NEW 4 MEN: 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.
NEW 4 MEN
Largest movements
- Stocks and contracts +€97,635
up €97,635 (+69.2%), from €141,143 to €238,778
- Tangible fixed assets -€55,080
down €55,080 (-11.6%), from €473,401 to €418,321
of which Other tangible fixed assets: -€32,974
- Current investments +€45,258
up €45,258 (+893%), from €5,067 to €50,325
- Cash +€33,750
up €33,750 (+20.4%), from €165,167 to €198,918
mainly Net result for the year (+€273,388) and Depreciation (+€58,738)
- Reserves +€231,060
up €231,060 (+63.3%), from €365,100 to €596,160
- Debts after one year -€38,394
down €38,394 (-16.4%), from €234,405 to €196,010
- Tax, wage and social debts -€36,991
down €36,991 (-35.8%), from €103,369 to €66,379
of which Taxes: -€42,031
- Other debts -€29,421
down €29,421 (-65.9%), from €44,632 to €15,211
- Profit (loss) carried forward -€15,206
down €15,206 (-100%), from €15,206 to €0
- Gross operating margin +€131,880
up €131,880 (+32.4%), from €407,089 to €538,969
- Taxes +€46,492
up €46,492 (+60.6%), from €76,676 to €123,168
- Staff costs +€5,769
up €5,769 (+10.6%), from €54,459 to €60,228
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 | €830,056 | €943,882 | +€113,826 | +13.7% |
| Fixed assets | 21/28 | €473,401 | €418,321 | -€55,080 | -11.6% |
| Tangible fixed assets | 22/27 | €473,401 | €418,321 | -€55,080 | -11.6% |
| Land and buildings | 22 | €58,017 | €56,284 | -€1,733 | -3.0% |
| Plant, machinery and equipment | 23 | €120,189 | €103,006 | -€17,182 | -14.3% |
| Furniture and vehicles | 24 | €6,431 | €3,240 | -€3,190 | -49.6% |
| Other tangible fixed assets | 26 | €288,765 | €255,791 | -€32,974 | -11.4% |
| Current assets | 29/58 | €356,655 | €525,560 | +€168,906 | +47.4% |
| Stocks and contracts in progress | 3 | €141,143 | €238,778 | +€97,635 | +69.2% |
| Stocks | 30/36 | €141,143 | €238,778 | +€97,635 | +69.2% |
| Amounts receivable within one year | 40/41 | €34,779 | €26,412 | -€8,367 | -24.1% |
| Trade receivables | 40 | €6,030 | €6,401 | +€371 | +6.2% |
| Other amounts receivable | 41 | €28,749 | €20,010 | -€8,738 | -30.4% |
| Current investments | 50/53 | €5,067 | €50,325 | +€45,258 | +893% |
| Cash at bank and in hand | 54/58 | €165,167 | €198,918 | +€33,750 | +20.4% |
| Deferred charges and accrued income | 490/1 | €10,499 | €11,128 | +€629 | +6.0% |
| Total equity and liabilities | 10/49 | €830,056 | €943,882 | +€113,826 | +13.7% |
| Equity | 10/15 | €398,906 | €614,760 | +€215,854 | +54.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €365,100 | €596,160 | +€231,060 | +63.3% |
| Distributable reserves | 133 | €365,100 | €596,160 | +€231,060 | +63.3% |
| Profit (loss) carried forward | 14 | €15,206 | €0 | -€15,206 | -100% |
| Amounts payable | 17/49 | €431,150 | €329,122 | -€102,028 | -23.7% |
| Amounts payable after more than one year | 17 | €234,405 | €196,010 | -€38,394 | -16.4% |
| Financial debts | 170/4 | €234,405 | €196,010 | -€38,394 | -16.4% |
| Amounts payable within one year | 42/48 | €196,385 | €132,595 | -€63,790 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €38,649 | €38,394 | -€255 | -0.7% |
| Trade debts | 44 | €3,943 | €6,562 | +€2,619 | +66.4% |
| Suppliers | 440/4 | €3,943 | €6,562 | +€2,619 | +66.4% |
| Advances received on contracts in progress | 46 | €5,791 | €6,048 | +€257 | +4.4% |
| Taxes, remuneration and social security | 45 | €103,369 | €66,379 | -€36,991 | -35.8% |
| Taxes | 450/3 | €89,101 | €47,070 | -€42,031 | -47.2% |
| Remuneration and social security | 454/9 | €14,268 | €19,308 | +€5,040 | +35.3% |
| Other amounts payable | 47/48 | €44,632 | €15,211 | -€29,421 | -65.9% |
| Accrued charges and deferred income | 492/3 | €360 | €517 | +€156 | +43.4% |
| Remuneration, social security and pensions | 62 | €54,459 | €60,228 | +€5,769 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,086 | €58,738 | +€3,652 | +6.6% |
| Other operating charges | 640/8 | €4,063 | €3,155 | -€909 | -22.4% |
| Non-recurring operating charges | 66A | €1,740 | €0 | -€1,740 | -100% |
| Gross operating margin | 9900 | €407,089 | €538,969 | +€131,880 | +32.4% |
| Operating profit (loss) | 9901 | €291,740 | €416,849 | +€125,109 | +42.9% |
| Financial income | 75/76B | €308 | €859 | +€551 | +179% |
| Recurring financial income | 75 | €308 | €859 | +€551 | +179% |
| Financial charges | 65/66B | €22,907 | €21,152 | -€1,755 | -7.7% |
| Recurring financial charges | 65 | €22,907 | €21,152 | -€1,755 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €269,142 | €396,556 | +€127,414 | +47.3% |
| Income taxes | 67/77 | €76,676 | €123,168 | +€46,492 | +60.6% |
| Profit (loss) for the period | 9904 | €192,466 | €273,388 | +€80,922 | +42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €192,466 | €273,388 | +€80,922 | +42.0% |
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 26 October 2026 via checked.be.