S4: 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.
S4
Largest movements
- Tangible fixed assets -€8,058
down €8,058 (-21.3%), from €37,774 to €29,716
of which Other tangible fixed assets: -€6,924
- Receivables within one year +€4,564
up €4,564 (+137.7%), from €3,314 to €7,877
of which Trade receivables: +€4,575
- Stocks and contracts +€1,338
up €1,338 (+20.9%), from €6,417 to €7,755
- Cash +€921
up €921 (+21.3%), from €4,315 to €5,236
mainly Tax, wage and social debts (+€20,080) and Depreciation (+€8,180)
- Tax, wage and social debts +€20,080
up €20,080 (+180.0%), from €11,154 to €31,234
of which Remuneration and social security: +€10,454
- Profit (loss) carried forward -€12,252
down €12,252 (-23.7%), from -€51,736 to -€63,988
- Current portion of long-term debt -€6,013
down €6,013 (-56.6%), from €10,620 to €4,608
- Debts after one year -€1,736
down €1,736 (-5.1%), from €33,730 to €31,994
- Trade debts -€1,492
down €1,492 (-3.4%), from €43,729 to €42,238
of which Bills of exchange payable: -€3,821
- Gross operating margin +€36,083
up €36,083 (+80.3%), from €44,946 to €81,029
- Staff costs +€35,459
up €35,459 (+72.0%), from €49,264 to €84,723
- Financial income +€2,639
up €2,639 (+628352.4%), from €0 to €2,640
- Financial charges -€1,324
down €1,324 (-37.3%), from €3,550 to €2,226
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 | €52,570 | €51,085 | -€1,484 | -2.8% |
| Formation expenses | 20 | €121 | - | -€121 | |
| Fixed assets | 21/28 | €37,927 | €29,869 | -€8,058 | -21.2% |
| Tangible fixed assets | 22/27 | €37,774 | €29,716 | -€8,058 | -21.3% |
| Furniture and vehicles | 24 | €3,541 | €2,407 | -€1,134 | -32.0% |
| Other tangible fixed assets | 26 | €34,233 | €27,309 | -€6,924 | -20.2% |
| Financial fixed assets | 28 | €153 | €153 | = | 0.0% |
| Current assets | 29/58 | €14,521 | €21,216 | +€6,696 | +46.1% |
| Stocks and contracts in progress | 3 | €6,417 | €7,755 | +€1,338 | +20.9% |
| Stocks | 30/36 | €6,417 | €7,755 | +€1,338 | +20.9% |
| Amounts receivable within one year | 40/41 | €3,314 | €7,877 | +€4,564 | +137.7% |
| Trade receivables | 40 | €3,302 | €7,877 | +€4,575 | +138.5% |
| Other amounts receivable | 41 | €11 | - | -€11 | |
| Cash at bank and in hand | 54/58 | €4,315 | €5,236 | +€921 | +21.3% |
| Deferred charges and accrued income | 490/1 | €475 | €348 | -€127 | -26.8% |
| Total equity and liabilities | 10/49 | €52,570 | €51,085 | -€1,484 | -2.8% |
| Equity | 10/15 | -€46,736 | -€58,988 | -€12,252 | -26.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,736 | -€63,988 | -€12,252 | -23.7% |
| Amounts payable | 17/49 | €99,306 | €110,073 | +€10,768 | +10.8% |
| Amounts payable after more than one year | 17 | €33,730 | €31,994 | -€1,736 | -5.1% |
| Financial debts | 170/4 | €33,730 | €31,994 | -€1,736 | -5.1% |
| Amounts payable within one year | 42/48 | €65,576 | €78,079 | +€12,504 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €10,620 | €4,608 | -€6,013 | -56.6% |
| Trade debts | 44 | €43,729 | €42,238 | -€1,492 | -3.4% |
| Suppliers | 440/4 | €39,909 | €42,238 | +€2,329 | +5.8% |
| Bills of exchange payable | 441 | €3,821 | - | -€3,821 | |
| Taxes, remuneration and social security | 45 | €11,154 | €31,234 | +€20,080 | +180.0% |
| Taxes | 450/3 | €3,692 | €13,318 | +€9,626 | +260.8% |
| Remuneration and social security | 454/9 | €7,462 | €17,916 | +€10,454 | +140.1% |
| Other amounts payable | 47/48 | €72 | - | -€72 | |
| Remuneration, social security and pensions | 62 | €49,264 | €84,723 | +€35,459 | +72.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,356 | €8,180 | -€176 | -2.1% |
| Other operating charges | 640/8 | €839 | €791 | -€48 | -5.7% |
| Gross operating margin | 9900 | €44,946 | €81,029 | +€36,083 | +80.3% |
| Operating profit (loss) | 9901 | -€13,514 | -€12,665 | +€848 | +6.3% |
| Financial income | 75/76B | €0 | €2,640 | +€2,639 | +628352.4% |
| Recurring financial income | 75 | €0 | €2,640 | +€2,639 | +628352.4% |
| Financial charges | 65/66B | €3,550 | €2,226 | -€1,324 | -37.3% |
| Recurring financial charges | 65 | €3,550 | €2,226 | -€1,324 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,063 | -€12,252 | +€4,812 | +28.2% |
| Profit (loss) for the period | 9904 | -€17,063 | -€12,252 | +€4,812 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,063 | -€12,252 | +€4,812 | +28.2% |
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.