GROUP4C: 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.
GROUP4C
Largest movements
- Current investments -€377,361
down €377,361 (-89.8%), from €420,000 to €42,639
- Receivables after one year +€142,178
new in 2025: €142,178
- Tangible fixed assets +€35,795
up €35,795 (+3.2%), from €1.1m to €1.1m
of which Land and buildings: +€37,731
- Cash +€24,189
up €24,189 (+128%), from €18,869 to €43,058
mainly Current investments (+€377,361) and Net result for the year (+€58,165)
- Other debts -€200,777
down €200,777 (-90.7%), from €221,330 to €20,553
- Provisions -€83,295
no longer reported in 2025 (was €83,295)
- Reserves +€58,165
up €58,165 (+5.8%), from €998,954 to €1.1m
of which Distributable reserves: +€161,593
- Investment grants +€45,169
up €45,169 (+1,237%), from €3,650 to €48,819
- Debts after one year -€19,667
down €19,667 (-10.1%), from €193,847 to €174,181
- Taxes +€53,811
up €53,811 (+242%), from €22,230 to €76,040
- Gross operating margin +€48,623
up €48,623 (+46.0%), from €105,756 to €154,379
- Financial income +€7,823
up €7,823 (+91.0%), from €8,598 to €16,421
- Depreciation +€5,814
up €5,814 (+14.7%), from €39,666 to €45,481
- Financial charges -€5,117
down €5,117 (-25.0%), from €20,476 to €15,359
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 | €1,591,865 | €1,399,918 | -€191,947 | -12.1% |
| Fixed assets | 21/28 | €1,114,468 | €1,150,262 | +€35,795 | +3.2% |
| Tangible fixed assets | 22/27 | €1,113,257 | €1,149,052 | +€35,795 | +3.2% |
| Land and buildings | 22 | €1,109,884 | €1,147,614 | +€37,731 | +3.4% |
| Furniture and vehicles | 24 | €3,373 | €1,437 | -€1,936 | -57.4% |
| Financial fixed assets | 28 | €1,211 | €1,211 | = | 0.0% |
| Current assets | 29/58 | €477,397 | €249,655 | -€227,742 | -47.7% |
| Amounts receivable after more than one year | 29 | - | €142,178 | +€142,178 | |
| Trade receivables | 290 | - | €142,178 | +€142,178 | |
| Stocks and contracts in progress | 3 | €1,750 | - | -€1,750 | |
| Stocks | 30/36 | €1,750 | - | -€1,750 | |
| Amounts receivable within one year | 40/41 | €34,649 | €20,396 | -€14,253 | -41.1% |
| Trade receivables | 40 | €30,000 | €14,000 | -€16,000 | -53.3% |
| Other amounts receivable | 41 | €4,649 | €6,396 | +€1,747 | +37.6% |
| Current investments | 50/53 | €420,000 | €42,639 | -€377,361 | -89.8% |
| Cash at bank and in hand | 54/58 | €18,869 | €43,058 | +€24,189 | +128% |
| Deferred charges and accrued income | 490/1 | €2,130 | €1,385 | -€744 | -35.0% |
| Total equity and liabilities | 10/49 | €1,591,865 | €1,399,918 | -€191,947 | -12.1% |
| Equity | 10/15 | €1,056,591 | €1,159,925 | +€103,334 | +9.8% |
| Contributions | 10/11 | €53,987 | €53,987 | = | 0.0% |
| Reserves | 13 | €998,954 | €1,057,119 | +€58,165 | +5.8% |
| Tax-exempt reserves | 132 | €249,886 | €146,458 | -€103,428 | -41.4% |
| Distributable reserves | 133 | €749,069 | €910,661 | +€161,593 | +21.6% |
| Investment grants | 15 | €3,650 | €48,819 | +€45,169 | +1,237% |
| Provisions and deferred taxes | 16 | €83,295 | - | -€83,295 | |
| Deferred taxes | 168 | €83,295 | - | -€83,295 | |
| Amounts payable | 17/49 | €451,978 | €239,993 | -€211,985 | -46.9% |
| Amounts payable after more than one year | 17 | €193,847 | €174,181 | -€19,667 | -10.1% |
| Financial debts | 170/4 | €193,847 | €174,181 | -€19,667 | -10.1% |
| Amounts payable within one year | 42/48 | €241,115 | €54,221 | -€186,894 | -77.5% |
| Current portion of amounts payable after more than one year | 42 | €19,370 | €19,667 | +€297 | +1.5% |
| Trade debts | 44 | €415 | €758 | +€343 | +82.7% |
| Suppliers | 440/4 | €415 | €758 | +€343 | +82.7% |
| Taxes, remuneration and social security | 45 | - | €13,243 | +€13,243 | |
| Taxes | 450/3 | - | €13,243 | +€13,243 | |
| Other amounts payable | 47/48 | €221,330 | €20,553 | -€200,777 | -90.7% |
| Accrued charges and deferred income | 492/3 | €17,016 | €11,591 | -€5,424 | -31.9% |
| Non-recurring operating income | 76A | - | €90,611 | +€90,611 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,666 | €45,481 | +€5,814 | +14.7% |
| Other operating charges | 640/8 | €14,595 | €10,231 | -€4,364 | -29.9% |
| Gross operating margin | 9900 | €105,756 | €154,379 | +€48,623 | +46.0% |
| Operating profit (loss) | 9901 | €51,495 | €98,668 | +€47,173 | +91.6% |
| Financial income | 75/76B | €8,598 | €16,421 | +€7,823 | +91.0% |
| Recurring financial income | 75 | €8,598 | €16,421 | +€7,823 | +91.0% |
| Financial charges | 65/66B | €20,476 | €15,359 | -€5,117 | -25.0% |
| Recurring financial charges | 65 | €20,476 | €15,359 | -€5,117 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €39,617 | €99,729 | +€60,112 | +152% |
| Transfer from deferred taxes | 780 | €7,230 | €34,476 | +€27,247 | +377% |
| Income taxes | 67/77 | €22,230 | €76,040 | +€53,811 | +242% |
| Profit (loss) for the period | 9904 | €24,617 | €58,165 | +€33,548 | +136% |
| Transfer from tax-exempt reserves | 789 | €21,689 | €103,428 | +€81,739 | +377% |
| Profit (loss) for the period to be appropriated | 9905 | €46,305 | €161,593 | +€115,287 | +249% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.