | €421,777 | -€127,248 | -23.2% |
| Transfer to tax-exempt reserves | 689 | €421,000 | - | -€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,025 | €421,777 | +€293,752 | +229% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.