M4Y CONSULT: 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.
M4Y CONSULT
Largest movements
- Receivables after one year +€181,940
up €181,940 (+223%), from €81,482 to €263,422
- Receivables within one year -€167,819
down €167,819 (-94.2%), from €178,156 to €10,337
of which Other amounts receivable: -€163,699
- Cash +€18,836
up €18,836 (+1,380%), from €1,365 to €20,201
mainly Receivables within one year (+€167,819) and Net result for the year (+€22,191)
- Current investments -€13,708
no longer reported in 2025 (was €13,708)
- Deferred charges and accrued income +€5,576
new in 2025: €5,576
- Profit (loss) carried forward +€22,191
up €22,191 (+16.0%), from €138,289 to €160,480
- Trade debts -€11,429
down €11,429 (-20.9%), from €54,810 to €43,381
- Tax, wage and social debts +€6,705
up €6,705 (+8.2%), from €81,797 to €88,502
of which Taxes: +€18,540
- Other debts +€5,000
new in 2025: €5,000
- Gross operating margin -€160,085
down €160,085 (-44.3%), from €361,392 to €201,307
- Taxes +€48,148
up €48,148 (+276%), from €17,427 to €65,575
- Other operating charges -€6,313
down €6,313 (-63.7%), from €9,907 to €3,594
- Staff costs -€5,884
down €5,884 (-5.4%), from €109,225 to €103,341
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 | €295,356 | €317,823 | +€22,467 | +7.6% |
| Fixed assets | 21/28 | €12,384 | €9,559 | -€2,825 | -22.8% |
| Tangible fixed assets | 22/27 | €9,044 | €6,219 | -€2,825 | -31.2% |
| Plant, machinery and equipment | 23 | €2,633 | €877 | -€1,756 | -66.7% |
| Furniture and vehicles | 24 | - | €1,341 | +€1,341 | |
| Other tangible fixed assets | 26 | €6,411 | €4,001 | -€2,410 | -37.6% |
| Financial fixed assets | 28 | €3,340 | €3,340 | = | 0.0% |
| Current assets | 29/58 | €282,972 | €308,264 | +€25,292 | +8.9% |
| Amounts receivable after more than one year | 29 | €81,482 | €263,422 | +€181,940 | +223% |
| Trade receivables | 290 | €81,482 | €263,422 | +€181,940 | +223% |
| Stocks and contracts in progress | 3 | €8,261 | €8,728 | +€467 | +5.7% |
| Stocks | 30/36 | €8,261 | €8,728 | +€467 | +5.7% |
| Amounts receivable within one year | 40/41 | €178,156 | €10,337 | -€167,819 | -94.2% |
| Trade receivables | 40 | €4,120 | - | -€4,120 | |
| Other amounts receivable | 41 | €174,036 | €10,337 | -€163,699 | -94.1% |
| Current investments | 50/53 | €13,708 | - | -€13,708 | |
| Cash at bank and in hand | 54/58 | €1,365 | €20,201 | +€18,836 | +1,380% |
| Deferred charges and accrued income | 490/1 | - | €5,576 | +€5,576 | |
| Total equity and liabilities | 10/49 | €295,356 | €317,823 | +€22,467 | +7.6% |
| Equity | 10/15 | €158,749 | €180,940 | +€22,191 | +14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,289 | €160,480 | +€22,191 | +16.0% |
| Amounts payable | 17/49 | €136,607 | €136,883 | +€276 | +0.2% |
| Amounts payable within one year | 42/48 | €136,607 | €136,883 | +€276 | +0.2% |
| Trade debts | 44 | €54,810 | €43,381 | -€11,429 | -20.9% |
| Suppliers | 440/4 | €54,810 | €43,381 | -€11,429 | -20.9% |
| Taxes, remuneration and social security | 45 | €81,797 | €88,502 | +€6,705 | +8.2% |
| Taxes | 450/3 | €63,770 | €82,310 | +€18,540 | +29.1% |
| Remuneration and social security | 454/9 | €18,027 | €6,192 | -€11,835 | -65.7% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €109,225 | €103,341 | -€5,884 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,840 | €4,432 | -€1,408 | -24.1% |
| Other operating charges | 640/8 | €9,907 | €3,594 | -€6,313 | -63.7% |
| Non-recurring operating charges | 66A | €21,293 | - | -€21,293 | |
| Gross operating margin | 9900 | €361,392 | €201,307 | -€160,085 | -44.3% |
| Operating profit (loss) | 9901 | €215,127 | €89,940 | -€125,187 | -58.2% |
| Financial charges | 65/66B | €5,183 | €2,174 | -€3,009 | -58.1% |
| Recurring financial charges | 65 | €5,183 | €2,174 | -€3,009 | -58.1% |
| Profit (loss) for the period before taxes | 9903 | €209,944 | €87,766 | -€122,178 | -58.2% |
| Income taxes | 67/77 | €17,427 | €65,575 | +€48,148 | +276% |
| Profit (loss) for the period | 9904 | €192,517 | €22,191 | -€170,326 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €192,517 | €22,191 | -€170,326 | -88.5% |
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 18 October 2026 via checked.be.