S ELEVEN: 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.
S ELEVEN
Largest movements
- Receivables within one year -€120,104
down €120,104 (-66.3%), from €181,256 to €61,152
of which Trade receivables: -€116,691
- Cash -€10,948
down €10,948 (-17.1%), from €64,099 to €53,151
mainly Trade debts (-€126,481) and Other debts (-€23,193)
- Deferred charges and accrued income +€4,807
up €4,807 (+306%), from €1,571 to €6,378
- Trade debts -€126,481
down €126,481 (-66.3%), from €190,725 to €64,243
- Reserves +€27,384
up €27,384 (+37.8%), from €72,524 to €99,907
- Other debts -€23,193
down €23,193 (-44.0%), from €52,751 to €29,558
- Gross operating margin +€10,198
up €10,198 (+15.6%), from €65,389 to €75,587
- Staff costs +€2,699
up €2,699 (+9.0%), from €29,992 to €32,691
- Taxes +€2,227
up €2,227 (+34.8%), from €6,406 to €8,633
- Financial charges +€1,666
up €1,666 (+73.1%), from €2,279 to €3,945
- Other operating charges +€779
up €779 (+101%), from €771 to €1,550
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €347,051 | €223,564 | -€123,487 | -35.6% |
| Fixed assets | 21/28 | €10,988 | €10,653 | -€335 | -3.0% |
| Tangible fixed assets | 22/27 | €3,528 | €2,950 | -€578 | -16.4% |
| Plant, machinery and equipment | 23 | €3,528 | €2,950 | -€578 | -16.4% |
| Financial fixed assets | 28 | €7,460 | €7,703 | +€243 | +3.3% |
| Current assets | 29/58 | €336,063 | €212,911 | -€123,152 | -36.6% |
| Stocks and contracts in progress | 3 | €89,138 | €92,230 | +€3,092 | +3.5% |
| Stocks | 30/36 | €89,138 | €92,230 | +€3,092 | +3.5% |
| Amounts receivable within one year | 40/41 | €181,256 | €61,152 | -€120,104 | -66.3% |
| Trade receivables | 40 | €177,829 | €61,138 | -€116,691 | -65.6% |
| Other amounts receivable | 41 | €3,427 | €14 | -€3,412 | -99.6% |
| Cash at bank and in hand | 54/58 | €64,099 | €53,151 | -€10,948 | -17.1% |
| Deferred charges and accrued income | 490/1 | €1,571 | €6,378 | +€4,807 | +306% |
| Total equity and liabilities | 10/49 | €347,051 | €223,564 | -€123,487 | -35.6% |
| Equity | 10/15 | €74,524 | €101,907 | +€27,384 | +36.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €72,524 | €99,907 | +€27,384 | +37.8% |
| Distributable reserves | 133 | €72,524 | €99,907 | +€27,384 | +37.8% |
| Amounts payable | 17/49 | €272,527 | €121,657 | -€150,871 | -55.4% |
| Amounts payable within one year | 42/48 | €271,258 | €121,287 | -€149,971 | -55.3% |
| Trade debts | 44 | €190,725 | €64,243 | -€126,481 | -66.3% |
| Suppliers | 440/4 | €190,725 | €64,243 | -€126,481 | -66.3% |
| Advances received on contracts in progress | 46 | €1,354 | €1,716 | +€362 | +26.8% |
| Taxes, remuneration and social security | 45 | €26,428 | €25,770 | -€658 | -2.5% |
| Taxes | 450/3 | €19,055 | €16,185 | -€2,870 | -15.1% |
| Remuneration and social security | 454/9 | €7,373 | €9,584 | +€2,212 | +30.0% |
| Other amounts payable | 47/48 | €52,751 | €29,558 | -€23,193 | -44.0% |
| Accrued charges and deferred income | 492/3 | €1,270 | €370 | -€900 | -70.9% |
| Remuneration, social security and pensions | 62 | €29,992 | €32,691 | +€2,699 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €578 | €578 | = | 0.0% |
| Other operating charges | 640/8 | €771 | €1,550 | +€779 | +101% |
| Gross operating margin | 9900 | €65,389 | €75,587 | +€10,198 | +15.6% |
| Operating profit (loss) | 9901 | €34,047 | €40,767 | +€6,720 | +19.7% |
| Financial income | 75/76B | €4 | €28 | +€23 | +553% |
| Recurring financial income | 75 | €4 | €28 | +€23 | +553% |
| Financial charges | 65/66B | €2,279 | €3,945 | +€1,666 | +73.1% |
| Recurring financial charges | 65 | €2,279 | €3,945 | +€1,666 | +73.1% |
| Profit (loss) for the period before taxes | 9903 | €31,772 | €36,849 | +€5,077 | +16.0% |
| Income taxes | 67/77 | €6,406 | €8,633 | +€2,227 | +34.8% |
| Profit (loss) for the period | 9904 | €25,367 | €28,217 | +€2,850 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,367 | €28,217 | +€2,850 | +11.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.