11.011: what changed
11.011
Largest movements
- Cash -€54,291
down €54,291 (-87.3%), from €62,161 to €7,870
mainly Contributions, distributions and other (-€186,624) and Short-term financial debts (-€22,826)
- Tangible fixed assets +€4,786
up €4,786 (+21.9%), from €21,820 to €26,606
of which Furniture and vehicles: +€5,549
- Receivables within one year +€2,760
up €2,760 (+9.9%), from €27,854 to €30,615
of which Trade receivables: +€7,383
- Deferred charges and accrued income -€1,542
down €1,542 (-35.5%), from €4,348 to €2,806
- Short-term financial debts -€22,826
down €22,826 (-59.5%), from €38,333 to €15,507
- Reserves -€17,041
down €17,041 (-100%), from €17,041 to €0
- Other debts -€4,966
down €4,966 (-62.8%), from €7,911 to €2,946
- Trade debts -€2,302
down €2,302 (-42.3%), from €5,442 to €3,139
- Gross operating margin -€14,107
down €14,107 (-5.7%), from €245,720 to €231,613
- Financial income -€9,663
down €9,663 (-70.0%), from €13,803 to €4,140
- Taxes -€7,978
down €7,978 (-13.2%), from €60,487 to €52,509
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €117,683 | €69,397 | -€48,286 | -41.0% |
| Fixed assets | 21/28 | €21,820 | €26,606 | +€4,786 | +21.9% |
| Tangible fixed assets | 22/27 | €21,820 | €26,606 | +€4,786 | +21.9% |
| Plant, machinery and equipment | 23 | €542 | €142 | -€400 | -73.7% |
| Furniture and vehicles | 24 | €6,150 | €11,699 | +€5,549 | +90.2% |
| Other tangible fixed assets | 26 | €15,128 | €14,765 | -€363 | -2.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €95,863 | €42,791 | -€53,072 | -55.4% |
| Amounts receivable after more than one year | 29 | €1,500 | €1,500 | = | 0.0% |
| Other amounts receivable | 291 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,854 | €30,615 | +€2,760 | +9.9% |
| Trade receivables | 40 | €23,232 | €30,615 | +€7,383 | +31.8% |
| Other amounts receivable | 41 | €4,622 | €0 | -€4,622 | -100% |
| Cash at bank and in hand | 54/58 | €62,161 | €7,870 | -€54,291 | -87.3% |
| Deferred charges and accrued income | 490/1 | €4,348 | €2,806 | -€1,542 | -35.5% |
| Total equity and liabilities | 10/49 | €117,683 | €69,397 | -€48,286 | -41.0% |
| Equity | 10/15 | €20,041 | €3,000 | -€17,041 | -85.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €17,041 | €0 | -€17,041 | -100% |
| Distributable reserves | 133 | €17,041 | €0 | -€17,041 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €97,642 | €66,397 | -€31,245 | -32.0% |
| Amounts payable within one year | 42/48 | €97,642 | €66,397 | -€31,245 | -32.0% |
| Financial debts | 43 | €38,333 | €15,507 | -€22,826 | -59.5% |
| Credit institutions | 430/8 | €38,333 | €15,507 | -€22,826 | -59.5% |
| Trade debts | 44 | €5,442 | €3,139 | -€2,302 | -42.3% |
| Suppliers | 440/4 | €5,442 | €3,139 | -€2,302 | -42.3% |
| Taxes, remuneration and social security | 45 | €45,956 | €44,804 | -€1,151 | -2.5% |
| Taxes | 450/3 | €45,956 | €44,804 | -€1,151 | -2.5% |
| Other amounts payable | 47/48 | €7,911 | €2,946 | -€4,966 | -62.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,728 | €3,076 | +€1,348 | +78.0% |
| Other operating charges | 640/8 | €2,019 | €1,391 | -€628 | -31.1% |
| Non-recurring operating charges | 66A | - | €8,381 | +€8,381 | |
| Gross operating margin | 9900 | €245,720 | €231,613 | -€14,107 | -5.7% |
| Operating profit (loss) | 9901 | €241,973 | €218,766 | -€23,207 | -9.6% |
| Financial income | 75/76B | €13,803 | €4,140 | -€9,663 | -70.0% |
| Recurring financial income | 75 | €13,803 | €4,140 | -€9,663 | -70.0% |
| Financial charges | 65/66B | €971 | €815 | -€157 | -16.1% |
| Recurring financial charges | 65 | €971 | €815 | -€157 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €254,805 | €222,092 | -€32,713 | -12.8% |
| Income taxes | 67/77 | €60,487 | €52,509 | -€7,978 | -13.2% |
| Profit (loss) for the period | 9904 | €194,318 | €169,583 | -€24,735 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €194,318 | €169,583 | -€24,735 | -12.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.