FOUR SEVENTY ONE: 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 SEVENTY ONE
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+70.3%), from €1.7m to €3.0m
of which Land and buildings: +€1.2m
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€63,426
up €63,426 (+135%), from €47,076 to €110,502
mainly Other debts (+€1.4m) and Depreciation (+€186,464)
- Other debts +€1.4m
up €1.4m (+95.4%), from €1.5m to €2.9m
- Profit (loss) carried forward -€213,407
down €213,407 (-107%), from -€199,383 to -€412,790
- Accrued charges and deferred income +€33,086
up €33,086 (+51.9%), from €63,753 to €96,839
- Depreciation +€94,843
up €94,843 (+104%), from €91,621 to €186,464
- Gross operating margin +€41,947
up €41,947 (+69.9%), from €59,969 to €101,916
- Other operating charges +€17,801
up €17,801 (+31.0%), from €57,368 to €75,169
- Financial charges +€2,641
up €2,641 (+4.4%), from €59,530 to €62,172
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 | €1,976,501 | €3,194,783 | +€1.2m | +61.6% |
| Fixed assets | 21/28 | €1,822,944 | €3,070,674 | +€1.2m | +68.4% |
| Tangible fixed assets | 22/27 | €1,739,122 | €2,961,286 | +€1.2m | +70.3% |
| Land and buildings | 22 | €1,523,545 | €2,753,487 | +€1.2m | +80.7% |
| Plant, machinery and equipment | 23 | €68,250 | €67,842 | -€407 | -0.6% |
| Furniture and vehicles | 24 | €111,010 | €101,439 | -€9,571 | -8.6% |
| Other tangible fixed assets | 26 | - | €2,200 | +€2,200 | |
| Assets under construction and advance payments | 27 | €36,318 | €36,318 | = | 0.0% |
| Financial fixed assets | 28 | €83,822 | €109,388 | +€25,566 | +30.5% |
| Current assets | 29/58 | €153,558 | €124,109 | -€29,448 | -19.2% |
| Amounts receivable within one year | 40/41 | €2,360 | €13,007 | +€10,647 | +451% |
| Trade receivables | 40 | €364 | €12,149 | +€11,785 | +3,235% |
| Other amounts receivable | 41 | €1,996 | €858 | -€1,137 | -57.0% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €47,076 | €110,502 | +€63,426 | +135% |
| Deferred charges and accrued income | 490/1 | €4,122 | €600 | -€3,522 | -85.4% |
| Total equity and liabilities | 10/49 | €1,976,501 | €3,194,783 | +€1.2m | +61.6% |
| Equity | 10/15 | €324,152 | €104,930 | -€219,222 | -67.6% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €223,535 | €217,720 | -€5,815 | -2.6% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €123,992 | €118,177 | -€5,815 | -4.7% |
| Distributable reserves | 133 | €69,543 | €69,543 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€199,383 | -€412,790 | -€213,407 | -107% |
| Provisions and deferred taxes | 16 | €41,331 | €39,392 | -€1,938 | -4.7% |
| Deferred taxes | 168 | €41,331 | €39,392 | -€1,938 | -4.7% |
| Amounts payable | 17/49 | €1,611,018 | €3,050,461 | +€1.4m | +89.3% |
| Amounts payable within one year | 42/48 | €1,547,265 | €2,953,622 | +€1.4m | +90.9% |
| Trade debts | 44 | €60,860 | €57,710 | -€3,151 | -5.2% |
| Suppliers | 440/4 | €60,860 | €57,710 | -€3,151 | -5.2% |
| Taxes, remuneration and social security | 45 | €6,778 | €5,394 | -€1,384 | -20.4% |
| Taxes | 450/3 | €6,778 | €5,394 | -€1,384 | -20.4% |
| Other amounts payable | 47/48 | €1,479,627 | €2,890,518 | +€1.4m | +95.4% |
| Accrued charges and deferred income | 492/3 | €63,753 | €96,839 | +€33,086 | +51.9% |
| Non-recurring operating income | 76A | - | €2,366 | +€2,366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,621 | €186,464 | +€94,843 | +104% |
| Other operating charges | 640/8 | €57,368 | €75,169 | +€17,801 | +31.0% |
| Gross operating margin | 9900 | €59,969 | €101,916 | +€41,947 | +69.9% |
| Operating profit (loss) | 9901 | -€89,019 | -€159,717 | -€70,697 | -79.4% |
| Financial income | 75/76B | €771 | €728 | -€43 | -5.6% |
| Recurring financial income | 75 | €771 | €728 | -€43 | -5.6% |
| Financial charges | 65/66B | €59,530 | €62,172 | +€2,641 | +4.4% |
| Recurring financial charges | 65 | €59,530 | €62,172 | +€2,641 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | -€147,779 | -€221,161 | -€73,382 | -49.7% |
| Transfer from deferred taxes | 780 | €1,938 | €1,938 | = | 0.0% |
| Income taxes | 67/77 | €163 | - | -€163 | |
| Profit (loss) for the period | 9904 | -€146,003 | -€219,222 | -€73,219 | -50.1% |
| Transfer from tax-exempt reserves | 789 | €5,815 | €5,815 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€140,188 | -€213,407 | -€73,219 | -52.2% |
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 17 October 2026 via checked.be.