THE UPPER TRAIL: 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.
THE UPPER TRAIL
Largest movements
- Tangible fixed assets +€18,957
up €18,957 (+6.8%), from €279,756 to €298,714
of which Land and buildings: +€26,080
- Cash -€15,514
down €15,514 (-33.3%), from €46,586 to €31,072
mainly Investment in fixed assets (net) (-€42,772) and Net result for the year (-€25,906)
- Other debts +€33,828
up €33,828 (+76.7%), from €44,093 to €77,920
- Profit (loss) carried forward -€25,906
down €25,906 (-1,435%), from -€1,805 to -€27,711
- Debts after one year -€12,319
down €12,319 (-6.0%), from €204,607 to €192,288
- Trade debts +€8,401
up €8,401 (+41.1%), from €20,452 to €28,853
- Financial charges +€23,094
up €23,094 (+48.6%), from €47,480 to €70,574
- Depreciation +€4,796
up €4,796 (+28.7%), from €16,710 to €21,506
- Gross operating margin +€2,695
up €2,695 (+3.9%), from €68,507 to €71,201
- Taxes -€1,498
down €1,498 (-74.0%), from €2,024 to €526
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 | €375,165 | €380,186 | +€5,022 | +1.3% |
| Fixed assets | 21/28 | €288,435 | €309,702 | +€21,267 | +7.4% |
| Intangible fixed assets | 21 | €8,679 | €10,988 | +€2,309 | +26.6% |
| Tangible fixed assets | 22/27 | €279,756 | €298,714 | +€18,957 | +6.8% |
| Land and buildings | 22 | €116,822 | €142,901 | +€26,080 | +22.3% |
| Plant, machinery and equipment | 23 | - | €892 | +€892 | |
| Furniture and vehicles | 24 | €5,302 | €4,854 | -€448 | -8.4% |
| Leasing and similar rights | 25 | €157,632 | €150,066 | -€7,566 | -4.8% |
| Current assets | 29/58 | €86,729 | €70,485 | -€16,245 | -18.7% |
| Amounts receivable within one year | 40/41 | €27,774 | €27,043 | -€731 | -2.6% |
| Trade receivables | 40 | €21,217 | €18,507 | -€2,710 | -12.8% |
| Other amounts receivable | 41 | €6,557 | €8,537 | +€1,979 | +30.2% |
| Current investments | 50/53 | €12,369 | €12,369 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €46,586 | €31,072 | -€15,514 | -33.3% |
| Total equity and liabilities | 10/49 | €375,165 | €380,186 | +€5,022 | +1.3% |
| Equity | 10/15 | €91,335 | €65,429 | -€25,906 | -28.4% |
| Reserves | 13 | €93,140 | €93,140 | = | 0.0% |
| Distributable reserves | 133 | €93,140 | €93,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,805 | -€27,711 | -€25,906 | -1,435% |
| Amounts payable | 17/49 | €283,830 | €314,758 | +€30,928 | +10.9% |
| Amounts payable after more than one year | 17 | €204,607 | €192,288 | -€12,319 | -6.0% |
| Financial debts | 170/4 | €204,607 | €192,288 | -€12,319 | -6.0% |
| Amounts payable within one year | 42/48 | €79,223 | €122,470 | +€43,247 | +54.6% |
| Current portion of amounts payable after more than one year | 42 | €12,987 | €12,319 | -€669 | -5.1% |
| Financial debts | 43 | €130 | €97 | -€33 | -25.5% |
| Credit institutions | 430/8 | €130 | €97 | -€33 | -25.5% |
| Trade debts | 44 | €20,452 | €28,853 | +€8,401 | +41.1% |
| Suppliers | 440/4 | €20,452 | €28,853 | +€8,401 | +41.1% |
| Taxes, remuneration and social security | 45 | €1,561 | €3,281 | +€1,720 | +110% |
| Taxes | 450/3 | €1,561 | €3,281 | +€1,720 | +110% |
| Other amounts payable | 47/48 | €44,093 | €77,920 | +€33,828 | +76.7% |
| Remuneration, social security and pensions | 62 | €2,715 | €2,760 | +€45 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,710 | €21,506 | +€4,796 | +28.7% |
| Other operating charges | 640/8 | €1,650 | €1,742 | +€92 | +5.6% |
| Gross operating margin | 9900 | €68,507 | €71,201 | +€2,695 | +3.9% |
| Operating profit (loss) | 9901 | €47,432 | €45,194 | -€2,238 | -4.7% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €47,480 | €70,574 | +€23,094 | +48.6% |
| Recurring financial charges | 65 | €47,480 | €70,574 | +€23,094 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | -€42 | -€25,380 | -€25,338 | -59,900% |
| Income taxes | 67/77 | €2,024 | €526 | -€1,498 | -74.0% |
| Profit (loss) for the period | 9904 | -€2,066 | -€25,906 | -€23,840 | -1,154% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,066 | -€25,906 | -€23,840 | -1,154% |
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 14 October 2026 via checked.be.