ELEVEN STRATEGY: 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 STRATEGY
Largest movements
- Cash +€13,569
up €13,569 (+48.0%), from €28,264 to €41,832
mainly Net result for the year (+€87,359) and Depreciation (+€2,832)
- Profit (loss) carried forward +€61,359
up €61,359 (+34.3%), from €179,142 to €240,501
- Debts after one year -€47,530
down €47,530 (-22.1%), from €214,978 to €167,448
- Gross operating margin -€110,217
down €110,217 (-46.0%), from €239,785 to €129,568
- Taxes +€14,467
up €14,467 (+84.5%), from €17,121 to €31,588
- Financial charges +€3,191
up €3,191 (+94.8%), from €3,365 to €6,556
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 | €453,072 | €464,878 | +€11,806 | +2.6% |
| Fixed assets | 21/28 | €424,809 | €423,046 | -€1,762 | -0.4% |
| Tangible fixed assets | 22/27 | €7,596 | €5,834 | -€1,762 | -23.2% |
| Land and buildings | 22 | €1,203 | €923 | -€280 | -23.3% |
| Furniture and vehicles | 24 | €5,510 | €4,357 | -€1,153 | -20.9% |
| Other tangible fixed assets | 26 | €883 | €553 | -€329 | -37.3% |
| Financial fixed assets | 28 | €417,212 | €417,212 | = | 0.0% |
| Current assets | 29/58 | €28,264 | €41,832 | +€13,569 | +48.0% |
| Cash at bank and in hand | 54/58 | €28,264 | €41,832 | +€13,569 | +48.0% |
| Total equity and liabilities | 10/49 | €453,072 | €464,878 | +€11,806 | +2.6% |
| Equity | 10/15 | €181,142 | €242,501 | +€61,359 | +33.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,142 | €240,501 | +€61,359 | +34.3% |
| Amounts payable | 17/49 | €271,930 | €222,377 | -€49,553 | -18.2% |
| Amounts payable after more than one year | 17 | €214,978 | €167,448 | -€47,530 | -22.1% |
| Financial debts | 170/4 | €214,978 | €167,448 | -€47,530 | -22.1% |
| Amounts payable within one year | 42/48 | €56,952 | €54,929 | -€2,023 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €46,347 | €47,530 | +€1,183 | +2.6% |
| Trade debts | 44 | - | €23 | +€23 | |
| Suppliers | 440/4 | - | €23 | +€23 | |
| Taxes, remuneration and social security | 45 | €3,371 | €838 | -€2,533 | -75.1% |
| Taxes | 450/3 | €3,371 | €838 | -€2,533 | -75.1% |
| Other amounts payable | 47/48 | €7,234 | €6,538 | -€695 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,285 | €2,832 | +€1,546 | +120.3% |
| Other operating charges | 640/8 | €899 | €1,234 | +€335 | +37.3% |
| Gross operating margin | 9900 | €239,785 | €129,568 | -€110,217 | -46.0% |
| Operating profit (loss) | 9901 | €237,600 | €125,502 | -€112,098 | -47.2% |
| Financial income | 75/76B | €1,621 | €1 | -€1,620 | -100.0% |
| Recurring financial income | 75 | €1,621 | €1 | -€1,620 | -100.0% |
| Financial charges | 65/66B | €3,365 | €6,556 | +€3,191 | +94.8% |
| Recurring financial charges | 65 | €3,365 | €6,556 | +€3,191 | +94.8% |
| Profit (loss) for the period before taxes | 9903 | €235,857 | €118,947 | -€116,910 | -49.6% |
| Income taxes | 67/77 | €17,121 | €31,588 | +€14,467 | +84.5% |
| Profit (loss) for the period | 9904 | €218,736 | €87,359 | -€131,376 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €218,736 | €87,359 | -€131,376 | -60.1% |
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 9 October 2026 via checked.be.