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SCALE UP: 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.

What changed

SCALE UP

BE 0447.999.151
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€19,499
2024 · -€1.2m+€1.2m
Equity
€4.5m
2024 · €4.5m-€19,499
Cash
€365,219
2024 · €316,301+€48,919
Balance sheet total
€4.5m
2024 · €4.6m-€13,185

Largest movements

2024 to 2025
Assets
  • Financial fixed assets -€80,000

    down €80,000 (-1.9%), from €4.2m to €4.1m

  • Cash +€48,919

    up €48,919 (+15.5%), from €316,301 to €365,219

    mainly Investment in fixed assets (net) (+€80,000) and Trade debts (+€6,299)

Equity and liabilities

No liability line moved by more than 1% of the balance sheet total.

    Income statement
    • Financial charges -€1.1m

      down €1.1m (-100.0%), from €1.1m to €335

      of which Non-recurring financial charges: -€1.1m

    • Gross operating margin +€94,955

      up €94,955 (+82.1%), from -€115,639 to -€20,684

    • Financial income -€2,505

      down €2,505 (-48.9%), from €5,123 to €2,618

    From the 2024 result to the 2025 result

    effect on the 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.

    Result 2024 -€1.2m
    Gross operating margin +€94,955
    Other operating charges -€130
    Financial income -€2,505
    Financial charges +€1.1m
    Result 2025 -€19,499
    raises the resultlowers the result

    Derived cash bridge

    cash 2024 to 2025

    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.

    From operations -€31,081
    Investment +€80,000
    Financing €0
    Cash 2024 €316,301
    Net result for the year -€19,499
    Receivables within one year -€16,859
    Deferred charges and accrued income -€1,038
    Trade debts +€6,299
    Other debts +€15
    Investment in fixed assets (net) +€80,000
    Cash 2025 €365,219
    brings cash intakes cash out
    Every line side by side 38 lines
    Line Code 2024 2025 Change %
    Total assets 20/58 €4,552,631 €4,539,447 -€13,185 -0.3%
    Fixed assets 21/28 €4,165,788 €4,085,788 -€80,000 -1.9%
    Intangible fixed assets 21 €0 €0 =
    Financial fixed assets 28 €4,165,788 €4,085,788 -€80,000 -1.9%
    Current assets 29/58 €386,843 €453,658 +€66,815 +17.3%
    Amounts receivable after more than one year 29 €0 - =
    Other amounts receivable 291 €0 - =
    Amounts receivable within one year 40/41 €70,542 €87,401 +€16,859 +23.9%
    Trade receivables 40 €17,305 €10,835 -€6,470 -37.4%
    Other amounts receivable 41 €53,237 €76,565 +€23,329 +43.8%
    Cash at bank and in hand 54/58 €316,301 €365,219 +€48,919 +15.5%
    Deferred charges and accrued income 490/1 €0 €1,038 +€1,038
    Total equity and liabilities 10/49 €4,552,631 €4,539,447 -€13,185 -0.3%
    Equity 10/15 €4,534,649 €4,515,150 -€19,499 -0.4%
    Contributions 10/11 €6,347,667 €6,347,667 = 0.0%
    Reserves 13 €6,200 €6,200 = 0.0%
    Non-distributable reserves 130/1 €6,200 €6,200 = 0.0%
    Reserves not available under the articles 1311 €6,200 €6,200 = 0.0%
    Profit (loss) carried forward 14 -€1,819,218 -€1,838,717 -€19,499 -1.1%
    Amounts payable 17/49 €17,982 €24,297 +€6,314 +35.1%
    Amounts payable within one year 42/48 €17,982 €24,297 +€6,314 +35.1%
    Trade debts 44 €17,871 €24,171 +€6,299 +35.2%
    Suppliers 440/4 €17,871 €24,171 +€6,299 +35.2%
    Taxes, remuneration and social security 45 €0 €0 =
    Taxes 450/3 €0 - =
    Other amounts payable 47/48 €111 €126 +€15 +13.2%
    Other operating charges 640/8 €968 €1,098 +€130 +13.5%
    Gross operating margin 9900 -€115,639 -€20,684 +€94,955 +82.1%
    Operating profit (loss) 9901 -€116,606 -€21,782 +€94,825 +81.3%
    Financial income 75/76B €5,123 €2,618 -€2,505 -48.9%
    Recurring financial income 75 €5,123 €2,618 -€2,505 -48.9%
    Financial charges 65/66B €1,086,194 €335 -€1.1m -100.0%
    Recurring financial charges 65 €194 €335 +€141 +72.4%
    Non-recurring financial charges 66B €1,086,000 €0 -€1.1m -100%
    Profit (loss) for the period before taxes 9903 -€1,197,678 -€19,499 +€1.2m +98.4%
    Income taxes 67/77 - €0 =
    Profit (loss) for the period 9904 -€1,197,678 -€19,499 +€1.2m +98.4%
    Profit (loss) for the period to be appropriated 9905 -€1,197,678 -€19,499 +€1.2m +98.4%

    Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.