ELEVENTH: 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.
ELEVENTH
Largest movements
- Cash +€252,747
up €252,747 (+273%), from €92,494 to €345,241
mainly Net result for the year (+€204,061) and Depreciation (+€84,783)
- Tangible fixed assets -€41,848
down €41,848 (-3.6%), from €1.2m to €1.1m
- Reserves +€204,061
up €204,061 (+48.2%), from €423,646 to €627,707
- Debts after one year -€47,212
down €47,212 (-12.1%), from €391,628 to €344,416
of which Financial debts: -€47,212
- Tax, wage and social debts +€25,290
up €25,290 (+44.2%), from €57,237 to €82,526
- Other debts +€19,769
up €19,769 (+5.5%), from €361,815 to €381,585
- Gross operating margin +€190,174
up €190,174 (+81.5%), from €233,485 to €423,660
- Taxes +€53,119
up €53,119 (+143%), from €37,191 to €90,311
- Depreciation +€13,845
up €13,845 (+19.5%), from €70,938 to €84,783
- Financial charges +€11,088
up €11,088 (+37.7%), from €29,387 to €40,474
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 | €1,306,288 | €1,518,920 | +€212,632 | +16.3% |
| Fixed assets | 21/28 | €1,156,704 | €1,114,856 | -€41,848 | -3.6% |
| Tangible fixed assets | 22/27 | €1,156,704 | €1,114,856 | -€41,848 | -3.6% |
| Land and buildings | 22 | €1,156,704 | €1,114,856 | -€41,848 | -3.6% |
| Current assets | 29/58 | €149,584 | €404,063 | +€254,479 | +170% |
| Amounts receivable within one year | 40/41 | €57,090 | €58,822 | +€1,732 | +3.0% |
| Trade receivables | 40 | €57,090 | €58,822 | +€1,732 | +3.0% |
| Cash at bank and in hand | 54/58 | €92,494 | €345,241 | +€252,747 | +273% |
| Total equity and liabilities | 10/49 | €1,306,288 | €1,518,920 | +€212,632 | +16.3% |
| Equity | 10/15 | €431,047 | €635,108 | +€204,061 | +47.3% |
| Contributions | 10/11 | €7,401 | €7,401 | = | 0.0% |
| Reserves | 13 | €423,646 | €627,707 | +€204,061 | +48.2% |
| Distributable reserves | 133 | €423,646 | €627,707 | +€204,061 | +48.2% |
| Amounts payable | 17/49 | €875,241 | €883,811 | +€8,570 | +1.0% |
| Amounts payable after more than one year | 17 | €391,628 | €344,416 | -€47,212 | -12.1% |
| Financial debts | 170/4 | €387,728 | €340,516 | -€47,212 | -12.2% |
| Other amounts payable | 178/9 | €3,900 | €3,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €483,613 | €536,313 | +€52,700 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €44,882 | €46,668 | +€1,786 | +4.0% |
| Financial debts | 43 | €17,500 | €25,000 | +€7,500 | +42.9% |
| Credit institutions | 430/8 | €17,500 | €25,000 | +€7,500 | +42.9% |
| Trade debts | 44 | €2,179 | €534 | -€1,645 | -75.5% |
| Suppliers | 440/4 | €2,179 | €534 | -€1,645 | -75.5% |
| Taxes, remuneration and social security | 45 | €57,237 | €82,526 | +€25,290 | +44.2% |
| Taxes | 450/3 | €57,237 | €82,526 | +€25,290 | +44.2% |
| Other amounts payable | 47/48 | €361,815 | €381,585 | +€19,769 | +5.5% |
| Accrued charges and deferred income | 492/3 | - | €3,082 | +€3,082 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,938 | €84,783 | +€13,845 | +19.5% |
| Other operating charges | 640/8 | €5,367 | €4,560 | -€807 | -15.0% |
| Gross operating margin | 9900 | €233,485 | €423,660 | +€190,174 | +81.5% |
| Operating profit (loss) | 9901 | €157,180 | €334,317 | +€177,137 | +113% |
| Financial income | 75/76B | €0 | €529 | +€529 | +203,338% |
| Recurring financial income | 75 | €0 | €529 | +€529 | +203,338% |
| Financial charges | 65/66B | €29,387 | €40,474 | +€11,088 | +37.7% |
| Recurring financial charges | 65 | €29,387 | €40,474 | +€11,088 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €127,794 | €294,372 | +€166,578 | +130% |
| Income taxes | 67/77 | €37,191 | €90,311 | +€53,119 | +143% |
| Profit (loss) for the period | 9904 | €90,602 | €204,061 | +€113,459 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €90,602 | €204,061 | +€113,459 | +125% |
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 16 October 2026 via checked.be.