SO ELEVEN: 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.
SO ELEVEN
Largest movements
- Tangible fixed assets -€97,212
down €97,212 (-3.2%), from €3.1m to €3.0m
of which Land and buildings: -€95,074
- Cash -€62,360
down €62,360 (-23.9%), from €261,391 to €199,032
mainly Net result for the year (-€90,625) and Other debts (-€74,800)
- Other debts -€74,800
down €74,800 (-4.3%), from €1.7m to €1.7m
- Reserves -€55,040
down €55,040 (-4.7%), from €1.2m to €1.1m
of which Tax-exempt reserves: -€55,040
- Profit (loss) carried forward -€35,584
down €35,584 (-19.8%), from -€179,444 to -€215,028
- Gross operating margin -€28,123
down €28,123 (-82.0%), from €34,312 to €6,189
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 | €3,368,318 | €3,203,344 | -€164,975 | -4.9% |
| Fixed assets | 21/28 | €3,082,198 | €2,984,986 | -€97,212 | -3.2% |
| Tangible fixed assets | 22/27 | €3,082,198 | €2,984,986 | -€97,212 | -3.2% |
| Land and buildings | 22 | €3,072,196 | €2,977,122 | -€95,074 | -3.1% |
| Plant, machinery and equipment | 23 | €10,002 | €7,864 | -€2,138 | -21.4% |
| Current assets | 29/58 | €286,120 | €218,357 | -€67,763 | -23.7% |
| Amounts receivable within one year | 40/41 | €24,200 | €18,854 | -€5,346 | -22.1% |
| Trade receivables | 40 | €24,200 | €18,150 | -€6,050 | -25.0% |
| Other amounts receivable | 41 | - | €704 | +€704 | |
| Cash at bank and in hand | 54/58 | €261,391 | €199,032 | -€62,360 | -23.9% |
| Deferred charges and accrued income | 490/1 | €529 | €471 | -€57 | -10.8% |
| Total equity and liabilities | 10/49 | €3,368,318 | €3,203,344 | -€164,975 | -4.9% |
| Equity | 10/15 | €1,245,430 | €1,154,805 | -€90,625 | -7.3% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €1,176,980 | €1,121,940 | -€55,040 | -4.7% |
| Non-distributable reserves | 130/1 | €26,891 | €26,891 | = | 0.0% |
| Legal reserve | 130 | €26,891 | €26,891 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,112,905 | €1,057,864 | -€55,040 | -4.9% |
| Distributable reserves | 133 | €37,184 | €37,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,444 | -€215,028 | -€35,584 | -19.8% |
| Provisions and deferred taxes | 16 | €370,968 | €352,621 | -€18,347 | -4.9% |
| Deferred taxes | 168 | €370,968 | €352,621 | -€18,347 | -4.9% |
| Amounts payable | 17/49 | €1,751,920 | €1,695,917 | -€56,003 | -3.2% |
| Amounts payable within one year | 42/48 | €1,751,920 | €1,695,917 | -€56,003 | -3.2% |
| Trade debts | 44 | €1,248 | €20,344 | +€19,097 | +1530.6% |
| Suppliers | 440/4 | €1,248 | €20,344 | +€19,097 | +1530.6% |
| Taxes, remuneration and social security | 45 | €1,191 | €891 | -€300 | -25.2% |
| Taxes | 450/3 | €1,191 | €891 | -€300 | -25.2% |
| Other amounts payable | 47/48 | €1,749,482 | €1,674,682 | -€74,800 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,212 | €97,212 | -€0 | 0.0% |
| Other operating charges | 640/8 | €17,691 | €17,798 | +€108 | +0.6% |
| Gross operating margin | 9900 | €34,312 | €6,189 | -€28,123 | -82.0% |
| Operating profit (loss) | 9901 | -€80,591 | -€108,821 | -€28,231 | -35.0% |
| Financial income | 75/76B | €21 | - | -€21 | |
| Recurring financial income | 75 | €21 | - | -€21 | |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€80,705 | -€108,971 | -€28,266 | -35.0% |
| Transfer from deferred taxes | 780 | €18,347 | €18,347 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€62,358 | -€90,625 | -€28,266 | -45.3% |
| Transfer from tax-exempt reserves | 789 | €55,040 | €55,040 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,318 | -€35,584 | -€28,266 | -386.3% |
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 6 October 2026 via checked.be.