e4h: 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.
e4h
Largest movements
- Receivables within one year +€51,136
up €51,136 (+84.8%), from €60,297 to €111,433
of which Other amounts receivable: +€55,438
- Financial fixed assets -€8,000
down €8,000 (-100.0%), from €8,000 to €0
- Cash +€7,444
up €7,444 (+81.9%), from €9,091 to €16,535
mainly Net result for the year (+€41,943) and Tax, wage and social debts (+€18,845)
- Tangible fixed assets -€3,251
down €3,251 (-12.3%), from €26,533 to €23,282
of which Other tangible fixed assets: -€2,086
- Deferred charges and accrued income +€1,563
up €1,563, from €0 to €1,563
- Reserves +€41,943
up €41,943 (+234.9%), from €17,855 to €59,799
- Tax, wage and social debts +€18,845
up €18,845 (+192.0%), from €9,814 to €28,659
of which Taxes: +€18,747
- Trade debts -€16,008
down €16,008 (-87.4%), from €18,322 to €2,314
- Advances received +€12,100
new in 2025: €12,100
- Debts after one year -€9,995
down €9,995 (-57.1%), from €17,510 to €7,515
- Financial income +€50,889
up €50,889 (+2632.7%), from €1,933 to €52,822
of which Non-recurring financial income: +€50,703
- Taxes +€18,777
up €18,777 (+1727.5%), from €1,087 to €19,863
- Gross operating margin +€13,317
up €13,317 (+46.2%), from €28,844 to €42,161
- Financial charges +€562
up €562 (+62.9%), from €894 to €1,456
- Staff costs +€546
up €546 (+2.1%), from €26,605 to €27,152
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 | €103,921 | €152,813 | +€48,892 | +47.0% |
| Fixed assets | 21/28 | €34,533 | €23,282 | -€11,251 | -32.6% |
| Tangible fixed assets | 22/27 | €26,533 | €23,282 | -€3,251 | -12.3% |
| Plant, machinery and equipment | 23 | €184 | €24 | -€160 | -87.0% |
| Furniture and vehicles | 24 | €4,301 | €3,296 | -€1,005 | -23.4% |
| Other tangible fixed assets | 26 | €22,047 | €19,962 | -€2,086 | -9.5% |
| Financial fixed assets | 28 | €8,000 | €0 | -€8,000 | -100.0% |
| Current assets | 29/58 | €69,389 | €129,531 | +€60,142 | +86.7% |
| Amounts receivable within one year | 40/41 | €60,297 | €111,433 | +€51,136 | +84.8% |
| Trade receivables | 40 | €26,919 | €22,616 | -€4,302 | -16.0% |
| Other amounts receivable | 41 | €33,379 | €88,817 | +€55,438 | +166.1% |
| Cash at bank and in hand | 54/58 | €9,091 | €16,535 | +€7,444 | +81.9% |
| Deferred charges and accrued income | 490/1 | €0 | €1,563 | +€1,563 | |
| Total equity and liabilities | 10/49 | €103,921 | €152,813 | +€48,892 | +47.0% |
| Equity | 10/15 | €36,455 | €78,399 | +€41,943 | +115.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,855 | €59,799 | +€41,943 | +234.9% |
| Distributable reserves | 133 | €17,855 | €59,799 | +€41,943 | +234.9% |
| Amounts payable | 17/49 | €67,466 | €74,414 | +€6,948 | +10.3% |
| Amounts payable after more than one year | 17 | €17,510 | €7,515 | -€9,995 | -57.1% |
| Financial debts | 170/4 | €17,510 | €7,515 | -€9,995 | -57.1% |
| Amounts payable within one year | 42/48 | €49,956 | €66,757 | +€16,801 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €9,818 | €9,995 | +€177 | +1.8% |
| Financial debts | 43 | €0 | €1,180 | +€1,180 | |
| Credit institutions | 430/8 | €0 | €1,180 | +€1,180 | |
| Trade debts | 44 | €18,322 | €2,314 | -€16,008 | -87.4% |
| Suppliers | 440/4 | €18,322 | €2,314 | -€16,008 | -87.4% |
| Advances received on contracts in progress | 46 | - | €12,100 | +€12,100 | |
| Taxes, remuneration and social security | 45 | €9,814 | €28,659 | +€18,845 | +192.0% |
| Taxes | 450/3 | €6,503 | €25,250 | +€18,747 | +288.3% |
| Remuneration and social security | 454/9 | €3,311 | €3,409 | +€98 | +3.0% |
| Other amounts payable | 47/48 | €12,002 | €12,509 | +€507 | +4.2% |
| Accrued charges and deferred income | 492/3 | - | €142 | +€142 | |
| Remuneration, social security and pensions | 62 | €26,605 | €27,152 | +€546 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,972 | €3,251 | +€278 | +9.4% |
| Other operating charges | 640/8 | €1,124 | €1,318 | +€194 | +17.3% |
| Gross operating margin | 9900 | €28,844 | €42,161 | +€13,317 | +46.2% |
| Operating profit (loss) | 9901 | -€1,857 | €10,441 | +€12,298 | |
| Financial income | 75/76B | €1,933 | €52,822 | +€50,889 | +2632.7% |
| Recurring financial income | 75 | €1,933 | €2,119 | +€186 | +9.6% |
| Non-recurring financial income | 76B | - | €50,703 | +€50,703 | |
| Financial charges | 65/66B | €894 | €1,456 | +€562 | +62.9% |
| Recurring financial charges | 65 | €894 | €1,456 | +€562 | +62.9% |
| Profit (loss) for the period before taxes | 9903 | -€818 | €61,807 | +€62,625 | |
| Income taxes | 67/77 | €1,087 | €19,863 | +€18,777 | +1727.5% |
| Profit (loss) for the period | 9904 | -€1,905 | €41,943 | +€43,848 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,905 | €41,943 | +€43,848 |
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 7 October 2026 via checked.be.