FOUR WAY: 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 WAY
Largest movements
- Receivables within one year +€309,289
up €309,289 (+847.7%), from €36,485 to €345,774
of which Other amounts receivable: +€262,426
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Financial fixed assets -€198,385
down €198,385 (-16.7%), from €1.2m to €991,927
- Cash -€52,818
down €52,818 (-70.8%), from €74,652 to €21,834
mainly Receivables within one year (-€309,289) and Other debts (-€258,597)
- Other debts -€258,597
down €258,597 (-49.9%), from €517,978 to €259,381
- Reserves +€256,677
up €256,677 (+100.2%), from €256,257 to €512,935
of which Distributable reserves: +€227,207
- Debts after one year -€168,964
down €168,964 (-19.0%), from €889,592 to €720,628
of which Other amounts payable: -€120,000
- Trade debts +€37,338
up €37,338 (+5609.9%), from €666 to €38,004
- Gross operating margin +€65,650
up €65,650 (+25.7%), from €255,238 to €320,888
- Financial income +€59,720
up €59,720 (+16.2%), from €369,539 to €429,259
of which Non-recurring financial income: +€90,372
- Staff costs +€41,205
up €41,205 (+26.8%), from €153,698 to €194,903
- Taxes +€4,028
up €4,028 (+16.0%), from €25,225 to €29,253
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 | €1,843,231 | €1,698,675 | -€144,556 | -7.8% |
| Fixed assets | 21/28 | €1,429,527 | €1,219,943 | -€209,584 | -14.7% |
| Tangible fixed assets | 22/27 | €239,215 | €228,016 | -€11,199 | -4.7% |
| Land and buildings | 22 | €238,512 | €227,803 | -€10,709 | -4.5% |
| Furniture and vehicles | 24 | €703 | €213 | -€490 | -69.7% |
| Financial fixed assets | 28 | €1,190,312 | €991,927 | -€198,385 | -16.7% |
| Current assets | 29/58 | €413,704 | €478,733 | +€65,028 | +15.7% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,485 | €345,774 | +€309,289 | +847.7% |
| Trade receivables | 40 | €36,485 | €83,348 | +€46,863 | +128.4% |
| Other amounts receivable | 41 | €0 | €262,426 | +€262,426 | |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €74,652 | €21,834 | -€52,818 | -70.8% |
| Deferred charges and accrued income | 490/1 | €2,567 | €11,124 | +€8,557 | +333.3% |
| Total equity and liabilities | 10/49 | €1,843,231 | €1,698,675 | -€144,556 | -7.8% |
| Equity | 10/15 | €281,257 | €537,935 | +€256,677 | +91.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €256,257 | €512,935 | +€256,677 | +100.2% |
| Tax-exempt reserves | 132 | €25,260 | €54,730 | +€29,470 | +116.7% |
| Distributable reserves | 133 | €230,997 | €458,205 | +€227,207 | +98.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,561,973 | €1,160,740 | -€401,233 | -25.7% |
| Amounts payable after more than one year | 17 | €889,592 | €720,628 | -€168,964 | -19.0% |
| Financial debts | 170/4 | €299,592 | €250,628 | -€48,964 | -16.3% |
| Other amounts payable | 178/9 | €590,000 | €470,000 | -€120,000 | -20.3% |
| Amounts payable within one year | 42/48 | €670,828 | €438,559 | -€232,269 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €126,951 | €118,964 | -€7,987 | -6.3% |
| Trade debts | 44 | €666 | €38,004 | +€37,338 | +5609.9% |
| Suppliers | 440/4 | €666 | €38,004 | +€37,338 | +5609.9% |
| Taxes, remuneration and social security | 45 | €25,233 | €22,210 | -€3,023 | -12.0% |
| Taxes | 450/3 | €6,234 | €40 | -€6,193 | -99.4% |
| Remuneration and social security | 454/9 | €19,000 | €22,170 | +€3,170 | +16.7% |
| Other amounts payable | 47/48 | €517,978 | €259,381 | -€258,597 | -49.9% |
| Accrued charges and deferred income | 492/3 | €1,554 | €1,554 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €153,698 | €194,903 | +€41,205 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,654 | €11,199 | -€455 | -3.9% |
| Other operating charges | 640/8 | €1,914 | €2,038 | +€123 | +6.4% |
| Gross operating margin | 9900 | €255,238 | €320,888 | +€65,650 | +25.7% |
| Operating profit (loss) | 9901 | €87,972 | €112,749 | +€24,777 | +28.2% |
| Financial income | 75/76B | €369,539 | €429,259 | +€59,720 | +16.2% |
| Recurring financial income | 75 | €261,796 | €231,145 | -€30,651 | -11.7% |
| Non-recurring financial income | 76B | €107,743 | €198,115 | +€90,372 | +83.9% |
| Financial charges | 65/66B | €7,485 | €6,078 | -€1,408 | -18.8% |
| Recurring financial charges | 65 | €7,485 | €6,078 | -€1,408 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €450,026 | €535,930 | +€85,905 | +19.1% |
| Income taxes | 67/77 | €25,225 | €29,253 | +€4,028 | +16.0% |
| Profit (loss) for the period | 9904 | €424,800 | €506,677 | +€81,877 | +19.3% |
| Transfer from tax-exempt reserves | 789 | - | €25,260 | +€25,260 | |
| Transfer to tax-exempt reserves | 689 | - | €54,730 | +€54,730 | |
| Profit (loss) for the period to be appropriated | 9905 | €424,800 | €477,207 | +€52,407 | +12.3% |
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 6 October 2026 via checked.be.