S4Q: 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.
S4Q
Largest movements
- Cash +€44,335
up €44,335 (+118%), from €37,549 to €81,884
mainly Net result for the year (+€36,317) and Receivables within one year (+€9,145)
- Receivables within one year -€9,145
down €9,145 (-32.1%), from €28,514 to €19,369
of which Trade receivables: -€9,500
- Reserves +€36,317
up €36,317 (+68.3%), from €53,151 to €89,468
- Tax, wage and social debts -€2,060
down €2,060 (-16.0%), from €12,898 to €10,839
- Gross operating margin -€14,387
down €14,387 (-22.2%), from €64,846 to €50,460
- Taxes -€2,060
down €2,060 (-16.0%), from €12,898 to €10,839
- Other operating charges -€1,850
down €1,850 (-57.3%), from €3,228 to €1,378
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.
Derived cash bridge
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 | €71,418 | €106,234 | +€34,816 | +48.7% |
| Fixed assets | 21/28 | €3,987 | €3,457 | -€530 | -13.3% |
| Tangible fixed assets | 22/27 | €3,987 | €3,457 | -€530 | -13.3% |
| Furniture and vehicles | 24 | €3,987 | €3,457 | -€530 | -13.3% |
| Current assets | 29/58 | €67,431 | €102,777 | +€35,346 | +52.4% |
| Amounts receivable within one year | 40/41 | €28,514 | €19,369 | -€9,145 | -32.1% |
| Trade receivables | 40 | €21,113 | €11,613 | -€9,500 | -45.0% |
| Other amounts receivable | 41 | €7,401 | €7,756 | +€355 | +4.8% |
| Cash at bank and in hand | 54/58 | €37,549 | €81,884 | +€44,335 | +118% |
| Deferred charges and accrued income | 490/1 | €1,368 | €1,524 | +€156 | +11.4% |
| Total equity and liabilities | 10/49 | €71,418 | €106,234 | +€34,816 | +48.7% |
| Equity | 10/15 | €56,151 | €92,468 | +€36,317 | +64.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €53,151 | €89,468 | +€36,317 | +68.3% |
| Distributable reserves | 133 | €53,151 | €89,468 | +€36,317 | +68.3% |
| Amounts payable | 17/49 | €15,267 | €13,766 | -€1,501 | -9.8% |
| Amounts payable within one year | 42/48 | €15,267 | €13,766 | -€1,501 | -9.8% |
| Financial debts | 43 | €451 | €0 | -€451 | -100% |
| Credit institutions | 430/8 | €451 | €0 | -€451 | -100% |
| Trade debts | 44 | €1,494 | €1,553 | +€59 | +3.9% |
| Suppliers | 440/4 | €1,494 | €1,553 | +€59 | +3.9% |
| Taxes, remuneration and social security | 45 | €12,898 | €10,839 | -€2,060 | -16.0% |
| Taxes | 450/3 | €12,898 | €10,839 | -€2,060 | -16.0% |
| Other amounts payable | 47/48 | €424 | €1,375 | +€951 | +224% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176 | €530 | +€354 | +201% |
| Other operating charges | 640/8 | €3,228 | €1,378 | -€1,850 | -57.3% |
| Gross operating margin | 9900 | €64,846 | €50,460 | -€14,387 | -22.2% |
| Operating profit (loss) | 9901 | €61,442 | €48,551 | -€12,891 | -21.0% |
| Financial income | 75/76B | €16 | €0 | -€16 | -100% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -100% |
| Financial charges | 65/66B | €1,811 | €1,395 | -€415 | -22.9% |
| Recurring financial charges | 65 | €1,811 | €1,395 | -€415 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €59,647 | €47,156 | -€12,491 | -20.9% |
| Income taxes | 67/77 | €12,898 | €10,839 | -€2,060 | -16.0% |
| Profit (loss) for the period | 9904 | €46,749 | €36,317 | -€10,432 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,749 | €36,317 | -€10,432 | -22.3% |
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 16 October 2026 via checked.be.