11&: 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.
11&
Largest movements
- Receivables within one year +€51,678
up €51,678 (+362%), from €14,272 to €65,950
of which Other amounts receivable: +€54,706
- Cash -€26,808
down €26,808 (-93.6%), from €28,642 to €1,834
mainly Receivables within one year (-€51,678) and Other debts (-€5,163)
- Tangible fixed assets +€2,718
new in 2025: €2,718
- Reserves +€31,796
up €31,796 (+133%), from €23,881 to €55,677
- Other debts -€5,163
no longer reported in 2025 (was €5,163)
- Gross operating margin +€9,439
up €9,439 (+31.0%), from €30,411 to €39,849
- Taxes +€2,220
up €2,220 (+34.5%), from €6,442 to €8,662
- Financial income +€1,482
new in 2025: €1,482
- Depreciation +€779
new in 2025: €779
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 | €43,397 | €70,722 | +€27,326 | +63.0% |
| Fixed assets | 21/28 | - | €2,718 | +€2,718 | |
| Tangible fixed assets | 22/27 | - | €2,718 | +€2,718 | |
| Furniture and vehicles | 24 | - | €2,718 | +€2,718 | |
| Current assets | 29/58 | €43,397 | €68,004 | +€24,607 | +56.7% |
| Amounts receivable within one year | 40/41 | €14,272 | €65,950 | +€51,678 | +362% |
| Trade receivables | 40 | €14,272 | €11,244 | -€3,028 | -21.2% |
| Other amounts receivable | 41 | - | €54,706 | +€54,706 | |
| Cash at bank and in hand | 54/58 | €28,642 | €1,834 | -€26,808 | -93.6% |
| Deferred charges and accrued income | 490/1 | €482 | €220 | -€263 | -54.5% |
| Total equity and liabilities | 10/49 | €43,397 | €70,722 | +€27,326 | +63.0% |
| Equity | 10/15 | €26,381 | €58,177 | +€31,796 | +121% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €23,881 | €55,677 | +€31,796 | +133% |
| Distributable reserves | 133 | €23,881 | €55,677 | +€31,796 | +133% |
| Amounts payable | 17/49 | €17,016 | €12,546 | -€4,470 | -26.3% |
| Amounts payable within one year | 42/48 | €17,016 | €12,546 | -€4,470 | -26.3% |
| Trade debts | 44 | €640 | €1,006 | +€367 | +57.3% |
| Suppliers | 440/4 | €640 | €1,006 | +€367 | +57.3% |
| Taxes, remuneration and social security | 45 | €11,212 | €11,539 | +€327 | +2.9% |
| Taxes | 450/3 | €11,212 | €11,539 | +€327 | +2.9% |
| Other amounts payable | 47/48 | €5,163 | - | -€5,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €779 | +€779 | |
| Gross operating margin | 9900 | €30,411 | €39,849 | +€9,439 | +31.0% |
| Operating profit (loss) | 9901 | €30,411 | €39,070 | +€8,659 | +28.5% |
| Financial income | 75/76B | - | €1,482 | +€1,482 | |
| Recurring financial income | 75 | - | €1,482 | +€1,482 | |
| Financial charges | 65/66B | €88 | €94 | +€6 | +7.0% |
| Recurring financial charges | 65 | €88 | €94 | +€6 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €30,323 | €40,458 | +€10,135 | +33.4% |
| Income taxes | 67/77 | €6,442 | €8,662 | +€2,220 | +34.5% |
| Profit (loss) for the period | 9904 | €23,881 | €31,796 | +€7,915 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,881 | €31,796 | +€7,915 | +33.1% |
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 14 October 2026 via checked.be.