UGLY: 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.
UGLY
Largest movements
- Cash +€335,215
up €335,215 (+3955.4%), from €8,475 to €343,690
mainly Current investments (+€200,000) and Net result for the year (+€139,460)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Receivables within one year +€13,039
up €13,039 (+80.4%), from €16,227 to €29,265
of which Trade receivables: +€22,919
- Reserves +€83,460
up €83,460 (+55.8%), from €149,479 to €232,938
- Trade debts +€34,116
up €34,116 (+444.2%), from €7,681 to €41,797
- Tax, wage and social debts +€30,217
up €30,217 (+265.9%), from €11,363 to €41,580
of which Taxes: +€24,285
- Short-term financial debts +€4,871
up €4,871 (+221.4%), from €2,200 to €7,071
- Gross operating margin +€93,414
up €93,414 (+53.7%), from €173,996 to €267,410
- Taxes +€30,226
up €30,226 (+170.4%), from €17,737 to €47,963
- Staff costs -€21,590
down €21,590 (-24.2%), from €89,264 to €67,673
- Depreciation -€15,021
down €15,021 (-72.0%), from €20,874 to €5,853
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 | €250,235 | €401,097 | +€150,862 | +60.3% |
| Fixed assets | 21/28 | €16,699 | €18,525 | +€1,827 | +10.9% |
| Intangible fixed assets | 21 | €2,169 | €1,489 | -€680 | -31.4% |
| Tangible fixed assets | 22/27 | €13,130 | €15,637 | +€2,507 | +19.1% |
| Plant, machinery and equipment | 23 | €791 | €400 | -€391 | -49.4% |
| Furniture and vehicles | 24 | €8,734 | €12,856 | +€4,122 | +47.2% |
| Other tangible fixed assets | 26 | €3,605 | €2,381 | -€1,224 | -34.0% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €233,537 | €382,572 | +€149,035 | +63.8% |
| Amounts receivable within one year | 40/41 | €16,227 | €29,265 | +€13,039 | +80.4% |
| Trade receivables | 40 | €4,964 | €27,883 | +€22,919 | +461.7% |
| Other amounts receivable | 41 | €11,263 | €1,383 | -€9,880 | -87.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,475 | €343,690 | +€335,215 | +3955.4% |
| Deferred charges and accrued income | 490/1 | €8,835 | €9,617 | +€781 | +8.8% |
| Total equity and liabilities | 10/49 | €250,235 | €401,097 | +€150,862 | +60.3% |
| Equity | 10/15 | €169,479 | €252,938 | +€83,460 | +49.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €149,479 | €232,938 | +€83,460 | +55.8% |
| Distributable reserves | 133 | €149,479 | €232,938 | +€83,460 | +55.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €80,757 | €148,159 | +€67,403 | +83.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €80,563 | €146,448 | +€65,885 | +81.8% |
| Current portion of amounts payable after more than one year | 42 | €3,094 | €0 | -€3,094 | -100.0% |
| Financial debts | 43 | €2,200 | €7,071 | +€4,871 | +221.4% |
| Credit institutions | 430/8 | €2,200 | €7,071 | +€4,871 | +221.4% |
| Trade debts | 44 | €7,681 | €41,797 | +€34,116 | +444.2% |
| Suppliers | 440/4 | €7,681 | €41,797 | +€34,116 | +444.2% |
| Taxes, remuneration and social security | 45 | €11,363 | €41,580 | +€30,217 | +265.9% |
| Taxes | 450/3 | €3,989 | €28,273 | +€24,285 | +608.9% |
| Remuneration and social security | 454/9 | €7,375 | €13,307 | +€5,932 | +80.4% |
| Other amounts payable | 47/48 | €56,225 | €56,000 | -€225 | -0.4% |
| Accrued charges and deferred income | 492/3 | €194 | €1,711 | +€1,517 | +783.5% |
| Remuneration, social security and pensions | 62 | €89,264 | €67,673 | -€21,590 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,874 | €5,853 | -€15,021 | -72.0% |
| Other operating charges | 640/8 | €6,496 | €5,826 | -€670 | -10.3% |
| Gross operating margin | 9900 | €173,996 | €267,410 | +€93,414 | +53.7% |
| Operating profit (loss) | 9901 | €57,362 | €188,058 | +€130,696 | +227.8% |
| Financial income | 75/76B | €167 | €40 | -€127 | -76.1% |
| Recurring financial income | 75 | €167 | €40 | -€127 | -76.1% |
| Financial charges | 65/66B | €567 | €676 | +€109 | +19.1% |
| Recurring financial charges | 65 | €567 | €676 | +€109 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €56,962 | €187,422 | +€130,460 | +229.0% |
| Income taxes | 67/77 | €17,737 | €47,963 | +€30,226 | +170.4% |
| Profit (loss) for the period | 9904 | €39,225 | €139,460 | +€100,234 | +255.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,225 | €139,460 | +€100,234 | +255.5% |
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 11 October 2026 via checked.be.