T4M: 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.
T4M
Largest movements
- Current investments -€56,192
down €56,192 (-65.3%), from €86,000 to €29,808
- Receivables within one year -€51,497
down €51,497 (-85.0%), from €60,566 to €9,070
of which Trade receivables: -€54,156
- Cash +€45,891
up €45,891 (+220%), from €20,835 to €66,726
mainly Other debts (+€59,918) and Net result for the year (+€58,825)
- Tangible fixed assets -€12,085
down €12,085 (-45.8%), from €26,384 to €14,299
of which Furniture and vehicles: -€11,257
- Deferred charges and accrued income -€2,351
down €2,351 (-17.2%), from €13,656 to €11,305
- Reserves -€109,996
down €109,996 (-65.2%), from €168,821 to €58,825
- Other debts +€59,918
up €59,918 (+1,219%), from €4,917 to €64,834
- Tax, wage and social debts -€25,736
down €25,736 (-90.6%), from €28,422 to €2,686
- Gross operating margin -€46,427
down €46,427 (-37.8%), from €122,906 to €76,480
- Financial income +€17,784
up €17,784 (+1,476%), from €1,205 to €18,989
- Taxes -€10,229
down €10,229 (-39.9%), from €25,658 to €15,429
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 | €207,441 | €131,209 | -€76,232 | -36.7% |
| Fixed assets | 21/28 | €26,384 | €14,299 | -€12,085 | -45.8% |
| Tangible fixed assets | 22/27 | €26,384 | €14,299 | -€12,085 | -45.8% |
| Furniture and vehicles | 24 | €23,665 | €12,408 | -€11,257 | -47.6% |
| Other tangible fixed assets | 26 | €2,718 | €1,891 | -€827 | -30.4% |
| Current assets | 29/58 | €181,058 | €116,910 | -€64,147 | -35.4% |
| Amounts receivable within one year | 40/41 | €60,566 | €9,070 | -€51,497 | -85.0% |
| Trade receivables | 40 | €54,264 | €108 | -€54,156 | -99.8% |
| Other amounts receivable | 41 | €6,302 | €8,962 | +€2,660 | +42.2% |
| Current investments | 50/53 | €86,000 | €29,808 | -€56,192 | -65.3% |
| Cash at bank and in hand | 54/58 | €20,835 | €66,726 | +€45,891 | +220% |
| Deferred charges and accrued income | 490/1 | €13,656 | €11,305 | -€2,351 | -17.2% |
| Total equity and liabilities | 10/49 | €207,441 | €131,209 | -€76,232 | -36.7% |
| Equity | 10/15 | €171,821 | €61,825 | -€109,996 | -64.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €168,821 | €58,825 | -€109,996 | -65.2% |
| Distributable reserves | 133 | €168,821 | €58,825 | -€109,996 | -65.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,620 | €69,385 | +€33,764 | +94.8% |
| Amounts payable within one year | 42/48 | €34,024 | €69,385 | +€35,361 | +104% |
| Trade debts | 44 | €685 | €1,865 | +€1,179 | +172% |
| Suppliers | 440/4 | €685 | €1,865 | +€1,179 | +172% |
| Taxes, remuneration and social security | 45 | €28,422 | €2,686 | -€25,736 | -90.6% |
| Taxes | 450/3 | €28,422 | €2,686 | -€25,736 | -90.6% |
| Other amounts payable | 47/48 | €4,917 | €64,834 | +€59,918 | +1,219% |
| Accrued charges and deferred income | 492/3 | €1,596 | €0 | -€1,596 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,979 | €17,685 | +€706 | +4.2% |
| Other operating charges | 640/8 | €2,938 | €2,387 | -€550 | -18.7% |
| Gross operating margin | 9900 | €122,906 | €76,480 | -€46,427 | -37.8% |
| Operating profit (loss) | 9901 | €102,990 | €56,408 | -€46,582 | -45.2% |
| Financial income | 75/76B | €1,205 | €18,989 | +€17,784 | +1,476% |
| Recurring financial income | 75 | €1,205 | €18,989 | +€17,784 | +1,476% |
| Financial charges | 65/66B | €1,961 | €1,143 | -€818 | -41.7% |
| Recurring financial charges | 65 | €1,961 | €1,143 | -€818 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €102,233 | €74,254 | -€27,980 | -27.4% |
| Income taxes | 67/77 | €25,658 | €15,429 | -€10,229 | -39.9% |
| Profit (loss) for the period | 9904 | €76,575 | €58,825 | -€17,750 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,575 | €58,825 | -€17,750 | -23.2% |
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 16 October 2026 via checked.be.