S4D: 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.
S4D
Largest movements
- Receivables within one year -€20,002
down €20,002 (-45.9%), from €43,583 to €23,581
- Cash +€9,683
up €9,683 (+563%), from €1,719 to €11,401
mainly Receivables within one year (+€20,002) and Trade debts (+€15,096)
- Trade debts +€15,096
up €15,096 (+56.2%), from €26,847 to €41,943
- Current portion of long-term debt -€12,913
no longer reported in 2025 (was €12,913)
- Tax, wage and social debts -€11,861
down €11,861 (-52.3%), from €22,695 to €10,834
of which Taxes: -€9,305
- Debts after one year -€3,282
no longer reported in 2025 (was €3,282)
- Reserves +€2,949
up €2,949 (+112%), from €2,627 to €5,575
- Gross operating margin -€10,100
down €10,100 (-55.9%), from €18,054 to €7,954
- Taxes -€6,424
down €6,424 (-87.6%), from €7,334 to €909
- Financial charges -€999
down €999 (-21.3%), from €4,701 to €3,701
- Other operating charges -€953
down €953 (-82.5%), from €1,155 to €202
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 | €98,863 | €88,352 | -€10,511 | -10.6% |
| Fixed assets | 21/28 | €3,562 | €3,337 | -€225 | -6.3% |
| Tangible fixed assets | 22/27 | €225 | - | -€225 | |
| Furniture and vehicles | 24 | €225 | - | -€225 | |
| Financial fixed assets | 28 | €3,337 | €3,337 | = | 0.0% |
| Current assets | 29/58 | €95,301 | €85,015 | -€10,286 | -10.8% |
| Stocks and contracts in progress | 3 | €50,000 | €50,000 | = | 0.0% |
| Stocks | 30/36 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,583 | €23,581 | -€20,002 | -45.9% |
| Trade receivables | 40 | €43,583 | €23,581 | -€20,002 | -45.9% |
| Current investments | 50/53 | - | €33 | +€33 | |
| Cash at bank and in hand | 54/58 | €1,719 | €11,401 | +€9,683 | +563% |
| Total equity and liabilities | 10/49 | €98,863 | €88,352 | -€10,511 | -10.6% |
| Equity | 10/15 | €32,627 | €35,575 | +€2,949 | +9.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,627 | €5,575 | +€2,949 | +112% |
| Distributable reserves | 133 | €2,627 | €5,575 | +€2,949 | +112% |
| Amounts payable | 17/49 | €66,237 | €52,777 | -€13,460 | -20.3% |
| Amounts payable after more than one year | 17 | €3,282 | - | -€3,282 | |
| Financial debts | 170/4 | €3,282 | - | -€3,282 | |
| Amounts payable within one year | 42/48 | €62,955 | €52,777 | -€10,178 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €12,913 | - | -€12,913 | |
| Trade debts | 44 | €26,847 | €41,943 | +€15,096 | +56.2% |
| Suppliers | 440/4 | €26,847 | €41,943 | +€15,096 | +56.2% |
| Taxes, remuneration and social security | 45 | €22,695 | €10,834 | -€11,861 | -52.3% |
| Taxes | 450/3 | €17,722 | €8,417 | -€9,305 | -52.5% |
| Remuneration and social security | 454/9 | €4,973 | €2,417 | -€2,556 | -51.4% |
| Other amounts payable | 47/48 | €501 | - | -€501 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312 | €225 | -€88 | -28.0% |
| Other operating charges | 640/8 | €1,155 | €202 | -€953 | -82.5% |
| Gross operating margin | 9900 | €18,054 | €7,954 | -€10,100 | -55.9% |
| Operating profit (loss) | 9901 | €16,586 | €7,527 | -€9,059 | -54.6% |
| Financial income | 75/76B | - | €33 | +€33 | |
| Recurring financial income | 75 | - | €33 | +€33 | |
| Financial charges | 65/66B | €4,701 | €3,701 | -€999 | -21.3% |
| Recurring financial charges | 65 | €4,701 | €3,701 | -€999 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €11,885 | €3,858 | -€8,027 | -67.5% |
| Income taxes | 67/77 | €7,334 | €909 | -€6,424 | -87.6% |
| Profit (loss) for the period | 9904 | €4,552 | €2,949 | -€1,603 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,552 | €2,949 | -€1,603 | -35.2% |
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.