Les 4 Fermes: 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.
Les 4 Fermes
Largest movements
- Tangible fixed assets +€146,711
up €146,711 (+59.7%), from €245,790 to €392,501
of which Land and buildings: +€366,886
- Stocks and contracts +€21,619
up €21,619 (+39.5%), from €54,752 to €76,371
- Receivables within one year +€11,311
up €11,311 (+129%), from €8,802 to €20,112
of which Trade receivables: +€10,110
- Cash +€9,436
up €9,436 (+70.2%), from €13,442 to €22,877
mainly Contributions, distributions and other (+€146,113) and Net result for the year (+€22,687)
- Investment grants +€146,113
up €146,113 (+293%), from €49,790 to €195,903
- Profit (loss) carried forward +€22,687
up €22,687 (+80.9%), from €28,045 to €50,732
- Other debts +€20,677
up €20,677 (+47.4%), from €43,615 to €64,292
- Debts after one year -€13,495
down €13,495 (-9.9%), from €135,828 to €122,332
- Trade debts +€9,384
up €9,384 (+19.7%), from €47,594 to €56,979
- Gross operating margin +€21,101
up €21,101 (+131%), from €16,099 to €37,200
- Depreciation +€15,323
up €15,323 (+1,556%), from €985 to €16,308
- Financial income +€8,163
new in 2025: €8,163
- Financial charges +€3,271
up €3,271 (+276%), from €1,185 to €4,456
- Other operating charges +€1,525
up €1,525 (+394%), from €387 to €1,913
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 | €337,970 | €523,734 | +€185,764 | +55.0% |
| Fixed assets | 21/28 | €245,790 | €392,501 | +€146,711 | +59.7% |
| Tangible fixed assets | 22/27 | €245,790 | €392,501 | +€146,711 | +59.7% |
| Land and buildings | 22 | €0 | €366,886 | +€366,886 | |
| Plant, machinery and equipment | 23 | €3,775 | €25,615 | +€21,840 | +578% |
| Assets under construction and advance payments | 27 | €242,015 | €0 | -€242,015 | -100% |
| Current assets | 29/58 | €92,180 | €131,233 | +€39,052 | +42.4% |
| Stocks and contracts in progress | 3 | €54,752 | €76,371 | +€21,619 | +39.5% |
| Stocks | 30/36 | €54,752 | €76,371 | +€21,619 | +39.5% |
| Amounts receivable within one year | 40/41 | €8,802 | €20,112 | +€11,311 | +129% |
| Trade receivables | 40 | €8,502 | €18,612 | +€10,110 | +119% |
| Other amounts receivable | 41 | €300 | €1,501 | +€1,201 | +401% |
| Cash at bank and in hand | 54/58 | €13,442 | €22,877 | +€9,436 | +70.2% |
| Deferred charges and accrued income | 490/1 | €15,186 | €11,872 | -€3,313 | -21.8% |
| Total equity and liabilities | 10/49 | €337,970 | €523,734 | +€185,764 | +55.0% |
| Equity | 10/15 | €97,835 | €266,636 | +€168,800 | +173% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,045 | €50,732 | +€22,687 | +80.9% |
| Investment grants | 15 | €49,790 | €195,903 | +€146,113 | +293% |
| Amounts payable | 17/49 | €240,135 | €257,098 | +€16,963 | +7.1% |
| Amounts payable after more than one year | 17 | €135,828 | €122,332 | -€13,495 | -9.9% |
| Financial debts | 170/4 | €135,828 | €122,332 | -€13,495 | -9.9% |
| Amounts payable within one year | 42/48 | €104,307 | €134,766 | +€30,459 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €13,098 | €13,495 | +€397 | +3.0% |
| Trade debts | 44 | €47,594 | €56,979 | +€9,384 | +19.7% |
| Suppliers | 440/4 | €47,594 | €56,979 | +€9,384 | +19.7% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €43,615 | €64,292 | +€20,677 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €985 | €16,308 | +€15,323 | +1,556% |
| Other operating charges | 640/8 | €387 | €1,913 | +€1,525 | +394% |
| Gross operating margin | 9900 | €16,099 | €37,200 | +€21,101 | +131% |
| Operating profit (loss) | 9901 | €14,727 | €18,980 | +€4,253 | +28.9% |
| Financial income | 75/76B | - | €8,163 | +€8,163 | |
| Recurring financial income | 75 | - | €8,163 | +€8,163 | |
| Financial charges | 65/66B | €1,185 | €4,456 | +€3,271 | +276% |
| Recurring financial charges | 65 | €1,185 | €4,456 | +€3,271 | +276% |
| Profit (loss) for the period before taxes | 9903 | €13,542 | €22,687 | +€9,145 | +67.5% |
| Profit (loss) for the period | 9904 | €13,542 | €22,687 | +€9,145 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,542 | €22,687 | +€9,145 | +67.5% |
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 20 October 2026 via checked.be.