U-PGRADE: 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.
U-PGRADE
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+6.7%), from €19.1m to €20.4m
of which Land and buildings: +€1.3m
- Receivables after one year -€600,000
down €600,000 (-54.3%), from €1.1m to €505,000
- Debts after one year +€1.3m
up €1.3m (+6.6%), from €19.0m to €20.2m
- Profit (loss) carried forward -€347,261
down €347,261 (-18.4%), from -€1.9m to -€2.2m
- Reserves -€306,047
down €306,047 (-37.3%), from €819,910 to €513,864
of which Distributable reserves: -€306,047
- Gross operating margin +€214,728
up €214,728 (+25.2%), from €853,090 to €1.1m
- Other operating charges +€204,355
up €204,355 (+318.1%), from €64,252 to €268,607
- Depreciation +€50,641
up €50,641 (+12.6%), from €401,877 to €452,518
- Financial charges -€37,951
down €37,951 (-5.3%), from €717,674 to €679,723
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 | €25,554,003 | €26,188,833 | +€634,830 | +2.5% |
| Fixed assets | 21/28 | €24,305,066 | €25,583,989 | +€1.3m | +5.3% |
| Tangible fixed assets | 22/27 | €19,139,585 | €20,418,508 | +€1.3m | +6.7% |
| Land and buildings | 22 | €19,119,637 | €20,404,292 | +€1.3m | +6.7% |
| Furniture and vehicles | 24 | €19,948 | €14,216 | -€5,732 | -28.7% |
| Financial fixed assets | 28 | €5,165,481 | €5,165,481 | = | 0.0% |
| Current assets | 29/58 | €1,248,937 | €604,843 | -€644,093 | -51.6% |
| Amounts receivable after more than one year | 29 | €1,105,000 | €505,000 | -€600,000 | -54.3% |
| Other amounts receivable | 291 | €1,105,000 | €505,000 | -€600,000 | -54.3% |
| Amounts receivable within one year | 40/41 | €99,512 | €43,924 | -€55,588 | -55.9% |
| Trade receivables | 40 | €78,250 | €5,918 | -€72,332 | -92.4% |
| Other amounts receivable | 41 | €21,262 | €38,006 | +€16,744 | +78.7% |
| Cash at bank and in hand | 54/58 | €44,424 | €55,919 | +€11,495 | +25.9% |
| Total equity and liabilities | 10/49 | €25,554,003 | €26,188,833 | +€634,830 | +2.5% |
| Equity | 10/15 | €6,547,727 | €5,800,467 | -€747,261 | -11.4% |
| Contributions | 10/11 | €4,660,022 | €4,660,022 | = | 0.0% |
| Capital | 10 | €4,660,022 | €4,660,022 | = | 0.0% |
| Issued capital | 100 | €4,660,022 | €4,660,022 | = | 0.0% |
| Revaluation surpluses | 12 | €2,957,820 | €2,863,866 | -€93,953 | -3.2% |
| Reserves | 13 | €819,910 | €513,864 | -€306,047 | -37.3% |
| Non-distributable reserves | 130/1 | €21,306 | €21,306 | = | 0.0% |
| Legal reserve | 130 | €21,306 | €21,306 | = | 0.0% |
| Distributable reserves | 133 | €798,604 | €492,558 | -€306,047 | -38.3% |
| Profit (loss) carried forward | 14 | -€1,890,024 | -€2,237,285 | -€347,261 | -18.4% |
| Amounts payable | 17/49 | €19,006,275 | €20,388,366 | +€1.4m | +7.3% |
| Amounts payable after more than one year | 17 | €18,953,316 | €20,203,402 | +€1.3m | +6.6% |
| Financial debts | 170/4 | €18,953,316 | €20,203,402 | +€1.3m | +6.6% |
| Amounts payable within one year | 42/48 | €52,959 | €119,704 | +€66,744 | +126.0% |
| Current portion of amounts payable after more than one year | 42 | €21,269 | €92,074 | +€70,806 | +332.9% |
| Trade debts | 44 | €13,954 | €16,708 | +€2,754 | +19.7% |
| Suppliers | 440/4 | €13,954 | €16,708 | +€2,754 | +19.7% |
| Taxes, remuneration and social security | 45 | €17,737 | €10,922 | -€6,815 | -38.4% |
| Taxes | 450/3 | €17,737 | €8,332 | -€9,405 | -53.0% |
| Remuneration and social security | 454/9 | - | €2,590 | +€2,590 | |
| Accrued charges and deferred income | 492/3 | - | €65,261 | +€65,261 | |
| Remuneration, social security and pensions | 62 | €34,165 | €39,749 | +€5,584 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €401,877 | €452,518 | +€50,641 | +12.6% |
| Other operating charges | 640/8 | €64,252 | €268,607 | +€204,355 | +318.1% |
| Gross operating margin | 9900 | €853,090 | €1,067,818 | +€214,728 | +25.2% |
| Operating profit (loss) | 9901 | €352,795 | €306,945 | -€45,851 | -13.0% |
| Financial income | 75/76B | €21,262 | €25,517 | +€4,255 | +20.0% |
| Recurring financial income | 75 | €21,262 | €25,517 | +€4,255 | +20.0% |
| Financial charges | 65/66B | €717,674 | €679,723 | -€37,951 | -5.3% |
| Recurring financial charges | 65 | €717,674 | €679,723 | -€37,951 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€343,616 | -€347,261 | -€3,645 | -1.1% |
| Profit (loss) for the period | 9904 | -€343,616 | -€347,261 | -€3,645 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€343,616 | -€347,261 | -€3,645 | -1.1% |
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 28 September 2026 via checked.be.