4CE: 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.
4CE
Largest movements
- Tangible fixed assets -€935,638
down €935,638 (-99.7%), from €938,443 to €2,806
of which Land and buildings: -€925,837
- Cash +€269,805
up €269,805 (+237%), from €113,914 to €383,719
mainly Investment in fixed assets (net) (+€935,009) and Depreciation (+€3,761)
- Profit (loss) carried forward -€676,616
down €676,616 (-100%), from €676,616 to €0
- Reserves +€519,775
up €519,775 (+8,638%), from €6,017 to €525,792
of which Distributable reserves: +€523,937
- Debts after one year -€398,829
down €398,829 (-100%), from €398,829 to €0
- Current portion of long-term debt -€73,960
down €73,960 (-100%), from €73,960 to €0
- Other debts -€27,366
down €27,366 (-94.5%), from €28,966 to €1,600
- Financial charges -€399,907
down €399,907 (-96.5%), from €414,506 to €14,599
of which Non-recurring financial charges: -€378,550
- Financial income -€228,140
down €228,140 (-98.9%), from €230,680 to €2,540
of which Non-recurring financial income: -€230,676
- Gross operating margin -€156,281
down €156,281 (-39.8%), from €392,496 to €236,215
- Depreciation -€34,235
down €34,235 (-90.1%), from €37,996 to €3,761
- Other operating charges -€4,527
down €4,527 (-30.8%), from €14,706 to €10,179
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 | €1,324,613 | €648,514 | -€676,099 | -51.0% |
| Fixed assets | 21/28 | €947,762 | €8,992 | -€938,770 | -99.1% |
| Intangible fixed assets | 21 | €9,319 | €6,187 | -€3,132 | -33.6% |
| Tangible fixed assets | 22/27 | €938,443 | €2,806 | -€935,638 | -99.7% |
| Land and buildings | 22 | €925,837 | €0 | -€925,837 | -100% |
| Plant, machinery and equipment | 23 | €12,606 | €0 | -€12,606 | -100% |
| Furniture and vehicles | 24 | - | €2,806 | +€2,806 | |
| Current assets | 29/58 | €376,851 | €639,522 | +€262,670 | +69.7% |
| Amounts receivable within one year | 40/41 | €243,217 | €239,495 | -€3,722 | -1.5% |
| Trade receivables | 40 | €54,196 | €112,159 | +€57,964 | +107% |
| Other amounts receivable | 41 | €189,022 | €127,336 | -€61,686 | -32.6% |
| Cash at bank and in hand | 54/58 | €113,914 | €383,719 | +€269,805 | +237% |
| Deferred charges and accrued income | 490/1 | €19,720 | €16,307 | -€3,413 | -17.3% |
| Total equity and liabilities | 10/49 | €1,324,613 | €648,514 | -€676,099 | -51.0% |
| Equity | 10/15 | €801,184 | €644,342 | -€156,842 | -19.6% |
| Contributions | 10/11 | €118,550 | €118,550 | = | 0.0% |
| Reserves | 13 | €6,017 | €525,792 | +€519,775 | +8,638% |
| Non-distributable reserves | 130/1 | €4,162 | €0 | -€4,162 | -100% |
| Own shares acquired | 1312 | - | €0 | = | |
| Other | 1319 | €4,162 | - | -€4,162 | |
| Distributable reserves | 133 | €1,855 | €525,792 | +€523,937 | +28,245% |
| Profit (loss) carried forward | 14 | €676,616 | €0 | -€676,616 | -100% |
| Amounts payable | 17/49 | €523,430 | €4,172 | -€519,257 | -99.2% |
| Amounts payable after more than one year | 17 | €398,829 | €0 | -€398,829 | -100% |
| Financial debts | 170/4 | €398,829 | €0 | -€398,829 | -100% |
| Amounts payable within one year | 42/48 | €124,601 | €4,172 | -€120,429 | -96.7% |
| Current portion of amounts payable after more than one year | 42 | €73,960 | €0 | -€73,960 | -100% |
| Trade debts | 44 | €20,334 | €1,654 | -€18,680 | -91.9% |
| Suppliers | 440/4 | €20,334 | €1,654 | -€18,680 | -91.9% |
| Taxes, remuneration and social security | 45 | €1,341 | €918 | -€423 | -31.5% |
| Taxes | 450/3 | €1,341 | €918 | -€423 | -31.5% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €28,966 | €1,600 | -€27,366 | -94.5% |
| Non-recurring operating income | 76A | - | €62,346 | +€62,346 | |
| Remuneration, social security and pensions | 62 | €181,730 | €181,270 | -€459 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,996 | €3,761 | -€34,235 | -90.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,899 | +€3,899 | |
| Other operating charges | 640/8 | €14,706 | €10,179 | -€4,527 | -30.8% |
| Non-recurring operating charges | 66A | - | €181,288 | +€181,288 | |
| Gross operating margin | 9900 | €392,496 | €236,215 | -€156,281 | -39.8% |
| Operating profit (loss) | 9901 | €158,064 | -€144,182 | -€302,246 | |
| Financial income | 75/76B | €230,680 | €2,540 | -€228,140 | -98.9% |
| Recurring financial income | 75 | €5 | €2,540 | +€2,535 | +51,635% |
| Non-recurring financial income | 76B | €230,676 | - | -€230,676 | |
| Financial charges | 65/66B | €414,506 | €14,599 | -€399,907 | -96.5% |
| Recurring financial charges | 65 | €35,956 | €14,599 | -€21,357 | -59.4% |
| Non-recurring financial charges | 66B | €378,550 | - | -€378,550 | |
| Profit (loss) for the period before taxes | 9903 | -€25,761 | -€156,241 | -€130,480 | -506% |
| Income taxes | 67/77 | - | €601 | +€601 | |
| Profit (loss) for the period | 9904 | -€25,761 | -€156,842 | -€131,080 | -509% |
| Transfer from tax-exempt reserves | 789 | - | €4,162 | +€4,162 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,761 | -€152,679 | -€126,918 | -493% |
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 25 October 2026 via checked.be.