ELEVEN MANAGEMENT: 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.
ELEVEN MANAGEMENT
Largest movements
- Tangible fixed assets -€492,123
down €492,123 (-34.6%), from €1.4m to €930,893
of which Land and buildings: -€371,966
- Cash -€151,076
down €151,076 (-54.8%), from €275,503 to €124,427
mainly Debts after one year (-€515,193) and Contributions, distributions and other (-€153,898)
- Receivables within one year +€113,136
up €113,136 (+15.8%), from €714,421 to €827,556
of which Other amounts receivable: +€157,434
- Debts after one year -€515,193
down €515,193 (-43.0%), from €1.2m to €684,310
of which Financial debts: -€515,193
- Reserves -€153,898
down €153,898 (-15.5%), from €992,719 to €838,820
of which Distributable reserves: -€153,898
- Other debts +€87,521
new in 2025: €87,521
- Trade debts +€67,832
up €67,832, from €0 to €67,832
- Current portion of long-term debt -€54,993
down €54,993 (-61.2%), from €89,913 to €34,920
- Gross operating margin -€159,675
down €159,675 (-47.3%), from €337,525 to €177,850
- Depreciation -€52,592
down €52,592 (-61.5%), from €85,458 to €32,866
- Write-downs +€32,857
new in 2025: €32,857
- Taxes +€14,333
up €14,333 (+2,867%), from €500 to €14,833
- Other operating charges -€3,457
down €3,457 (-23.3%), from €14,863 to €11,406
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 | €2,417,480 | €1,896,084 | -€521,396 | -21.6% |
| Fixed assets | 21/28 | €1,427,556 | €935,433 | -€492,123 | -34.5% |
| Tangible fixed assets | 22/27 | €1,423,016 | €930,893 | -€492,123 | -34.6% |
| Land and buildings | 22 | €1,251,903 | €879,937 | -€371,966 | -29.7% |
| Plant, machinery and equipment | 23 | €4,559 | €3,507 | -€1,052 | -23.1% |
| Furniture and vehicles | 24 | €82,504 | €8,636 | -€73,868 | -89.5% |
| Other tangible fixed assets | 26 | €84,050 | €38,813 | -€45,236 | -53.8% |
| Financial fixed assets | 28 | €4,540 | €4,540 | = | 0.0% |
| Current assets | 29/58 | €989,924 | €960,651 | -€29,273 | -3.0% |
| Amounts receivable within one year | 40/41 | €714,421 | €827,556 | +€113,136 | +15.8% |
| Trade receivables | 40 | €206,948 | €162,649 | -€44,299 | -21.4% |
| Other amounts receivable | 41 | €507,473 | €664,908 | +€157,434 | +31.0% |
| Current investments | 50/53 | - | €8,667 | +€8,667 | |
| Cash at bank and in hand | 54/58 | €275,503 | €124,427 | -€151,076 | -54.8% |
| Total equity and liabilities | 10/49 | €2,417,480 | €1,896,084 | -€521,396 | -21.6% |
| Equity | 10/15 | €1,049,949 | €917,824 | -€132,124 | -12.6% |
| Contributions | 10/11 | €9,297 | €9,297 | = | 0.0% |
| Reserves | 13 | €992,719 | €838,820 | -€153,898 | -15.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €177,928 | €177,928 | = | 0.0% |
| Distributable reserves | 133 | €814,791 | €660,892 | -€153,898 | -18.9% |
| Profit (loss) carried forward | 14 | €47,933 | €69,708 | +€21,774 | +45.4% |
| Provisions and deferred taxes | 16 | €59,309 | €59,309 | = | 0.0% |
| Deferred taxes | 168 | €59,309 | €59,309 | = | 0.0% |
| Amounts payable | 17/49 | €1,308,222 | €918,950 | -€389,272 | -29.8% |
| Amounts payable after more than one year | 17 | €1,199,503 | €684,310 | -€515,193 | -43.0% |
| Financial debts | 170/4 | €1,188,811 | €673,618 | -€515,193 | -43.3% |
| Other amounts payable | 178/9 | €10,692 | €10,692 | = | 0.0% |
| Amounts payable within one year | 42/48 | €108,719 | €234,640 | +€125,922 | +116% |
| Current portion of amounts payable after more than one year | 42 | €89,913 | €34,920 | -€54,993 | -61.2% |
| Trade debts | 44 | €0 | €67,832 | +€67,832 | |
| Suppliers | 440/4 | €0 | €67,832 | +€67,832 | |
| Taxes, remuneration and social security | 45 | €18,806 | €44,367 | +€25,561 | +136% |
| Taxes | 450/3 | €18,806 | €40,267 | +€21,461 | +114% |
| Remuneration and social security | 454/9 | - | €4,100 | +€4,100 | |
| Other amounts payable | 47/48 | - | €87,521 | +€87,521 | |
| Non-recurring operating income | 76A | €263,873 | €288,981 | +€25,109 | +9.5% |
| Remuneration, social security and pensions | 62 | €7,642 | €5,098 | -€2,544 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,458 | €32,866 | -€52,592 | -61.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,857 | +€32,857 | |
| Other operating charges | 640/8 | €14,863 | €11,406 | -€3,457 | -23.3% |
| Non-recurring operating charges | 66A | - | €15,311 | +€15,311 | |
| Gross operating margin | 9900 | €337,525 | €177,850 | -€159,675 | -47.3% |
| Operating profit (loss) | 9901 | €229,562 | €80,312 | -€149,251 | -65.0% |
| Financial income | 75/76B | €2,761 | €3,471 | +€710 | +25.7% |
| Recurring financial income | 75 | €2,761 | €3,471 | +€710 | +25.7% |
| Financial charges | 65/66B | €45,393 | €47,175 | +€1,782 | +3.9% |
| Recurring financial charges | 65 | €45,393 | €47,175 | +€1,782 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €186,930 | €36,607 | -€150,323 | -80.4% |
| Transfer to deferred taxes | 680 | €59,309 | €0 | -€59,309 | -100% |
| Income taxes | 67/77 | €500 | €14,833 | +€14,333 | +2,867% |
| Profit (loss) for the period | 9904 | €127,121 | €21,774 | -€105,347 | -82.9% |
| Transfer to tax-exempt reserves | 689 | €177,928 | €0 | -€177,928 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,807 | €21,774 | +€72,581 |
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 19 October 2026 via checked.be.