FOUR FIVE: 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.
FOUR FIVE
Largest movements
- Cash +€6,685
up €6,685 (+43.3%), from €15,427 to €22,113
mainly Net result for the year (+€8,293) and Depreciation (+€6,011)
- Profit (loss) carried forward +€12,148
up €12,148 (+60.7%), from €20,013 to €32,161
- Other debts -€8,546
down €8,546 (-14.6%), from €58,397 to €49,852
- Financial charges -€3,605
down €3,605 (-24.9%), from €14,480 to €10,875
- Gross operating margin -€1,120
down €1,120 (-3.4%), from €33,255 to €32,135
- Taxes +€620
up €620 (+17.9%), from €3,464 to €4,084
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 | €527,903 | €530,221 | +€2,319 | +0.4% |
| Fixed assets | 21/28 | €409,823 | €405,458 | -€4,365 | -1.1% |
| Tangible fixed assets | 22/27 | €409,823 | €405,458 | -€4,365 | -1.1% |
| Other tangible fixed assets | 26 | €409,823 | €405,458 | -€4,365 | -1.1% |
| Current assets | 29/58 | €118,080 | €124,764 | +€6,684 | +5.7% |
| Amounts receivable within one year | 40/41 | €102,627 | €101,000 | -€1,627 | -1.6% |
| Trade receivables | 40 | €1,591 | - | -€1,591 | |
| Other amounts receivable | 41 | €101,036 | €101,000 | -€36 | 0.0% |
| Cash at bank and in hand | 54/58 | €15,427 | €22,113 | +€6,685 | +43.3% |
| Deferred charges and accrued income | 490/1 | €26 | €1,651 | +€1,625 | +6374.4% |
| Total equity and liabilities | 10/49 | €527,903 | €530,221 | +€2,319 | +0.4% |
| Equity | 10/15 | €258,747 | €267,040 | +€8,293 | +3.2% |
| Contributions | 10/11 | €138,635 | €138,635 | = | 0.0% |
| Reserves | 13 | €100,099 | €96,244 | -€3,855 | -3.9% |
| Tax-exempt reserves | 132 | €67,420 | €63,565 | -€3,855 | -5.7% |
| Distributable reserves | 133 | €32,679 | €32,679 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,013 | €32,161 | +€12,148 | +60.7% |
| Provisions and deferred taxes | 16 | €25,640 | €24,021 | -€1,619 | -6.3% |
| Deferred taxes | 168 | €25,640 | €24,021 | -€1,619 | -6.3% |
| Amounts payable | 17/49 | €243,516 | €239,161 | -€4,355 | -1.8% |
| Amounts payable after more than one year | 17 | €180,000 | €180,000 | = | 0.0% |
| Other amounts payable | 178/9 | €180,000 | €180,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €63,234 | €58,268 | -€4,966 | -7.9% |
| Trade debts | 44 | €506 | €261 | -€245 | -48.4% |
| Suppliers | 440/4 | €506 | €261 | -€245 | -48.4% |
| Taxes, remuneration and social security | 45 | €4,331 | €8,155 | +€3,824 | +88.3% |
| Taxes | 450/3 | €4,331 | €8,155 | +€3,824 | +88.3% |
| Other amounts payable | 47/48 | €58,397 | €49,852 | -€8,546 | -14.6% |
| Accrued charges and deferred income | 492/3 | €282 | €893 | +€611 | +216.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,997 | €6,011 | +€14 | +0.2% |
| Other operating charges | 640/8 | €4,396 | €4,491 | +€95 | +2.2% |
| Gross operating margin | 9900 | €33,255 | €32,135 | -€1,120 | -3.4% |
| Operating profit (loss) | 9901 | €22,862 | €21,633 | -€1,229 | -5.4% |
| Financial charges | 65/66B | €14,480 | €10,875 | -€3,605 | -24.9% |
| Recurring financial charges | 65 | €14,480 | €10,875 | -€3,605 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €8,382 | €10,758 | +€2,376 | +28.3% |
| Transfer from deferred taxes | 780 | €1,619 | €1,619 | = | 0.0% |
| Income taxes | 67/77 | €3,464 | €4,084 | +€620 | +17.9% |
| Profit (loss) for the period | 9904 | €6,538 | €8,293 | +€1,755 | +26.9% |
| Transfer from tax-exempt reserves | 789 | €3,855 | €3,855 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,392 | €12,148 | +€1,755 | +16.9% |
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 7 October 2026 via checked.be.