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05AB1E, 18 17 bytes

•w[•Y·FDÑ¨O})„=&gt;ý


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Explanation

•w[•                # base 214 encoding of 12496
    Y·F             # loop 2*2 times
       D            # duplicate top of stack
        Ñ           # push divisors
         ¨          # remove the last element (itself)
          O         # sum
           }        # end loop
            )       # wrap in list
             „=&gt;ý   # join list on "=&gt;"


In short, we calculate each number as f(n+1) = sum(divisors(f(n)) - f(n)