N4M: 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.
N4M
Largest movements
- Receivables within one year -€11,073
down €11,073 (-25.3%), from €43,749 to €32,676
of which Trade receivables: -€10,890
- Tangible fixed assets -€1,090
down €1,090 (-100.0%), from €1,090 to €0
- Cash -€848
down €848 (-8.5%), from €9,935 to €9,087
mainly Net result for the year (-€16,729) and Current portion of long-term debt (-€1,663)
- Profit (loss) carried forward -€16,729
down €16,729, from €461 to -€16,268
- Trade debts +€2,839
up €2,839 (+785.8%), from €361 to €3,200
- Current portion of long-term debt -€1,663
down €1,663 (-100.0%), from €1,663 to €0
- Tax, wage and social debts +€1,348
up €1,348 (+73.7%), from €1,829 to €3,176
of which Taxes: +€1,348
- Other debts +€639
up €639 (+29.0%), from €2,205 to €2,844
- Gross operating margin -€23,760
down €23,760, from €9,378 to -€14,382
- Depreciation -€3,330
down €3,330 (-75.3%), from €4,420 to €1,090
- Taxes -€1,583
down €1,583 (-86.6%), from €1,829 to €245
- Other operating charges +€350
up €350 (+60.3%), from €580 to €930
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 | €55,519 | €42,080 | -€13,439 | -24.2% |
| Fixed assets | 21/28 | €1,090 | €0 | -€1,090 | -100.0% |
| Tangible fixed assets | 22/27 | €1,090 | €0 | -€1,090 | -100.0% |
| Furniture and vehicles | 24 | €1,090 | €0 | -€1,090 | -100.0% |
| Current assets | 29/58 | €54,429 | €42,080 | -€12,349 | -22.7% |
| Amounts receivable within one year | 40/41 | €43,749 | €32,676 | -€11,073 | -25.3% |
| Trade receivables | 40 | €43,560 | €32,670 | -€10,890 | -25.0% |
| Other amounts receivable | 41 | €189 | €6 | -€183 | -97.0% |
| Cash at bank and in hand | 54/58 | €9,935 | €9,087 | -€848 | -8.5% |
| Deferred charges and accrued income | 490/1 | €744 | €317 | -€428 | -57.4% |
| Total equity and liabilities | 10/49 | €55,519 | €42,080 | -€13,439 | -24.2% |
| Equity | 10/15 | €49,461 | €32,732 | -€16,729 | -33.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €44,000 | €44,000 | = | 0.0% |
| Distributable reserves | 133 | €44,000 | €44,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €461 | -€16,268 | -€16,729 | |
| Amounts payable | 17/49 | €6,058 | €9,348 | +€3,290 | +54.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,058 | €9,220 | +€3,162 | +52.2% |
| Current portion of amounts payable after more than one year | 42 | €1,663 | €0 | -€1,663 | -100.0% |
| Trade debts | 44 | €361 | €3,200 | +€2,839 | +785.8% |
| Suppliers | 440/4 | €361 | €3,200 | +€2,839 | +785.8% |
| Taxes, remuneration and social security | 45 | €1,829 | €3,176 | +€1,348 | +73.7% |
| Taxes | 450/3 | €1,829 | €3,176 | +€1,348 | +73.7% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €2,205 | €2,844 | +€639 | +29.0% |
| Accrued charges and deferred income | 492/3 | €0 | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,420 | €1,090 | -€3,330 | -75.3% |
| Other operating charges | 640/8 | €580 | €930 | +€350 | +60.3% |
| Gross operating margin | 9900 | €9,378 | -€14,382 | -€23,760 | |
| Operating profit (loss) | 9901 | €4,378 | -€16,402 | -€20,780 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -72.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -72.7% |
| Financial charges | 65/66B | €170 | €81 | -€89 | -52.2% |
| Recurring financial charges | 65 | €170 | €81 | -€89 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €4,208 | -€16,484 | -€20,691 | |
| Income taxes | 67/77 | €1,829 | €245 | -€1,583 | -86.6% |
| Profit (loss) for the period | 9904 | €2,379 | -€16,729 | -€19,108 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,379 | -€16,729 | -€19,108 |
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 6 October 2026 via checked.be.