Q4B: what changed
Q4B
Largest movements
- Cash +€119,198
up €119,198 (+113%), from €105,934 to €225,132
mainly Other debts (+€87,250) and Net result for the year (+€69,279)
- Receivables within one year -€22,514
down €22,514 (-19.3%), from €116,434 to €93,919
of which Trade receivables: -€76,814
- Other debts +€87,250
up €87,250 (+111%), from €78,522 to €165,772
- Accrued charges and deferred income +€30,387
up €30,387 (+711%), from €4,275 to €34,662
- Trade debts -€13,064
down €13,064 (-90.8%), from €14,382 to €1,318
- Tax, wage and social debts -€9,731
down €9,731 (-42.9%), from €22,700 to €12,968
- Gross operating margin -€10,734
down €10,734 (-9.6%), from €112,215 to €101,481
- Taxes -€3,727
down €3,727 (-13.5%), from €27,638 to €23,910
- Financial charges +€1,490
up €1,490 (+101%), from €1,480 to €2,970
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €230,393 | €325,235 | +€94,842 | +41.2% |
| Fixed assets | 21/28 | €6,413 | €4,119 | -€2,294 | -35.8% |
| Tangible fixed assets | 22/27 | €6,413 | €4,119 | -€2,294 | -35.8% |
| Furniture and vehicles | 24 | €3,061 | €1,732 | -€1,329 | -43.4% |
| Other tangible fixed assets | 26 | €3,352 | €2,387 | -€965 | -28.8% |
| Current assets | 29/58 | €223,980 | €321,116 | +€97,136 | +43.4% |
| Amounts receivable within one year | 40/41 | €116,434 | €93,919 | -€22,514 | -19.3% |
| Trade receivables | 40 | €108,840 | €32,026 | -€76,814 | -70.6% |
| Other amounts receivable | 41 | €7,593 | €61,893 | +€54,300 | +715% |
| Cash at bank and in hand | 54/58 | €105,934 | €225,132 | +€119,198 | +113% |
| Deferred charges and accrued income | 490/1 | €1,613 | €2,065 | +€452 | +28.0% |
| Total equity and liabilities | 10/49 | €230,393 | €325,235 | +€94,842 | +41.2% |
| Equity | 10/15 | €110,515 | €110,515 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €91,965 | €91,965 | = | 0.0% |
| Distributable reserves | 133 | €91,965 | €91,965 | = | 0.0% |
| Amounts payable | 17/49 | €119,879 | €214,720 | +€94,842 | +79.1% |
| Amounts payable within one year | 42/48 | €115,604 | €180,058 | +€64,455 | +55.8% |
| Trade debts | 44 | €14,382 | €1,318 | -€13,064 | -90.8% |
| Suppliers | 440/4 | €14,382 | €1,318 | -€13,064 | -90.8% |
| Taxes, remuneration and social security | 45 | €22,700 | €12,968 | -€9,731 | -42.9% |
| Taxes | 450/3 | €22,700 | €12,968 | -€9,731 | -42.9% |
| Other amounts payable | 47/48 | €78,522 | €165,772 | +€87,250 | +111% |
| Accrued charges and deferred income | 492/3 | €4,275 | €34,662 | +€30,387 | +711% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,375 | €2,294 | -€81 | -3.4% |
| Other operating charges | 640/8 | €3,016 | €3,028 | +€11 | +0.4% |
| Gross operating margin | 9900 | €112,215 | €101,481 | -€10,734 | -9.6% |
| Operating profit (loss) | 9901 | €106,824 | €96,159 | -€10,664 | -10.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,480 | €2,970 | +€1,490 | +101% |
| Recurring financial charges | 65 | €1,480 | €2,970 | +€1,490 | +101% |
| Profit (loss) for the period before taxes | 9903 | €105,344 | €93,189 | -€12,155 | -11.5% |
| Income taxes | 67/77 | €27,638 | €23,910 | -€3,727 | -13.5% |
| Profit (loss) for the period | 9904 | €77,707 | €69,279 | -€8,428 | -10.8% |
| Transfer from tax-exempt reserves | 789 | €127 | - | -€127 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,834 | €69,279 | -€8,555 | -11.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.