November11: 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.
November11
Largest movements
- Receivables within one year -€13,010
down €13,010 (-53.8%), from €24,200 to €11,190
of which Trade receivables: -€14,900
- Cash -€9,497
down €9,497 (-27.7%), from €34,267 to €24,770
mainly Investment in fixed assets (net) (-€29,013) and Debts after one year (-€23,183)
- Tangible fixed assets +€5,704
up €5,704 (+1.8%), from €309,582 to €315,286
of which Land and buildings: +€12,766
- Provisions +€23,300
new in 2025: €23,300
- Debts after one year -€23,183
down €23,183 (-11.5%), from €201,826 to €178,643
- Other debts -€19,711
down €19,711 (-45.0%), from €43,761 to €24,050
- Tax, wage and social debts -€7,398
down €7,398 (-70.2%), from €10,538 to €3,141
of which Taxes: -€7,723
- Trade debts +€6,219
up €6,219 (+4,681%), from €133 to €6,352
- Provisions +€23,300
new in 2025: €23,300
- Taxes -€8,418
down €8,418 (-54.0%), from €15,580 to €7,162
- Financial charges +€7,668
up €7,668 (+836%), from €918 to €8,585
- Gross operating margin -€3,658
down €3,658 (-5.3%), from €69,597 to €65,939
- Depreciation +€2,121
up €2,121 (+10.0%), from €21,188 to €23,309
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 | €369,049 | €352,067 | -€16,983 | -4.6% |
| Fixed assets | 21/28 | €309,582 | €315,286 | +€5,704 | +1.8% |
| Tangible fixed assets | 22/27 | €309,582 | €315,286 | +€5,704 | +1.8% |
| Land and buildings | 22 | €279,806 | €292,571 | +€12,766 | +4.6% |
| Plant, machinery and equipment | 23 | €508 | €150 | -€358 | -70.5% |
| Furniture and vehicles | 24 | €29,268 | €22,564 | -€6,704 | -22.9% |
| Current assets | 29/58 | €59,467 | €36,781 | -€22,686 | -38.1% |
| Amounts receivable within one year | 40/41 | €24,200 | €11,190 | -€13,010 | -53.8% |
| Trade receivables | 40 | €24,200 | €9,300 | -€14,900 | -61.6% |
| Other amounts receivable | 41 | €0 | €1,890 | +€1,890 | |
| Cash at bank and in hand | 54/58 | €34,267 | €24,770 | -€9,497 | -27.7% |
| Deferred charges and accrued income | 490/1 | €1,000 | €820 | -€180 | -18.0% |
| Total equity and liabilities | 10/49 | €369,049 | €352,067 | -€16,983 | -4.6% |
| Equity | 10/15 | €94,058 | €94,851 | +€794 | +0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €74,058 | €74,851 | +€794 | +1.1% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €73,958 | €74,751 | +€794 | +1.1% |
| Provisions and deferred taxes | 16 | - | €23,300 | +€23,300 | |
| Provisions for liabilities and charges | 160/5 | - | €23,300 | +€23,300 | |
| Other liabilities and charges | 164/5 | - | €23,300 | +€23,300 | |
| Amounts payable | 17/49 | €274,992 | €233,915 | -€41,076 | -14.9% |
| Amounts payable after more than one year | 17 | €201,826 | €178,643 | -€23,183 | -11.5% |
| Financial debts | 170/4 | €201,826 | €178,643 | -€23,183 | -11.5% |
| Amounts payable within one year | 42/48 | €73,166 | €55,273 | -€17,893 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €18,733 | €21,730 | +€2,997 | +16.0% |
| Trade debts | 44 | €133 | €6,352 | +€6,219 | +4,681% |
| Suppliers | 440/4 | €133 | €6,352 | +€6,219 | +4,681% |
| Taxes, remuneration and social security | 45 | €10,538 | €3,141 | -€7,398 | -70.2% |
| Taxes | 450/3 | €10,538 | €2,815 | -€7,723 | -73.3% |
| Remuneration and social security | 454/9 | €0 | €326 | +€326 | |
| Other amounts payable | 47/48 | €43,761 | €24,050 | -€19,711 | -45.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,188 | €23,309 | +€2,121 | +10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €23,300 | +€23,300 | |
| Other operating charges | 640/8 | €3,079 | €2,790 | -€289 | -9.4% |
| Gross operating margin | 9900 | €69,597 | €65,939 | -€3,658 | -5.3% |
| Operating profit (loss) | 9901 | €45,330 | €16,540 | -€28,790 | -63.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €918 | €8,585 | +€7,668 | +836% |
| Recurring financial charges | 65 | €918 | €8,585 | +€7,668 | +836% |
| Profit (loss) for the period before taxes | 9903 | €44,412 | €7,955 | -€36,457 | -82.1% |
| Income taxes | 67/77 | €15,580 | €7,162 | -€8,418 | -54.0% |
| Profit (loss) for the period | 9904 | €28,833 | €794 | -€28,039 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,833 | €794 | -€28,039 | -97.2% |
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 22 October 2026 via checked.be.