S4U: 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.
S4U
Largest movements
- Receivables within one year +€81,466
up €81,466 (+154.6%), from €52,700 to €134,167
of which Trade receivables: +€56,466
- Cash +€16,244
up €16,244 (+265.7%), from €6,113 to €22,356
- Deferred charges and accrued income -€14,611
down €14,611 (-85.9%), from €17,011 to €2,400
- Tangible fixed assets -€10,014
down €10,014 (-27.2%), from €36,883 to €26,869
of which Plant, machinery and equipment: -€11,779
- Profit (loss) carried forward +€30,364
up €30,364 (+110.6%), from €27,446 to €57,810
- Other debts +€24,286
up €24,286 (+183.8%), from €13,215 to €37,501
- Debts after one year +€14,844
new in 2025: €14,844
- Current portion of long-term debt +€7,422
new in 2025: €7,422
- Tax, wage and social debts -€4,222
down €4,222 (-35.6%), from €11,857 to €7,635
- Gross operating margin +€34,094
up €34,094 (+142.2%), from €23,981 to €58,074
- Taxes +€9,408
up €9,408, from -€2,281 to €7,126
- Depreciation +€9,071
up €9,071 (+83.9%), from €10,810 to €19,881
- Financial charges +€1,101
up €1,101 (+621.4%), from €177 to €1,278
- Financial income +€1,064
new in 2025: €1,064
of which Financial income: +€1,064
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €152,608 | €225,693 | +€73,085 | +47.9% |
| Fixed assets | 21/28 | €39,283 | €29,269 | -€10,014 | -25.5% |
| Tangible fixed assets | 22/27 | €36,883 | €26,869 | -€10,014 | -27.2% |
| Plant, machinery and equipment | 23 | €36,883 | €25,104 | -€11,779 | -31.9% |
| Furniture and vehicles | 24 | - | €1,765 | +€1,765 | |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €113,325 | €196,424 | +€83,099 | +73.3% |
| Stocks and contracts in progress | 3 | €37,502 | €37,502 | = | 0.0% |
| Stocks | 30/36 | €37,502 | €37,502 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,700 | €134,167 | +€81,466 | +154.6% |
| Trade receivables | 40 | €51,356 | €107,823 | +€56,466 | +110.0% |
| Other amounts receivable | 41 | €1,344 | €26,344 | +€25,000 | +1860.1% |
| Cash at bank and in hand | 54/58 | €6,113 | €22,356 | +€16,244 | +265.7% |
| Deferred charges and accrued income | 490/1 | €17,011 | €2,400 | -€14,611 | -85.9% |
| Total equity and liabilities | 10/49 | €152,608 | €225,693 | +€73,085 | +47.9% |
| Equity | 10/15 | €47,446 | €77,810 | +€30,364 | +64.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,446 | €57,810 | +€30,364 | +110.6% |
| Amounts payable | 17/49 | €105,162 | €147,883 | +€42,721 | +40.6% |
| Amounts payable after more than one year | 17 | - | €14,844 | +€14,844 | |
| Financial debts | 170/4 | - | €14,844 | +€14,844 | |
| Amounts payable within one year | 42/48 | €105,162 | €133,039 | +€27,877 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | - | €7,422 | +€7,422 | |
| Trade debts | 44 | €80,090 | €80,481 | +€391 | +0.5% |
| Suppliers | 440/4 | €80,090 | €80,481 | +€391 | +0.5% |
| Taxes, remuneration and social security | 45 | €11,857 | €7,635 | -€4,222 | -35.6% |
| Taxes | 450/3 | €11,857 | €7,635 | -€4,222 | -35.6% |
| Other amounts payable | 47/48 | €13,215 | €37,501 | +€24,286 | +183.8% |
| Remuneration, social security and pensions | 62 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,810 | €19,881 | +€9,071 | +83.9% |
| Other operating charges | 640/8 | €454 | €489 | +€35 | +7.7% |
| Gross operating margin | 9900 | €23,981 | €58,074 | +€34,094 | +142.2% |
| Operating profit (loss) | 9901 | €12,717 | €37,705 | +€24,988 | +196.5% |
| Financial income | 75/76B | - | €1,064 | +€1,064 | |
| Recurring financial income | 75 | - | €1,064 | +€1,064 | |
| Non-recurring financial income | 76B | - | €1,064 | +€1,064 | |
| Financial charges | 65/66B | €177 | €1,278 | +€1,101 | +621.4% |
| Recurring financial charges | 65 | €177 | €1,278 | +€1,101 | +621.4% |
| Profit (loss) for the period before taxes | 9903 | €12,539 | €37,491 | +€24,951 | +199.0% |
| Income taxes | 67/77 | -€2,281 | €7,126 | +€9,408 | |
| Profit (loss) for the period | 9904 | €14,821 | €30,364 | +€15,544 | +104.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,821 | €30,364 | +€15,544 | +104.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.