PROJECT 4S: 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.
PROJECT 4S
Largest movements
- Tangible fixed assets +€54,349
up €54,349 (+1,449%), from €3,752 to €58,101
- Receivables within one year +€24,148
up €24,148 (+138%), from €17,542 to €41,690
of which Trade receivables: +€19,605
- Cash -€13,980
down €13,980 (-13.0%), from €107,320 to €93,340
mainly Investment in fixed assets (net) (-€64,809) and Receivables within one year (-€24,148)
- Profit (loss) carried forward +€74,449
up €74,449 (+69.9%), from €106,503 to €180,952
- Other debts -€6,607
down €6,607 (-91.5%), from €7,219 to €612
- Depreciation +€9,304
up €9,304 (+805%), from €1,156 to €10,459
- Gross operating margin -€6,883
down €6,883 (-6.2%), from €111,673 to €104,790
- Taxes -€4,920
down €4,920 (-20.2%), from €24,377 to €19,457
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 | €128,613 | €193,927 | +€65,314 | +50.8% |
| Fixed assets | 21/28 | €3,752 | €58,101 | +€54,349 | +1,449% |
| Tangible fixed assets | 22/27 | €3,752 | €58,101 | +€54,349 | +1,449% |
| Furniture and vehicles | 24 | €3,752 | €58,101 | +€54,349 | +1,449% |
| Current assets | 29/58 | €124,861 | €135,826 | +€10,964 | +8.8% |
| Amounts receivable within one year | 40/41 | €17,542 | €41,690 | +€24,148 | +138% |
| Trade receivables | 40 | €17,542 | €37,147 | +€19,605 | +112% |
| Other amounts receivable | 41 | - | €4,543 | +€4,543 | |
| Cash at bank and in hand | 54/58 | €107,320 | €93,340 | -€13,980 | -13.0% |
| Deferred charges and accrued income | 490/1 | - | €796 | +€796 | |
| Total equity and liabilities | 10/49 | €128,613 | €193,927 | +€65,314 | +50.8% |
| Equity | 10/15 | €109,503 | €183,952 | +€74,449 | +68.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,503 | €180,952 | +€74,449 | +69.9% |
| Amounts payable | 17/49 | €19,110 | €9,975 | -€9,136 | -47.8% |
| Amounts payable within one year | 42/48 | €19,110 | €9,975 | -€9,136 | -47.8% |
| Trade debts | 44 | €1,355 | €573 | -€782 | -57.7% |
| Suppliers | 440/4 | €1,355 | €573 | -€782 | -57.7% |
| Taxes, remuneration and social security | 45 | €10,536 | €8,789 | -€1,747 | -16.6% |
| Taxes | 450/3 | €10,536 | €8,789 | -€1,747 | -16.6% |
| Other amounts payable | 47/48 | €7,219 | €612 | -€6,607 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,156 | €10,459 | +€9,304 | +805% |
| Gross operating margin | 9900 | €111,673 | €104,790 | -€6,883 | -6.2% |
| Operating profit (loss) | 9901 | €110,517 | €94,330 | -€16,187 | -14.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,095 | €424 | -€671 | -61.3% |
| Recurring financial charges | 65 | €1,095 | €424 | -€671 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | €109,422 | €93,907 | -€15,516 | -14.2% |
| Income taxes | 67/77 | €24,377 | €19,457 | -€4,920 | -20.2% |
| Profit (loss) for the period | 9904 | €85,045 | €74,449 | -€10,596 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €85,045 | €74,449 | -€10,596 | -12.5% |
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 13 October 2026 via checked.be.