MO 11: 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.
MO 11
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+131.7%), from €1.1m to €2.6m
of which Other amounts receivable: +€996,173
- Cash -€461,243
down €461,243 (-79.4%), from €580,679 to €119,435
mainly Receivables within one year (-€1.5m) and Investment in fixed assets (net) (-€205,622)
- Tangible fixed assets +€201,247
up €201,247 (+35.7%), from €563,293 to €764,540
of which Other tangible fixed assets: +€205,622
- Profit (loss) carried forward +€1.3m
up €1.3m (+79.2%), from €1.6m to €2.9m
- Trade debts -€79,592
down €79,592 (-87.5%), from €90,982 to €11,390
- Tax, wage and social debts +€56,266
up €56,266 (+9.5%), from €593,317 to €649,583
of which Taxes: +€56,266
- Gross operating margin +€929,353
up €929,353 (+129.6%), from €717,310 to €1.6m
- Taxes +€237,202
up €237,202 (+122.4%), from €193,713 to €430,915
- Other operating charges -€48,405
down €48,405 (-83.0%), from €58,303 to €9,899
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 | €2,282,332 | €3,523,731 | +€1.2m | +54.4% |
| Fixed assets | 21/28 | €563,293 | €764,540 | +€201,247 | +35.7% |
| Tangible fixed assets | 22/27 | €563,293 | €764,540 | +€201,247 | +35.7% |
| Furniture and vehicles | 24 | €9,817 | €5,442 | -€4,375 | -44.6% |
| Other tangible fixed assets | 26 | €553,476 | €759,098 | +€205,622 | +37.2% |
| Current assets | 29/58 | €1,719,039 | €2,759,192 | +€1.0m | +60.5% |
| Amounts receivable within one year | 40/41 | €1,138,360 | €2,637,242 | +€1.5m | +131.7% |
| Trade receivables | 40 | €40,504 | €543,213 | +€502,709 | +1241.1% |
| Other amounts receivable | 41 | €1,097,856 | €2,094,029 | +€996,173 | +90.7% |
| Cash at bank and in hand | 54/58 | €580,679 | €119,435 | -€461,243 | -79.4% |
| Deferred charges and accrued income | 490/1 | - | €2,515 | +€2,515 | |
| Total equity and liabilities | 10/49 | €2,282,332 | €3,523,731 | +€1.2m | +54.4% |
| Equity | 10/15 | €1,598,033 | €2,862,755 | +€1.3m | +79.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,597,033 | €2,861,755 | +€1.3m | +79.2% |
| Amounts payable | 17/49 | €684,299 | €660,976 | -€23,323 | -3.4% |
| Amounts payable within one year | 42/48 | €684,299 | €660,976 | -€23,323 | -3.4% |
| Financial debts | 43 | - | €3 | +€3 | |
| Credit institutions | 430/8 | - | €3 | +€3 | |
| Trade debts | 44 | €90,982 | €11,390 | -€79,592 | -87.5% |
| Suppliers | 440/4 | €90,982 | €11,390 | -€79,592 | -87.5% |
| Taxes, remuneration and social security | 45 | €593,317 | €649,583 | +€56,266 | +9.5% |
| Taxes | 450/3 | €593,317 | €649,583 | +€56,266 | +9.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,387 | €4,375 | -€12 | -0.3% |
| Other operating charges | 640/8 | €58,303 | €9,899 | -€48,405 | -83.0% |
| Gross operating margin | 9900 | €717,310 | €1,646,662 | +€929,353 | +129.6% |
| Operating profit (loss) | 9901 | €654,619 | €1,632,389 | +€977,770 | +149.4% |
| Financial income | 75/76B | €61,477 | €76,151 | +€14,673 | +23.9% |
| Recurring financial income | 75 | €61,477 | €76,151 | +€14,673 | +23.9% |
| Financial charges | 65/66B | €8,362 | €12,902 | +€4,540 | +54.3% |
| Recurring financial charges | 65 | €8,362 | €12,902 | +€4,540 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €707,735 | €1,695,638 | +€987,903 | +139.6% |
| Income taxes | 67/77 | €193,713 | €430,915 | +€237,202 | +122.4% |
| Profit (loss) for the period | 9904 | €514,021 | €1,264,723 | +€750,702 | +146.0% |
| Profit (loss) for the period to be appropriated | 9905 | €514,021 | €1,264,723 | +€750,702 | +146.0% |
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 3 October 2026 via checked.be.