Starting11: 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.
Starting11
Largest movements
- Current investments +€199,900
new in 2025: €199,900
- Receivables within one year +€47,438
up €47,438 (+4890.5%), from €970 to €48,408
- Cash +€26,179
up €26,179 (+28.7%), from €91,266 to €117,445
mainly Net result for the year (+€210,616) and Tax, wage and social debts (+€51,857)
- Tangible fixed assets -€12,725
down €12,725 (-21.9%), from €58,221 to €45,496
- Reserves +€209,000
new in 2025: €209,000
- Tax, wage and social debts +€51,857
up €51,857 (+196.4%), from €26,405 to €78,262
of which Taxes: +€49,673
- Other debts +€23,400
up €23,400 (+236.6%), from €9,892 to €33,292
- Profit (loss) carried forward -€19,384
down €19,384 (-46.9%), from €41,351 to €21,967
- Debts after one year -€8,862
down €8,862 (-22.7%), from €39,033 to €30,171
- Gross operating margin +€222,955
up €222,955 (+352.8%), from €63,201 to €286,156
- Taxes +€43,984
up €43,984 (+318.1%), from €13,828 to €57,812
- Depreciation +€7,321
up €7,321 (+135.5%), from €5,404 to €12,725
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 | €150,457 | €411,249 | +€260,792 | +173.3% |
| Fixed assets | 21/28 | €58,221 | €45,496 | -€12,725 | -21.9% |
| Tangible fixed assets | 22/27 | €58,221 | €45,496 | -€12,725 | -21.9% |
| Leasing and similar rights | 25 | €58,221 | €45,496 | -€12,725 | -21.9% |
| Current assets | 29/58 | €92,236 | €365,753 | +€273,517 | +296.5% |
| Amounts receivable within one year | 40/41 | €970 | €48,408 | +€47,438 | +4890.5% |
| Trade receivables | 40 | €970 | €48,408 | +€47,438 | +4890.5% |
| Current investments | 50/53 | - | €199,900 | +€199,900 | |
| Cash at bank and in hand | 54/58 | €91,266 | €117,445 | +€26,179 | +28.7% |
| Total equity and liabilities | 10/49 | €150,457 | €411,249 | +€260,792 | +173.3% |
| Equity | 10/15 | €66,351 | €255,967 | +€189,616 | +285.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €209,000 | +€209,000 | |
| Distributable reserves | 133 | - | €209,000 | +€209,000 | |
| Profit (loss) carried forward | 14 | €41,351 | €21,967 | -€19,384 | -46.9% |
| Amounts payable | 17/49 | €84,106 | €155,282 | +€71,176 | +84.6% |
| Amounts payable after more than one year | 17 | €39,033 | €30,171 | -€8,862 | -22.7% |
| Financial debts | 170/4 | €39,033 | €30,171 | -€8,862 | -22.7% |
| Amounts payable within one year | 42/48 | €45,073 | €123,175 | +€78,102 | +173.3% |
| Current portion of amounts payable after more than one year | 42 | €7,865 | €8,862 | +€997 | +12.7% |
| Trade debts | 44 | €911 | €2,759 | +€1,848 | +202.9% |
| Suppliers | 440/4 | €911 | €2,759 | +€1,848 | +202.9% |
| Taxes, remuneration and social security | 45 | €26,405 | €78,262 | +€51,857 | +196.4% |
| Taxes | 450/3 | €26,405 | €76,078 | +€49,673 | +188.1% |
| Remuneration and social security | 454/9 | - | €2,184 | +€2,184 | |
| Other amounts payable | 47/48 | €9,892 | €33,292 | +€23,400 | +236.6% |
| Accrued charges and deferred income | 492/3 | - | €1,936 | +€1,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,404 | €12,725 | +€7,321 | +135.5% |
| Other operating charges | 640/8 | €2,283 | €3,617 | +€1,334 | +58.4% |
| Gross operating margin | 9900 | €63,201 | €286,156 | +€222,955 | +352.8% |
| Operating profit (loss) | 9901 | €55,514 | €269,814 | +€214,300 | +386.0% |
| Financial income | 75/76B | - | €110 | +€110 | |
| Recurring financial income | 75 | - | €110 | +€110 | |
| Financial charges | 65/66B | €335 | €1,496 | +€1,161 | +346.6% |
| Recurring financial charges | 65 | €335 | €1,496 | +€1,161 | +346.6% |
| Profit (loss) for the period before taxes | 9903 | €55,179 | €268,428 | +€213,249 | +386.5% |
| Income taxes | 67/77 | €13,828 | €57,812 | +€43,984 | +318.1% |
| Profit (loss) for the period | 9904 | €41,351 | €210,616 | +€169,265 | +409.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,351 | €210,616 | +€169,265 | +409.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.