SINCE11: 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.
SINCE11
Largest movements
- Cash -€151,285
down €151,285 (-79.2%), from €191,005 to €39,720
mainly Contributions, distributions and other (-€175,114) and Current investments (-€37,358)
- Current investments +€37,358
up €37,358 (+54.9%), from €68,040 to €105,398
- Tangible fixed assets +€14,728
up €14,728 (+196.2%), from €7,505 to €22,233
of which Furniture and vehicles: +€12,801
- Reserves -€107,096
down €107,096 (-35.2%), from €304,245 to €197,148
of which Distributable reserves: -€107,096
- Tax, wage and social debts +€6,092
up €6,092 (+76.2%), from €7,993 to €14,085
- Gross operating margin +€15,605
up €15,605 (+18.7%), from €83,319 to €98,924
- Taxes +€4,873
up €4,873 (+22.9%), from €21,299 to €26,172
- Depreciation +€3,691
up €3,691 (+114.1%), from €3,235 to €6,927
- Financial income +€3,599
up €3,599 (+359902.0%), from €1 to €3,600
- Financial charges -€2,580
down €2,580 (-87.0%), from €2,965 to €386
of which Non-recurring financial charges: -€2,561
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 | €312,415 | €212,551 | -€99,865 | -32.0% |
| Fixed assets | 21/28 | €31,795 | €46,523 | +€14,728 | +46.3% |
| Tangible fixed assets | 22/27 | €7,505 | €22,233 | +€14,728 | +196.2% |
| Plant, machinery and equipment | 23 | €379 | €2,305 | +€1,926 | +508.2% |
| Furniture and vehicles | 24 | €7,126 | €19,928 | +€12,801 | +179.6% |
| Financial fixed assets | 28 | €24,290 | €24,290 | = | 0.0% |
| Current assets | 29/58 | €280,620 | €166,028 | -€114,592 | -40.8% |
| Amounts receivable within one year | 40/41 | €18,516 | €19,559 | +€1,044 | +5.6% |
| Trade receivables | 40 | €15,460 | €16,549 | +€1,089 | +7.0% |
| Other amounts receivable | 41 | €3,056 | €3,011 | -€45 | -1.5% |
| Current investments | 50/53 | €68,040 | €105,398 | +€37,358 | +54.9% |
| Cash at bank and in hand | 54/58 | €191,005 | €39,720 | -€151,285 | -79.2% |
| Deferred charges and accrued income | 490/1 | €3,059 | €1,351 | -€1,709 | -55.9% |
| Total equity and liabilities | 10/49 | €312,415 | €212,551 | -€99,865 | -32.0% |
| Equity | 10/15 | €304,245 | €197,148 | -€107,096 | -35.2% |
| Reserves | 13 | €304,245 | €197,148 | -€107,096 | -35.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €302,385 | €195,288 | -€107,096 | -35.4% |
| Amounts payable | 17/49 | €8,171 | €15,402 | +€7,232 | +88.5% |
| Amounts payable within one year | 42/48 | €8,171 | €15,260 | +€7,090 | +86.8% |
| Trade debts | 44 | €178 | €1,175 | +€998 | +562.0% |
| Suppliers | 440/4 | €178 | €1,175 | +€998 | +562.0% |
| Taxes, remuneration and social security | 45 | €7,993 | €14,085 | +€6,092 | +76.2% |
| Taxes | 450/3 | €7,993 | €14,085 | +€6,092 | +76.2% |
| Accrued charges and deferred income | 492/3 | - | €142 | +€142 | |
| Non-recurring operating income | 76A | - | €459 | +€459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,235 | €6,927 | +€3,691 | +114.1% |
| Other operating charges | 640/8 | €628 | €644 | +€16 | +2.5% |
| Non-recurring operating charges | 66A | - | €379 | +€379 | |
| Gross operating margin | 9900 | €83,319 | €98,924 | +€15,605 | +18.7% |
| Operating profit (loss) | 9901 | €79,456 | €90,975 | +€11,519 | +14.5% |
| Financial income | 75/76B | €1 | €3,600 | +€3,599 | +359902.0% |
| Recurring financial income | 75 | €1 | €3,600 | +€3,599 | +359902.0% |
| Financial charges | 65/66B | €2,965 | €386 | -€2,580 | -87.0% |
| Recurring financial charges | 65 | €404 | €386 | -€19 | -4.6% |
| Non-recurring financial charges | 66B | €2,561 | - | -€2,561 | |
| Profit (loss) for the period before taxes | 9903 | €76,492 | €94,189 | +€17,697 | +23.1% |
| Income taxes | 67/77 | €21,299 | €26,172 | +€4,873 | +22.9% |
| Profit (loss) for the period | 9904 | €55,193 | €68,017 | +€12,824 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,193 | €68,017 | +€12,824 | +23.2% |
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 11 October 2026 via checked.be.