VIERWINDEN: 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.
What changed
VIERWINDEN
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€401,763
2024 · -€558,742+€156,979
Equity
€4.5m
2024 · €4.9m-€401,763
Cash
€148,835
2024 · €233,741-€84,906
Balance sheet total
€9.7m
2024 · €12.0m-€2.3m
Largest movements
Assets
- Current investments -€2.1m
down €2.1m (-58.0%), from €3.6m to €1.5m
Equity and liabilities
- Debts after one year -€1.9m
down €1.9m (-99.0%), from €1.9m to €19,817
- Profit (loss) carried forward -€364,896
down €364,896 (-97.9%), from €372,698 to €7,802
Income statement
- Gross operating margin +€220,269
up €220,269 (+90.1%), from -€244,513 to -€24,244
- Financial income -€82,914
down €82,914 (-55.2%), from €150,245 to €67,332
- Financial charges -€40,912
down €40,912 (-10.9%), from €376,978 to €336,066
- Other operating charges +€17,420
up €17,420 (+213%), from €8,167 to €25,587
- Depreciation +€3,563
up €3,563 (+3.9%), from €91,619 to €95,181
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.
Result 2024
-€558,742
Gross operating margin
+€220,269
Depreciation
-€3,563
Other operating charges
-€17,420
Financial income
-€82,914
Financial charges
+€40,912
Taxes
-€306
Result 2025
-€401,763
raises the resultlowers the result
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.
From operations
-€248,420
Investment
+€2.0m
Financing
-€1.9m
Cash 2024
€233,741
From operations (derived)
-€248,420
Net result for the year
-€401,763
Depreciation
+€95,181
Receivables within one year
+€104,653
Smaller working-capital items
-€2,769
Provisions
-€12,289
Trade debts
+€8,534
Tax, wage and social debts
-€11,674
Accrued charges and deferred income
-€28,293
Investment (derived)
+€2.0m
Investment in fixed assets (net)
-€68,976
Current investments
+€2.1m
Financing
-€1.9m
Debts after one year
-€1.9m
Cash 2025
€148,835
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,978,396 | €9,663,864 | -€2.3m | -19.3% |
| Fixed assets | 21/28 | €5,287,915 | €5,261,709 | -€26,205 | -0.5% |
| Tangible fixed assets | 22/27 | €3,687,915 | €3,661,709 | -€26,205 | -0.7% |
| Land and buildings | 22 | €3,684,695 | €3,593,195 | -€91,500 | -2.5% |
| Plant, machinery and equipment | 23 | €3,220 | €2,552 | -€668 | -20.7% |
| Furniture and vehicles | 24 | - | €65,962 | +€65,962 | |
| Financial fixed assets | 28 | €1,600,000 | €1,600,000 | = | 0.0% |
| Current assets | 29/58 | €6,690,481 | €4,402,154 | -€2.3m | -34.2% |
| Stocks and contracts in progress | 3 | €2,708,385 | €2,708,385 | = | 0.0% |
| Stocks | 30/36 | €2,708,385 | €2,708,385 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €124,813 | €20,161 | -€104,653 | -83.8% |
| Trade receivables | 40 | €21,072 | €0 | -€21,072 | -100% |
| Other amounts receivable | 41 | €103,741 | €20,161 | -€83,580 | -80.6% |
| Current investments | 50/53 | €3,622,923 | €1,522,923 | -€2.1m | -58.0% |
| Cash at bank and in hand | 54/58 | €233,741 | €148,835 | -€84,906 | -36.3% |
| Deferred charges and accrued income | 490/1 | €619 | €1,851 | +€1,232 | +199% |
| Total equity and liabilities | 10/49 | €11,978,396 | €9,663,864 | -€2.3m | -19.3% |
| Equity | 10/15 | €4,933,913 | €4,532,150 | -€401,763 | -8.1% |
| Contributions | 10/11 | €3,003,104 | €3,003,104 | = | 0.0% |
| Reserves | 13 | €1,558,111 | €1,521,244 | -€36,867 | -2.4% |
| Tax-exempt reserves | 132 | €1,178,738 | €1,141,872 | -€36,867 | -3.1% |
| Distributable reserves | 133 | €379,372 | €379,372 | = | 0.0% |
| Profit (loss) carried forward | 14 | €372,698 | €7,802 | -€364,896 | -97.9% |
| Provisions and deferred taxes | 16 | €392,913 | €380,624 | -€12,289 | -3.1% |
| Deferred taxes | 168 | €392,913 | €380,624 | -€12,289 | -3.1% |
| Amounts payable | 17/49 | €6,651,570 | €4,751,089 | -€1.9m | -28.6% |
| Amounts payable after more than one year | 17 | €1,887,327 | €19,817 | -€1.9m | -99.0% |
| Financial debts | 170/4 | €1,887,327 | €19,817 | -€1.9m | -99.0% |
| Amounts payable within one year | 42/48 | €4,501,582 | €4,496,905 | -€4,677 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €62,765 | €71,299 | +€8,534 | +13.6% |
| Suppliers | 440/4 | €62,765 | €71,299 | +€8,534 | +13.6% |
| Taxes, remuneration and social security | 45 | €112,409 | €100,734 | -€11,674 | -10.4% |
| Taxes | 450/3 | €112,409 | €100,734 | -€11,674 | -10.4% |
| Other amounts payable | 47/48 | €4,326,408 | €4,324,872 | -€1,537 | 0.0% |
| Accrued charges and deferred income | 492/3 | €262,661 | €234,368 | -€28,293 | -10.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,619 | €95,181 | +€3,563 | +3.9% |
| Other operating charges | 640/8 | €8,167 | €25,587 | +€17,420 | +213% |
| Gross operating margin | 9900 | -€244,513 | -€24,244 | +€220,269 | +90.1% |
| Operating profit (loss) | 9901 | -€344,299 | -€145,012 | +€199,286 | +57.9% |
| Financial income | 75/76B | €150,245 | €67,332 | -€82,914 | -55.2% |
| Recurring financial income | 75 | €150,245 | €67,332 | -€82,914 | -55.2% |
| Financial charges | 65/66B | €376,978 | €336,066 | -€40,912 | -10.9% |
| Recurring financial charges | 65 | €376,978 | €336,066 | -€40,912 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€571,031 | -€413,746 | +€157,285 | +27.5% |
| Transfer from deferred taxes | 780 | €12,289 | €12,289 | = | 0.0% |
| Income taxes | 67/77 | - | €306 | +€306 | |
| Profit (loss) for the period | 9904 | -€558,742 | -€401,763 | +€156,979 | +28.1% |
| Transfer from tax-exempt reserves | 789 | €36,867 | €36,867 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€521,875 | -€364,896 | +€156,979 | +30.1% |
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 26 October 2026 via checked.be.