Q4P: what changed
Two fiscal 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.
Q4P
Largest movements
- Cash -€79,233
down €79,233 (-76.5%), from €103,542 to €24,308
mainly Current portion of long-term debt (-€99,273) and Debts after one year (-€27,432)
- Receivables within one year +€8,244
up €8,244 (+7.7%), from €106,675 to €114,919
of which Other amounts receivable: +€7,489
- Current portion of long-term debt -€99,273
down €99,273 (-78.1%), from €127,165 to €27,892
- Trade debts +€36,299
up €36,299 (+952.8%), from €3,810 to €40,109
- Debts after one year -€27,432
down €27,432 (-13.2%), from €207,850 to €180,417
- Reserves +€25,757
up €25,757 (+15.0%), from €171,803 to €197,559
- Tax, wage and social debts -€6,640
down €6,640 (-20.4%), from €32,531 to €25,891
of which Taxes: -€6,957
- Gross operating margin -€14,235
down €14,235 (-12.1%), from €117,763 to €103,528
- Staff costs +€2,804
up €2,804 (+9.0%), from €31,271 to €34,075
- Financial income +€2,246
up €2,246 (+47.9%), from €4,693 to €6,938
- Other operating charges -€1,579
down €1,579 (-32.4%), from €4,871 to €3,292
- Taxes -€1,404
down €1,404 (-9.3%), from €15,091 to €13,687
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 | €631,259 | €564,788 | -€66,471 | -10.5% |
| Fixed assets | 21/28 | €386,010 | €390,388 | +€4,379 | +1.1% |
| Tangible fixed assets | 22/27 | €384,000 | €388,378 | +€4,379 | +1.1% |
| Land and buildings | 22 | €377,665 | €385,100 | +€7,435 | +2.0% |
| Furniture and vehicles | 24 | €6,335 | €3,278 | -€3,057 | -48.3% |
| Financial fixed assets | 28 | €2,010 | €2,010 | = | 0.0% |
| Current assets | 29/58 | €245,249 | €174,400 | -€70,849 | -28.9% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €106,675 | €114,919 | +€8,244 | +7.7% |
| Trade receivables | 40 | €25,289 | €26,044 | +€755 | +3.0% |
| Other amounts receivable | 41 | €81,386 | €88,875 | +€7,489 | +9.2% |
| Current investments | 50/53 | €1,123 | €2,211 | +€1,088 | +96.9% |
| Cash at bank and in hand | 54/58 | €103,542 | €24,308 | -€79,233 | -76.5% |
| Deferred charges and accrued income | 490/1 | €3,909 | €2,961 | -€948 | -24.2% |
| Total equity and liabilities | 10/49 | €631,259 | €564,788 | -€66,471 | -10.5% |
| Equity | 10/15 | €259,903 | €285,659 | +€25,757 | +9.9% |
| Contributions | 10/11 | €88,100 | €88,100 | = | 0.0% |
| Reserves | 13 | €171,803 | €197,559 | +€25,757 | +15.0% |
| Distributable reserves | 133 | €171,803 | €197,559 | +€25,757 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €371,356 | €279,129 | -€92,227 | -24.8% |
| Amounts payable after more than one year | 17 | €207,850 | €180,417 | -€27,432 | -13.2% |
| Financial debts | 170/4 | €207,850 | €180,417 | -€27,432 | -13.2% |
| Amounts payable within one year | 42/48 | €163,506 | €97,292 | -€66,214 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €127,165 | €27,892 | -€99,273 | -78.1% |
| Trade debts | 44 | €3,810 | €40,109 | +€36,299 | +952.8% |
| Suppliers | 440/4 | €3,810 | €40,109 | +€36,299 | +952.8% |
| Taxes, remuneration and social security | 45 | €32,531 | €25,891 | -€6,640 | -20.4% |
| Taxes | 450/3 | €27,730 | €20,772 | -€6,957 | -25.1% |
| Remuneration and social security | 454/9 | €4,802 | €5,119 | +€317 | +6.6% |
| Other amounts payable | 47/48 | - | €3,400 | +€3,400 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,419 | +€1,419 | |
| Non-recurring operating income | 76A | €15 | €0 | -€15 | -100.0% |
| Remuneration, social security and pensions | 62 | €31,271 | €34,075 | +€2,804 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,777 | €19,721 | -€55 | -0.3% |
| Other operating charges | 640/8 | €4,871 | €3,292 | -€1,579 | -32.4% |
| Gross operating margin | 9900 | €117,763 | €103,528 | -€14,235 | -12.1% |
| Operating profit (loss) | 9901 | €61,845 | €46,439 | -€15,406 | -24.9% |
| Financial income | 75/76B | €4,693 | €6,938 | +€2,246 | +47.9% |
| Recurring financial income | 75 | €4,693 | €6,938 | +€2,246 | +47.9% |
| Financial charges | 65/66B | €14,686 | €13,934 | -€752 | -5.1% |
| Recurring financial charges | 65 | €14,686 | €13,934 | -€752 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €51,852 | €39,443 | -€12,408 | -23.9% |
| Income taxes | 67/77 | €15,091 | €13,687 | -€1,404 | -9.3% |
| Profit (loss) for the period | 9904 | €36,761 | €25,757 | -€11,004 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,761 | €25,757 | -€11,004 | -29.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.