Th4Q: 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.
Th4Q
Largest movements
- Stocks and contracts +€32,976
up €32,976 (+12.0%), from €275,902 to €308,878
- Other debts +€22,777
up €22,777 (+9.9%), from €229,171 to €251,947
- Accrued charges and deferred income +€13,456
up €13,456 (+40.0%), from €33,668 to €47,125
- Profit (loss) carried forward -€4,646
down €4,646 (-14.3%), from -€32,393 to -€37,039
- Gross operating margin +€3,172
up €3,172 (+46.8%), from -€6,771 to -€3,599
- Other operating charges +€403
up €403 (+287%), from €141 to €544
- Financial charges +€164
up €164 (+48.4%), from €339 to €503
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 | €295,080 | €325,214 | +€30,134 | +10.2% |
| Fixed assets | 21/28 | €10,632 | €10,632 | = | 0.0% |
| Tangible fixed assets | 22/27 | €10,632 | €10,632 | = | 0.0% |
| Furniture and vehicles | 24 | €10,632 | €10,632 | = | 0.0% |
| Current assets | 29/58 | €284,448 | €314,582 | +€30,134 | +10.6% |
| Stocks and contracts in progress | 3 | €275,902 | €308,878 | +€32,976 | +12.0% |
| Stocks | 30/36 | €275,902 | €308,878 | +€32,976 | +12.0% |
| Amounts receivable within one year | 40/41 | €3,163 | €624 | -€2,539 | -80.3% |
| Other amounts receivable | 41 | €3,163 | €624 | -€2,539 | -80.3% |
| Cash at bank and in hand | 54/58 | €5,383 | €5,080 | -€302 | -5.6% |
| Total equity and liabilities | 10/49 | €295,080 | €325,214 | +€30,134 | +10.2% |
| Equity | 10/15 | €29,424 | €24,778 | -€4,646 | -15.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €31,817 | €31,817 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €28,817 | €28,817 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,393 | -€37,039 | -€4,646 | -14.3% |
| Amounts payable | 17/49 | €265,656 | €300,436 | +€34,781 | +13.1% |
| Amounts payable within one year | 42/48 | €231,987 | €253,312 | +€21,324 | +9.2% |
| Trade debts | 44 | €2,750 | €1,364 | -€1,386 | -50.4% |
| Suppliers | 440/4 | €2,750 | €1,364 | -€1,386 | -50.4% |
| Taxes, remuneration and social security | 45 | €67 | - | -€67 | |
| Taxes | 450/3 | €67 | - | -€67 | |
| Other amounts payable | 47/48 | €229,171 | €251,947 | +€22,777 | +9.9% |
| Accrued charges and deferred income | 492/3 | €33,668 | €47,125 | +€13,456 | +40.0% |
| Other operating charges | 640/8 | €141 | €544 | +€403 | +287% |
| Gross operating margin | 9900 | -€6,771 | -€3,599 | +€3,172 | +46.8% |
| Operating profit (loss) | 9901 | -€6,912 | -€4,143 | +€2,769 | +40.1% |
| Financial charges | 65/66B | €339 | €503 | +€164 | +48.4% |
| Recurring financial charges | 65 | €339 | €503 | +€164 | +48.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,251 | -€4,646 | +€2,605 | +35.9% |
| Profit (loss) for the period | 9904 | -€7,251 | -€4,646 | +€2,605 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,251 | -€4,646 | +€2,605 | +35.9% |
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.