12th man: what changed
Two fiscal 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.
12th man
Largest movements
- Tangible fixed assets +€24,130
up €24,130 (+101.4%), from €23,807 to €47,937
of which Land and buildings: +€29,474
- Cash +€20,499
up €20,499 (+23.8%), from €86,097 to €106,596
mainly Net result for the year (+€112,335) and Current investments (+€7,288)
- Receivables within one year +€8,394
up €8,394 (+25.6%), from €32,738 to €41,132
of which Other amounts receivable: +€10,905
- Current investments -€7,288
down €7,288 (-10.8%), from €67,198 to €59,909
- Profit (loss) carried forward +€55,250
up €55,250 (+96.8%), from €57,085 to €112,335
- Reserves -€11,428
down €11,428 (-8.7%), from €131,340 to €119,912
- Tax, wage and social debts +€4,243
up €4,243 (+256.2%), from €1,657 to €5,900
- Gross operating margin +€68,677
up €68,677 (+78.5%), from €87,491 to €156,168
- Taxes +€17,153
up €17,153 (+98.7%), from €17,376 to €34,529
- Depreciation -€4,099
down €4,099 (-41.1%), from €9,969 to €5,870
- Other operating charges +€3,769
up €3,769 (+518.0%), from €728 to €4,496
- Financial income +€2,575
up €2,575 (+349.5%), from €737 to €3,311
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.
Cash bridge derived
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 | €210,843 | €258,475 | +€47,631 | +22.6% |
| Fixed assets | 21/28 | €23,807 | €47,937 | +€24,130 | +101.4% |
| Tangible fixed assets | 22/27 | €23,807 | €47,937 | +€24,130 | +101.4% |
| Land and buildings | 22 | - | €29,474 | +€29,474 | |
| Plant, machinery and equipment | 23 | €1,402 | €877 | -€524 | -37.4% |
| Furniture and vehicles | 24 | €14,523 | €10,743 | -€3,780 | -26.0% |
| Other tangible fixed assets | 26 | €7,883 | €6,842 | -€1,041 | -13.2% |
| Current assets | 29/58 | €187,036 | €210,538 | +€23,502 | +12.6% |
| Amounts receivable within one year | 40/41 | €32,738 | €41,132 | +€8,394 | +25.6% |
| Trade receivables | 40 | €21,511 | €19,000 | -€2,511 | -11.7% |
| Other amounts receivable | 41 | €11,227 | €22,132 | +€10,905 | +97.1% |
| Current investments | 50/53 | €67,198 | €59,909 | -€7,288 | -10.8% |
| Cash at bank and in hand | 54/58 | €86,097 | €106,596 | +€20,499 | +23.8% |
| Deferred charges and accrued income | 490/1 | €1,004 | €2,901 | +€1,897 | +189.0% |
| Total equity and liabilities | 10/49 | €210,843 | €258,475 | +€47,631 | +22.6% |
| Equity | 10/15 | €207,025 | €250,847 | +€43,822 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,340 | €119,912 | -€11,428 | -8.7% |
| Distributable reserves | 133 | €131,340 | €119,912 | -€11,428 | -8.7% |
| Profit (loss) carried forward | 14 | €57,085 | €112,335 | +€55,250 | +96.8% |
| Amounts payable | 17/49 | €3,819 | €7,628 | +€3,809 | +99.8% |
| Amounts payable within one year | 42/48 | €3,819 | €7,628 | +€3,809 | +99.8% |
| Trade debts | 44 | €2,162 | €1,728 | -€434 | -20.1% |
| Suppliers | 440/4 | €2,162 | €1,728 | -€434 | -20.1% |
| Taxes, remuneration and social security | 45 | €1,657 | €5,900 | +€4,243 | +256.2% |
| Taxes | 450/3 | €1,657 | €5,900 | +€4,243 | +256.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,969 | €5,870 | -€4,099 | -41.1% |
| Other operating charges | 640/8 | €728 | €4,496 | +€3,769 | +518.0% |
| Gross operating margin | 9900 | €87,491 | €156,168 | +€68,677 | +78.5% |
| Operating profit (loss) | 9901 | €76,794 | €145,802 | +€69,007 | +89.9% |
| Financial income | 75/76B | €737 | €3,311 | +€2,575 | +349.5% |
| Recurring financial income | 75 | €737 | €3,311 | +€2,575 | +349.5% |
| Financial charges | 65/66B | €3,070 | €2,249 | -€822 | -26.8% |
| Recurring financial charges | 65 | €3,070 | €2,249 | -€822 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €74,461 | €146,864 | +€72,404 | +97.2% |
| Income taxes | 67/77 | €17,376 | €34,529 | +€17,153 | +98.7% |
| Profit (loss) for the period | 9904 | €57,085 | €112,335 | +€55,250 | +96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,085 | €112,335 | +€55,250 | +96.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.