L4V4: 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.
L4V4
Largest movements
- Cash +€112,753
up €112,753 (+314%), from €35,963 to €148,716
mainly Other debts (+€119,471) and Net result for the year (+€76,987)
- Receivables within one year -€15,461
down €15,461 (-48.5%), from €31,910 to €16,449
of which Other amounts receivable: -€15,500
- Tangible fixed assets -€14,734
down €14,734 (-21.9%), from €67,301 to €52,567
- Current investments +€10,990
up €10,990 (+88.1%), from €12,470 to €23,460
- Other debts +€119,471
up €119,471 (+394%), from €30,298 to €149,769
- Reserves -€26,310
down €26,310 (-25.5%), from €103,297 to €76,987
- Other operating charges +€17,952
up €17,952 (+1,686%), from €1,065 to €19,017
- Financial charges -€9,090
down €9,090 (-89.2%), from €10,195 to €1,105
- Depreciation +€7,265
up €7,265 (+94.0%), from €7,729 to €14,995
- Gross operating margin -€6,947
down €6,947 (-4.8%), from €145,405 to €138,458
- Financial income -€4,528
down €4,528 (-83.4%), from €5,431 to €903
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,991 | €241,544 | +€93,553 | +63.2% |
| Fixed assets | 21/28 | €67,301 | €52,567 | -€14,734 | -21.9% |
| Tangible fixed assets | 22/27 | €67,301 | €52,567 | -€14,734 | -21.9% |
| Furniture and vehicles | 24 | €67,301 | €52,567 | -€14,734 | -21.9% |
| Current assets | 29/58 | €80,690 | €188,977 | +€108,287 | +134% |
| Amounts receivable within one year | 40/41 | €31,910 | €16,449 | -€15,461 | -48.5% |
| Trade receivables | 40 | €12,100 | €12,139 | +€39 | +0.3% |
| Other amounts receivable | 41 | €19,810 | €4,310 | -€15,500 | -78.2% |
| Current investments | 50/53 | €12,470 | €23,460 | +€10,990 | +88.1% |
| Cash at bank and in hand | 54/58 | €35,963 | €148,716 | +€112,753 | +314% |
| Deferred charges and accrued income | 490/1 | €347 | €352 | +€5 | +1.6% |
| Total equity and liabilities | 10/49 | €147,991 | €241,544 | +€93,553 | +63.2% |
| Equity | 10/15 | €105,297 | €78,987 | -€26,310 | -25.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €103,297 | €76,987 | -€26,310 | -25.5% |
| Distributable reserves | 133 | €103,297 | €76,987 | -€26,310 | -25.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,695 | €162,557 | +€119,863 | +281% |
| Amounts payable within one year | 42/48 | €42,695 | €162,557 | +€119,863 | +281% |
| Trade debts | 44 | €315 | €0 | -€315 | -100% |
| Suppliers | 440/4 | €315 | €0 | -€315 | -100% |
| Taxes, remuneration and social security | 45 | €12,082 | €12,788 | +€706 | +5.8% |
| Taxes | 450/3 | €9,748 | €12,788 | +€3,041 | +31.2% |
| Remuneration and social security | 454/9 | €2,335 | €0 | -€2,335 | -100% |
| Other amounts payable | 47/48 | €30,298 | €149,769 | +€119,471 | +394% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,729 | €14,995 | +€7,265 | +94.0% |
| Other operating charges | 640/8 | €1,065 | €19,017 | +€17,952 | +1,686% |
| Non-recurring operating charges | 66A | - | €1,296 | +€1,296 | |
| Gross operating margin | 9900 | €145,405 | €138,458 | -€6,947 | -4.8% |
| Operating profit (loss) | 9901 | €136,610 | €103,150 | -€33,460 | -24.5% |
| Financial income | 75/76B | €5,431 | €903 | -€4,528 | -83.4% |
| Recurring financial income | 75 | €5,431 | €903 | -€4,528 | -83.4% |
| Financial charges | 65/66B | €10,195 | €1,105 | -€9,090 | -89.2% |
| Recurring financial charges | 65 | €10,195 | €1,105 | -€9,090 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €131,846 | €102,948 | -€28,898 | -21.9% |
| Income taxes | 67/77 | €28,550 | €25,961 | -€2,588 | -9.1% |
| Profit (loss) for the period | 9904 | €103,297 | €76,987 | -€26,310 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,297 | €76,987 | -€26,310 | -25.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.