UNDERDOGDESIGN: 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.
UNDERDOGDESIGN
Largest movements
- Cash +€8,086
up €8,086 (+449.3%), from €1,800 to €9,885
mainly Depreciation (+€7,786) and Tax, wage and social debts (+€7,351)
- Tangible fixed assets -€5,554
down €5,554 (-13.6%), from €40,751 to €35,197
of which Plant, machinery and equipment: -€3,372
- Tax, wage and social debts +€7,351
up €7,351 (+41.1%), from €17,884 to €25,235
- Trade debts -€2,416
down €2,416 (-75.3%), from €3,208 to €792
- Current portion of long-term debt -€2,063
down €2,063 (-34.8%), from €5,936 to €3,873
- Write-downs +€7,455
new in 2025: €7,455
- Gross operating margin +€4,191
up €4,191 (+25.5%), from €16,411 to €20,602
- Financial charges -€1,536
down €1,536 (-75.4%), from €2,036 to €500
- Other operating charges +€1,251
up €1,251 (+222.9%), from €561 to €1,812
- Financial income -€232
down €232 (-23.3%), from €996 to €764
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 | €174,468 | €177,813 | +€3,345 | +1.9% |
| Fixed assets | 21/28 | €40,751 | €35,197 | -€5,554 | -13.6% |
| Tangible fixed assets | 22/27 | €40,751 | €35,197 | -€5,554 | -13.6% |
| Plant, machinery and equipment | 23 | €23,224 | €19,852 | -€3,372 | -14.5% |
| Furniture and vehicles | 24 | €17,527 | €15,345 | -€2,182 | -12.5% |
| Current assets | 29/58 | €133,717 | €142,616 | +€8,899 | +6.7% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €106,624 | €106,889 | +€265 | +0.2% |
| Trade receivables | 40 | €75,403 | €73,514 | -€1,889 | -2.5% |
| Other amounts receivable | 41 | €31,221 | €33,375 | +€2,154 | +6.9% |
| Cash at bank and in hand | 54/58 | €1,800 | €9,885 | +€8,086 | +449.3% |
| Deferred charges and accrued income | 490/1 | €294 | €842 | +€548 | +186.4% |
| Total equity and liabilities | 10/49 | €174,468 | €177,813 | +€3,345 | +1.9% |
| Equity | 10/15 | €147,441 | €147,913 | +€472 | +0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €105,502 | €105,502 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €92 | €92 | = | 0.0% |
| Distributable reserves | 133 | €103,550 | €103,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,347 | €23,819 | +€472 | +2.0% |
| Amounts payable | 17/49 | €27,027 | €29,900 | +€2,873 | +10.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €27,027 | €29,900 | +€2,873 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €5,936 | €3,873 | -€2,063 | -34.8% |
| Trade debts | 44 | €3,208 | €792 | -€2,416 | -75.3% |
| Suppliers | 440/4 | €3,208 | €792 | -€2,416 | -75.3% |
| Taxes, remuneration and social security | 45 | €17,884 | €25,235 | +€7,351 | +41.1% |
| Taxes | 450/3 | €17,884 | €25,235 | +€7,351 | +41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,601 | €7,786 | +€185 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,455 | +€7,455 | |
| Other operating charges | 640/8 | €561 | €1,812 | +€1,251 | +222.9% |
| Gross operating margin | 9900 | €16,411 | €20,602 | +€4,191 | +25.5% |
| Operating profit (loss) | 9901 | €8,249 | €3,549 | -€4,700 | -57.0% |
| Financial income | 75/76B | €996 | €764 | -€232 | -23.3% |
| Recurring financial income | 75 | €996 | €764 | -€232 | -23.3% |
| Financial charges | 65/66B | €2,036 | €500 | -€1,536 | -75.4% |
| Recurring financial charges | 65 | €2,036 | €500 | -€1,536 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €7,209 | €3,813 | -€3,396 | -47.1% |
| Income taxes | 67/77 | €3,526 | €3,341 | -€185 | -5.2% |
| Profit (loss) for the period | 9904 | €3,684 | €472 | -€3,212 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,684 | €472 | -€3,212 | -87.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.