RG11: 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.
RG11
Largest movements
- Tangible fixed assets +€171,915
up €171,915 (+168%), from €102,142 to €274,058
of which Land and buildings: +€139,446
- Receivables within one year +€26,249
up €26,249 (+18.9%), from €139,191 to €165,440
of which Other amounts receivable: +€65,538
- Other debts +€207,773
new in 2025: €207,773
- Debts after one year +€188,765
new in 2025: €188,765
- Reserves -€134,005
down €134,005 (-93.7%), from €143,000 to €8,995
- Trade debts -€58,963
down €58,963 (-94.4%), from €62,452 to €3,489
- Tax, wage and social debts -€45,023
down €45,023 (-59.2%), from €76,021 to €30,998
of which Remuneration and social security: -€38,120
- Gross operating margin -€224,406
down €224,406 (-83.7%), from €267,965 to €43,559
- Staff costs -€58,509
down €58,509 (-26.8%), from €218,366 to €159,856
- Write-downs +€15,040
no longer reported in 2025 (was -€15,040)
- Taxes -€5,536
down €5,536 (-99.8%), from €5,547 to €11
- Financial charges +€3,581
up €3,581 (+206%), from €1,737 to €5,318
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 | €315,969 | €511,021 | +€195,051 | +61.7% |
| Fixed assets | 21/28 | €102,142 | €274,058 | +€171,915 | +168% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €102,142 | €274,058 | +€171,915 | +168% |
| Land and buildings | 22 | - | €139,446 | +€139,446 | |
| Furniture and vehicles | 24 | €3,594 | €32,895 | +€29,300 | +815% |
| Other tangible fixed assets | 26 | €98,548 | €85,417 | -€13,131 | -13.3% |
| Assets under construction and advance payments | 27 | - | €16,300 | +€16,300 | |
| Current assets | 29/58 | €213,827 | €236,963 | +€23,136 | +10.8% |
| Stocks and contracts in progress | 3 | €69,431 | €69,431 | = | 0.0% |
| Stocks | 30/36 | €69,431 | €69,431 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €139,191 | €165,440 | +€26,249 | +18.9% |
| Trade receivables | 40 | €44,793 | €5,504 | -€39,289 | -87.7% |
| Other amounts receivable | 41 | €94,398 | €159,936 | +€65,538 | +69.4% |
| Cash at bank and in hand | 54/58 | €1,339 | €885 | -€453 | -33.9% |
| Deferred charges and accrued income | 490/1 | €3,866 | €1,206 | -€2,660 | -68.8% |
| Total equity and liabilities | 10/49 | €315,969 | €511,021 | +€195,051 | +61.7% |
| Equity | 10/15 | €173,841 | €39,118 | -€134,722 | -77.5% |
| Contributions | 10/11 | €30,000 | €30,123 | +€123 | +0.4% |
| Reserves | 13 | €143,000 | €8,995 | -€134,005 | -93.7% |
| Distributable reserves | 133 | €143,000 | €8,995 | -€134,005 | -93.7% |
| Profit (loss) carried forward | 14 | €841 | - | -€841 | |
| Amounts payable | 17/49 | €142,129 | €471,902 | +€329,774 | +232% |
| Amounts payable after more than one year | 17 | - | €188,765 | +€188,765 | |
| Financial debts | 170/4 | - | €188,765 | +€188,765 | |
| Amounts payable within one year | 42/48 | €142,129 | €282,988 | +€140,859 | +99.1% |
| Current portion of amounts payable after more than one year | 42 | - | €32,029 | +€32,029 | |
| Financial debts | 43 | €3,656 | €8,699 | +€5,043 | +138% |
| Credit institutions | 430/8 | €3,656 | €8,699 | +€5,043 | +138% |
| Trade debts | 44 | €62,452 | €3,489 | -€58,963 | -94.4% |
| Suppliers | 440/4 | €62,452 | €3,489 | -€58,963 | -94.4% |
| Taxes, remuneration and social security | 45 | €76,021 | €30,998 | -€45,023 | -59.2% |
| Taxes | 450/3 | €12,167 | €5,264 | -€6,903 | -56.7% |
| Remuneration and social security | 454/9 | €63,854 | €25,734 | -€38,120 | -59.7% |
| Other amounts payable | 47/48 | - | €207,773 | +€207,773 | |
| Accrued charges and deferred income | 492/3 | - | €149 | +€149 | |
| Remuneration, social security and pensions | 62 | €218,366 | €159,856 | -€58,509 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,243 | €25,416 | +€3,173 | +14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,040 | - | +€15,040 | |
| Other operating charges | 640/8 | €2,825 | €2,186 | -€639 | -22.6% |
| Gross operating margin | 9900 | €267,965 | €43,559 | -€224,406 | -83.7% |
| Operating profit (loss) | 9901 | €39,571 | -€143,899 | -€183,471 | |
| Financial income | 75/76B | €30 | €2 | -€27 | -91.6% |
| Recurring financial income | 75 | €30 | €2 | -€27 | -91.6% |
| Financial charges | 65/66B | €1,737 | €5,318 | +€3,581 | +206% |
| Recurring financial charges | 65 | €1,737 | €5,318 | +€3,581 | +206% |
| Profit (loss) for the period before taxes | 9903 | €37,864 | -€149,215 | -€187,079 | |
| Income taxes | 67/77 | €5,547 | €11 | -€5,536 | -99.8% |
| Profit (loss) for the period | 9904 | €32,317 | -€149,225 | -€181,542 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,317 | -€149,225 | -€181,542 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.