DN UPGRADE: 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.
DN UPGRADE
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-59.6%), from €1.9m to €751,882
- Cash +€41,426
up €41,426 (+673.4%), from €6,151 to €47,577
mainly Stocks and contracts (+€1.1m) and Other debts (+€49,506)
- Short-term financial debts -€1.1m
down €1.1m (-73.8%), from €1.5m to €387,221
of which Other loans: -€1.1m
- Other debts +€49,506
up €49,506 (+24.4%), from €202,759 to €252,265
- Profit (loss) carried forward -€40,081
down €40,081, from €0 to -€40,081
- Financial charges -€25,857
down €25,857 (-28.6%), from €90,521 to €64,664
- Gross operating margin +€9,165
up €9,165 (+17.9%), from €51,289 to €60,455
- Other operating charges -€4,448
down €4,448 (-49.1%), from €9,060 to €4,612
- Depreciation -€1,576
down €1,576 (-33.4%), from €4,716 to €3,141
- Financial income -€849
down €849 (-99.9%), from €850 to €1
of which Financial income: -€849
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 | €1,906,155 | €825,884 | -€1.1m | -56.7% |
| Formation expenses | 20 | €556 | €370 | -€185 | -33.3% |
| Fixed assets | 21/28 | €12,664 | €4,371 | -€8,293 | -65.5% |
| Tangible fixed assets | 22/27 | €12,664 | €4,371 | -€8,293 | -65.5% |
| Furniture and vehicles | 24 | €12,664 | €4,371 | -€8,293 | -65.5% |
| Current assets | 29/58 | €1,892,936 | €821,143 | -€1.1m | -56.6% |
| Stocks and contracts in progress | 3 | €1,861,642 | €751,882 | -€1.1m | -59.6% |
| Stocks | 30/36 | €1,861,642 | €751,882 | -€1.1m | -59.6% |
| Amounts receivable within one year | 40/41 | €23,420 | €19,478 | -€3,942 | -16.8% |
| Trade receivables | 40 | €23,372 | €19,145 | -€4,227 | -18.1% |
| Other amounts receivable | 41 | €48 | €333 | +€285 | +589.6% |
| Cash at bank and in hand | 54/58 | €6,151 | €47,577 | +€41,426 | +673.4% |
| Deferred charges and accrued income | 490/1 | €1,722 | €2,205 | +€483 | +28.0% |
| Total equity and liabilities | 10/49 | €1,906,155 | €825,884 | -€1.1m | -56.7% |
| Equity | 10/15 | €186,982 | €144,919 | -€42,063 | -22.5% |
| Contributions | 10/11 | €185,000 | €185,000 | = | 0.0% |
| Reserves | 13 | €1,982 | €0 | -€1,982 | -100.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,982 | €0 | -€1,982 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€40,081 | -€40,081 | |
| Amounts payable | 17/49 | €1,719,173 | €680,965 | -€1.0m | -60.4% |
| Amounts payable within one year | 42/48 | €1,708,800 | €665,769 | -€1.0m | -61.0% |
| Financial debts | 43 | €1,476,831 | €387,221 | -€1.1m | -73.8% |
| Credit institutions | 430/8 | €1,610 | €0 | -€1,610 | -100.0% |
| Other loans | 439 | €1,475,221 | €387,221 | -€1.1m | -73.8% |
| Trade debts | 44 | €3,596 | €7,728 | +€4,132 | +114.9% |
| Suppliers | 440/4 | €3,596 | €7,728 | +€4,132 | +114.9% |
| Taxes, remuneration and social security | 45 | €25,614 | €18,555 | -€7,059 | -27.6% |
| Taxes | 450/3 | €23,047 | €15,585 | -€7,463 | -32.4% |
| Remuneration and social security | 454/9 | €2,567 | €2,970 | +€403 | +15.7% |
| Other amounts payable | 47/48 | €202,759 | €252,265 | +€49,506 | +24.4% |
| Accrued charges and deferred income | 492/3 | €10,374 | €15,195 | +€4,821 | +46.5% |
| Remuneration, social security and pensions | 62 | €28,126 | €28,723 | +€597 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,716 | €3,141 | -€1,576 | -33.4% |
| Other operating charges | 640/8 | €9,060 | €4,612 | -€4,448 | -49.1% |
| Non-recurring operating charges | 66A | - | €772 | +€772 | |
| Gross operating margin | 9900 | €51,289 | €60,455 | +€9,165 | +17.9% |
| Operating profit (loss) | 9901 | €9,387 | €23,208 | +€13,821 | +147.2% |
| Financial income | 75/76B | €850 | €1 | -€849 | -99.9% |
| Recurring financial income | 75 | €850 | €1 | -€849 | -99.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €90,521 | €64,664 | -€25,857 | -28.6% |
| Recurring financial charges | 65 | €90,521 | €64,664 | -€25,857 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | -€80,284 | -€41,455 | +€38,829 | +48.4% |
| Income taxes | 67/77 | €0 | €608 | +€608 | |
| Profit (loss) for the period | 9904 | -€80,284 | -€42,063 | +€38,221 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,284 | -€42,063 | +€38,221 | +47.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.