FACTOR4: 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.
FACTOR4
Largest movements
- Receivables within one year -€98,649
down €98,649 (-23.7%), from €415,550 to €316,901
of which Trade receivables: -€163,235
- Current investments -€85,602
down €85,602 (-29.5%), from €290,250 to €204,648
- Intangible fixed assets +€20,549
up €20,549 (+52.2%), from €39,331 to €59,880
- Financial fixed assets -€18,373
down €18,373 (-60.2%), from €30,519 to €12,146
- Tax, wage and social debts -€91,830
down €91,830 (-92.7%), from €99,074 to €7,244
of which Taxes: -€66,455
- Current portion of long-term debt -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Trade debts -€42,262
down €42,262 (-43.0%), from €98,218 to €55,956
- Other debts -€12,468
down €12,468 (-100.0%), from €12,468 to €0
- Gross operating margin -€80,836
down €80,836 (-48.4%), from €167,075 to €86,239
- Taxes -€27,304
down €27,304 (-95.3%), from €28,653 to €1,349
- Depreciation +€11,843
up €11,843 (+120.3%), from €9,845 to €21,688
- Staff costs +€7,370
up €7,370 (+13.3%), from €55,357 to €62,726
- Financial income +€3,733
up €3,733 (+109.2%), from €3,417 to €7,150
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 | €805,385 | €612,096 | -€193,289 | -24.0% |
| Fixed assets | 21/28 | €79,543 | €77,358 | -€2,185 | -2.7% |
| Intangible fixed assets | 21 | €39,331 | €59,880 | +€20,549 | +52.2% |
| Tangible fixed assets | 22/27 | €9,693 | €5,332 | -€4,362 | -45.0% |
| Plant, machinery and equipment | 23 | €3,546 | €4,205 | +€658 | +18.6% |
| Furniture and vehicles | 24 | €6,147 | €1,127 | -€5,020 | -81.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €30,519 | €12,146 | -€18,373 | -60.2% |
| Current assets | 29/58 | €725,842 | €534,738 | -€191,104 | -26.3% |
| Amounts receivable within one year | 40/41 | €415,550 | €316,901 | -€98,649 | -23.7% |
| Trade receivables | 40 | €385,884 | €222,648 | -€163,235 | -42.3% |
| Other amounts receivable | 41 | €29,666 | €94,253 | +€64,586 | +217.7% |
| Current investments | 50/53 | €290,250 | €204,648 | -€85,602 | -29.5% |
| Cash at bank and in hand | 54/58 | €9,732 | €4,384 | -€5,348 | -55.0% |
| Deferred charges and accrued income | 490/1 | €10,310 | €8,805 | -€1,505 | -14.6% |
| Total equity and liabilities | 10/49 | €805,385 | €612,096 | -€193,289 | -24.0% |
| Equity | 10/15 | €545,375 | €548,646 | +€3,271 | +0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €539,175 | €542,446 | +€3,271 | +0.6% |
| Distributable reserves | 133 | €539,175 | €542,446 | +€3,271 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €260,009 | €63,449 | -€196,560 | -75.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €259,759 | €63,199 | -€196,560 | -75.7% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €98,218 | €55,956 | -€42,262 | -43.0% |
| Suppliers | 440/4 | €98,218 | €55,956 | -€42,262 | -43.0% |
| Taxes, remuneration and social security | 45 | €99,074 | €7,244 | -€91,830 | -92.7% |
| Taxes | 450/3 | €70,714 | €4,259 | -€66,455 | -94.0% |
| Remuneration and social security | 454/9 | €28,360 | €2,984 | -€25,376 | -89.5% |
| Other amounts payable | 47/48 | €12,468 | €0 | -€12,468 | -100.0% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €55,357 | €62,726 | +€7,370 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,845 | €21,688 | +€11,843 | +120.3% |
| Other operating charges | 640/8 | €997 | €1,016 | +€19 | +1.9% |
| Non-recurring operating charges | 66A | €0 | €1,323 | +€1,323 | |
| Gross operating margin | 9900 | €167,075 | €86,239 | -€80,836 | -48.4% |
| Operating profit (loss) | 9901 | €100,876 | -€515 | -€101,390 | |
| Financial income | 75/76B | €3,417 | €7,150 | +€3,733 | +109.2% |
| Recurring financial income | 75 | €3,417 | €7,150 | +€3,733 | +109.2% |
| Financial charges | 65/66B | €1,171 | €2,016 | +€845 | +72.2% |
| Recurring financial charges | 65 | €1,171 | €2,016 | +€845 | +72.2% |
| Profit (loss) for the period before taxes | 9903 | €103,122 | €4,619 | -€98,503 | -95.5% |
| Income taxes | 67/77 | €28,653 | €1,349 | -€27,304 | -95.3% |
| Profit (loss) for the period | 9904 | €74,469 | €3,271 | -€71,198 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,469 | €3,271 | -€71,198 | -95.6% |
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 4 October 2026 via checked.be.