U2P: 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.
U2P
Largest movements
- Receivables within one year +€4.3m
up €4.3m (+84.3%), from €5.1m to €9.5m
of which Other amounts receivable: +€4.0m
- Short-term financial debts +€2.8m
new in 2025: €2.8m
- Financial income -€1.6m
down €1.6m (-63.0%), from €2.5m to €941,926
of which Financial income: -€1.6m
- Gross operating margin -€79,478
down €79,478 (-45.3%), from €175,462 to €95,984
- Financial charges -€40,713
down €40,713 (-95.0%), from €42,842 to €2,130
- Staff costs +€13,689
up €13,689 (+11.6%), from €118,510 to €132,199
- Taxes -€6,420
down €6,420 (-63.8%), from €10,062 to €3,642
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 | €142,918,198 | €146,719,708 | +€3.8m | +2.7% |
| Fixed assets | 21/28 | €136,999,261 | €137,233,108 | +€233,847 | +0.2% |
| Tangible fixed assets | 22/27 | €78,253 | €61,955 | -€16,298 | -20.8% |
| Plant, machinery and equipment | 23 | €32,281 | €15,983 | -€16,298 | -50.5% |
| Other tangible fixed assets | 26 | €45,972 | €45,972 | = | 0.0% |
| Financial fixed assets | 28 | €136,921,008 | €137,171,153 | +€250,146 | +0.2% |
| Current assets | 29/58 | €5,918,937 | €9,486,600 | +€3.6m | +60.3% |
| Amounts receivable within one year | 40/41 | €5,148,022 | €9,486,600 | +€4.3m | +84.3% |
| Trade receivables | 40 | €245,871 | €535,062 | +€289,191 | +117.6% |
| Other amounts receivable | 41 | €4,902,151 | €8,951,538 | +€4.0m | +82.6% |
| Cash at bank and in hand | 54/58 | €770,916 | - | -€770,916 | |
| Total equity and liabilities | 10/49 | €142,918,198 | €146,719,708 | +€3.8m | +2.7% |
| Equity | 10/15 | €142,880,749 | €143,763,302 | +€882,553 | +0.6% |
| Contributions | 10/11 | €126,861,237 | €126,861,237 | = | 0.0% |
| Reserves | 13 | €16,019,512 | €16,902,065 | +€882,553 | +5.5% |
| Distributable reserves | 133 | €16,019,512 | €16,902,065 | +€882,553 | +5.5% |
| Amounts payable | 17/49 | €37,449 | €2,956,406 | +€2.9m | +7794.5% |
| Amounts payable within one year | 42/48 | €37,449 | €2,956,406 | +€2.9m | +7794.5% |
| Current portion of amounts payable after more than one year | 42 | €16,045 | €16,136 | +€91 | +0.6% |
| Financial debts | 43 | - | €2,833,270 | +€2.8m | |
| Credit institutions | 430/8 | - | €2,833,270 | +€2.8m | |
| Trade debts | 44 | €8,301 | €23,473 | +€15,172 | +182.8% |
| Suppliers | 440/4 | €8,301 | €23,473 | +€15,172 | +182.8% |
| Taxes, remuneration and social security | 45 | €13,103 | €83,527 | +€70,424 | +537.5% |
| Taxes | 450/3 | - | €70,424 | +€70,424 | |
| Remuneration and social security | 454/9 | €13,103 | €13,103 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €118,510 | €132,199 | +€13,689 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,436 | €16,298 | +€862 | +5.6% |
| Other operating charges | 640/8 | €1,115 | €1,087 | -€27 | -2.4% |
| Gross operating margin | 9900 | €175,462 | €95,984 | -€79,478 | -45.3% |
| Operating profit (loss) | 9901 | €40,402 | -€53,601 | -€94,002 | |
| Financial income | 75/76B | €2,546,553 | €941,926 | -€1.6m | -63.0% |
| Recurring financial income | 75 | €2,546,553 | €916,927 | -€1.6m | -64.0% |
| Non-recurring financial income | 76B | - | €24,998 | +€24,998 | |
| Financial charges | 65/66B | €42,842 | €2,130 | -€40,713 | -95.0% |
| Recurring financial charges | 65 | €42,842 | €2,130 | -€40,713 | -95.0% |
| Profit (loss) for the period before taxes | 9903 | €2,544,113 | €886,195 | -€1.7m | -65.2% |
| Income taxes | 67/77 | €10,062 | €3,642 | -€6,420 | -63.8% |
| Profit (loss) for the period | 9904 | €2,534,050 | €882,553 | -€1.7m | -65.2% |
| Transfer from tax-exempt reserves | 789 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,576,150 | €882,553 | -€1.7m | -65.7% |
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 10 October 2026 via checked.be.