KEY 4 AD: 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.
KEY 4 AD
Largest movements
- Cash +€93,912
up €93,912 (+41.9%), from €224,281 to €318,193
mainly Net result for the year (+€79,174) and Receivables within one year (+€41,844)
- Receivables within one year -€41,844
down €41,844 (-70.3%), from €59,564 to €17,720
of which Trade receivables: -€28,887
- Tangible fixed assets -€9,895
down €9,895 (-35.0%), from €28,310 to €18,414
of which Leasing and similar rights: -€5,634
- Reserves +€79,174
up €79,174 (+38.2%), from €207,117 to €286,291
- Trade debts -€35,695
down €35,695 (-88.2%), from €40,459 to €4,764
- Tax, wage and social debts +€25,350
up €25,350 (+250.9%), from €10,105 to €35,455
of which Taxes: +€14,599
- Other debts -€20,163
no longer reported in 2025 (was €20,163)
- Debts after one year -€7,162
down €7,162 (-74.8%), from €9,572 to €2,410
- Gross operating margin +€37,347
up €37,347 (+40.7%), from €91,665 to €129,012
- Taxes +€12,216
up €12,216 (+47.6%), from €25,661 to €37,878
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.
Cash bridge derived
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 | €313,074 | €354,682 | +€41,609 | +13.3% |
| Fixed assets | 21/28 | €28,660 | €18,764 | -€9,895 | -34.5% |
| Tangible fixed assets | 22/27 | €28,310 | €18,414 | -€9,895 | -35.0% |
| Land and buildings | 22 | €1,294 | €1,028 | -€266 | -20.5% |
| Plant, machinery and equipment | 23 | €1,566 | €1,108 | -€458 | -29.3% |
| Furniture and vehicles | 24 | €6,233 | €2,696 | -€3,537 | -56.8% |
| Leasing and similar rights | 25 | €19,216 | €13,583 | -€5,634 | -29.3% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €284,414 | €335,918 | +€51,504 | +18.1% |
| Amounts receivable within one year | 40/41 | €59,564 | €17,720 | -€41,844 | -70.3% |
| Trade receivables | 40 | €45,146 | €16,258 | -€28,887 | -64.0% |
| Other amounts receivable | 41 | €14,419 | €1,462 | -€12,957 | -89.9% |
| Cash at bank and in hand | 54/58 | €224,281 | €318,193 | +€93,912 | +41.9% |
| Deferred charges and accrued income | 490/1 | €569 | €4 | -€564 | -99.2% |
| Total equity and liabilities | 10/49 | €313,074 | €354,682 | +€41,609 | +13.3% |
| Equity | 10/15 | €225,717 | €304,891 | +€79,174 | +35.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,117 | €286,291 | +€79,174 | +38.2% |
| Distributable reserves | 133 | €207,117 | €286,291 | +€79,174 | +38.2% |
| Amounts payable | 17/49 | €87,357 | €49,791 | -€37,566 | -43.0% |
| Amounts payable after more than one year | 17 | €9,572 | €2,410 | -€7,162 | -74.8% |
| Financial debts | 170/4 | €9,572 | €2,410 | -€7,162 | -74.8% |
| Amounts payable within one year | 42/48 | €77,785 | €47,380 | -€30,404 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €7,058 | €7,162 | +€103 | +1.5% |
| Trade debts | 44 | €40,459 | €4,764 | -€35,695 | -88.2% |
| Suppliers | 440/4 | €40,459 | €4,764 | -€35,695 | -88.2% |
| Taxes, remuneration and social security | 45 | €10,105 | €35,455 | +€25,350 | +250.9% |
| Taxes | 450/3 | €10,105 | €24,704 | +€14,599 | +144.5% |
| Remuneration and social security | 454/9 | - | €10,751 | +€10,751 | |
| Other amounts payable | 47/48 | €20,163 | - | -€20,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,609 | €9,895 | +€286 | +3.0% |
| Other operating charges | 640/8 | €1,596 | €1,461 | -€135 | -8.5% |
| Gross operating margin | 9900 | €91,665 | €129,012 | +€37,347 | +40.7% |
| Operating profit (loss) | 9901 | €80,460 | €117,656 | +€37,196 | +46.2% |
| Financial income | 75/76B | €41 | €33 | -€8 | -19.6% |
| Recurring financial income | 75 | €41 | €33 | -€8 | -19.6% |
| Financial charges | 65/66B | €689 | €637 | -€52 | -7.5% |
| Recurring financial charges | 65 | €689 | €637 | -€52 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €79,813 | €117,052 | +€37,240 | +46.7% |
| Income taxes | 67/77 | €25,661 | €37,878 | +€12,216 | +47.6% |
| Profit (loss) for the period | 9904 | €54,151 | €79,174 | +€25,023 | +46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,151 | €79,174 | +€25,023 | +46.2% |
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 10 October 2026 via checked.be.