N4V1: 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.
N4V1
Largest movements
- Cash +€110,310
up €110,310 (+64.2%), from €171,861 to €282,171
mainly Other debts (+€212,872) and Net result for the year (+€109,234)
- Receivables within one year +€9,401
up €9,401 (+240%), from €3,924 to €13,325
of which Trade receivables: +€10,517
- Other debts +€212,872
new in 2025: €212,872
- Profit (loss) carried forward -€140,766
down €140,766 (-79.1%), from €178,023 to €37,257
- Tax, wage and social debts +€38,066
up €38,066 (+3,472%), from €1,096 to €39,163
- Trade debts +€10,379
up €10,379 (+1,360%), from €763 to €11,142
- Gross operating margin +€46,216
up €46,216 (+53.7%), from €86,031 to €132,247
- Depreciation -€3,148
no longer reported in 2025 (was €3,148)
- Taxes -€2,654
down €2,654 (-10.4%), from €25,570 to €22,916
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 | €182,883 | €303,433 | +€120,550 | +65.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €7,098 | €7,937 | +€840 | +11.8% |
| Tangible fixed assets | 22/27 | €7,098 | €7,937 | +€840 | +11.8% |
| Furniture and vehicles | 24 | €7,098 | €7,937 | +€840 | +11.8% |
| Current assets | 29/58 | €175,785 | €295,496 | +€119,711 | +68.1% |
| Amounts receivable within one year | 40/41 | €3,924 | €13,325 | +€9,401 | +240% |
| Trade receivables | 40 | - | €10,517 | +€10,517 | |
| Other amounts receivable | 41 | €3,924 | €2,808 | -€1,116 | -28.4% |
| Cash at bank and in hand | 54/58 | €171,861 | €282,171 | +€110,310 | +64.2% |
| Total equity and liabilities | 10/49 | €182,883 | €303,433 | +€120,550 | +65.9% |
| Equity | 10/15 | €181,023 | €40,257 | -€140,766 | -77.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,023 | €37,257 | -€140,766 | -79.1% |
| Amounts payable | 17/49 | €1,860 | €263,177 | +€261,317 | +14,052% |
| Amounts payable within one year | 42/48 | €1,860 | €263,177 | +€261,317 | +14,052% |
| Trade debts | 44 | €763 | €11,142 | +€10,379 | +1,360% |
| Suppliers | 440/4 | €763 | €11,142 | +€10,379 | +1,360% |
| Taxes, remuneration and social security | 45 | €1,096 | €39,163 | +€38,066 | +3,472% |
| Taxes | 450/3 | €1,096 | €39,163 | +€38,066 | +3,472% |
| Other amounts payable | 47/48 | - | €212,872 | +€212,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,148 | - | -€3,148 | |
| Gross operating margin | 9900 | €86,031 | €132,247 | +€46,216 | +53.7% |
| Operating profit (loss) | 9901 | €82,884 | €132,247 | +€49,364 | +59.6% |
| Financial income | 75/76B | €850 | - | -€850 | |
| Recurring financial income | 75 | €850 | - | -€850 | |
| Non-recurring financial income | 76B | €850 | - | -€850 | |
| Financial charges | 65/66B | €102 | €98 | -€4 | -3.9% |
| Recurring financial charges | 65 | €102 | €98 | -€4 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €83,632 | €132,150 | +€48,518 | +58.0% |
| Income taxes | 67/77 | €25,570 | €22,916 | -€2,654 | -10.4% |
| Profit (loss) for the period | 9904 | €58,062 | €109,234 | +€51,172 | +88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,062 | €109,234 | +€51,172 | +88.1% |
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 14 October 2026 via checked.be.