UN'DERCAST: 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.
UN'DERCAST
Largest movements
- Cash -€24,096
down €24,096 (-22.1%), from €108,910 to €84,815
mainly Receivables within one year (-€13,079) and Investment in fixed assets (net) (-€8,007)
- Receivables within one year +€13,079
up €13,079 (+113%), from €11,552 to €24,631
of which Trade receivables: +€9,315
- Financial fixed assets +€6,000
up €6,000 (+14.7%), from €40,750 to €46,749
- Profit (loss) carried forward -€6,820
down €6,820 (-4.1%), from €166,565 to €159,745
- Accrued charges and deferred income -€3,466
down €3,466 (-42.0%), from €8,247 to €4,782
- Gross operating margin -€8,358
down €8,358, from €7,464 to -€895
- Taxes -€889
down €889 (-75.5%), from €1,178 to €289
- Depreciation +€358
up €358 (+8.7%), from €4,117 to €4,475
- Other operating charges -€273
down €273 (-22.0%), from €1,242 to €968
- Financial charges +€272
up €272 (+87.7%), from €310 to €581
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 | €251,319 | €244,295 | -€7,023 | -2.8% |
| Fixed assets | 21/28 | €51,076 | €54,609 | +€3,532 | +6.9% |
| Tangible fixed assets | 22/27 | €10,327 | €7,859 | -€2,467 | -23.9% |
| Land and buildings | 22 | €5,658 | €4,085 | -€1,573 | -27.8% |
| Plant, machinery and equipment | 23 | €4,468 | €3,774 | -€694 | -15.5% |
| Furniture and vehicles | 24 | €200 | €0 | -€200 | -100% |
| Financial fixed assets | 28 | €40,750 | €46,749 | +€6,000 | +14.7% |
| Current assets | 29/58 | €200,243 | €189,687 | -€10,556 | -5.3% |
| Amounts receivable within one year | 40/41 | €11,552 | €24,631 | +€13,079 | +113% |
| Trade receivables | 40 | €6,339 | €15,654 | +€9,315 | +147% |
| Other amounts receivable | 41 | €5,213 | €8,978 | +€3,765 | +72.2% |
| Current investments | 50/53 | €78,446 | €78,446 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €108,910 | €84,815 | -€24,096 | -22.1% |
| Deferred charges and accrued income | 490/1 | €1,334 | €1,795 | +€460 | +34.5% |
| Total equity and liabilities | 10/49 | €251,319 | €244,295 | -€7,023 | -2.8% |
| Equity | 10/15 | €237,626 | €230,805 | -€6,820 | -2.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €52,469 | €52,469 | = | 0.0% |
| Distributable reserves | 133 | €52,469 | €52,469 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,565 | €159,745 | -€6,820 | -4.1% |
| Amounts payable | 17/49 | €13,693 | €13,490 | -€203 | -1.5% |
| Amounts payable within one year | 42/48 | €5,446 | €8,708 | +€3,263 | +59.9% |
| Trade debts | 44 | €5,038 | €6,312 | +€1,275 | +25.3% |
| Suppliers | 440/4 | €5,038 | €6,312 | +€1,275 | +25.3% |
| Taxes, remuneration and social security | 45 | €408 | €2,396 | +€1,988 | +487% |
| Taxes | 450/3 | €408 | €2,396 | +€1,988 | +487% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €8,247 | €4,782 | -€3,466 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,117 | €4,475 | +€358 | +8.7% |
| Other operating charges | 640/8 | €1,242 | €968 | -€273 | -22.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €7,464 | -€895 | -€8,358 | |
| Operating profit (loss) | 9901 | €2,105 | -€6,338 | -€8,443 | |
| Financial income | 75/76B | €392 | €388 | -€5 | -1.2% |
| Recurring financial income | 75 | €392 | €388 | -€5 | -1.2% |
| Financial charges | 65/66B | €310 | €581 | +€272 | +87.7% |
| Recurring financial charges | 65 | €310 | €581 | +€272 | +87.7% |
| Profit (loss) for the period before taxes | 9903 | €2,188 | -€6,532 | -€8,719 | |
| Income taxes | 67/77 | €1,178 | €289 | -€889 | -75.5% |
| Profit (loss) for the period | 9904 | €1,010 | -€6,820 | -€7,830 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,010 | -€6,820 | -€7,830 |
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 18 October 2026 via checked.be.