Four-C: 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.
Four-C
Largest movements
- Current investments +€100,000
up €100,000 (+66.7%), from €150,000 to €250,000
- Cash -€51,213
down €51,213 (-54.7%), from €93,638 to €42,426
mainly Current investments (-€100,000) and Contributions, distributions and other (-€10,000)
- Receivables within one year -€9,409
down €9,409 (-32.6%), from €28,878 to €19,469
of which Trade receivables: -€13,077
- Tangible fixed assets -€3,871
down €3,871 (-16.9%), from €22,892 to €19,022
of which Furniture and vehicles: -€3,819
- Reserves +€16,333
up €16,333 (+6.3%), from €258,169 to €274,502
- Other debts +€9,500
up €9,500, from €0 to €9,500
- Tax, wage and social debts +€7,927
up €7,927 (+74.1%), from €10,701 to €18,628
- Gross operating margin -€32,750
down €32,750 (-39.3%), from €83,231 to €50,481
- Financial income +€2,198
up €2,198 (+205%), from €1,073 to €3,271
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 | €297,867 | €333,351 | +€35,484 | +11.9% |
| Fixed assets | 21/28 | €22,892 | €19,022 | -€3,871 | -16.9% |
| Tangible fixed assets | 22/27 | €22,892 | €19,022 | -€3,871 | -16.9% |
| Land and buildings | 22 | €1,394 | €1,342 | -€52 | -3.7% |
| Furniture and vehicles | 24 | €21,499 | €17,680 | -€3,819 | -17.8% |
| Current assets | 29/58 | €274,975 | €314,330 | +€39,355 | +14.3% |
| Amounts receivable within one year | 40/41 | €28,878 | €19,469 | -€9,409 | -32.6% |
| Trade receivables | 40 | €25,265 | €12,188 | -€13,077 | -51.8% |
| Other amounts receivable | 41 | €3,614 | €7,281 | +€3,668 | +101% |
| Current investments | 50/53 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €93,638 | €42,426 | -€51,213 | -54.7% |
| Deferred charges and accrued income | 490/1 | €2,459 | €2,435 | -€24 | -1.0% |
| Total equity and liabilities | 10/49 | €297,867 | €333,351 | +€35,484 | +11.9% |
| Equity | 10/15 | €278,834 | €295,167 | +€16,333 | +5.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €258,169 | €274,502 | +€16,333 | +6.3% |
| Distributable reserves | 133 | €258,169 | €274,502 | +€16,333 | +6.3% |
| Profit (loss) carried forward | 14 | €13,664 | €13,664 | = | 0.0% |
| Amounts payable | 17/49 | €19,034 | €38,184 | +€19,150 | +101% |
| Amounts payable within one year | 42/48 | €19,034 | €38,184 | +€19,150 | +101% |
| Financial debts | 43 | €427 | €354 | -€73 | -17.1% |
| Credit institutions | 430/8 | €427 | €354 | -€73 | -17.1% |
| Trade debts | 44 | €7,906 | €9,702 | +€1,796 | +22.7% |
| Suppliers | 440/4 | €7,906 | €9,702 | +€1,796 | +22.7% |
| Taxes, remuneration and social security | 45 | €10,701 | €18,628 | +€7,927 | +74.1% |
| Taxes | 450/3 | €10,701 | €18,628 | +€7,927 | +74.1% |
| Other amounts payable | 47/48 | €0 | €9,500 | +€9,500 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,932 | €3,871 | -€61 | -1.6% |
| Other operating charges | 640/8 | €362 | €369 | +€7 | +2.0% |
| Gross operating margin | 9900 | €83,231 | €50,481 | -€32,750 | -39.3% |
| Operating profit (loss) | 9901 | €78,937 | €46,241 | -€32,696 | -41.4% |
| Financial income | 75/76B | €1,073 | €3,271 | +€2,198 | +205% |
| Recurring financial income | 75 | €1,073 | €3,271 | +€2,198 | +205% |
| Financial charges | 65/66B | €146 | €84 | -€62 | -42.5% |
| Recurring financial charges | 65 | €146 | €84 | -€62 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €79,863 | €49,428 | -€30,435 | -38.1% |
| Income taxes | 67/77 | €23,750 | €23,095 | -€656 | -2.8% |
| Profit (loss) for the period | 9904 | €56,113 | €26,333 | -€29,779 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,113 | €26,333 | -€29,779 | -53.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.