I4F: 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.
I4F
Largest movements
- Receivables within one year -€137,904
down €137,904 (-15.0%), from €919,922 to €782,018
of which Trade receivables: -€115,825
- Cash -€84,825
down €84,825 (-9.3%), from €915,419 to €830,593
mainly Trade debts (-€177,385) and Investment in fixed assets (net) (-€70,000)
- Intangible fixed assets +€59,222
new in 2025: €59,222
- Trade debts -€177,385
down €177,385 (-30.8%), from €575,343 to €397,958
- Gross operating margin +€294,047
up €294,047 (+32.1%), from €915,209 to €1.2m
- Staff costs +€279,422
up €279,422 (+31.3%), from €893,882 to €1.2m
- Taxes +€22,035
up €22,035 (+112%), from €19,613 to €41,648
- Financial income +€15,074
up €15,074 (+264%), from €5,719 to €20,793
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 | €1,850,488 | €1,673,741 | -€176,747 | -9.6% |
| Fixed assets | 21/28 | €2,648 | €61,130 | +€58,482 | +2,209% |
| Intangible fixed assets | 21 | - | €59,222 | +€59,222 | |
| Tangible fixed assets | 22/27 | €2,648 | €1,908 | -€740 | -27.9% |
| Land and buildings | 22 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €2,648 | €1,908 | -€740 | -27.9% |
| Current assets | 29/58 | €1,847,840 | €1,612,611 | -€235,229 | -12.7% |
| Stocks and contracts in progress | 3 | €12,500 | - | -€12,500 | |
| Stocks | 30/36 | €12,500 | - | -€12,500 | |
| Amounts receivable within one year | 40/41 | €919,922 | €782,018 | -€137,904 | -15.0% |
| Trade receivables | 40 | €873,000 | €757,175 | -€115,825 | -13.3% |
| Other amounts receivable | 41 | €46,922 | €24,843 | -€22,079 | -47.1% |
| Cash at bank and in hand | 54/58 | €915,419 | €830,593 | -€84,825 | -9.3% |
| Total equity and liabilities | 10/49 | €1,850,488 | €1,673,741 | -€176,747 | -9.6% |
| Equity | 10/15 | €1,099,627 | €1,100,233 | +€606 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €118,968 | €118,968 | = | 0.0% |
| Distributable reserves | 133 | €118,968 | €118,968 | = | 0.0% |
| Profit (loss) carried forward | 14 | €960,659 | €961,265 | +€606 | +0.1% |
| Amounts payable | 17/49 | €750,860 | €573,508 | -€177,353 | -23.6% |
| Amounts payable within one year | 42/48 | €750,860 | €573,508 | -€177,353 | -23.6% |
| Trade debts | 44 | €575,343 | €397,958 | -€177,385 | -30.8% |
| Suppliers | 440/4 | €575,343 | €397,958 | -€177,385 | -30.8% |
| Taxes, remuneration and social security | 45 | €175,518 | €175,550 | +€32 | 0.0% |
| Taxes | 450/3 | €11,227 | €13,013 | +€1,786 | +15.9% |
| Remuneration and social security | 454/9 | €164,291 | €162,537 | -€1,753 | -1.1% |
| Non-recurring operating income | 76A | €165 | €6,630 | +€6,465 | +3,911% |
| Remuneration, social security and pensions | 62 | €893,882 | €1,173,304 | +€279,422 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €740 | €11,518 | +€10,778 | +1,456% |
| Other operating charges | 640/8 | €1,318 | €2,377 | +€1,059 | +80.3% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Gross operating margin | 9900 | €915,209 | €1,209,257 | +€294,047 | +32.1% |
| Operating profit (loss) | 9901 | €19,269 | €22,058 | +€2,789 | +14.5% |
| Financial income | 75/76B | €5,719 | €20,793 | +€15,074 | +264% |
| Recurring financial income | 75 | €5,719 | €20,793 | +€15,074 | +264% |
| Financial charges | 65/66B | €1,863 | €597 | -€1,266 | -67.9% |
| Recurring financial charges | 65 | €1,863 | €597 | -€1,266 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €23,126 | €42,254 | +€19,129 | +82.7% |
| Income taxes | 67/77 | €19,613 | €41,648 | +€22,035 | +112% |
| Profit (loss) for the period | 9904 | €3,512 | €606 | -€2,906 | -82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,512 | €606 | -€2,906 | -82.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.