n11s: 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.
n11s
Largest movements
- Receivables within one year +€527,121
up €527,121 (+785%), from €67,124 to €594,245
of which Trade receivables: +€542,559
- Intangible fixed assets +€493,008
up €493,008 (+3,195%), from €15,432 to €508,440
- Debts after one year +€414,778
new in 2025: €414,778
- Other debts +€372,826
up €372,826 (+380%), from €98,048 to €470,874
- Short-term financial debts +€95,476
new in 2025: €95,476
- Profit (loss) carried forward +€57,651
up €57,651, from -€43,726 to €13,924
- Current portion of long-term debt +€56,985
up €56,985 (+2,374%), from €2,400 to €59,385
- Gross operating margin +€334,538
up €334,538, from -€30,403 to €304,135
- Staff costs +€159,308
new in 2025: €159,308
- Purchases and services -€109,101
no longer reported in 2025 (was €109,101)
- Turnover -€78,050
no longer reported in 2025 (was €78,050)
- Depreciation +€51,043
up €51,043 (+551%), from €9,270 to €60,313
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 | €98,458 | €1,117,752 | +€1.0m | +1,035% |
| Fixed assets | 21/28 | €23,742 | €518,869 | +€495,128 | +2,085% |
| Intangible fixed assets | 21 | €15,432 | €508,440 | +€493,008 | +3,195% |
| Tangible fixed assets | 22/27 | €8,310 | €5,877 | -€2,432 | -29.3% |
| Furniture and vehicles | 24 | €8,310 | €5,877 | -€2,432 | -29.3% |
| Financial fixed assets | 28 | - | €4,552 | +€4,552 | |
| Current assets | 29/58 | €74,717 | €598,883 | +€524,166 | +702% |
| Amounts receivable within one year | 40/41 | €67,124 | €594,245 | +€527,121 | +785% |
| Trade receivables | 40 | €51,245 | €593,804 | +€542,559 | +1,059% |
| Other amounts receivable | 41 | €15,879 | €442 | -€15,437 | -97.2% |
| Cash at bank and in hand | 54/58 | €7,593 | €2,614 | -€4,979 | -65.6% |
| Deferred charges and accrued income | 490/1 | - | €2,023 | +€2,023 | |
| Total equity and liabilities | 10/49 | €98,458 | €1,117,752 | +€1.0m | +1,035% |
| Equity | 10/15 | -€25,176 | €32,474 | +€57,651 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,726 | €13,924 | +€57,651 | |
| Amounts payable | 17/49 | €123,635 | €1,085,278 | +€961,643 | +778% |
| Amounts payable after more than one year | 17 | - | €414,778 | +€414,778 | |
| Financial debts | 170/4 | - | €414,778 | +€414,778 | |
| Amounts payable within one year | 42/48 | €122,647 | €666,322 | +€543,675 | +443% |
| Current portion of amounts payable after more than one year | 42 | €2,400 | €59,385 | +€56,985 | +2,374% |
| Financial debts | 43 | - | €95,476 | +€95,476 | |
| Credit institutions | 430/8 | - | €95,476 | +€95,476 | |
| Trade debts | 44 | €10,183 | €2,283 | -€7,900 | -77.6% |
| Suppliers | 440/4 | €10,183 | €2,283 | -€7,900 | -77.6% |
| Taxes, remuneration and social security | 45 | €12,017 | €38,305 | +€26,288 | +219% |
| Taxes | 450/3 | €12,017 | €30,128 | +€18,111 | +151% |
| Remuneration and social security | 454/9 | - | €8,177 | +€8,177 | |
| Other amounts payable | 47/48 | €98,048 | €470,874 | +€372,826 | +380% |
| Accrued charges and deferred income | 492/3 | €987 | €4,178 | +€3,191 | +323% |
| Turnover | 70 | €78,050 | - | -€78,050 | |
| Goods, raw materials, services and sundry goods | 60/61 | €109,101 | - | -€109,101 | |
| Remuneration, social security and pensions | 62 | - | €159,308 | +€159,308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,270 | €60,313 | +€51,043 | +551% |
| Other operating charges | 640/8 | €1,745 | €695 | -€1,050 | -60.2% |
| Gross operating margin | 9900 | -€30,403 | €304,135 | +€334,538 | |
| Operating profit (loss) | 9901 | -€41,417 | €83,819 | +€125,236 | |
| Financial income | 75/76B | €0 | €996 | +€996 | +1,106,667% |
| Recurring financial income | 75 | €0 | €996 | +€996 | +1,106,667% |
| Financial charges | 65/66B | €2,207 | €19,950 | +€17,743 | +804% |
| Recurring financial charges | 65 | €2,207 | €19,950 | +€17,743 | +804% |
| Profit (loss) for the period before taxes | 9903 | -€43,624 | €64,865 | +€108,489 | |
| Income taxes | 67/77 | €102 | €7,214 | +€7,112 | +6,959% |
| Profit (loss) for the period | 9904 | -€43,726 | €57,651 | +€101,377 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,726 | €57,651 | +€101,377 |
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 19 October 2026 via checked.be.