UPscale
ActiveSummary
UPscale has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €72.4m and a net result of €1.9m. Equity remains stable across the filed financial years (±0.8% per year). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2026, abbreviated format
Equity
€72.4m▼ 4.2%
2025 · €75.6m
Total assets
€148.3m▼ 13.4%
2025 · €171.2m
Net result
€1.9m▼ 9.0%
2025 · €2.0m
Working capital
-€6.4m▲ 92.4%
2025 · -€84.3m
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result has fallen two years in a row; 2026 is 21% below 2025 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€2.8m
2026
Net result€1.9m
2026
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€148.3m
2026
Equity€72.4m
2026
Debt€75.9m
2026
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€6.4m
2026
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2026
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€0.07m--€0.08m▼ 4.6%€12.7m€5.8m▼ 54.4%€5.1m▼ 11.4%€8.4m▲ 63.5%€3.6m▼ 57.7%€2.8m▼ 21.1%
Net result€10.7m-€34.8m▲ 225%€13.1m▼ 62.3%€9.4m▼ 28.0%€4.5m▼ 52.1%€5.2m▲ 15.0%€2.0m▼ 60.8%€1.9m▼ 9.0%
Equity€68.2m-€67.1m▼ 1.6%€73.3m▲ 9.1%€74.7m▲ 2.0%€74.7m=€75.0m▲ 0.4%€75.6m▲ 0.7%€72.4m▼ 4.2%
Total assets€109.5m-€90.0m▼ 17.8%€129.5m▲ 43.8%€205.0m▲ 58.3%€198.9m▼ 2.9%€135.9m▼ 31.7%€171.2m▲ 26.0%€148.3m▼ 13.4%
Debt€41.3m-€22.9m▼ 44.6%€56.2m▲ 146%€130.3m▲ 132%€124.2m▼ 4.7%€60.9m▼ 51.0%€95.7m▲ 57.1%€75.9m▼ 20.7%
Working capital€8.5m--€22.8m-€55.6m▼ 144%-€128.1m▼ 130%-€115.3m▲ 10.0%-€58.8m▲ 49.0%-€84.3m▼ 43.5%-€6.4m▲ 92.4%
Staff (FTE)0000
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €148.3m
Fixed assets
€144.4m ▼ 9.8%
Current assets
€3.9m ▼ 64.9%
Equity and liabilities €148.3m
Equity
€72.4m ▼ 4.2%
Debt
€75.9m ▼ 20.7%
Debt's share of the balance-sheet total falls from 55.9% to 51.2%. Equity and debt are lower.
Key figures and ratios
Current ratio
0.38▲
2025 · 0.12
Debt to equity
1.05▼
2025 · 1.27
ROE
2.6%▼
2025 · 2.7%
ROA
1.3%▲
2025 · 1.2%
Debt ≤ 1 year
€10.3m▼
2025 · €95.6m
Debt > 1 year
€65.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5.6m | €4.9m | €8.3m | €3.5m | €10.1m | ▲ 189% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 1.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.003m | €0 | €7.4m | - |
| Gross operating margin9900 | -€0.07m | -€0.08m | €12.7m | €5.8m | €5.1m | €8.4m | €3.6m | €10.2m | ▲ 187% |
| Operating profit (loss)9901 | -€0.07m | -€0.08m | €12.7m | €5.8m | €5.1m | €8.4m | €3.6m | €2.8m | ▼ 21.1% |
| Financial income75/76B | - | - | - | €4.2m | €0.06m | €0.008m | €0.003m | €0 | ▼ 100% |
| Recurring financial income75 | €14.2m | €0.9m | €0.8m | €4.2m | €0.06m | €0.008m | €0.003m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €0.5m | €0.7m | €3.2m | €1.5m | €0.9m | ▼ 37.5% |
| Recurring financial charges65 | €3.3m | €3.2m | €0.4m | €0.5m | €0.7m | €1.4m | €1.5m | €0.9m | ▼ 37.5% |
| Non-recurring financial charges66B | - | - | - | €0 | - | €1.8m | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €10.7m | €34.8m | €13.1m | €9.4m | €4.5m | €5.2m | €2.0m | €1.9m | ▼ 9.0% |
| Income taxes67/77 | €0.02m | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €10.7m | €34.8m | €13.1m | €9.4m | €4.5m | €5.2m | €2.0m | €1.9m | ▼ 9.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | €0.07m | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €10.6m | €34.8m | €13.4m | €9.4m | €4.6m | €5.2m | €2.0m | €1.9m | ▼ 9.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €109.5m | €90.0m | €129.5m | €205.0m | €198.9m | €135.9m | €171.2m | €148.3m | ▼ 13.4% |
