M11: 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.
M11
Largest movements
- Tangible fixed assets +€250,194
up €250,194 (+191.7%), from €130,545 to €380,739
of which Land and buildings: +€253,277
- Cash -€117,815
down €117,815 (-83.2%), from €141,541 to €23,726
mainly Investment in fixed assets (net) (-€283,244) and Debts after one year (-€7,743)
- Other debts +€129,516
up €129,516 (+74.7%), from €173,477 to €302,993
- Reserves +€10,468
up €10,468 (+29.4%), from €35,617 to €46,085
of which Distributable reserves: +€11,539
- Debts after one year -€7,743
down €7,743 (-12.9%), from €60,059 to €52,316
- Trade debts -€4,631
down €4,631 (-97.1%), from €4,769 to €138
- Other operating charges +€31,801
up €31,801 (+1202.5%), from €2,645 to €34,446
- Depreciation +€8,133
up €8,133 (+30.2%), from €26,898 to €35,031
- Gross operating margin +€6,545
up €6,545 (+8.6%), from €76,212 to €82,757
- Taxes -€2,409
down €2,409 (-69.7%), from €3,455 to €1,047
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 | €323,583 | €452,438 | +€128,855 | +39.8% |
| Fixed assets | 21/28 | €134,983 | €383,196 | +€248,214 | +183.9% |
| Intangible fixed assets | 21 | €4,188 | €2,208 | -€1,980 | -47.3% |
| Tangible fixed assets | 22/27 | €130,545 | €380,739 | +€250,194 | +191.7% |
| Land and buildings | 22 | €125,382 | €378,659 | +€253,277 | +202.0% |
| Plant, machinery and equipment | 23 | €5,163 | €2,080 | -€3,083 | -59.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €188,601 | €69,242 | -€119,359 | -63.3% |
| Amounts receivable within one year | 40/41 | €44,460 | €41,411 | -€3,049 | -6.9% |
| Trade receivables | 40 | €43,788 | €41,411 | -€2,377 | -5.4% |
| Other amounts receivable | 41 | €672 | €0 | -€672 | -100.0% |
| Cash at bank and in hand | 54/58 | €141,541 | €23,726 | -€117,815 | -83.2% |
| Deferred charges and accrued income | 490/1 | €2,599 | €4,104 | +€1,505 | +57.9% |
| Total equity and liabilities | 10/49 | €323,583 | €452,438 | +€128,855 | +39.8% |
| Equity | 10/15 | €74,217 | €84,685 | +€10,468 | +14.1% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €35,617 | €46,085 | +€10,468 | +29.4% |
| Non-distributable reserves | 130/1 | €1,070 | €0 | -€1,070 | -100.0% |
| Reserves not available under the articles | 1311 | €1,070 | €0 | -€1,070 | -100.0% |
| Distributable reserves | 133 | €34,546 | €46,085 | +€11,539 | +33.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €249,366 | €367,753 | +€118,387 | +47.5% |
| Amounts payable after more than one year | 17 | €60,059 | €52,316 | -€7,743 | -12.9% |
| Financial debts | 170/4 | €60,059 | €52,316 | -€7,743 | -12.9% |
| Amounts payable within one year | 42/48 | €189,307 | €315,437 | +€126,130 | +66.6% |
| Current portion of amounts payable after more than one year | 42 | €7,520 | €7,743 | +€223 | +3.0% |
| Trade debts | 44 | €4,769 | €138 | -€4,631 | -97.1% |
| Suppliers | 440/4 | €4,769 | €138 | -€4,631 | -97.1% |
| Taxes, remuneration and social security | 45 | €3,541 | €4,563 | +€1,022 | +28.9% |
| Taxes | 450/3 | €3,541 | €4,563 | +€1,022 | +28.9% |
| Other amounts payable | 47/48 | €173,477 | €302,993 | +€129,516 | +74.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,898 | €35,031 | +€8,133 | +30.2% |
| Other operating charges | 640/8 | €2,645 | €34,446 | +€31,801 | +1202.5% |
| Gross operating margin | 9900 | €76,212 | €82,757 | +€6,545 | +8.6% |
| Operating profit (loss) | 9901 | €46,669 | €13,281 | -€33,389 | -71.5% |
| Financial income | 75/76B | €5 | €503 | +€498 | +10490.7% |
| Recurring financial income | 75 | €5 | €503 | +€498 | +10490.7% |
| Financial charges | 65/66B | €2,265 | €2,269 | +€4 | +0.2% |
| Recurring financial charges | 65 | €2,265 | €2,269 | +€4 | +0.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €44,409 | €11,515 | -€32,894 | -74.1% |
| Income taxes | 67/77 | €3,455 | €1,047 | -€2,409 | -69.7% |
| Profit (loss) for the period | 9904 | €40,954 | €10,468 | -€30,485 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,954 | €10,468 | -€30,485 | -74.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.