TR 11: what changed
Two fiscal 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.
TR 11
Largest movements
- Cash +€1.9m
up €1.9m (+45012.8%), from €4,296 to €1.9m
- Tangible fixed assets +€873,631
up €873,631 (+310.0%), from €281,852 to €1.2m
of which Land and buildings: +€876,940
- Tax, wage and social debts +€1.9m
up €1.9m (+19373.8%), from €9,575 to €1.9m
- Debts after one year +€939,059
up €939,059 (+614.0%), from €152,936 to €1.1m
of which Financial debts: +€982,459
- Profit (loss) carried forward -€250,641
down €250,641, from €29,996 to -€220,644
- Other debts +€190,209
new in 2025: €190,209
- Trade debts +€59,811
up €59,811 (+3812.5%), from €1,569 to €61,380
- Gross operating margin -€215,458
down €215,458, from €62,566 to -€152,892
- Financial charges +€20,040
up €20,040 (+414.8%), from €4,831 to €24,871
- Depreciation +€10,868
up €10,868 (+35.8%), from €30,318 to €41,186
- Other operating charges -€7,082
down €7,082 (-70.2%), from €10,083 to €3,001
- Taxes -€4,056
down €4,056 (-100.0%), from €4,056 to €0
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €300,977 | €3,093,734 | +€2.8m | +927.9% |
| Fixed assets | 21/28 | €281,852 | €1,155,482 | +€873,631 | +310.0% |
| Tangible fixed assets | 22/27 | €281,852 | €1,155,482 | +€873,631 | +310.0% |
| Land and buildings | 22 | €278,543 | €1,155,482 | +€876,940 | +314.8% |
| Plant, machinery and equipment | 23 | €3,309 | €0 | -€3,309 | -100.0% |
| Current assets | 29/58 | €19,126 | €1,938,252 | +€1.9m | +10034.2% |
| Cash at bank and in hand | 54/58 | €4,296 | €1,938,252 | +€1.9m | +45012.8% |
| Deferred charges and accrued income | 490/1 | €14,829 | €0 | -€14,829 | -100.0% |
| Total equity and liabilities | 10/49 | €300,977 | €3,093,734 | +€2.8m | +927.9% |
| Equity | 10/15 | €70,596 | -€180,044 | -€250,641 | |
| Contributions | 10/11 | €40,600 | €40,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,996 | -€220,644 | -€250,641 | |
| Amounts payable | 17/49 | €230,381 | €3,273,778 | +€3.0m | +1321.0% |
| Amounts payable after more than one year | 17 | €152,936 | €1,091,995 | +€939,059 | +614.0% |
| Financial debts | 170/4 | €109,536 | €1,091,995 | +€982,459 | +896.9% |
| Other amounts payable | 178/9 | €43,400 | €0 | -€43,400 | -100.0% |
| Amounts payable within one year | 42/48 | €77,042 | €2,181,783 | +€2.1m | +2731.9% |
| Current portion of amounts payable after more than one year | 42 | €65,898 | €65,496 | -€402 | -0.6% |
| Trade debts | 44 | €1,569 | €61,380 | +€59,811 | +3812.5% |
| Suppliers | 440/4 | €1,569 | €61,380 | +€59,811 | +3812.5% |
| Taxes, remuneration and social security | 45 | €9,575 | €1,864,698 | +€1.9m | +19373.8% |
| Taxes | 450/3 | €9,575 | €1,864,698 | +€1.9m | +19373.8% |
| Other amounts payable | 47/48 | - | €190,209 | +€190,209 | |
| Accrued charges and deferred income | 492/3 | €403 | €0 | -€403 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,318 | €41,186 | +€10,868 | +35.8% |
| Other operating charges | 640/8 | €10,083 | €3,001 | -€7,082 | -70.2% |
| Non-recurring operating charges | 66A | - | €28,690 | +€28,690 | |
| Gross operating margin | 9900 | €62,566 | -€152,892 | -€215,458 | |
| Operating profit (loss) | 9901 | €22,165 | -€225,770 | -€247,934 | |
| Financial charges | 65/66B | €4,831 | €24,871 | +€20,040 | +414.8% |
| Recurring financial charges | 65 | €4,831 | €24,871 | +€20,040 | +414.8% |
| Profit (loss) for the period before taxes | 9903 | €17,333 | -€250,641 | -€267,974 | |
| Income taxes | 67/77 | €4,056 | €0 | -€4,056 | -100.0% |
| Profit (loss) for the period | 9904 | €13,277 | -€250,641 | -€263,918 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,277 | -€250,641 | -€263,918 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.