Sub Undam: 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.
Sub Undam
Largest movements
- Tangible fixed assets +€97,971
up €97,971 (+214.9%), from €45,595 to €143,566
of which Furniture and vehicles: +€97,246
- Cash +€15,131
new in 2025: €15,131
mainly Debts after one year (+€89,370) and Depreciation (+€17,185)
- Receivables within one year -€3,887
down €3,887 (-37.9%), from €10,256 to €6,369
of which Trade receivables: -€3,887
- Debts after one year +€89,370
up €89,370 (+255.3%), from €35,000 to €124,370
- Reserves +€11,975
up €11,975 (+155.1%), from €7,722 to €19,697
- Current portion of long-term debt +€8,952
new in 2025: €8,952
- Gross operating margin +€34,687
up €34,687 (+445.8%), from €7,780 to €42,468
- Depreciation +€14,535
up €14,535 (+548.6%), from €2,650 to €17,185
- Taxes +€3,154
up €3,154 (+371.7%), from €849 to €4,002
- Other operating charges +€3,128
up €3,128 (+408.3%), from €766 to €3,894
- Financial charges +€2,596
up €2,596 (+132.7%), from €1,956 to €4,552
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 | €58,710 | €168,444 | +€109,733 | +186.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €45,595 | €143,566 | +€97,971 | +214.9% |
| Tangible fixed assets | 22/27 | €45,595 | €143,566 | +€97,971 | +214.9% |
| Plant, machinery and equipment | 23 | €9,259 | €9,984 | +€725 | +7.8% |
| Furniture and vehicles | 24 | €36,336 | €133,582 | +€97,246 | +267.6% |
| Current assets | 29/58 | €13,115 | €24,877 | +€11,762 | +89.7% |
| Amounts receivable within one year | 40/41 | €10,256 | €6,369 | -€3,887 | -37.9% |
| Trade receivables | 40 | €10,256 | €6,369 | -€3,887 | -37.9% |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | - | €15,131 | +€15,131 | |
| Deferred charges and accrued income | 490/1 | €2,859 | €3,378 | +€518 | +18.1% |
| Total equity and liabilities | 10/49 | €58,710 | €168,444 | +€109,733 | +186.9% |
| Equity | 10/15 | €7,722 | €19,697 | +€11,975 | +155.1% |
| Reserves | 13 | €7,722 | €19,697 | +€11,975 | +155.1% |
| Distributable reserves | 133 | €7,722 | €19,697 | +€11,975 | +155.1% |
| Amounts payable | 17/49 | €50,988 | €148,746 | +€97,758 | +191.7% |
| Amounts payable after more than one year | 17 | €35,000 | €124,370 | +€89,370 | +255.3% |
| Financial debts | 170/4 | €35,000 | €124,370 | +€89,370 | +255.3% |
| Amounts payable within one year | 42/48 | €15,888 | €24,377 | +€8,489 | +53.4% |
| Current portion of amounts payable after more than one year | 42 | - | €8,952 | +€8,952 | |
| Trade debts | 44 | €6,135 | €4,629 | -€1,506 | -24.5% |
| Suppliers | 440/4 | €6,135 | €4,629 | -€1,506 | -24.5% |
| Taxes, remuneration and social security | 45 | €3,113 | €4,141 | +€1,028 | +33.0% |
| Taxes | 450/3 | €3,113 | €4,141 | +€1,028 | +33.0% |
| Other amounts payable | 47/48 | €6,640 | €6,654 | +€15 | +0.2% |
| Accrued charges and deferred income | 492/3 | €100 | €0 | -€100 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,650 | €17,185 | +€14,535 | +548.6% |
| Other operating charges | 640/8 | €766 | €3,894 | +€3,128 | +408.3% |
| Gross operating margin | 9900 | €7,780 | €42,468 | +€34,687 | +445.8% |
| Operating profit (loss) | 9901 | €4,365 | €21,389 | +€17,024 | +390.1% |
| Financial charges | 65/66B | €1,956 | €4,552 | +€2,596 | +132.7% |
| Recurring financial charges | 65 | €1,956 | €4,552 | +€2,596 | +132.7% |
| Profit (loss) for the period before taxes | 9903 | €2,408 | €16,837 | +€14,428 | +599.1% |
| Income taxes | 67/77 | €849 | €4,002 | +€3,154 | +371.7% |
| Profit (loss) for the period | 9904 | €1,560 | €12,834 | +€11,275 | +722.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,560 | €12,834 | +€11,275 | +722.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.