FOUR TUNES: 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 TUNES
Largest movements
- Tangible fixed assets -€26,442
down €26,442 (-10.0%), from €265,354 to €238,912
of which Other tangible fixed assets: -€21,377
- Receivables within one year +€8,459
up €8,459 (+17.3%), from €48,822 to €57,281
of which Other amounts receivable: +€14,322
- Cash +€8,165
up €8,165 (+2.9%), from €277,981 to €286,146
mainly Net result for the year (+€40,632) and Depreciation (+€30,138)
- Other debts -€50,967
down €50,967 (-96.7%), from €52,734 to €1,767
- Reserves +€40,000
up €40,000 (+19.3%), from €207,468 to €247,468
of which Distributable reserves: +€27,500
- Gross operating margin -€31,700
down €31,700 (-24.6%), from €128,737 to €97,037
- Taxes -€14,286
down €14,286 (-49.6%), from €28,827 to €14,541
- Depreciation +€2,279
up €2,279 (+8.2%), from €27,859 to €30,138
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 | €596,075 | €582,340 | -€13,735 | -2.3% |
| Fixed assets | 21/28 | €265,354 | €238,912 | -€26,442 | -10.0% |
| Tangible fixed assets | 22/27 | €265,354 | €238,912 | -€26,442 | -10.0% |
| Land and buildings | 22 | €197,903 | €189,407 | -€8,496 | -4.3% |
| Plant, machinery and equipment | 23 | - | €3,431 | +€3,431 | |
| Other tangible fixed assets | 26 | €67,451 | €46,074 | -€21,377 | -31.7% |
| Current assets | 29/58 | €330,721 | €343,427 | +€12,706 | +3.8% |
| Amounts receivable within one year | 40/41 | €48,822 | €57,281 | +€8,459 | +17.3% |
| Trade receivables | 40 | €14,672 | €8,809 | -€5,863 | -40.0% |
| Other amounts receivable | 41 | €34,150 | €48,472 | +€14,322 | +41.9% |
| Cash at bank and in hand | 54/58 | €277,981 | €286,146 | +€8,165 | +2.9% |
| Deferred charges and accrued income | 490/1 | €3,918 | €0 | -€3,918 | -100% |
| Total equity and liabilities | 10/49 | €596,075 | €582,340 | -€13,735 | -2.3% |
| Equity | 10/15 | €525,099 | €565,730 | +€40,631 | +7.7% |
| Contributions | 10/11 | €19,000 | €19,000 | +€0 | 0.0% |
| Reserves | 13 | €207,468 | €247,468 | +€40,000 | +19.3% |
| Non-distributable reserves | 130/1 | - | €12,500 | +€12,500 | |
| Reserves not available under the articles | 1311 | - | €12,500 | +€12,500 | |
| Distributable reserves | 133 | €207,468 | €234,968 | +€27,500 | +13.3% |
| Profit (loss) carried forward | 14 | €298,631 | €299,262 | +€631 | +0.2% |
| Amounts payable | 17/49 | €70,976 | €16,610 | -€54,366 | -76.6% |
| Amounts payable after more than one year | 17 | €809 | €467 | -€342 | -42.3% |
| Other amounts payable | 178/9 | €809 | €467 | -€342 | -42.3% |
| Amounts payable within one year | 42/48 | €70,039 | €16,143 | -€53,896 | -77.0% |
| Trade debts | 44 | €1,877 | €3,258 | +€1,381 | +73.6% |
| Suppliers | 440/4 | €1,877 | €3,258 | +€1,381 | +73.6% |
| Taxes, remuneration and social security | 45 | €15,428 | €11,118 | -€4,310 | -27.9% |
| Taxes | 450/3 | €15,428 | €11,118 | -€4,310 | -27.9% |
| Other amounts payable | 47/48 | €52,734 | €1,767 | -€50,967 | -96.7% |
| Accrued charges and deferred income | 492/3 | €128 | - | -€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,859 | €30,138 | +€2,279 | +8.2% |
| Other operating charges | 640/8 | €12,718 | €11,476 | -€1,242 | -9.8% |
| Gross operating margin | 9900 | €128,737 | €97,037 | -€31,700 | -24.6% |
| Operating profit (loss) | 9901 | €88,160 | €55,423 | -€32,737 | -37.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €694 | €250 | -€444 | -64.0% |
| Recurring financial charges | 65 | €694 | €250 | -€444 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €87,466 | €55,173 | -€32,293 | -36.9% |
| Income taxes | 67/77 | €28,827 | €14,541 | -€14,286 | -49.6% |
| Profit (loss) for the period | 9904 | €58,639 | €40,632 | -€18,007 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,639 | €40,632 | -€18,007 | -30.7% |
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 24 October 2026 via checked.be.