JOINED 4CS: what changed
JOINED 4CS
Largest movements
- Current investments -€50,000
down €50,000 (-7.6%), from €653,750 to €603,750
- Financial fixed assets +€49,173
new in 2025: €49,173
- Cash -€43,965
down €43,965 (-35.9%), from €122,424 to €78,459
mainly Contributions, distributions and other (-€105,000) and Tax, wage and social debts (-€61,486)
- Tangible fixed assets -€27,045
down €27,045 (-3.3%), from €831,516 to €804,471
of which Land and buildings: -€19,681
- Receivables within one year -€21,343
down €21,343 (-30.1%), from €70,949 to €49,605
of which Trade receivables: -€21,343
- Tax, wage and social debts -€61,486
down €61,486 (-74.5%), from €82,530 to €21,045
of which Taxes: -€61,486
- Debts after one year -€51,606
down €51,606 (-28.7%), from €179,693 to €128,087
- Reserves +€34,507
up €34,507 (+2.6%), from €1.3m to €1.4m
- Other debts -€17,108
down €17,108 (-53.7%), from €31,870 to €14,762
- Gross operating margin -€51,083
down €51,083 (-17.2%), from €297,438 to €246,354
- Taxes +€8,356
up €8,356 (+13.7%), from €60,906 to €69,262
- Depreciation -€3,097
down €3,097 (-9.5%), from €32,637 to €29,540
- Financial charges -€3,071
down €3,071 (-33.6%), from €9,147 to €6,077
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,686,085 | €1,592,333 | -€93,751 | -5.6% |
| Fixed assets | 21/28 | €831,516 | €853,644 | +€22,128 | +2.7% |
| Tangible fixed assets | 22/27 | €831,516 | €804,471 | -€27,045 | -3.3% |
| Land and buildings | 22 | €806,489 | €786,808 | -€19,681 | -2.4% |
| Furniture and vehicles | 24 | €24,030 | €16,998 | -€7,032 | -29.3% |
| Other tangible fixed assets | 26 | €996 | €664 | -€332 | -33.3% |
| Financial fixed assets | 28 | - | €49,173 | +€49,173 | |
| Current assets | 29/58 | €854,568 | €738,689 | -€115,879 | -13.6% |
| Amounts receivable within one year | 40/41 | €70,949 | €49,605 | -€21,343 | -30.1% |
| Trade receivables | 40 | €51,623 | €30,280 | -€21,343 | -41.3% |
| Other amounts receivable | 41 | €19,325 | €19,325 | = | 0.0% |
| Current investments | 50/53 | €653,750 | €603,750 | -€50,000 | -7.6% |
| Cash at bank and in hand | 54/58 | €122,424 | €78,459 | -€43,965 | -35.9% |
| Deferred charges and accrued income | 490/1 | €7,446 | €6,875 | -€571 | -7.7% |
| Total equity and liabilities | 10/49 | €1,686,085 | €1,592,333 | -€93,751 | -5.6% |
| Equity | 10/15 | €1,339,988 | €1,374,495 | +€34,507 | +2.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,327,588 | €1,362,095 | +€34,507 | +2.6% |
| Distributable reserves | 133 | €1,327,588 | €1,362,095 | +€34,507 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €346,096 | €217,838 | -€128,258 | -37.1% |
| Amounts payable after more than one year | 17 | €179,693 | €128,087 | -€51,606 | -28.7% |
| Financial debts | 170/4 | €179,693 | €128,087 | -€51,606 | -28.7% |
| Amounts payable within one year | 42/48 | €166,403 | €89,751 | -€76,652 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €50,807 | €51,606 | +€799 | +1.6% |
| Trade debts | 44 | €1,195 | €2,338 | +€1,142 | +95.6% |
| Suppliers | 440/4 | €1,195 | €2,338 | +€1,142 | +95.6% |
| Taxes, remuneration and social security | 45 | €82,530 | €21,045 | -€61,486 | -74.5% |
| Taxes | 450/3 | €80,915 | €19,430 | -€61,486 | -76.0% |
| Remuneration and social security | 454/9 | €1,615 | €1,615 | = | 0.0% |
| Other amounts payable | 47/48 | €31,870 | €14,762 | -€17,108 | -53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,637 | €29,540 | -€3,097 | -9.5% |
| Other operating charges | 640/8 | €2,634 | €2,449 | -€185 | -7.0% |
| Gross operating margin | 9900 | €297,438 | €246,354 | -€51,083 | -17.2% |
| Operating profit (loss) | 9901 | €262,167 | €214,365 | -€47,801 | -18.2% |
| Financial income | 75/76B | €3,115 | €481 | -€2,634 | -84.6% |
| Recurring financial income | 75 | €3,115 | €481 | -€2,634 | -84.6% |
| Financial charges | 65/66B | €9,147 | €6,077 | -€3,071 | -33.6% |
| Recurring financial charges | 65 | €9,147 | €6,077 | -€3,071 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €256,134 | €208,769 | -€47,365 | -18.5% |
| Income taxes | 67/77 | €60,906 | €69,262 | +€8,356 | +13.7% |
| Profit (loss) for the period | 9904 | €195,228 | €139,507 | -€55,721 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €195,228 | €139,507 | -€55,721 | -28.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.