FW4: 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.
FW4
Largest movements
- Cash +€35,613
up €35,613 (+40.4%), from €88,043 to €123,656
mainly Net result for the year (+€24,546) and Receivables within one year (+€9,928)
- Receivables within one year -€9,928
down €9,928 (-26.5%), from €37,426 to €27,498
of which Trade receivables: -€10,023
- Deferred charges and accrued income -€1,938
down €1,938 (-44.2%), from €4,383 to €2,445
- Profit (loss) carried forward +€24,546
up €24,546 (+46.0%), from €53,329 to €77,875
- Trade debts -€2,692
down €2,692 (-38.8%), from €6,940 to €4,248
- Tax, wage and social debts +€2,385
up €2,385 (+4.3%), from €55,553 to €57,937
of which Remuneration and social security: +€5,729
- Gross operating margin +€85,830
up €85,830 (+51.5%), from €166,767 to €252,597
- Financial charges +€5,255
up €5,255 (+1697.2%), from €310 to €5,564
- Staff costs +€4,535
up €4,535 (+2.1%), from €213,085 to €217,620
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 | €163,212 | €187,450 | +€24,238 | +14.9% |
| Fixed assets | 21/28 | €6,429 | €6,921 | +€491 | +7.6% |
| Tangible fixed assets | 22/27 | €6,429 | €6,921 | +€491 | +7.6% |
| Plant, machinery and equipment | 23 | €4,039 | €5,528 | +€1,490 | +36.9% |
| Furniture and vehicles | 24 | €2,391 | €1,392 | -€998 | -41.8% |
| Current assets | 29/58 | €156,782 | €180,529 | +€23,747 | +15.1% |
| Amounts receivable within one year | 40/41 | €37,426 | €27,498 | -€9,928 | -26.5% |
| Trade receivables | 40 | €37,312 | €27,289 | -€10,023 | -26.9% |
| Other amounts receivable | 41 | €115 | €210 | +€95 | +83.0% |
| Current investments | 50/53 | €26,930 | €26,930 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €88,043 | €123,656 | +€35,613 | +40.4% |
| Deferred charges and accrued income | 490/1 | €4,383 | €2,445 | -€1,938 | -44.2% |
| Total equity and liabilities | 10/49 | €163,212 | €187,450 | +€24,238 | +14.9% |
| Equity | 10/15 | €100,719 | €125,265 | +€24,546 | +24.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,790 | €28,790 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,930 | €26,930 | = | 0.0% |
| Own shares acquired | 1312 | €26,930 | €26,930 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,329 | €77,875 | +€24,546 | +46.0% |
| Amounts payable | 17/49 | €62,493 | €62,185 | -€308 | -0.5% |
| Amounts payable within one year | 42/48 | €62,493 | €62,185 | -€308 | -0.5% |
| Trade debts | 44 | €6,940 | €4,248 | -€2,692 | -38.8% |
| Suppliers | 440/4 | €6,940 | €4,248 | -€2,692 | -38.8% |
| Taxes, remuneration and social security | 45 | €55,553 | €57,937 | +€2,385 | +4.3% |
| Taxes | 450/3 | €33,850 | €30,505 | -€3,345 | -9.9% |
| Remuneration and social security | 454/9 | €21,703 | €27,432 | +€5,729 | +26.4% |
| Remuneration, social security and pensions | 62 | €213,085 | €217,620 | +€4,535 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,061 | €3,691 | -€2,371 | -39.1% |
| Other operating charges | 640/8 | €387 | €539 | +€151 | +39.0% |
| Non-recurring operating charges | 66A | €705 | €0 | -€705 | -100.0% |
| Gross operating margin | 9900 | €166,767 | €252,597 | +€85,830 | +51.5% |
| Operating profit (loss) | 9901 | -€53,472 | €30,748 | +€84,220 | |
| Financial income | 75/76B | €319 | €267 | -€52 | -16.3% |
| Recurring financial income | 75 | €319 | €267 | -€52 | -16.3% |
| Financial charges | 65/66B | €310 | €5,564 | +€5,255 | +1697.2% |
| Recurring financial charges | 65 | €310 | €5,564 | +€5,255 | +1697.2% |
| Profit (loss) for the period before taxes | 9903 | -€53,463 | €25,451 | +€78,913 | |
| Income taxes | 67/77 | €1,085 | €905 | -€181 | -16.6% |
| Profit (loss) for the period | 9904 | -€54,548 | €24,546 | +€79,094 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,548 | €24,546 | +€79,094 |
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 3 October 2026 via checked.be.