FOUR FEATHERS: 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 FEATHERS
Largest movements
- Tangible fixed assets -€20,096
down €20,096 (-1.8%), from €1.1m to €1.1m
- Debts after one year -€37,910
down €37,910 (-5.6%), from €676,842 to €638,932
of which Financial debts: -€47,857
- Profit (loss) carried forward +€23,664
no longer reported in 2025 (was -€23,664)
- Depreciation -€35,609
down €35,609 (-63.9%), from €55,704 to €20,096
- Gross operating margin +€26,416
up €26,416 (+44.3%), from €59,668 to €86,084
- Financial charges +€5,410
up €5,410 (+25.8%), from €20,956 to €26,366
- Taxes +€3,586
up €3,586, from €0 to €3,586
- Other operating charges +€1,931
up €1,931 (+28.7%), from €6,741 to €8,672
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 | €1,096,876 | €1,082,214 | -€14,662 | -1.3% |
| Fixed assets | 21/28 | €1,086,391 | €1,066,295 | -€20,096 | -1.8% |
| Tangible fixed assets | 22/27 | €1,086,391 | €1,066,295 | -€20,096 | -1.8% |
| Land and buildings | 22 | €1,086,391 | €1,066,295 | -€20,096 | -1.8% |
| Current assets | 29/58 | €10,485 | €15,919 | +€5,434 | +51.8% |
| Amounts receivable within one year | 40/41 | €3,000 | €3,000 | = | 0.0% |
| Other amounts receivable | 41 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,819 | €12,207 | +€5,388 | +79.0% |
| Deferred charges and accrued income | 490/1 | €665 | €711 | +€46 | +6.9% |
| Total equity and liabilities | 10/49 | €1,096,876 | €1,082,214 | -€14,662 | -1.3% |
| Equity | 10/15 | €10,455 | €37,819 | +€27,364 | +261.7% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €27,619 | €31,319 | +€3,701 | +13.4% |
| Non-distributable reserves | 130/1 | €1,210 | €1,210 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,210 | €1,210 | = | 0.0% |
| Distributable reserves | 133 | €26,409 | €30,109 | +€3,701 | +14.0% |
| Profit (loss) carried forward | 14 | -€23,664 | - | +€23,664 | |
| Amounts payable | 17/49 | €1,086,421 | €1,044,394 | -€42,026 | -3.9% |
| Amounts payable after more than one year | 17 | €676,842 | €638,932 | -€37,910 | -5.6% |
| Financial debts | 170/4 | €676,842 | €628,985 | -€47,857 | -7.1% |
| Other amounts payable | 178/9 | - | €9,948 | +€9,948 | |
| Amounts payable within one year | 42/48 | €409,579 | €405,462 | -€4,117 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €40,489 | €42,584 | +€2,095 | +5.2% |
| Trade debts | 44 | €50 | €99 | +€49 | +98.1% |
| Suppliers | 440/4 | €50 | €99 | +€49 | +98.1% |
| Taxes, remuneration and social security | 45 | €4,309 | €4,114 | -€196 | -4.5% |
| Taxes | 450/3 | €4,309 | €4,114 | -€196 | -4.5% |
| Other amounts payable | 47/48 | €364,731 | €358,666 | -€6,065 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,704 | €20,096 | -€35,609 | -63.9% |
| Other operating charges | 640/8 | €6,741 | €8,672 | +€1,931 | +28.7% |
| Gross operating margin | 9900 | €59,668 | €86,084 | +€26,416 | +44.3% |
| Operating profit (loss) | 9901 | -€2,777 | €57,316 | +€60,093 | |
| Financial income | 75/76B | €70 | - | -€70 | |
| Recurring financial income | 75 | €70 | - | -€70 | |
| Financial charges | 65/66B | €20,956 | €26,366 | +€5,410 | +25.8% |
| Recurring financial charges | 65 | €20,956 | €26,366 | +€5,410 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,664 | €30,950 | +€54,614 | |
| Income taxes | 67/77 | €0 | €3,586 | +€3,586 | |
| Profit (loss) for the period | 9904 | -€23,664 | €27,364 | +€51,028 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,664 | €27,364 | +€51,028 |
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 12 October 2026 via checked.be.