Four C: what changed
Four C
Largest movements
- Receivables within one year -€50,131
down €50,131 (-43.3%), from €115,734 to €65,603
of which Trade receivables: -€44,650
- Cash -€39,854
down €39,854 (-70.0%), from €56,941 to €17,087
mainly Contributions, distributions and other (-€140,000) and Investment in fixed assets (net) (-€20,817)
- Tangible fixed assets +€11,710
up €11,710 (+76.1%), from €15,389 to €27,099
of which Other tangible fixed assets: +€15,366
- Deferred charges and accrued income -€10,938
down €10,938 (-79.4%), from €13,768 to €2,831
- Reserves -€105,826
down €105,826 (-73.6%), from €143,691 to €37,865
of which Distributable reserves: -€105,826
- Other debts +€33,041
new in 2026: €33,041
- Trade debts -€12,425
down €12,425 (-40.8%), from €30,483 to €18,057
- Tax, wage and social debts -€4,002
down €4,002 (-52.3%), from €7,659 to €3,657
- Gross operating margin +€54,260
up €54,260 (+184%), from €29,523 to €83,783
- Other operating charges +€15,532
up €15,532 (+259%), from €6,007 to €21,539
- Taxes +€10,890
up €10,890 (+153%), from €7,113 to €18,003
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,833 | €112,620 | -€89,212 | -44.2% |
| Fixed assets | 21/28 | €15,389 | €27,099 | +€11,710 | +76.1% |
| Tangible fixed assets | 22/27 | €15,389 | €27,099 | +€11,710 | +76.1% |
| Plant, machinery and equipment | 23 | €2,325 | €1,634 | -€691 | -29.7% |
| Furniture and vehicles | 24 | €6,657 | €3,692 | -€2,965 | -44.5% |
| Other tangible fixed assets | 26 | €6,407 | €21,774 | +€15,366 | +240% |
| Current assets | 29/58 | €186,443 | €85,521 | -€100,923 | -54.1% |
| Amounts receivable within one year | 40/41 | €115,734 | €65,603 | -€50,131 | -43.3% |
| Trade receivables | 40 | €73,600 | €28,949 | -€44,650 | -60.7% |
| Other amounts receivable | 41 | €42,134 | €36,653 | -€5,481 | -13.0% |
| Cash at bank and in hand | 54/58 | €56,941 | €17,087 | -€39,854 | -70.0% |
| Deferred charges and accrued income | 490/1 | €13,768 | €2,831 | -€10,938 | -79.4% |
| Total equity and liabilities | 10/49 | €201,833 | €112,620 | -€89,212 | -44.2% |
| Equity | 10/15 | €163,691 | €57,865 | -€105,826 | -64.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €143,691 | €37,865 | -€105,826 | -73.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €143,691 | €37,865 | -€105,826 | -73.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €38,142 | €54,756 | +€16,614 | +43.6% |
| Amounts payable within one year | 42/48 | €38,142 | €54,756 | +€16,614 | +43.6% |
| Trade debts | 44 | €30,483 | €18,057 | -€12,425 | -40.8% |
| Suppliers | 440/4 | €30,483 | €18,057 | -€12,425 | -40.8% |
| Taxes, remuneration and social security | 45 | €7,659 | €3,657 | -€4,002 | -52.3% |
| Taxes | 450/3 | €7,659 | €3,657 | -€4,002 | -52.3% |
| Other amounts payable | 47/48 | - | €33,041 | +€33,041 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,081 | €9,107 | +€26 | +0.3% |
| Other operating charges | 640/8 | €6,007 | €21,539 | +€15,532 | +259% |
| Gross operating margin | 9900 | €29,523 | €83,783 | +€54,260 | +184% |
| Operating profit (loss) | 9901 | €14,435 | €53,136 | +€38,702 | +268% |
| Financial income | 75/76B | €592 | €0 | -€592 | -100.0% |
| Recurring financial income | 75 | €592 | €0 | -€592 | -100.0% |
| Financial charges | 65/66B | €554 | €959 | +€405 | +73.0% |
| Recurring financial charges | 65 | €554 | €959 | +€405 | +73.0% |
| Profit (loss) for the period before taxes | 9903 | €14,473 | €52,177 | +€37,705 | +261% |
| Income taxes | 67/77 | €7,113 | €18,003 | +€10,890 | +153% |
| Profit (loss) for the period | 9904 | €7,359 | €34,174 | +€26,815 | +364% |
| Profit (loss) for the period to be appropriated | 9905 | €7,359 | €34,174 | +€26,815 | +364% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.