F11: 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.
F11
Largest movements
- Cash +€23,907
up €23,907 (+28.6%), from €83,732 to €107,639
mainly Net result for the year (+€26,752) and Other debts (+€2,162)
- Receivables within one year +€1,860
up €1,860 (+17.1%), from €10,874 to €12,734
of which Trade receivables: +€1,837
- Reserves +€26,752
up €26,752 (+36.9%), from €72,442 to €99,194
- Other debts +€2,162
up €2,162 (+73.5%), from €2,940 to €5,102
- Tax, wage and social debts -€2,069
down €2,069 (-25.2%), from €8,198 to €6,129
- Gross operating margin -€6,687
down €6,687 (-15.0%), from €44,669 to €37,982
- Taxes -€1,813
down €1,813 (-14.6%), from €12,435 to €10,622
- Depreciation +€457
new in 2025: €457
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 | €96,127 | €123,179 | +€27,051 | +28.1% |
| Fixed assets | 21/28 | - | €1,195 | +€1,195 | |
| Tangible fixed assets | 22/27 | - | €1,195 | +€1,195 | |
| Plant, machinery and equipment | 23 | - | €1,195 | +€1,195 | |
| Current assets | 29/58 | €96,127 | €121,984 | +€25,856 | +26.9% |
| Amounts receivable within one year | 40/41 | €10,874 | €12,734 | +€1,860 | +17.1% |
| Trade receivables | 40 | €10,874 | €12,711 | +€1,837 | +16.9% |
| Other amounts receivable | 41 | - | €23 | +€23 | |
| Cash at bank and in hand | 54/58 | €83,732 | €107,639 | +€23,907 | +28.6% |
| Deferred charges and accrued income | 490/1 | €1,521 | €1,611 | +€89 | +5.9% |
| Total equity and liabilities | 10/49 | €96,127 | €123,179 | +€27,051 | +28.1% |
| Equity | 10/15 | €84,842 | €111,594 | +€26,752 | +31.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €72,442 | €99,194 | +€26,752 | +36.9% |
| Distributable reserves | 133 | €72,442 | €99,194 | +€26,752 | +36.9% |
| Amounts payable | 17/49 | €11,285 | €11,585 | +€300 | +2.7% |
| Amounts payable within one year | 42/48 | €11,194 | €11,477 | +€283 | +2.5% |
| Trade debts | 44 | €56 | €245 | +€189 | +338% |
| Suppliers | 440/4 | €56 | €245 | +€189 | +338% |
| Taxes, remuneration and social security | 45 | €8,198 | €6,129 | -€2,069 | -25.2% |
| Taxes | 450/3 | €8,198 | €6,129 | -€2,069 | -25.2% |
| Other amounts payable | 47/48 | €2,940 | €5,102 | +€2,162 | +73.5% |
| Accrued charges and deferred income | 492/3 | €91 | €108 | +€17 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €457 | +€457 | |
| Other operating charges | 640/8 | €577 | €593 | +€16 | +2.8% |
| Gross operating margin | 9900 | €44,669 | €37,982 | -€6,687 | -15.0% |
| Operating profit (loss) | 9901 | €44,092 | €36,931 | -€7,160 | -16.2% |
| Financial income | 75/76B | €385 | €485 | +€100 | +26.0% |
| Recurring financial income | 75 | €385 | €485 | +€100 | +26.0% |
| Financial charges | 65/66B | €40 | €42 | +€2 | +6.1% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €44,437 | €37,374 | -€7,063 | -15.9% |
| Income taxes | 67/77 | €12,435 | €10,622 | -€1,813 | -14.6% |
| Profit (loss) for the period | 9904 | €32,002 | €26,752 | -€5,250 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,002 | €26,752 | -€5,250 | -16.4% |
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.