The Fourth Law: 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.
The Fourth Law
Largest movements
- Financial fixed assets -€284,024
down €284,024 (-4.0%), from €7.2m to €6.9m
- Debts after one year -€525,000
down €525,000 (-95.5%), from €550,000 to €25,000
- Contributions +€444,896
up €444,896 (+6.7%), from €6.7m to €7.1m
of which Capital: +€1.7m
- Trade debts -€121,723
down €121,723 (-84.6%), from €143,877 to €22,155
- Profit (loss) carried forward -€88,430
down €88,430 (-89.0%), from -€99,400 to -€187,830
- Gross operating margin -€121,988
down €121,988, from €17,247 to -€104,741
- Financial charges -€12,393
down €12,393 (-82.0%), from €15,114 to €2,721
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 | €7,356,735 | €7,005,384 | -€351,350 | -4.8% |
| Fixed assets | 21/28 | €7,174,649 | €6,890,626 | -€284,024 | -4.0% |
| Financial fixed assets | 28 | €7,174,649 | €6,890,626 | -€284,024 | -4.0% |
| Current assets | 29/58 | €182,085 | €114,759 | -€67,327 | -37.0% |
| Amounts receivable within one year | 40/41 | €100,288 | €99,466 | -€822 | -0.8% |
| Trade receivables | 40 | €97,497 | €18,750 | -€78,747 | -80.8% |
| Other amounts receivable | 41 | €2,791 | €80,716 | +€77,926 | +2,792% |
| Cash at bank and in hand | 54/58 | €81,512 | €14,706 | -€66,806 | -82.0% |
| Deferred charges and accrued income | 490/1 | €286 | €586 | +€301 | +105% |
| Total equity and liabilities | 10/49 | €7,356,735 | €7,005,384 | -€351,350 | -4.8% |
| Equity | 10/15 | €6,608,204 | €6,958,228 | +€350,024 | +5.3% |
| Contributions | 10/11 | €6,673,352 | €7,118,248 | +€444,896 | +6.7% |
| Capital | 10 | €88,585 | €1,771,876 | +€1.7m | +1,900% |
| Issued capital | 100 | €88,585 | €1,771,876 | +€1.7m | +1,900% |
| Contributions outside capital | 11 | €6,584,767 | €5,346,372 | -€1.2m | -18.8% |
| Share premium | 1100/10 | €6,584,767 | €5,346,372 | -€1.2m | -18.8% |
| Reserves | 13 | €34,252 | €27,810 | -€6,442 | -18.8% |
| Non-distributable reserves | 130/1 | €1,713 | €1,391 | -€322 | -18.8% |
| Legal reserve | 130 | €1,713 | €1,391 | -€322 | -18.8% |
| Distributable reserves | 133 | €32,539 | €26,420 | -€6,120 | -18.8% |
| Profit (loss) carried forward | 14 | -€99,400 | -€187,830 | -€88,430 | -89.0% |
| Amounts payable | 17/49 | €748,531 | €47,156 | -€701,375 | -93.7% |
| Amounts payable after more than one year | 17 | €550,000 | €25,000 | -€525,000 | -95.5% |
| Financial debts | 170/4 | €550,000 | €25,000 | -€525,000 | -95.5% |
| Amounts payable within one year | 42/48 | €198,063 | €22,156 | -€175,908 | -88.8% |
| Trade debts | 44 | €143,877 | €22,155 | -€121,723 | -84.6% |
| Suppliers | 440/4 | €143,877 | €22,155 | -€121,723 | -84.6% |
| Taxes, remuneration and social security | 45 | €1,292 | €1 | -€1,291 | -99.9% |
| Taxes | 450/3 | €1,292 | €1 | -€1,291 | -99.9% |
| Other amounts payable | 47/48 | €52,894 | €0 | -€52,894 | -100% |
| Accrued charges and deferred income | 492/3 | €467 | €0 | -€467 | -100% |
| Other operating charges | 640/8 | €968 | €0 | -€968 | -100% |
| Gross operating margin | 9900 | €17,247 | -€104,741 | -€121,988 | |
| Operating profit (loss) | 9901 | €16,279 | -€104,741 | -€121,021 | |
| Financial income | 75/76B | €23 | €328 | +€305 | +1,303% |
| Recurring financial income | 75 | €23 | €328 | +€305 | +1,303% |
| Financial charges | 65/66B | €15,114 | €2,721 | -€12,393 | -82.0% |
| Recurring financial charges | 65 | €15,114 | €2,721 | -€12,393 | -82.0% |
| Profit (loss) for the period before taxes | 9903 | €1,188 | -€107,134 | -€108,323 | |
| Profit (loss) for the period | 9904 | €1,188 | -€107,134 | -€108,323 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,188 | -€107,134 | -€108,323 |
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 31 October 2026 via checked.be.