S4B: 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.
S4B
Largest movements
- Receivables within one year +€79,420
up €79,420 (+114.4%), from €69,420 to €148,840
of which Trade receivables: +€56,091
- Financial fixed assets +€53,055
up €53,055 (+26.7%), from €199,000 to €252,055
- Tangible fixed assets -€25,866
down €25,866 (-75.5%), from €34,241 to €8,375
of which Plant, machinery and equipment: -€16,955
- Stocks and contracts -€15,792
no longer reported in 2025 (was €15,792)
- Intangible fixed assets +€8,626
up €8,626, from €0 to €8,626
- Short-term financial debts +€40,286
new in 2025: €40,286
- Trade debts +€37,165
up €37,165 (+111.4%), from €33,362 to €70,527
- Other debts +€20,916
up €20,916 (+16.2%), from €128,955 to €149,871
- Profit (loss) carried forward +€6,018
up €6,018 (+12.5%), from €48,120 to €54,137
- Tax, wage and social debts -€5,184
down €5,184 (-67.1%), from €7,731 to €2,547
of which Remuneration and social security: -€5,064
- Other operating charges +€40,130
up €40,130 (+1944.8%), from €2,064 to €42,194
- Gross operating margin +€13,835
up €13,835 (+13.1%), from €105,247 to €119,082
- Depreciation -€5,283
down €5,283 (-21.7%), from €24,367 to €19,084
- Staff costs +€3,614
up €3,614 (+8.8%), from €40,992 to €44,606
- Financial charges -€1,611
down €1,611 (-18.3%), from €8,794 to €7,183
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 | €322,870 | €417,896 | +€95,026 | +29.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €233,241 | €269,056 | +€35,815 | +15.4% |
| Intangible fixed assets | 21 | €0 | €8,626 | +€8,626 | |
| Tangible fixed assets | 22/27 | €34,241 | €8,375 | -€25,866 | -75.5% |
| Plant, machinery and equipment | 23 | €16,955 | - | -€16,955 | |
| Furniture and vehicles | 24 | €17,286 | €8,375 | -€8,911 | -51.6% |
| Financial fixed assets | 28 | €199,000 | €252,055 | +€53,055 | +26.7% |
| Current assets | 29/58 | €89,629 | €148,840 | +€59,211 | +66.1% |
| Stocks and contracts in progress | 3 | €15,792 | - | -€15,792 | |
| Stocks | 30/36 | €15,792 | - | -€15,792 | |
| Amounts receivable within one year | 40/41 | €69,420 | €148,840 | +€79,420 | +114.4% |
| Trade receivables | 40 | €64,422 | €120,513 | +€56,091 | +87.1% |
| Other amounts receivable | 41 | €4,998 | €28,327 | +€23,329 | +466.8% |
| Cash at bank and in hand | 54/58 | €2,790 | - | -€2,790 | |
| Deferred charges and accrued income | 490/1 | €1,627 | - | -€1,627 | |
| Total equity and liabilities | 10/49 | €322,870 | €417,896 | +€95,026 | +29.4% |
| Equity | 10/15 | €116,320 | €122,337 | +€6,018 | +5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,120 | €54,137 | +€6,018 | +12.5% |
| Amounts payable | 17/49 | €206,550 | €295,559 | +€89,009 | +43.1% |
| Amounts payable after more than one year | 17 | €32,327 | €28,302 | -€4,025 | -12.5% |
| Financial debts | 170/4 | €12,272 | €8,247 | -€4,025 | -32.8% |
| Other amounts payable | 178/9 | €20,055 | €20,055 | = | 0.0% |
| Amounts payable within one year | 42/48 | €174,223 | €267,257 | +€93,034 | +53.4% |
| Current portion of amounts payable after more than one year | 42 | €4,174 | €4,025 | -€149 | -3.6% |
| Financial debts | 43 | - | €40,286 | +€40,286 | |
| Credit institutions | 430/8 | - | €40,286 | +€40,286 | |
| Trade debts | 44 | €33,362 | €70,527 | +€37,165 | +111.4% |
| Suppliers | 440/4 | €33,362 | €70,527 | +€37,165 | +111.4% |
| Taxes, remuneration and social security | 45 | €7,731 | €2,547 | -€5,184 | -67.1% |
| Taxes | 450/3 | €120 | - | -€120 | |
| Remuneration and social security | 454/9 | €7,611 | €2,547 | -€5,064 | -66.5% |
| Other amounts payable | 47/48 | €128,955 | €149,871 | +€20,916 | +16.2% |
| Remuneration, social security and pensions | 62 | €40,992 | €44,606 | +€3,614 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,367 | €19,084 | -€5,283 | -21.7% |
| Other operating charges | 640/8 | €2,064 | €42,194 | +€40,130 | +1944.8% |
| Non-recurring operating charges | 66A | €5,097 | - | -€5,097 | |
| Gross operating margin | 9900 | €105,247 | €119,082 | +€13,835 | +13.1% |
| Operating profit (loss) | 9901 | €32,728 | €13,199 | -€19,530 | -59.7% |
| Financial income | 75/76B | €174 | €2 | -€171 | -98.6% |
| Recurring financial income | 75 | €174 | €2 | -€171 | -98.6% |
| Financial charges | 65/66B | €8,794 | €7,183 | -€1,611 | -18.3% |
| Recurring financial charges | 65 | €8,794 | €7,183 | -€1,611 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €24,108 | €6,018 | -€18,090 | -75.0% |
| Profit (loss) for the period | 9904 | €24,108 | €6,018 | -€18,090 | -75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,108 | €6,018 | -€18,090 | -75.0% |
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 5 October 2026 via checked.be.