ELEVENS: 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.
ELEVENS
Largest movements
- Receivables within one year +€178,979
up €178,979 (+247%), from €72,531 to €251,509
of which Trade receivables: +€148,329
- Cash -€45,620
down €45,620 (-93.4%), from €48,823 to €3,203
mainly Receivables within one year (-€178,979) and Contributions, distributions and other (-€50,000)
- Intangible fixed assets -€3,853
down €3,853 (-26.7%), from €14,429 to €10,576
- Other debts +€50,000
new in 2025: €50,000
- Advances received +€42,321
new in 2025: €42,321
- Trade debts +€20,085
up €20,085 (+59.1%), from €33,999 to €54,084
- Reserves +€12,331
up €12,331 (+17.3%), from €71,080 to €83,411
- Tax, wage and social debts +€4,035
up €4,035 (+29.1%), from €13,859 to €17,894
of which Remuneration and social security: +€2,595
- Staff costs +€179,766
up €179,766 (+208%), from €86,631 to €266,397
- Gross operating margin +€156,496
up €156,496 (+84.7%), from €184,744 to €341,241
- Taxes -€17,042
down €17,042 (-68.9%), from €24,721 to €7,678
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 | €137,538 | €266,311 | +€128,773 | +93.6% |
| Fixed assets | 21/28 | €15,749 | €11,381 | -€4,368 | -27.7% |
| Intangible fixed assets | 21 | €14,429 | €10,576 | -€3,853 | -26.7% |
| Tangible fixed assets | 22/27 | €1,320 | €805 | -€515 | -39.0% |
| Furniture and vehicles | 24 | €1,320 | €805 | -€515 | -39.0% |
| Current assets | 29/58 | €121,789 | €254,930 | +€133,141 | +109% |
| Amounts receivable within one year | 40/41 | €72,531 | €251,509 | +€178,979 | +247% |
| Trade receivables | 40 | €65,649 | €213,978 | +€148,329 | +226% |
| Other amounts receivable | 41 | €6,882 | €37,532 | +€30,650 | +445% |
| Cash at bank and in hand | 54/58 | €48,823 | €3,203 | -€45,620 | -93.4% |
| Deferred charges and accrued income | 490/1 | €435 | €218 | -€218 | -50.0% |
| Total equity and liabilities | 10/49 | €137,538 | €266,311 | +€128,773 | +93.6% |
| Equity | 10/15 | €89,680 | €102,011 | +€12,331 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,080 | €83,411 | +€12,331 | +17.3% |
| Distributable reserves | 133 | €71,080 | €83,411 | +€12,331 | +17.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €47,858 | €164,300 | +€116,442 | +243% |
| Amounts payable within one year | 42/48 | €47,858 | €164,300 | +€116,442 | +243% |
| Trade debts | 44 | €33,999 | €54,084 | +€20,085 | +59.1% |
| Suppliers | 440/4 | €33,999 | €54,084 | +€20,085 | +59.1% |
| Advances received on contracts in progress | 46 | - | €42,321 | +€42,321 | |
| Taxes, remuneration and social security | 45 | €13,859 | €17,894 | +€4,035 | +29.1% |
| Taxes | 450/3 | €3,955 | €5,396 | +€1,441 | +36.4% |
| Remuneration and social security | 454/9 | €9,904 | €12,498 | +€2,595 | +26.2% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Remuneration, social security and pensions | 62 | €86,631 | €266,397 | +€179,766 | +208% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,772 | €4,368 | -€404 | -8.5% |
| Other operating charges | 640/8 | €513 | €439 | -€75 | -14.5% |
| Gross operating margin | 9900 | €184,744 | €341,241 | +€156,496 | +84.7% |
| Operating profit (loss) | 9901 | €92,828 | €70,037 | -€22,791 | -24.6% |
| Financial income | 75/76B | €1 | €12 | +€11 | +1,775% |
| Recurring financial income | 75 | €1 | €12 | +€11 | +1,775% |
| Financial charges | 65/66B | €626 | €39 | -€587 | -93.8% |
| Recurring financial charges | 65 | €626 | €39 | -€587 | -93.8% |
| Profit (loss) for the period before taxes | 9903 | €92,202 | €70,010 | -€22,192 | -24.1% |
| Income taxes | 67/77 | €24,721 | €7,678 | -€17,042 | -68.9% |
| Profit (loss) for the period | 9904 | €67,481 | €62,331 | -€5,150 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,481 | €62,331 | -€5,150 | -7.6% |
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 17 October 2026 via checked.be.