HL4A: 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.
HL4A
Largest movements
- Cash -€58,969
down €58,969 (-86.7%), from €68,033 to €9,064
mainly Investment in fixed assets (net) (-€38,889) and Receivables within one year (-€29,952)
- Tangible fixed assets +€37,843
new in 2025: €37,843
- Receivables within one year +€29,952
up €29,952 (+5,544%), from €540 to €30,492
of which Trade receivables: +€30,492
- Deferred charges and accrued income +€9,245
new in 2025: €9,245
- Tax, wage and social debts +€6,525
up €6,525, from €0 to €6,525
of which Taxes: +€3,575
- Reserves +€6,384
up €6,384 (+9.1%), from €70,402 to €76,786
- Profit (loss) carried forward +€3,012
up €3,012, from -€3,012 to €0
- Other debts +€1,543
up €1,543 (+1,434%), from €108 to €1,651
- Gross operating margin +€16,294
up €16,294, from -€3,520 to €12,774
- Taxes +€1,818
up €1,818, from €0 to €1,818
- Depreciation +€1,046
up €1,046, from €0 to €1,046
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 | €68,573 | €86,645 | +€18,072 | +26.4% |
| Fixed assets | 21/28 | - | €37,843 | +€37,843 | |
| Tangible fixed assets | 22/27 | - | €37,843 | +€37,843 | |
| Furniture and vehicles | 24 | - | €37,843 | +€37,843 | |
| Current assets | 29/58 | €68,573 | €48,802 | -€19,771 | -28.8% |
| Amounts receivable within one year | 40/41 | €540 | €30,492 | +€29,952 | +5,544% |
| Trade receivables | 40 | - | €30,492 | +€30,492 | |
| Other amounts receivable | 41 | €540 | €0 | -€540 | -100% |
| Cash at bank and in hand | 54/58 | €68,033 | €9,064 | -€58,969 | -86.7% |
| Deferred charges and accrued income | 490/1 | - | €9,245 | +€9,245 | |
| Total equity and liabilities | 10/49 | €68,573 | €86,645 | +€18,072 | +26.4% |
| Equity | 10/15 | €68,390 | €77,786 | +€9,395 | +13.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €70,402 | €76,786 | +€6,384 | +9.1% |
| Distributable reserves | 133 | €70,402 | €76,786 | +€6,384 | +9.1% |
| Profit (loss) carried forward | 14 | -€3,012 | €0 | +€3,012 | |
| Amounts payable | 17/49 | €183 | €8,859 | +€8,676 | +4,751% |
| Amounts payable within one year | 42/48 | €183 | €8,859 | +€8,676 | +4,751% |
| Trade debts | 44 | €75 | €684 | +€609 | +811% |
| Suppliers | 440/4 | €75 | €684 | +€609 | +811% |
| Taxes, remuneration and social security | 45 | €0 | €6,525 | +€6,525 | |
| Taxes | 450/3 | €0 | €3,575 | +€3,575 | |
| Remuneration and social security | 454/9 | - | €2,950 | +€2,950 | |
| Other amounts payable | 47/48 | €108 | €1,651 | +€1,543 | +1,434% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €1,046 | +€1,046 | |
| Other operating charges | 640/8 | - | €126 | +€126 | |
| Gross operating margin | 9900 | -€3,520 | €12,774 | +€16,294 | |
| Operating profit (loss) | 9901 | -€3,520 | €11,602 | +€15,122 | |
| Financial income | 75/76B | €544 | €488 | -€56 | -10.3% |
| Recurring financial income | 75 | €544 | €488 | -€56 | -10.3% |
| Financial charges | 65/66B | €36 | €44 | +€8 | +21.7% |
| Recurring financial charges | 65 | €36 | €44 | +€8 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,012 | €12,046 | +€15,058 | |
| Income taxes | 67/77 | €0 | €1,818 | +€1,818 | |
| Profit (loss) for the period | 9904 | -€3,012 | €10,228 | +€13,240 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,012 | €10,228 | +€13,240 |
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 13 October 2026 via checked.be.