S4K: 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.
S4K
Largest movements
- Tangible fixed assets -€120,088
down €120,088 (-10.4%), from €1.2m to €1.0m
of which Land and buildings: -€81,830
- Receivables after one year -€31,792
down €31,792 (-26.0%), from €122,492 to €90,700
of which Trade receivables: -€32,772
- Reserves +€286,352
up €286,352 (+23.6%), from €1.2m to €1.5m
of which Distributable reserves: +€297,882
- Other debts -€285,947
down €285,947 (-100.0%), from €285,947 to €0
- Short-term financial debts -€118,374
down €118,374 (-97.8%), from €121,005 to €2,631
- Debts after one year -€60,512
down €60,512 (-24.3%), from €249,064 to €188,552
- Tax, wage and social debts +€47,129
up €47,129 (+116.0%), from €40,621 to €87,750
- Financial income +€71,447
up €71,447 (+35.0%), from €204,063 to €275,510
- Gross operating margin -€45,604
down €45,604 (-15.1%), from €301,860 to €256,256
- Other operating charges -€19,662
down €19,662 (-58.5%), from €33,581 to €13,920
- Taxes +€19,276
up €19,276 (+35.3%), from €54,542 to €73,818
- Depreciation +€13,284
up €13,284 (+11.2%), from €118,625 to €131,909
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 | €2,238,875 | €2,086,998 | -€151,876 | -6.8% |
| Fixed assets | 21/28 | €1,918,818 | €1,797,930 | -€120,888 | -6.3% |
| Tangible fixed assets | 22/27 | €1,154,655 | €1,034,567 | -€120,088 | -10.4% |
| Land and buildings | 22 | €960,953 | €879,123 | -€81,830 | -8.5% |
| Furniture and vehicles | 24 | €16,942 | €15,699 | -€1,243 | -7.3% |
| Leasing and similar rights | 25 | €176,760 | €139,745 | -€37,015 | -20.9% |
| Financial fixed assets | 28 | €764,163 | €763,363 | -€800 | -0.1% |
| Current assets | 29/58 | €320,057 | €289,068 | -€30,988 | -9.7% |
| Amounts receivable after more than one year | 29 | €122,492 | €90,700 | -€31,792 | -26.0% |
| Trade receivables | 290 | €122,492 | €89,720 | -€32,772 | -26.8% |
| Other amounts receivable | 291 | - | €980 | +€980 | |
| Amounts receivable within one year | 40/41 | €57,009 | €46,208 | -€10,801 | -18.9% |
| Trade receivables | 40 | €52,854 | €36,607 | -€16,248 | -30.7% |
| Other amounts receivable | 41 | €4,155 | €9,601 | +€5,446 | +131.1% |
| Current investments | 50/53 | €134,085 | €134,085 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €864 | €12,543 | +€11,679 | +1352.0% |
| Deferred charges and accrued income | 490/1 | €5,607 | €5,532 | -€75 | -1.3% |
| Total equity and liabilities | 10/49 | €2,238,875 | €2,086,998 | -€151,876 | -6.8% |
| Equity | 10/15 | €1,384,635 | €1,670,986 | +€286,352 | +20.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,211,103 | €1,497,455 | +€286,352 | +23.6% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €229,856 | €218,325 | -€11,530 | -5.0% |
| Distributable reserves | 133 | €956,248 | €1,254,129 | +€297,882 | +31.2% |
| Profit (loss) carried forward | 14 | €73,532 | €73,532 | = | 0.0% |
| Provisions and deferred taxes | 16 | €76,619 | €72,775 | -€3,843 | -5.0% |
| Deferred taxes | 168 | €76,619 | €72,775 | -€3,843 | -5.0% |
| Amounts payable | 17/49 | €777,621 | €343,237 | -€434,385 | -55.9% |
| Amounts payable after more than one year | 17 | €249,064 | €188,552 | -€60,512 | -24.3% |
| Financial debts | 170/4 | €249,064 | €188,552 | -€60,512 | -24.3% |
| Amounts payable within one year | 42/48 | €528,557 | €154,684 | -€373,873 | -70.7% |
| Current portion of amounts payable after more than one year | 42 | €57,086 | €60,512 | +€3,425 | +6.0% |
| Financial debts | 43 | €121,005 | €2,631 | -€118,374 | -97.8% |
| Credit institutions | 430/8 | €121,005 | €2,631 | -€118,374 | -97.8% |
| Trade debts | 44 | €23,898 | €3,792 | -€20,106 | -84.1% |
| Suppliers | 440/4 | €23,898 | €3,792 | -€20,106 | -84.1% |
| Taxes, remuneration and social security | 45 | €40,621 | €87,750 | +€47,129 | +116.0% |
| Taxes | 450/3 | €40,621 | €87,750 | +€47,129 | +116.0% |
| Other amounts payable | 47/48 | €285,947 | €0 | -€285,947 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,625 | €131,909 | +€13,284 | +11.2% |
| Other operating charges | 640/8 | €33,581 | €13,920 | -€19,662 | -58.5% |
| Gross operating margin | 9900 | €301,860 | €256,256 | -€45,604 | -15.1% |
| Operating profit (loss) | 9901 | €149,654 | €110,427 | -€39,227 | -26.2% |
| Financial income | 75/76B | €204,063 | €275,510 | +€71,447 | +35.0% |
| Recurring financial income | 75 | €204,063 | €275,510 | +€71,447 | +35.0% |
| Financial charges | 65/66B | €33,582 | €29,611 | -€3,972 | -11.8% |
| Recurring financial charges | 65 | €33,582 | €29,611 | -€3,972 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €320,135 | €356,326 | +€36,192 | +11.3% |
| Transfer from deferred taxes | 780 | €3,746 | €3,843 | +€98 | +2.6% |
| Income taxes | 67/77 | €54,542 | €73,818 | +€19,276 | +35.3% |
| Profit (loss) for the period | 9904 | €269,339 | €286,352 | +€17,013 | +6.3% |
| Transfer from tax-exempt reserves | 789 | €11,237 | €11,530 | +€293 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €280,576 | €297,882 | +€17,306 | +6.2% |
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.