S4TM: 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.
S4TM
Largest movements
- Cash +€22,819
up €22,819 (+730%), from €3,124 to €25,943
mainly Net result for the year (+€28,939) and Tax, wage and social debts (+€4,138)
- Receivables within one year +€8,265
up €8,265 (+47.7%), from €17,318 to €25,583
of which Other amounts receivable: +€4,851
- Deferred charges and accrued income +€1,342
up €1,342 (+269%), from €498 to €1,840
- Reserves +€28,939
up €28,939 (+88.6%), from €32,660 to €61,599
- Tax, wage and social debts +€4,138
up €4,138 (+47.6%), from €8,703 to €12,841
of which Taxes: +€4,138
- Gross operating margin +€17,312
up €17,312 (+80.3%), from €21,571 to €38,882
- Taxes +€5,078
up €5,078 (+101%), from €5,016 to €10,094
- Financial income +€1,369
up €1,369 (+112,206%), from €1 to €1,370
- Other operating charges +€836
up €836 (+1,043%), from €80 to €916
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 | €45,940 | €78,853 | +€32,913 | +71.6% |
| Fixed assets | 21/28 | - | €487 | +€487 | |
| Tangible fixed assets | 22/27 | - | €487 | +€487 | |
| Furniture and vehicles | 24 | - | €487 | +€487 | |
| Current assets | 29/58 | €45,940 | €78,366 | +€32,426 | +70.6% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,318 | €25,583 | +€8,265 | +47.7% |
| Trade receivables | 40 | €7,260 | €10,674 | +€3,414 | +47.0% |
| Other amounts receivable | 41 | €10,058 | €14,909 | +€4,851 | +48.2% |
| Cash at bank and in hand | 54/58 | €3,124 | €25,943 | +€22,819 | +730% |
| Deferred charges and accrued income | 490/1 | €498 | €1,840 | +€1,342 | +269% |
| Total equity and liabilities | 10/49 | €45,940 | €78,853 | +€32,913 | +71.6% |
| Equity | 10/15 | €32,780 | €61,719 | +€28,939 | +88.3% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €32,660 | €61,599 | +€28,939 | +88.6% |
| Distributable reserves | 133 | €32,660 | €61,599 | +€28,939 | +88.6% |
| Amounts payable | 17/49 | €13,160 | €17,133 | +€3,974 | +30.2% |
| Amounts payable within one year | 42/48 | €13,160 | €17,133 | +€3,974 | +30.2% |
| Trade debts | 44 | €891 | €248 | -€643 | -72.2% |
| Suppliers | 440/4 | €891 | €248 | -€643 | -72.2% |
| Taxes, remuneration and social security | 45 | €8,703 | €12,841 | +€4,138 | +47.6% |
| Taxes | 450/3 | €8,703 | €12,841 | +€4,138 | +47.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,566 | €4,045 | +€478 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €185 | +€185 | |
| Other operating charges | 640/8 | €80 | €916 | +€836 | +1,043% |
| Gross operating margin | 9900 | €21,571 | €38,882 | +€17,312 | +80.3% |
| Operating profit (loss) | 9901 | €21,490 | €37,781 | +€16,290 | +75.8% |
| Financial income | 75/76B | €1 | €1,370 | +€1,369 | +112,206% |
| Recurring financial income | 75 | €1 | €1,370 | +€1,369 | +112,206% |
| Financial charges | 65/66B | €97 | €118 | +€21 | +21.2% |
| Recurring financial charges | 65 | €97 | €118 | +€21 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €21,394 | €39,033 | +€17,639 | +82.4% |
| Income taxes | 67/77 | €5,016 | €10,094 | +€5,078 | +101% |
| Profit (loss) for the period | 9904 | €16,378 | €28,939 | +€12,560 | +76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,378 | €28,939 | +€12,560 | +76.7% |
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 27 October 2026 via checked.be.