F4E: 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.
F4E
Largest movements
- Receivables within one year +€63,778
up €63,778 (+15.8%), from €402,843 to €466,621
of which Trade receivables: +€63,778
- Cash +€4,908
up €4,908 (+91.0%), from €5,392 to €10,299
mainly Trade debts (+€41,262) and Other debts (+€18,000)
- Trade debts +€41,262
up €41,262 (+14.0%), from €295,075 to €336,338
- Other debts +€18,000
up €18,000 (+122.3%), from €14,720 to €32,720
- Profit (loss) carried forward +€7,299
up €7,299 (+264.6%), from €2,759 to €10,058
- Gross operating margin +€9,996
up €9,996, from -€744 to €9,252
- Financial income -€4,260
down €4,260 (-73.3%), from €5,813 to €1,553
of which Non-recurring financial income: -€5,813
- Taxes +€1,880
up €1,880 (+244.5%), from €769 to €2,650
- Other operating charges -€774
down €774 (-65.9%), from €1,174 to €400
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 | €408,235 | €476,920 | +€68,686 | +16.8% |
| Current assets | 29/58 | €408,235 | €476,920 | +€68,686 | +16.8% |
| Amounts receivable within one year | 40/41 | €402,843 | €466,621 | +€63,778 | +15.8% |
| Trade receivables | 40 | €400,986 | €464,764 | +€63,778 | +15.9% |
| Other amounts receivable | 41 | €1,856 | €1,856 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,392 | €10,299 | +€4,908 | +91.0% |
| Total equity and liabilities | 10/49 | €408,235 | €476,920 | +€68,686 | +16.8% |
| Equity | 10/15 | €92,821 | €100,120 | +€7,299 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,462 | €71,462 | = | 0.0% |
| 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 | €69,602 | €69,602 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,759 | €10,058 | +€7,299 | +264.6% |
| Amounts payable | 17/49 | €315,414 | €376,800 | +€61,386 | +19.5% |
| Amounts payable within one year | 42/48 | €311,090 | €372,476 | +€61,386 | +19.7% |
| Trade debts | 44 | €295,075 | €336,338 | +€41,262 | +14.0% |
| Suppliers | 440/4 | €295,075 | €336,338 | +€41,262 | +14.0% |
| Taxes, remuneration and social security | 45 | €1,295 | €3,419 | +€2,124 | +164.1% |
| Taxes | 450/3 | €1,295 | €3,419 | +€2,124 | +164.1% |
| Other amounts payable | 47/48 | €14,720 | €32,720 | +€18,000 | +122.3% |
| Accrued charges and deferred income | 492/3 | €4,324 | €4,324 | = | 0.0% |
| Other operating charges | 640/8 | €1,174 | €400 | -€774 | -65.9% |
| Gross operating margin | 9900 | -€744 | €9,252 | +€9,996 | |
| Operating profit (loss) | 9901 | -€1,918 | €8,852 | +€10,770 | |
| Financial income | 75/76B | €5,813 | €1,553 | -€4,260 | -73.3% |
| Recurring financial income | 75 | €5,813 | €1,553 | -€4,260 | -73.3% |
| Non-recurring financial income | 76B | €5,813 | - | -€5,813 | |
| Financial charges | 65/66B | €367 | €456 | +€90 | +24.4% |
| Recurring financial charges | 65 | €367 | €456 | +€90 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €3,528 | €9,949 | +€6,421 | +182.0% |
| Income taxes | 67/77 | €769 | €2,650 | +€1,880 | +244.5% |
| Profit (loss) for the period | 9904 | €2,759 | €7,299 | +€4,540 | +164.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,759 | €7,299 | +€4,540 | +164.6% |
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 29 September 2026 via checked.be.