G-FOUR: 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.
G-FOUR
Largest movements
- Receivables within one year -€26,602
down €26,602 (-77.4%), from €34,357 to €7,755
of which Other amounts receivable: -€26,768
- Cash -€16,878
down €16,878 (-77.2%), from €21,863 to €4,984
mainly Other debts (-€58,244) and Tax, wage and social debts (-€42,444)
- Stocks and contracts -€11,384
no longer reported in 2025 (was €11,384)
- Deferred charges and accrued income +€6,355
up €6,355 (+278.0%), from €2,286 to €8,641
- Tangible fixed assets -€4,222
down €4,222 (-8.0%), from €52,461 to €48,240
of which Furniture and vehicles: -€5,552
- Other debts -€58,244
down €58,244 (-30.0%), from €193,824 to €135,581
- Profit (loss) carried forward +€56,982
up €56,982 (+8.4%), from -€674,640 to -€617,658
- Tax, wage and social debts -€42,444
down €42,444 (-90.6%), from €46,869 to €4,426
of which Remuneration and social security: -€45,824
- Trade debts -€9,040
down €9,040 (-16.4%), from €54,971 to €45,931
- Staff costs -€137,896
down €137,896 (-48.7%), from €283,289 to €145,393
- Gross operating margin -€56,715
down €56,715 (-20.6%), from €275,197 to €218,483
- Financial charges -€8,007
down €8,007 (-86.5%), from €9,252 to €1,245
- Other operating charges -€3,592
down €3,592 (-66.7%), from €5,389 to €1,797
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 | €122,351 | €69,620 | -€52,731 | -43.1% |
| Fixed assets | 21/28 | €52,461 | €48,240 | -€4,222 | -8.0% |
| Tangible fixed assets | 22/27 | €52,461 | €48,240 | -€4,222 | -8.0% |
| Plant, machinery and equipment | 23 | €5,219 | €4,431 | -€788 | -15.1% |
| Furniture and vehicles | 24 | €21,118 | €15,566 | -€5,552 | -26.3% |
| Other tangible fixed assets | 26 | €26,124 | €28,243 | +€2,118 | +8.1% |
| Current assets | 29/58 | €69,890 | €21,380 | -€48,509 | -69.4% |
| Stocks and contracts in progress | 3 | €11,384 | - | -€11,384 | |
| Stocks | 30/36 | €11,384 | - | -€11,384 | |
| Amounts receivable within one year | 40/41 | €34,357 | €7,755 | -€26,602 | -77.4% |
| Trade receivables | 40 | €7,589 | €7,755 | +€166 | +2.2% |
| Other amounts receivable | 41 | €26,768 | - | -€26,768 | |
| Cash at bank and in hand | 54/58 | €21,863 | €4,984 | -€16,878 | -77.2% |
| Deferred charges and accrued income | 490/1 | €2,286 | €8,641 | +€6,355 | +278.0% |
| Total equity and liabilities | 10/49 | €122,351 | €69,620 | -€52,731 | -43.1% |
| Equity | 10/15 | -€656,040 | -€599,058 | +€56,982 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€674,640 | -€617,658 | +€56,982 | +8.4% |
| Amounts payable | 17/49 | €778,391 | €668,678 | -€109,713 | -14.1% |
| Amounts payable after more than one year | 17 | €415,000 | €415,000 | = | 0.0% |
| Financial debts | 170/4 | €415,000 | €415,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €295,665 | €185,939 | -€109,726 | -37.1% |
| Financial debts | 43 | - | €1 | +€1 | |
| Credit institutions | 430/8 | - | €1 | +€1 | |
| Trade debts | 44 | €54,971 | €45,931 | -€9,040 | -16.4% |
| Suppliers | 440/4 | €54,971 | €45,931 | -€9,040 | -16.4% |
| Taxes, remuneration and social security | 45 | €46,869 | €4,426 | -€42,444 | -90.6% |
| Taxes | 450/3 | €1,045 | €4,426 | +€3,381 | +323.5% |
| Remuneration and social security | 454/9 | €45,824 | - | -€45,824 | |
| Other amounts payable | 47/48 | €193,824 | €135,581 | -€58,244 | -30.0% |
| Accrued charges and deferred income | 492/3 | €67,726 | €67,739 | +€13 | 0.0% |
| Remuneration, social security and pensions | 62 | €283,289 | €145,393 | -€137,896 | -48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,118 | €13,066 | -€1,052 | -7.5% |
| Other operating charges | 640/8 | €5,389 | €1,797 | -€3,592 | -66.7% |
| Gross operating margin | 9900 | €275,197 | €218,483 | -€56,715 | -20.6% |
| Operating profit (loss) | 9901 | -€27,599 | €58,227 | +€85,826 | |
| Financial income | 75/76B | €68 | €0 | -€67 | -99.6% |
| Recurring financial income | 75 | €68 | €0 | -€67 | -99.6% |
| Financial charges | 65/66B | €9,252 | €1,245 | -€8,007 | -86.5% |
| Recurring financial charges | 65 | €9,252 | €1,245 | -€8,007 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | -€36,783 | €56,982 | +€93,765 | |
| Profit (loss) for the period | 9904 | -€36,783 | €56,982 | +€93,765 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,783 | €56,982 | +€93,765 |
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 1 October 2026 via checked.be.