P4X: 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.
P4X
Largest movements
- Receivables within one year +€43,436
up €43,436 (+55.0%), from €79,016 to €122,452
of which Trade receivables: +€22,195
- Cash +€27,510
up €27,510 (+55.0%), from €50,007 to €77,517
mainly Trade debts (+€56,480) and Net result for the year (+€33,393)
- Deferred charges and accrued income +€5,444
up €5,444 (+264.1%), from €2,062 to €7,506
- Tangible fixed assets +€3,808
up €3,808 (+7.9%), from €47,919 to €51,727
- Trade debts +€56,480
up €56,480 (+328.8%), from €17,175 to €73,656
- Reserves +€33,393
up €33,393 (+62.4%), from €53,525 to €86,918
of which Distributable reserves: +€33,393
- Accrued charges and deferred income -€4,418
down €4,418 (-14.2%), from €31,146 to €26,728
- Other debts -€2,726
down €2,726 (-37.4%), from €7,284 to €4,558
- Gross operating margin +€18,737
up €18,737 (+40.3%), from €46,483 to €65,220
- Depreciation +€5,000
up €5,000 (+50.9%), from €9,825 to €14,825
- Taxes +€4,912
up €4,912 (+38.3%), from €12,827 to €17,739
- Other operating charges -€2,525
down €2,525 (-66.2%), from €3,813 to €1,288
- Financial income -€818
down €818 (-22.9%), from €3,566 to €2,747
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 | €179,086 | €259,285 | +€80,199 | +44.8% |
| Fixed assets | 21/28 | €48,002 | €51,810 | +€3,808 | +7.9% |
| Tangible fixed assets | 22/27 | €47,919 | €51,727 | +€3,808 | +7.9% |
| Furniture and vehicles | 24 | €47,919 | €51,727 | +€3,808 | +7.9% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €131,084 | €207,475 | +€76,391 | +58.3% |
| Amounts receivable within one year | 40/41 | €79,016 | €122,452 | +€43,436 | +55.0% |
| Trade receivables | 40 | €60,003 | €82,198 | +€22,195 | +37.0% |
| Other amounts receivable | 41 | €19,013 | €40,253 | +€21,241 | +111.7% |
| Cash at bank and in hand | 54/58 | €50,007 | €77,517 | +€27,510 | +55.0% |
| Deferred charges and accrued income | 490/1 | €2,062 | €7,506 | +€5,444 | +264.1% |
| Total equity and liabilities | 10/49 | €179,086 | €259,285 | +€80,199 | +44.8% |
| Equity | 10/15 | €115,029 | €148,422 | +€33,393 | +29.0% |
| Contributions | 10/11 | €61,504 | €61,504 | = | 0.0% |
| Capital | 10 | €61,504 | €61,504 | = | 0.0% |
| Issued capital | 100 | €61,504 | €61,504 | = | 0.0% |
| Reserves | 13 | €53,525 | €86,918 | +€33,393 | +62.4% |
| Non-distributable reserves | 130/1 | €6,154 | €6,154 | = | 0.0% |
| Legal reserve | 130 | €6,154 | €6,154 | = | 0.0% |
| Distributable reserves | 133 | €47,371 | €80,764 | +€33,393 | +70.5% |
| Amounts payable | 17/49 | €64,057 | €110,863 | +€46,806 | +73.1% |
| Amounts payable within one year | 42/48 | €32,911 | €84,135 | +€51,224 | +155.6% |
| Trade debts | 44 | €17,175 | €73,656 | +€56,480 | +328.8% |
| Suppliers | 440/4 | €17,175 | €73,656 | +€56,480 | +328.8% |
| Taxes, remuneration and social security | 45 | €8,452 | €5,921 | -€2,531 | -29.9% |
| Taxes | 450/3 | €8,132 | €5,921 | -€2,211 | -27.2% |
| Remuneration and social security | 454/9 | €320 | - | -€320 | |
| Other amounts payable | 47/48 | €7,284 | €4,558 | -€2,726 | -37.4% |
| Accrued charges and deferred income | 492/3 | €31,146 | €26,728 | -€4,418 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,825 | €14,825 | +€5,000 | +50.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €53 | - | -€53 | |
| Other operating charges | 640/8 | €3,813 | €1,288 | -€2,525 | -66.2% |
| Gross operating margin | 9900 | €46,483 | €65,220 | +€18,737 | +40.3% |
| Operating profit (loss) | 9901 | €32,793 | €49,107 | +€16,315 | +49.8% |
| Financial income | 75/76B | €3,566 | €2,747 | -€818 | -22.9% |
| Recurring financial income | 75 | €3,566 | €2,747 | -€818 | -22.9% |
| Financial charges | 65/66B | €415 | €723 | +€308 | +74.4% |
| Recurring financial charges | 65 | €415 | €723 | +€308 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €35,944 | €51,132 | +€15,188 | +42.3% |
| Income taxes | 67/77 | €12,827 | €17,739 | +€4,912 | +38.3% |
| Profit (loss) for the period | 9904 | €23,117 | €33,393 | +€10,276 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,117 | €33,393 | +€10,276 | +44.5% |
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 9 October 2026 via checked.be.