No-4-man: 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.
No-4-man
Largest movements
- Tangible fixed assets +€468,916
up €468,916 (+57.7%), from €813,015 to €1.3m
of which Land and buildings: +€476,990
- Cash +€185,675
up €185,675 (+223%), from €83,249 to €268,924
mainly Net result for the year (+€683,585) and Debts after one year (+€59,933)
- Current investments +€100,000
up €100,000 (+25.0%), from €400,000 to €500,000
- Reserves +€683,585
up €683,585 (+28.9%), from €2.4m to €3.1m
- Debts after one year +€59,933
up €59,933 (+15.3%), from €391,635 to €451,568
- Current portion of long-term debt -€53,435
down €53,435 (-18.7%), from €286,420 to €232,985
- Tax, wage and social debts +€38,516
up €38,516 (+201%), from €19,142 to €57,658
- Gross operating margin -€532,527
down €532,527 (-61.1%), from €871,244 to €338,717
- Financial charges +€20,241
up €20,241 (+234%), from €8,666 to €28,907
- Depreciation +€16,882
up €16,882 (+42.7%), from €39,566 to €56,448
- Taxes -€9,010
down €9,010 (-11.4%), from €79,067 to €70,057
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 | €3,097,548 | €3,833,022 | +€735,474 | +23.7% |
| Fixed assets | 21/28 | €2,053,744 | €2,503,888 | +€450,144 | +21.9% |
| Intangible fixed assets | 21 | €93,859 | €75,087 | -€18,772 | -20.0% |
| Tangible fixed assets | 22/27 | €813,015 | €1,281,931 | +€468,916 | +57.7% |
| Land and buildings | 22 | €776,670 | €1,253,660 | +€476,990 | +61.4% |
| Furniture and vehicles | 24 | €36,345 | €28,271 | -€8,074 | -22.2% |
| Financial fixed assets | 28 | €1,146,870 | €1,146,870 | = | 0.0% |
| Current assets | 29/58 | €1,043,804 | €1,329,134 | +€285,330 | +27.3% |
| Amounts receivable within one year | 40/41 | €560,555 | €551,210 | -€9,345 | -1.7% |
| Trade receivables | 40 | €44,245 | €47,350 | +€3,105 | +7.0% |
| Other amounts receivable | 41 | €516,310 | €503,860 | -€12,450 | -2.4% |
| Current investments | 50/53 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €83,249 | €268,924 | +€185,675 | +223% |
| Deferred charges and accrued income | 490/1 | - | €9,000 | +€9,000 | |
| Total equity and liabilities | 10/49 | €3,097,548 | €3,833,022 | +€735,474 | +23.7% |
| Equity | 10/15 | €2,387,933 | €3,071,518 | +€683,585 | +28.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €2,367,473 | €3,051,058 | +€683,585 | +28.9% |
| Distributable reserves | 133 | €2,367,473 | €3,051,058 | +€683,585 | +28.9% |
| Amounts payable | 17/49 | €709,615 | €761,504 | +€51,889 | +7.3% |
| Amounts payable after more than one year | 17 | €391,635 | €451,568 | +€59,933 | +15.3% |
| Financial debts | 170/4 | €391,635 | €451,568 | +€59,933 | +15.3% |
| Amounts payable within one year | 42/48 | €317,530 | €309,036 | -€8,494 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €286,420 | €232,985 | -€53,435 | -18.7% |
| Trade debts | 44 | €11,968 | €18,393 | +€6,425 | +53.7% |
| Suppliers | 440/4 | €11,968 | €18,393 | +€6,425 | +53.7% |
| Taxes, remuneration and social security | 45 | €19,142 | €57,658 | +€38,516 | +201% |
| Taxes | 450/3 | €19,142 | €57,658 | +€38,516 | +201% |
| Accrued charges and deferred income | 492/3 | €450 | €900 | +€450 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,566 | €56,448 | +€16,882 | +42.7% |
| Other operating charges | 640/8 | €1,293 | €3,802 | +€2,509 | +194% |
| Gross operating margin | 9900 | €871,244 | €338,717 | -€532,527 | -61.1% |
| Operating profit (loss) | 9901 | €830,385 | €278,467 | -€551,918 | -66.5% |
| Financial income | 75/76B | €500,000 | €504,082 | +€4,082 | +0.8% |
| Recurring financial income | 75 | €500,000 | €504,082 | +€4,082 | +0.8% |
| Financial charges | 65/66B | €8,666 | €28,907 | +€20,241 | +234% |
| Recurring financial charges | 65 | €8,666 | €28,907 | +€20,241 | +234% |
| Profit (loss) for the period before taxes | 9903 | €1,321,719 | €753,642 | -€568,077 | -43.0% |
| Income taxes | 67/77 | €79,067 | €70,057 | -€9,010 | -11.4% |
| Profit (loss) for the period | 9904 | €1,242,652 | €683,585 | -€559,067 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,242,652 | €683,585 | -€559,067 | -45.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.