GROUP - 4P: 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.
What changed
GROUP - 4P
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€76,666
2024 · €16,267-€92,932
Equity
€253,115
2024 · €329,781-€76,666
Cash
€103,143
2024 · €103,867-€724
Balance sheet total
€809,814
2024 · €919,936-€110,123
Largest movements
Assets
- Stocks and contracts -€67,444
down €67,444 (-13.7%), from €491,744 to €424,300
- Receivables within one year -€43,786
down €43,786 (-14.9%), from €293,220 to €249,434
of which Trade receivables: -€49,839
Equity and liabilities
- Profit (loss) carried forward -€76,666
down €76,666 (-42.9%), from €178,545 to €101,879
- Debts after one year -€24,112
down €24,112 (-27.9%), from €86,357 to €62,244
- Short-term financial debts -€22,302
down €22,302 (-5.5%), from €405,449 to €383,147
- Trade debts +€17,614
up €17,614 (+49.0%), from €35,913 to €53,527
- Current portion of long-term debt -€13,557
down €13,557 (-36.0%), from €37,669 to €24,112
Income statement
- Staff costs +€40,782
up €40,782 (+25.9%), from €157,678 to €198,460
- Gross operating margin -€28,406
down €28,406 (-14.3%), from €198,181 to €169,775
- Write-downs +€22,000
new in 2025: €22,000
- Financial income -€2,916
down €2,916 (-22.4%), from €13,010 to €10,094
- Financial charges -€2,457
down €2,457 (-11.1%), from €22,131 to €19,674
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.
Result 2024
€16,267
Gross operating margin
-€28,406
Staff costs
-€40,782
Depreciation
-€1,265
Write-downs
-€22,000
Other operating charges
+€69
Financial income
-€2,916
Financial charges
+€2,457
Taxes
-€89
Result 2025
-€76,666
raises the resultlowers the result
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.
From operations
+€74,858
Investment
-€15,610
Financing
-€59,971
Cash 2024
€103,867
From operations (derived)
+€74,858
Net result for the year
-€76,666
Depreciation
+€13,779
Stocks and contracts
+€67,444
Receivables within one year
+€43,786
Trade debts
+€17,614
Tax, wage and social debts
+€10,076
Other debts
-€1,176
Investment (derived)
-€15,610
Investment in fixed assets (net)
-€15,610
Current investments
-€0
Financing
-€59,971
Debts after one year
-€24,112
Current portion of long-term debt
-€13,557
Short-term financial debts
-€22,302
Cash 2025
€103,143
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €919,936 | €809,814 | -€110,123 | -12.0% |
| Fixed assets | 21/28 | €31,099 | €32,930 | +€1,831 | +5.9% |
| Intangible fixed assets | 21 | €9,462 | €6,305 | -€3,157 | -33.4% |
| Tangible fixed assets | 22/27 | €15,937 | €20,425 | +€4,488 | +28.2% |
| Plant, machinery and equipment | 23 | €4,746 | €5,148 | +€403 | +8.5% |
| Furniture and vehicles | 24 | €1,323 | €11,000 | +€9,677 | +732% |
| Other tangible fixed assets | 26 | €9,869 | €4,277 | -€5,592 | -56.7% |
| Financial fixed assets | 28 | €5,700 | €6,200 | +€500 | +8.8% |
| Current assets | 29/58 | €888,838 | €776,884 | -€111,954 | -12.6% |
| Stocks and contracts in progress | 3 | €491,744 | €424,300 | -€67,444 | -13.7% |
| Stocks | 30/36 | €491,744 | €424,300 | -€67,444 | -13.7% |
| Amounts receivable within one year | 40/41 | €293,220 | €249,434 | -€43,786 | -14.9% |
| Trade receivables | 40 | €292,922 | €243,082 | -€49,839 | -17.0% |
| Other amounts receivable | 41 | €298 | €6,352 | +€6,054 | +2,029% |
| Current investments | 50/53 | €6 | €6 | +€0 | +0.6% |
| Cash at bank and in hand | 54/58 | €103,867 | €103,143 | -€724 | -0.7% |
| Total equity and liabilities | 10/49 | €919,936 | €809,814 | -€110,123 | -12.0% |
| Equity | 10/15 | €329,781 | €253,115 | -€76,666 | -23.2% |
| Contributions | 10/11 | €74,492 | €74,492 | = | 0.0% |
| Capital | 10 | €74,492 | €74,492 | = | 0.0% |
| Issued capital | 100 | €74,492 | €74,492 | = | 0.0% |
| Reserves | 13 | €76,744 | €76,744 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,449 | €7,449 | = | 0.0% |
| Legal reserve | 130 | €7,449 | €7,449 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | €38,294 | €38,294 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,545 | €101,879 | -€76,666 | -42.9% |
| Amounts payable | 17/49 | €590,156 | €556,699 | -€33,457 | -5.7% |
| Amounts payable after more than one year | 17 | €86,357 | €62,244 | -€24,112 | -27.9% |
| Financial debts | 170/4 | €86,357 | €62,244 | -€24,112 | -27.9% |
| Amounts payable within one year | 42/48 | €503,799 | €494,454 | -€9,345 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €37,669 | €24,112 | -€13,557 | -36.0% |
| Financial debts | 43 | €405,449 | €383,147 | -€22,302 | -5.5% |
| Credit institutions | 430/8 | €405,449 | €383,147 | -€22,302 | -5.5% |
| Trade debts | 44 | €35,913 | €53,527 | +€17,614 | +49.0% |
| Suppliers | 440/4 | €35,913 | €53,527 | +€17,614 | +49.0% |
| Taxes, remuneration and social security | 45 | €19,571 | €29,646 | +€10,076 | +51.5% |
| Taxes | 450/3 | €13,262 | €14,416 | +€1,154 | +8.7% |
| Remuneration and social security | 454/9 | €6,309 | €15,230 | +€8,922 | +141% |
| Other amounts payable | 47/48 | €5,197 | €4,021 | -€1,176 | -22.6% |
| Remuneration, social security and pensions | 62 | €157,678 | €198,460 | +€40,782 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,514 | €13,779 | +€1,265 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,000 | +€22,000 | |
| Other operating charges | 640/8 | €2,270 | €2,201 | -€69 | -3.0% |
| Gross operating margin | 9900 | €198,181 | €169,775 | -€28,406 | -14.3% |
| Operating profit (loss) | 9901 | €25,719 | -€66,666 | -€92,384 | |
| Financial income | 75/76B | €13,010 | €10,094 | -€2,916 | -22.4% |
| Recurring financial income | 75 | €13,010 | €10,094 | -€2,916 | -22.4% |
| Financial charges | 65/66B | €22,131 | €19,674 | -€2,457 | -11.1% |
| Recurring financial charges | 65 | €22,131 | €19,674 | -€2,457 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €16,597 | -€76,246 | -€92,843 | |
| Income taxes | 67/77 | €331 | €420 | +€89 | +26.9% |
| Profit (loss) for the period | 9904 | €16,267 | -€76,666 | -€92,932 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,267 | -€76,666 | -€92,932 |
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 22 October 2026 via checked.be.