BAD UNICORN: 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.
BAD UNICORN
Largest movements
- Receivables within one year -€28,116
down €28,116 (-32.6%), from €86,345 to €58,229
of which Other amounts receivable: -€16,280
- Tangible fixed assets -€23,096
down €23,096 (-3.2%), from €724,238 to €701,142
of which Land and buildings: -€16,602
- Cash -€18,506
down €18,506 (-60.6%), from €30,527 to €12,021
mainly Trade debts (-€71,739) and Debts after one year (-€49,270)
- Trade debts -€71,739
down €71,739 (-65.3%), from €109,843 to €38,104
- Debts after one year -€49,270
down €49,270 (-10.3%), from €480,202 to €430,932
- Reserves +€45,645
up €45,645 (+16.6%), from €274,248 to €319,893
- Gross operating margin +€81,011
up €81,011 (+134%), from €60,578 to €141,589
- Taxes +€19,333
up €19,333 (+853%), from €2,266 to €21,599
- Depreciation +€4,926
up €4,926 (+13.9%), from €35,473 to €40,399
- Other operating charges +€4,894
up €4,894 (+120%), from €4,069 to €8,963
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 | €940,924 | €864,023 | -€76,901 | -8.2% |
| Fixed assets | 21/28 | €750,929 | €728,987 | -€21,942 | -2.9% |
| Intangible fixed assets | 21 | €26,691 | €27,845 | +€1,154 | +4.3% |
| Tangible fixed assets | 22/27 | €724,238 | €701,142 | -€23,096 | -3.2% |
| Land and buildings | 22 | €692,723 | €676,121 | -€16,602 | -2.4% |
| Furniture and vehicles | 24 | €6,972 | €6,850 | -€122 | -1.7% |
| Other tangible fixed assets | 26 | €24,543 | €18,171 | -€6,372 | -26.0% |
| Current assets | 29/58 | €189,995 | €135,036 | -€54,959 | -28.9% |
| Stocks and contracts in progress | 3 | €72,356 | €63,218 | -€9,138 | -12.6% |
| Stocks | 30/36 | €72,356 | €63,218 | -€9,138 | -12.6% |
| Amounts receivable within one year | 40/41 | €86,345 | €58,229 | -€28,116 | -32.6% |
| Trade receivables | 40 | €55,343 | €43,507 | -€11,836 | -21.4% |
| Other amounts receivable | 41 | €31,002 | €14,722 | -€16,280 | -52.5% |
| Cash at bank and in hand | 54/58 | €30,527 | €12,021 | -€18,506 | -60.6% |
| Deferred charges and accrued income | 490/1 | €767 | €1,568 | +€801 | +104% |
| Total equity and liabilities | 10/49 | €940,924 | €864,023 | -€76,901 | -8.2% |
| Equity | 10/15 | €286,648 | €332,293 | +€45,645 | +15.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €274,248 | €319,893 | +€45,645 | +16.6% |
| Distributable reserves | 133 | €274,248 | €319,893 | +€45,645 | +16.6% |
| Amounts payable | 17/49 | €654,276 | €531,730 | -€122,546 | -18.7% |
| Amounts payable after more than one year | 17 | €480,202 | €430,932 | -€49,270 | -10.3% |
| Financial debts | 170/4 | €480,202 | €430,932 | -€49,270 | -10.3% |
| Amounts payable within one year | 42/48 | €173,693 | €100,417 | -€73,276 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €48,080 | €49,271 | +€1,191 | +2.5% |
| Trade debts | 44 | €109,843 | €38,104 | -€71,739 | -65.3% |
| Suppliers | 440/4 | €109,843 | €38,104 | -€71,739 | -65.3% |
| Taxes, remuneration and social security | 45 | €2,997 | €337 | -€2,660 | -88.8% |
| Taxes | 450/3 | €2,997 | €337 | -€2,660 | -88.8% |
| Other amounts payable | 47/48 | €12,773 | €12,705 | -€68 | -0.5% |
| Accrued charges and deferred income | 492/3 | €381 | €381 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,473 | €40,399 | +€4,926 | +13.9% |
| Other operating charges | 640/8 | €4,069 | €8,963 | +€4,894 | +120% |
| Gross operating margin | 9900 | €60,578 | €141,589 | +€81,011 | +134% |
| Operating profit (loss) | 9901 | €21,036 | €92,227 | +€71,191 | +338% |
| Financial income | 75/76B | €56 | €1 | -€55 | -98.2% |
| Recurring financial income | 75 | €56 | €1 | -€55 | -98.2% |
| Financial charges | 65/66B | €14,308 | €13,484 | -€824 | -5.8% |
| Recurring financial charges | 65 | €14,308 | €13,484 | -€824 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €6,784 | €78,744 | +€71,960 | +1,061% |
| Income taxes | 67/77 | €2,266 | €21,599 | +€19,333 | +853% |
| Profit (loss) for the period | 9904 | €4,518 | €57,145 | +€52,627 | +1,165% |
| Profit (loss) for the period to be appropriated | 9905 | €4,518 | €57,145 | +€52,627 | +1,165% |
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 18 October 2026 via checked.be.