LV4: what changed
Two fiscal 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.
LV4
Largest movements
- Cash -€123,012
down €123,012 (-87.1%), from €141,219 to €18,207
mainly Short-term financial debts (-€1.6m) and Accrued charges and deferred income (-€175,902)
- Short-term financial debts -€1.6m
down €1.6m (-100.0%), from €1.6m to €0
- Debts after one year +€1.5m
up €1.5m (+302.6%), from €491,121 to €2.0m
of which Financial debts: +€2.0m
- Accrued charges and deferred income -€175,902
down €175,902 (-1.9%), from €9.4m to €9.2m
- Turnover -€115,866
no longer reported in 2025 (was €115,866)
- Gross operating margin +€111,045
up €111,045 (+183.5%), from €60,521 to €171,565
- Purchases and services -€55,346
no longer reported in 2025 (was €55,346)
- Financial charges +€16,170
up €16,170 (+18.1%), from €89,552 to €105,722
- Depreciation -€13,457
down €13,457 (-23.0%), from €58,517 to €45,060
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 | €11,342,515 | €11,124,085 | -€218,430 | -1.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,827,138 | €1,789,409 | -€37,729 | -2.1% |
| Tangible fixed assets | 22/27 | €1,827,138 | €1,789,409 | -€37,729 | -2.1% |
| Land and buildings | 22 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,827,138 | €1,789,409 | -€37,729 | -2.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €9,515,377 | €9,334,677 | -€180,700 | -1.9% |
| Amounts receivable after more than one year | 29 | €9,186,137 | €9,080,246 | -€105,891 | -1.2% |
| Trade receivables | 290 | €9,186,137 | - | -€9.2m | |
| Other amounts receivable | 291 | - | €9,080,246 | +€9.1m | |
| Amounts receivable within one year | 40/41 | €163,638 | €184,714 | +€21,076 | +12.9% |
| Trade receivables | 40 | €162,379 | €182,198 | +€19,818 | +12.2% |
| Other amounts receivable | 41 | €1,259 | €2,517 | +€1,258 | +99.9% |
| Cash at bank and in hand | 54/58 | €141,219 | €18,207 | -€123,012 | -87.1% |
| Deferred charges and accrued income | 490/1 | €24,383 | €51,509 | +€27,126 | +111.3% |
| Total equity and liabilities | 10/49 | €11,342,515 | €11,124,085 | -€218,430 | -1.9% |
| Equity | 10/15 | -€220,016 | -€198,708 | +€21,308 | +9.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€245,016 | -€223,708 | +€21,308 | +8.7% |
| Amounts payable | 17/49 | €11,562,531 | €11,322,794 | -€239,737 | -2.1% |
| Amounts payable after more than one year | 17 | €491,121 | €1,977,144 | +€1.5m | +302.6% |
| Financial debts | 170/4 | - | €1,977,144 | +€2.0m | |
| Other amounts payable | 178/9 | €491,121 | €0 | -€491,121 | -100.0% |
| Amounts payable within one year | 42/48 | €1,666,689 | €116,831 | -€1.5m | -93.0% |
| Current portion of amounts payable after more than one year | 42 | - | €104,519 | +€104,519 | |
| Financial debts | 43 | €1,643,305 | €0 | -€1.6m | -100.0% |
| Credit institutions | 430/8 | €1,643,305 | €0 | -€1.6m | -100.0% |
| Trade debts | 44 | €23,384 | €12,312 | -€11,072 | -47.3% |
| Suppliers | 440/4 | €23,384 | €12,312 | -€11,072 | -47.3% |
| Accrued charges and deferred income | 492/3 | €9,404,721 | €9,228,819 | -€175,902 | -1.9% |
| Turnover | 70 | €115,866 | - | -€115,866 | |
| Goods, raw materials, services and sundry goods | 60/61 | €55,346 | - | -€55,346 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,517 | €45,060 | -€13,457 | -23.0% |
| Other operating charges | 640/8 | €387 | €0 | -€387 | -100.0% |
| Gross operating margin | 9900 | €60,521 | €171,565 | +€111,045 | +183.5% |
| Operating profit (loss) | 9901 | €1,616 | €126,505 | +€124,889 | +7728.7% |
| Financial income | 75/76B | - | €524 | +€524 | |
| Recurring financial income | 75 | - | €524 | +€524 | |
| Financial charges | 65/66B | €89,552 | €105,722 | +€16,170 | +18.1% |
| Recurring financial charges | 65 | €89,552 | €105,722 | +€16,170 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | -€87,936 | €21,308 | +€109,243 | |
| Profit (loss) for the period | 9904 | -€87,936 | €21,308 | +€109,243 | |
| Profit (loss) for the period to be appropriated | 9905 | -€87,936 | €21,308 | +€109,243 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.