| Fixed assets21/28 | €59.8m | €90.0m | €128.9m | €202.9m | €190.1m | €133.8m | €160.0m | €144.4m | ▼ 9.8% |
| Financial fixed assets28 | €59.8m | €90.0m | €128.9m | €202.9m | €190.1m | €133.8m | €160.0m | €144.4m | ▼ 9.8% |
| Current assets29/58 | €49.7m | €0.07m | €0.6m | €2.1m | €8.8m | €2.1m | €11.2m | €3.9m | ▼ 64.9% |
| Amounts receivable within one year40/41 | €0.4m | - | - | €0.4m | €1.9m | €1.7m | €10.0m | €3.2m | ▼ 68.1% |
| Other amounts receivable41 | - | - | - | €0.4m | €1.9m | €1.7m | €10.0m | €3.2m | ▼ 68.1% |
| Cash at bank and in hand54/58 | €0.2m | €0.03m | €0.5m | €0.07m | €6.9m | €0.5m | €1.2m | €0.8m | ▼ 38.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1.7m | €0.001m | €0 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €109.5m | €90.0m | €129.5m | €205.0m | €198.9m | €135.9m | €171.2m | €148.3m | ▼ 13.4% |
| Equity10/15 | €68.2m | €67.1m | €73.3m | €74.7m | €74.7m | €75.0m | €75.6m | €72.4m | ▼ 4.2% |
| Contributions10/11 | €18.6m | - | - | €18.6m | €18.6m | €18.6m | €18.6m | €18.6m | = |
| Reserves13 | €14.3m | €48.6m | €54.7m | €56.1m | €56.1m | €56.5m | €57.0m | €53.9m | ▼ 5.5% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €56.1m | €56.1m | €56.5m | €57.0m | €53.9m | ▼ 5.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €41.3m | €22.9m | €56.2m | €130.3m | €124.2m | €60.9m | €95.7m | €75.9m | ▼ 20.7% |
| Amounts payable after more than one year17 | €0.05m | €0.01m | €0 | - | - | - | - | €65.5m | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €65.5m | - |
| Amounts payable within one year42/48 | €41.2m | €22.9m | €56.2m | €130.2m | €124.1m | €60.9m | €95.6m | €10.3m | ▼ 89.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8.0m | €9.3m | €0 | - | - | - |
| Financial debts43 | - | - | - | €23.0m | €18.0m | €35.0m | €33.0m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €23.0m | €18.0m | €35.0m | €33.0m | €0 | ▼ 100% |
| Trade debts44 | - | €0.001m | €0.002m | €0.004m | €0 | - | - | €0.3m | - |
| Suppliers440/4 | - | - | - | €0.004m | €0 | - | - | €0.3m | - |
| Advances received on contracts in progress46 | - | - | - | €20.3m | €61.8m | €11.4m | €21.2m | €5.0m | ▼ 76.3% |
| Other amounts payable47/48 | - | - | - | €78.9m | €35.1m | €14.5m | €41.4m | €5.0m | ▼ 87.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.08m | €0.06m | €0.01m | €0.07m | €0.02m | ▼ 69.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10.7m | €34.8m | €13.1m | €9.4m | €4.5m | €5.2m | €2.0m | €1.9m | ▼ 9.0% |
| Operating cash flow (approximation) | €10.7m | €34.8m | €13.1m | €9.4m | €4.5m | €5.2m | €2.0m | €1.9m | ▼ 9.0% |
| Investment in fixed assets (approximation) | - | -€30.1m | -€39.0m | -€74.0m | €12.8m | €56.3m | -€26.2m | €15.6m | - |
| Change in cash | - | -€0.1m | €0.5m | -€0.4m | €6.8m | -€6.4m | €0.7m | -€0.5m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2026 | abbreviated format | 25-09-2026 | 2026-00526945 |
| 31-03-2025 | abbreviated format | 08-10-2025 | 2025-00535489 |
| 31-03-2024 | abbreviated format | 16-09-2024 | 2024-00462038 |
| 31-03-2023 | abbreviated format | 25-09-2023 | 2023-00453918 |
| 31-03-2022 | abbreviated format | 13-10-2022 | 2022-20458983 |
| 31-03-2021 | abbreviated format | 05-10-2021 | 2021-71200121 |
| 31-03-2020 | abbreviated format | 25-11-2020 | 2020-72300198 |
| 31-03-2019 | abbreviated format | 30-10-2019 | 2019-71900056 |
| 31-03-2018 | abbreviated format | 31-10-2018 | 2018-71400116 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.