LD11: 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.
LD11
Largest movements
- Tangible fixed assets +€3,923
new in 2025: €3,923
- Cash -€3,916
down €3,916 (-68.4%), from €5,723 to €1,807
mainly Net result for the year (-€32,446) and Investment in fixed assets (net) (-€4,196)
- Receivables within one year +€1,206
up €1,206 (+42.0%), from €2,868 to €4,073
of which Other amounts receivable: +€1,206
- Debts after one year +€40,000
new in 2025: €40,000
- Profit (loss) carried forward -€32,446
down €32,446 (-213.8%), from -€15,175 to -€47,620
- Trade debts -€3,103
down €3,103 (-85.3%), from €3,637 to €535
- Tax, wage and social debts -€2,658
no longer reported in 2025 (was €2,658)
- Other debts -€580
down €580 (-2.8%), from €20,515 to €19,935
- Gross operating margin -€19,247
down €19,247 (-164.1%), from -€11,731 to -€30,977
- Other operating charges -€1,296
down €1,296 (-91.5%), from €1,416 to €120
- Financial charges -€960
down €960 (-47.1%), from €2,038 to €1,078
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 | €21,636 | €22,849 | +€1,213 | +5.6% |
| Fixed assets | 21/28 | €3,225 | €7,148 | +€3,923 | +121.7% |
| Tangible fixed assets | 22/27 | - | €3,923 | +€3,923 | |
| Plant, machinery and equipment | 23 | - | €3,923 | +€3,923 | |
| Financial fixed assets | 28 | €3,225 | €3,225 | = | 0.0% |
| Current assets | 29/58 | €18,411 | €15,701 | -€2,710 | -14.7% |
| Stocks and contracts in progress | 3 | €9,820 | €9,820 | = | 0.0% |
| Stocks | 30/36 | €9,820 | €9,820 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,868 | €4,073 | +€1,206 | +42.0% |
| Trade receivables | 40 | €2,868 | €2,868 | = | 0.0% |
| Other amounts receivable | 41 | - | €1,206 | +€1,206 | |
| Cash at bank and in hand | 54/58 | €5,723 | €1,807 | -€3,916 | -68.4% |
| Total equity and liabilities | 10/49 | €21,636 | €22,849 | +€1,213 | +5.6% |
| Equity | 10/15 | -€5,175 | -€37,620 | -€32,446 | -627.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,175 | -€47,620 | -€32,446 | -213.8% |
| Amounts payable | 17/49 | €26,811 | €60,469 | +€33,659 | +125.5% |
| Amounts payable after more than one year | 17 | - | €40,000 | +€40,000 | |
| Financial debts | 170/4 | - | €40,000 | +€40,000 | |
| Amounts payable within one year | 42/48 | €26,811 | €20,469 | -€6,341 | -23.7% |
| Trade debts | 44 | €3,637 | €535 | -€3,103 | -85.3% |
| Suppliers | 440/4 | €3,637 | €535 | -€3,103 | -85.3% |
| Taxes, remuneration and social security | 45 | €2,658 | - | -€2,658 | |
| Taxes | 450/3 | €2,658 | - | -€2,658 | |
| Other amounts payable | 47/48 | €20,515 | €19,935 | -€580 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €273 | +€273 | |
| Other operating charges | 640/8 | €1,416 | €120 | -€1,296 | -91.5% |
| Gross operating margin | 9900 | -€11,731 | -€30,977 | -€19,247 | -164.1% |
| Operating profit (loss) | 9901 | -€13,147 | -€31,370 | -€18,223 | -138.6% |
| Financial income | 75/76B | €10 | €3 | -€8 | -73.5% |
| Recurring financial income | 75 | €10 | €3 | -€8 | -73.5% |
| Financial charges | 65/66B | €2,038 | €1,078 | -€960 | -47.1% |
| Recurring financial charges | 65 | €2,038 | €1,078 | -€960 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,175 | -€32,446 | -€17,271 | -113.8% |
| Profit (loss) for the period | 9904 | -€15,175 | -€32,446 | -€17,271 | -113.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,175 | -€32,446 | -€17,271 | -113.8% |
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 10 October 2026 via checked.be.