S11E: 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.
S11E
Largest movements
- Receivables within one year -€46,302
down €46,302 (-74.2%), from €62,424 to €16,122
of which Other amounts receivable: -€46,356
- Cash -€9,675
down €9,675 (-29.9%), from €32,313 to €22,639
mainly Other debts (-€46,681) and Contributions, distributions and other (-€26,568)
- Other debts -€46,681
down €46,681 (-62.5%), from €74,737 to €28,055
- Tax, wage and social debts -€8,877
down €8,877 (-60.5%), from €14,672 to €5,795
of which Taxes: -€7,077
- Financial income -€1,243
down €1,243 (-98.0%), from €1,268 to €25
- Taxes -€364
down €364 (-5.0%), from €7,285 to €6,922
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 | €94,738 | €38,791 | -€55,947 | -59.1% |
| Current assets | 29/58 | €94,738 | €38,791 | -€55,947 | -59.1% |
| Amounts receivable within one year | 40/41 | €62,424 | €16,122 | -€46,302 | -74.2% |
| Trade receivables | 40 | €15,470 | €15,524 | +€54 | +0.3% |
| Other amounts receivable | 41 | €46,954 | €598 | -€46,356 | -98.7% |
| Cash at bank and in hand | 54/58 | €32,313 | €22,639 | -€9,675 | -29.9% |
| Deferred charges and accrued income | 490/1 | - | €30 | +€30 | |
| Total equity and liabilities | 10/49 | €94,738 | €38,791 | -€55,947 | -59.1% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €92,738 | €36,791 | -€55,947 | -60.3% |
| Amounts payable within one year | 42/48 | €92,738 | €36,791 | -€55,947 | -60.3% |
| Trade debts | 44 | €3,329 | €2,941 | -€389 | -11.7% |
| Suppliers | 440/4 | €3,329 | €2,941 | -€389 | -11.7% |
| Taxes, remuneration and social security | 45 | €14,672 | €5,795 | -€8,877 | -60.5% |
| Taxes | 450/3 | €12,872 | €5,795 | -€7,077 | -55.0% |
| Remuneration and social security | 454/9 | €1,800 | - | -€1,800 | |
| Other amounts payable | 47/48 | €74,737 | €28,055 | -€46,681 | -62.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €34,260 | €34,008 | -€252 | -0.7% |
| Operating profit (loss) | 9901 | €33,872 | €33,608 | -€265 | -0.8% |
| Financial income | 75/76B | €1,268 | €25 | -€1,243 | -98.0% |
| Recurring financial income | 75 | €1,268 | €25 | -€1,243 | -98.0% |
| Financial charges | 65/66B | €275 | €143 | -€132 | -48.0% |
| Recurring financial charges | 65 | €275 | €143 | -€132 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €34,865 | €33,490 | -€1,376 | -3.9% |
| Income taxes | 67/77 | €7,285 | €6,922 | -€364 | -5.0% |
| Profit (loss) for the period | 9904 | €27,580 | €26,568 | -€1,012 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,580 | €26,568 | -€1,012 | -3.7% |
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 14 October 2026 via checked.be.