Four S: 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 S
Largest movements
- Financial fixed assets -€216,491
down €216,491 (-28.7%), from €754,019 to €537,528
- Cash -€17,992
down €17,992 (-37.6%), from €47,897 to €29,905
mainly Net result for the year (-€350,253) and Trade debts (-€2,104)
- Deferred charges and accrued income -€10,763
down €10,763 (-100.0%), from €10,763 to €0
- Profit (loss) carried forward -€350,253
down €350,253 (-5779.9%), from -€6,060 to -€356,313
- Other debts +€105,750
up €105,750 (+13.0%), from €811,154 to €916,904
- Financial charges +€346,021
up €346,021 (+213527.2%), from €162 to €346,183
of which Non-recurring financial charges: +€343,683
- Gross operating margin +€330
up €330 (+9.3%), from -€3,564 to -€3,234
- Financial income +€254
up €254 (+764.5%), from €33 to €287
- Other operating charges +€106
up €106 (+10.4%), from €1,018 to €1,123
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 | €814,041 | €567,433 | -€246,608 | -30.3% |
| Fixed assets | 21/28 | €754,019 | €537,528 | -€216,491 | -28.7% |
| Financial fixed assets | 28 | €754,019 | €537,528 | -€216,491 | -28.7% |
| Current assets | 29/58 | €60,022 | €29,905 | -€30,117 | -50.2% |
| Amounts receivable within one year | 40/41 | €1,361 | €0 | -€1,361 | -100.0% |
| Trade receivables | 40 | €1,028 | €0 | -€1,028 | -100.0% |
| Other amounts receivable | 41 | €333 | €0 | -€333 | -100.0% |
| Cash at bank and in hand | 54/58 | €47,897 | €29,905 | -€17,992 | -37.6% |
| Deferred charges and accrued income | 490/1 | €10,763 | €0 | -€10,763 | -100.0% |
| Total equity and liabilities | 10/49 | €814,041 | €567,433 | -€246,608 | -30.3% |
| Equity | 10/15 | €140 | -€350,113 | -€350,253 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,060 | -€356,313 | -€350,253 | -5779.9% |
| Amounts payable | 17/49 | €813,900 | €917,546 | +€103,646 | +12.7% |
| Amounts payable within one year | 42/48 | €813,900 | €917,546 | +€103,646 | +12.7% |
| Trade debts | 44 | €2,746 | €642 | -€2,104 | -76.6% |
| Suppliers | 440/4 | €2,746 | €642 | -€2,104 | -76.6% |
| Other amounts payable | 47/48 | €811,154 | €916,904 | +€105,750 | +13.0% |
| Other operating charges | 640/8 | €1,018 | €1,123 | +€106 | +10.4% |
| Gross operating margin | 9900 | -€3,564 | -€3,234 | +€330 | +9.3% |
| Operating profit (loss) | 9901 | -€4,582 | -€4,358 | +€224 | +4.9% |
| Financial income | 75/76B | €33 | €287 | +€254 | +764.5% |
| Recurring financial income | 75 | €33 | €287 | +€254 | +764.5% |
| Financial charges | 65/66B | €162 | €346,183 | +€346,021 | +213527.2% |
| Recurring financial charges | 65 | €162 | €2,500 | +€2,338 | +1442.7% |
| Non-recurring financial charges | 66B | - | €343,683 | +€343,683 | |
| Profit (loss) for the period before taxes | 9903 | -€4,711 | -€350,253 | -€345,542 | -7335.2% |
| Profit (loss) for the period | 9904 | -€4,711 | -€350,253 | -€345,542 | -7335.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,711 | -€350,253 | -€345,542 | -7335.2% |
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 2 October 2026 via checked.be.