Four Eyes: 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 Eyes
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Receivables within one year +€154,480
up €154,480 (+56.7%), from €272,286 to €426,766
of which Trade receivables: +€114,623
- Cash -€81,978
down €81,978 (-78.3%), from €104,709 to €22,731
mainly Current investments (-€200,000) and Receivables within one year (-€154,480)
- Intangible fixed assets -€37,029
down €37,029 (-66.8%), from €55,391 to €18,362
- Tangible fixed assets +€9,637
up €9,637 (+115%), from €8,369 to €18,006
of which Plant, machinery and equipment: +€6,045
- Trade debts +€267,602
up €267,602 (+151%), from €177,562 to €445,164
- Tax, wage and social debts +€24,839
up €24,839 (+31.8%), from €78,048 to €102,887
of which Remuneration and social security: +€24,839
- Reserves -€19,742
down €19,742 (-35.0%), from €56,417 to €36,675
- Debts after one year -€16,539
down €16,539 (-20.3%), from €81,339 to €64,800
- Current portion of long-term debt -€11,668
down €11,668 (-41.4%), from €28,207 to €16,539
- Staff costs +€112,727
up €112,727 (+31.6%), from €356,921 to €469,648
- Gross operating margin +€89,347
up €89,347 (+17.2%), from €519,348 to €608,695
- Write-downs -€8,346
down €8,346 (-59.9%), from €13,933 to €5,587
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 | €462,145 | €709,893 | +€247,748 | +53.6% |
| Fixed assets | 21/28 | €73,510 | €46,243 | -€27,267 | -37.1% |
| Intangible fixed assets | 21 | €55,391 | €18,362 | -€37,029 | -66.8% |
| Tangible fixed assets | 22/27 | €8,369 | €18,006 | +€9,637 | +115% |
| Plant, machinery and equipment | 23 | €3,866 | €9,911 | +€6,045 | +156% |
| Furniture and vehicles | 24 | €4,504 | €8,096 | +€3,592 | +79.8% |
| Financial fixed assets | 28 | €9,750 | €9,875 | +€125 | +1.3% |
| Current assets | 29/58 | €388,635 | €663,650 | +€275,014 | +70.8% |
| Amounts receivable within one year | 40/41 | €272,286 | €426,766 | +€154,480 | +56.7% |
| Trade receivables | 40 | €269,869 | €384,491 | +€114,623 | +42.5% |
| Other amounts receivable | 41 | €2,417 | €42,275 | +€39,858 | +1,649% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €104,709 | €22,731 | -€81,978 | -78.3% |
| Deferred charges and accrued income | 490/1 | €11,640 | €14,153 | +€2,512 | +21.6% |
| Total equity and liabilities | 10/49 | €462,145 | €709,893 | +€247,748 | +53.6% |
| Equity | 10/15 | €76,417 | €56,675 | -€19,742 | -25.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €56,417 | €36,675 | -€19,742 | -35.0% |
| Distributable reserves | 133 | €56,417 | €36,675 | -€19,742 | -35.0% |
| Amounts payable | 17/49 | €385,728 | €653,218 | +€267,490 | +69.3% |
| Amounts payable after more than one year | 17 | €81,339 | €64,800 | -€16,539 | -20.3% |
| Financial debts | 170/4 | €81,339 | €64,800 | -€16,539 | -20.3% |
| Amounts payable within one year | 42/48 | €304,389 | €588,418 | +€284,028 | +93.3% |
| Current portion of amounts payable after more than one year | 42 | €28,207 | €16,539 | -€11,668 | -41.4% |
| Financial debts | 43 | €2,565 | €2,834 | +€270 | +10.5% |
| Credit institutions | 430/8 | €2,565 | €2,834 | +€270 | +10.5% |
| Trade debts | 44 | €177,562 | €445,164 | +€267,602 | +151% |
| Suppliers | 440/4 | €177,562 | €445,164 | +€267,602 | +151% |
| Taxes, remuneration and social security | 45 | €78,048 | €102,887 | +€24,839 | +31.8% |
| Taxes | 450/3 | €6,608 | €6,608 | = | 0.0% |
| Remuneration and social security | 454/9 | €71,440 | €96,279 | +€24,839 | +34.8% |
| Other amounts payable | 47/48 | €18,007 | €20,994 | +€2,987 | +16.6% |
| Remuneration, social security and pensions | 62 | €356,921 | €469,648 | +€112,727 | +31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,836 | €45,048 | +€5,212 | +13.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,933 | €5,587 | -€8,346 | -59.9% |
| Other operating charges | 640/8 | €535 | €1,000 | +€464 | +86.7% |
| Gross operating margin | 9900 | €519,348 | €608,695 | +€89,347 | +17.2% |
| Operating profit (loss) | 9901 | €108,123 | €87,413 | -€20,710 | -19.2% |
| Financial income | 75/76B | €544 | €2,045 | +€1,500 | +276% |
| Recurring financial income | 75 | €544 | €2,045 | +€1,500 | +276% |
| Financial charges | 65/66B | €2,507 | €2,320 | -€187 | -7.4% |
| Recurring financial charges | 65 | €2,507 | €2,320 | -€187 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €106,161 | €87,138 | -€19,023 | -17.9% |
| Income taxes | 67/77 | €31,737 | €29,469 | -€2,268 | -7.1% |
| Profit (loss) for the period | 9904 | €74,424 | €57,669 | -€16,755 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,424 | €57,669 | -€16,755 | -22.5% |
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 30 October 2026 via checked.be.