V4: 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.
V4
Largest movements
- Current investments +€120,337
up €120,337 (+206.7%), from €58,220 to €178,557
- Cash -€55,897
down €55,897 (-47.5%), from €117,705 to €61,808
mainly Current investments (-€120,337) and Receivables within one year (-€24,829)
- Receivables within one year +€24,829
up €24,829 (+1932.1%), from €1,285 to €26,115
of which Trade receivables: +€24,829
- Tangible fixed assets -€11,037
down €11,037 (-4.9%), from €225,583 to €214,545
of which Land and buildings: -€5,745
- Reserves +€89,260
up €89,260 (+37.5%), from €238,165 to €327,425
- Debts after one year -€18,027
down €18,027 (-18.8%), from €96,020 to €77,993
- Other debts -€10,471
down €10,471 (-71.0%), from €14,749 to €4,277
- Tax, wage and social debts +€9,438
up €9,438 (+45.8%), from €20,586 to €30,025
of which Taxes: +€6,625
- Trade debts +€7,001
up €7,001 (+690.8%), from €1,013 to €8,015
- Gross operating margin +€20,505
up €20,505 (+15.3%), from €133,830 to €154,335
- Financial income -€17,857
down €17,857 (-100.0%), from €17,858 to €1
of which Non-recurring financial income: -€16,766
- Taxes +€4,773
up €4,773 (+11.8%), from €40,479 to €45,252
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.
Cash bridge derived
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 | €402,793 | €481,432 | +€78,640 | +19.5% |
| Fixed assets | 21/28 | €225,583 | €214,545 | -€11,037 | -4.9% |
| Tangible fixed assets | 22/27 | €225,583 | €214,545 | -€11,037 | -4.9% |
| Land and buildings | 22 | €201,691 | €195,946 | -€5,745 | -2.8% |
| Furniture and vehicles | 24 | €23,435 | €18,433 | -€5,002 | -21.3% |
| Other tangible fixed assets | 26 | €456 | €166 | -€291 | -63.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €177,210 | €266,887 | +€89,677 | +50.6% |
| Amounts receivable within one year | 40/41 | €1,285 | €26,115 | +€24,829 | +1932.1% |
| Trade receivables | 40 | €1,285 | €26,115 | +€24,829 | +1932.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €58,220 | €178,557 | +€120,337 | +206.7% |
| Cash at bank and in hand | 54/58 | €117,705 | €61,808 | -€55,897 | -47.5% |
| Deferred charges and accrued income | 490/1 | €0 | €408 | +€408 | |
| Total equity and liabilities | 10/49 | €402,793 | €481,432 | +€78,640 | +19.5% |
| Equity | 10/15 | €250,565 | €339,825 | +€89,260 | +35.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €238,165 | €327,425 | +€89,260 | +37.5% |
| Distributable reserves | 133 | €238,165 | €327,425 | +€89,260 | +37.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €152,228 | €141,607 | -€10,621 | -7.0% |
| Amounts payable after more than one year | 17 | €96,020 | €77,993 | -€18,027 | -18.8% |
| Financial debts | 170/4 | €96,020 | €77,993 | -€18,027 | -18.8% |
| Amounts payable within one year | 42/48 | €54,254 | €61,896 | +€7,642 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €17,905 | €19,579 | +€1,674 | +9.3% |
| Trade debts | 44 | €1,013 | €8,015 | +€7,001 | +690.8% |
| Suppliers | 440/4 | €1,013 | €8,015 | +€7,001 | +690.8% |
| Taxes, remuneration and social security | 45 | €20,586 | €30,025 | +€9,438 | +45.8% |
| Taxes | 450/3 | €20,586 | €27,211 | +€6,625 | +32.2% |
| Remuneration and social security | 454/9 | - | €2,814 | +€2,814 | |
| Other amounts payable | 47/48 | €14,749 | €4,277 | -€10,471 | -71.0% |
| Accrued charges and deferred income | 492/3 | €1,954 | €1,718 | -€235 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,377 | €15,565 | +€188 | +1.2% |
| Other operating charges | 640/8 | €2,190 | €2,070 | -€120 | -5.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €133,830 | €154,335 | +€20,505 | +15.3% |
| Operating profit (loss) | 9901 | €116,263 | €136,700 | +€20,438 | +17.6% |
| Financial income | 75/76B | €17,858 | €1 | -€17,857 | -100.0% |
| Recurring financial income | 75 | €1,092 | €1 | -€1,091 | -99.9% |
| Non-recurring financial income | 76B | €16,766 | €0 | -€16,766 | -100.0% |
| Financial charges | 65/66B | €1,439 | €2,189 | +€750 | +52.1% |
| Recurring financial charges | 65 | €1,439 | €2,189 | +€750 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | €132,682 | €134,513 | +€1,831 | +1.4% |
| Income taxes | 67/77 | €40,479 | €45,252 | +€4,773 | +11.8% |
| Profit (loss) for the period | 9904 | €92,203 | €89,260 | -€2,942 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €92,203 | €89,260 | -€2,942 | -3.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.