UGLY DUCKLING: 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 DUCKLING
Largest movements
- Receivables within one year -€33,356
down €33,356 (-83.1%), from €40,149 to €6,794
of which Other amounts receivable: -€23,428
- Tangible fixed assets -€22,707
down €22,707 (-13.0%), from €174,504 to €151,798
of which Other tangible fixed assets: -€13,892
- Stocks and contracts +€6,747
up €6,747 (+54.2%), from €12,447 to €19,194
- Trade debts -€27,427
down €27,427 (-60.8%), from €45,122 to €17,695
- Debts after one year -€12,525
down €12,525 (-75.0%), from €16,700 to €4,175
- Other debts -€4,321
down €4,321 (-21.2%), from €20,396 to €16,075
- Gross operating margin +€48,925
up €48,925 (+48.1%), from €101,610 to €150,535
- Staff costs +€45,278
up €45,278 (+68.3%), from €66,339 to €111,618
- Depreciation +€3,309
up €3,309 (+11.6%), from €28,569 to €31,877
- Financial charges +€2,299
up €2,299 (+120%), from €1,909 to €4,207
of which Financial charges: +€2,299
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 | €236,160 | €189,264 | -€46,896 | -19.9% |
| Fixed assets | 21/28 | €175,299 | €152,593 | -€22,707 | -13.0% |
| Tangible fixed assets | 22/27 | €174,504 | €151,798 | -€22,707 | -13.0% |
| Plant, machinery and equipment | 23 | €19,634 | €14,778 | -€4,856 | -24.7% |
| Furniture and vehicles | 24 | €10,285 | €6,326 | -€3,959 | -38.5% |
| Other tangible fixed assets | 26 | €144,586 | €130,694 | -€13,892 | -9.6% |
| Financial fixed assets | 28 | €795 | €795 | = | 0.0% |
| Current assets | 29/58 | €60,861 | €36,672 | -€24,189 | -39.7% |
| Stocks and contracts in progress | 3 | €12,447 | €19,194 | +€6,747 | +54.2% |
| Stocks | 30/36 | €12,447 | €19,194 | +€6,747 | +54.2% |
| Amounts receivable within one year | 40/41 | €40,149 | €6,794 | -€33,356 | -83.1% |
| Trade receivables | 40 | €11,881 | €1,954 | -€9,927 | -83.6% |
| Other amounts receivable | 41 | €28,268 | €4,840 | -€23,428 | -82.9% |
| Cash at bank and in hand | 54/58 | €7,450 | €9,124 | +€1,674 | +22.5% |
| Deferred charges and accrued income | 490/1 | €815 | €1,560 | +€745 | +91.5% |
| Total equity and liabilities | 10/49 | €236,160 | €189,264 | -€46,896 | -19.9% |
| Equity | 10/15 | €121,932 | €121,065 | -€867 | -0.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,932 | €91,065 | -€867 | -0.9% |
| Amounts payable | 17/49 | €114,228 | €68,200 | -€46,029 | -40.3% |
| Amounts payable after more than one year | 17 | €16,700 | €4,175 | -€12,525 | -75.0% |
| Financial debts | 170/4 | €16,700 | €4,175 | -€12,525 | -75.0% |
| Amounts payable within one year | 42/48 | €96,484 | €64,025 | -€32,459 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €12,525 | €12,535 | +€10 | +0.1% |
| Trade debts | 44 | €45,122 | €17,695 | -€27,427 | -60.8% |
| Suppliers | 440/4 | €45,122 | €17,695 | -€27,427 | -60.8% |
| Taxes, remuneration and social security | 45 | €18,440 | €17,719 | -€721 | -3.9% |
| Taxes | 450/3 | €10,110 | €7,041 | -€3,070 | -30.4% |
| Remuneration and social security | 454/9 | €8,330 | €10,679 | +€2,349 | +28.2% |
| Other amounts payable | 47/48 | €20,396 | €16,075 | -€4,321 | -21.2% |
| Accrued charges and deferred income | 492/3 | €1,045 | €0 | -€1,045 | -100% |
| Remuneration, social security and pensions | 62 | €66,339 | €111,618 | +€45,278 | +68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,569 | €31,877 | +€3,309 | +11.6% |
| Other operating charges | 640/8 | €2,776 | €2,426 | -€349 | -12.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €101,610 | €150,535 | +€48,925 | +48.1% |
| Operating profit (loss) | 9901 | €3,927 | €4,614 | +€687 | +17.5% |
| Financial income | 75/76B | €2 | €77 | +€76 | +4,566% |
| Recurring financial income | 75 | €2 | €77 | +€76 | +4,566% |
| Financial charges | 65/66B | €1,909 | €4,207 | +€2,299 | +120% |
| Recurring financial charges | 65 | €1,909 | €4,207 | +€2,299 | +120% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €2,020 | €484 | -€1,536 | -76.0% |
| Income taxes | 67/77 | €1,526 | €1,352 | -€174 | -11.4% |
| Profit (loss) for the period | 9904 | €494 | -€867 | -€1,362 | |
| Profit (loss) for the period to be appropriated | 9905 | €494 | -€867 | -€1,362 |
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 30 October 2026 via checked.be.