711: 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.
711
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+166.4%), from €1.2m to €3.3m
of which Other amounts receivable: +€1.0m
- Tangible fixed assets +€844,058
up €844,058 (+45.1%), from €1.9m to €2.7m
of which Assets under construction and advance payments: +€484,797
- Cash +€707,715
up €707,715 (+38.9%), from €1.8m to €2.5m
mainly Net result for the year (+€5.2m) and Other debts (+€530,000)
- Deferred charges and accrued income +€232,572
up €232,572 (+271.5%), from €85,666 to €318,238
- Profit (loss) carried forward +€2.7m
up €2.7m, from -€2.7m to €0
- Reserves +€1.9m
new in 2025: €1.9m
- Trade debts -€1.1m
down €1.1m (-16.2%), from €7.0m to €5.8m
- Other debts +€530,000
new in 2025: €530,000
- Tax, wage and social debts -€326,401
down €326,401 (-41.5%), from €786,098 to €459,697
of which Taxes: -€190,039
- Gross operating margin +€4.4m
up €4.4m (+98.2%), from €4.5m to €8.8m
- Taxes +€905,108
up €905,108 (+68579.7%), from €1,320 to €906,428
- Staff costs +€549,776
up €549,776 (+25.7%), from €2.1m to €2.7m
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 | €5,059,959 | €8,886,336 | +€3.8m | +75.6% |
| Fixed assets | 21/28 | €1,927,334 | €2,769,197 | +€841,863 | +43.7% |
| Intangible fixed assets | 21 | €4,936 | €2,741 | -€2,195 | -44.5% |
| Tangible fixed assets | 22/27 | €1,872,398 | €2,716,455 | +€844,058 | +45.1% |
| Plant, machinery and equipment | 23 | €611 | €0 | -€611 | -100.0% |
| Furniture and vehicles | 24 | €155,705 | €175,196 | +€19,490 | +12.5% |
| Other tangible fixed assets | 26 | - | €340,382 | +€340,382 | |
| Assets under construction and advance payments | 27 | €1,716,082 | €2,200,878 | +€484,797 | +28.3% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €3,132,625 | €6,117,139 | +€3.0m | +95.3% |
| Amounts receivable within one year | 40/41 | €1,228,509 | €3,272,735 | +€2.0m | +166.4% |
| Trade receivables | 40 | €191,175 | €1,195,175 | +€1.0m | +525.2% |
| Other amounts receivable | 41 | €1,037,334 | €2,077,560 | +€1.0m | +100.3% |
| Cash at bank and in hand | 54/58 | €1,818,451 | €2,526,166 | +€707,715 | +38.9% |
| Deferred charges and accrued income | 490/1 | €85,666 | €318,238 | +€232,572 | +271.5% |
| Total equity and liabilities | 10/49 | €5,059,959 | €8,886,336 | +€3.8m | +75.6% |
| Equity | 10/15 | -€2,699,350 | €1,961,289 | +€4.7m | |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | - | €1,931,289 | +€1.9m | |
| Distributable reserves | 133 | - | €1,931,289 | +€1.9m | |
| Profit (loss) carried forward | 14 | -€2,729,350 | €0 | +€2.7m | |
| Amounts payable | 17/49 | €7,759,309 | €6,925,047 | -€834,263 | -10.8% |
| Amounts payable within one year | 42/48 | €7,754,262 | €6,925,047 | -€829,215 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,968,163 | €5,837,727 | -€1.1m | -16.2% |
| Suppliers | 440/4 | €6,968,163 | €5,837,727 | -€1.1m | -16.2% |
| Advances received on contracts in progress | 46 | - | €97,623 | +€97,623 | |
| Taxes, remuneration and social security | 45 | €786,098 | €459,697 | -€326,401 | -41.5% |
| Taxes | 450/3 | €500,478 | €310,439 | -€190,039 | -38.0% |
| Remuneration and social security | 454/9 | €285,621 | €149,258 | -€136,362 | -47.7% |
| Other amounts payable | 47/48 | - | €530,000 | +€530,000 | |
| Accrued charges and deferred income | 492/3 | €5,048 | €0 | -€5,048 | -100.0% |
| Non-recurring operating income | 76A | - | €14,837 | +€14,837 | |
| Remuneration, social security and pensions | 62 | €2,136,947 | €2,686,723 | +€549,776 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,061 | €88,323 | +€48,262 | +120.5% |
| Other operating charges | 640/8 | €1,474 | €8,623 | +€7,150 | +485.2% |
| Non-recurring operating charges | 66A | €881 | €7,438 | +€6,557 | +743.9% |
| Gross operating margin | 9900 | €4,453,501 | €8,828,726 | +€4.4m | +98.2% |
| Operating profit (loss) | 9901 | €2,274,137 | €6,037,619 | +€3.8m | +165.5% |
| Financial income | 75/76B | €2,420 | €65,278 | +€62,857 | +2597.2% |
| Recurring financial income | 75 | €2,420 | €65,278 | +€62,857 | +2597.2% |
| Financial charges | 65/66B | €8,153 | €5,829 | -€2,323 | -28.5% |
| Recurring financial charges | 65 | €8,153 | €5,829 | -€2,323 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €2,268,405 | €6,097,067 | +€3.8m | +168.8% |
| Income taxes | 67/77 | €1,320 | €906,428 | +€905,108 | +68579.7% |
| Profit (loss) for the period | 9904 | €2,267,085 | €5,190,639 | +€2.9m | +129.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,267,085 | €5,190,639 | +€2.9m | +129.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.