UNDERTEC: 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.
UNDERTEC
Largest movements
- Cash +€9,763
up €9,763 (+155%), from €6,300 to €16,063
mainly Other debts (+€8,036) and Tax, wage and social debts (+€3,757)
- Tangible fixed assets -€3,738
down €3,738 (-80.1%), from €4,665 to €927
of which Furniture and vehicles: -€3,738
- Receivables within one year -€2,061
down €2,061 (-23.2%), from €8,883 to €6,822
of which Other amounts receivable: -€2,920
- Deferred charges and accrued income +€1,685
up €1,685, from €0 to €1,685
- Other debts +€8,036
up €8,036 (+114%), from €7,028 to €15,064
- Profit (loss) carried forward -€5,935
down €5,935, from €5,671 to -€265
- Tax, wage and social debts +€3,757
up €3,757 (+116%), from €3,236 to €6,993
- Gross operating margin +€8,307
up €8,307 (+86.6%), from -€9,589 to -€1,282
- Taxes +€3,040
up €3,040, from -€2,920 to €121
- Depreciation -€508
down €508 (-12.0%), from €4,246 to €3,738
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 | €20,087 | €25,737 | +€5,650 | +28.1% |
| Fixed assets | 21/28 | €4,905 | €1,167 | -€3,738 | -76.2% |
| Tangible fixed assets | 22/27 | €4,665 | €927 | -€3,738 | -80.1% |
| Furniture and vehicles | 24 | €4,665 | €927 | -€3,738 | -80.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €15,183 | €24,570 | +€9,387 | +61.8% |
| Amounts receivable within one year | 40/41 | €8,883 | €6,822 | -€2,061 | -23.2% |
| Trade receivables | 40 | €5,963 | €6,822 | +€859 | +14.4% |
| Other amounts receivable | 41 | €2,920 | - | -€2,920 | |
| Cash at bank and in hand | 54/58 | €6,300 | €16,063 | +€9,763 | +155% |
| Deferred charges and accrued income | 490/1 | €0 | €1,685 | +€1,685 | |
| Total equity and liabilities | 10/49 | €20,087 | €25,737 | +€5,650 | +28.1% |
| Equity | 10/15 | €8,671 | €2,735 | -€5,935 | -68.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,671 | -€265 | -€5,935 | |
| Amounts payable | 17/49 | €11,417 | €23,001 | +€11,585 | +101% |
| Amounts payable within one year | 42/48 | €11,417 | €23,001 | +€11,585 | +101% |
| Trade debts | 44 | €1,152 | €944 | -€208 | -18.1% |
| Suppliers | 440/4 | €1,152 | €944 | -€208 | -18.1% |
| Taxes, remuneration and social security | 45 | €3,236 | €6,993 | +€3,757 | +116% |
| Taxes | 450/3 | €3,236 | €6,993 | +€3,757 | +116% |
| Other amounts payable | 47/48 | €7,028 | €15,064 | +€8,036 | +114% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,246 | €3,738 | -€508 | -12.0% |
| Other operating charges | 640/8 | €746 | €710 | -€36 | -4.8% |
| Gross operating margin | 9900 | -€9,589 | -€1,282 | +€8,307 | +86.6% |
| Operating profit (loss) | 9901 | -€14,581 | -€5,729 | +€8,851 | +60.7% |
| Financial charges | 65/66B | €89 | €85 | -€3 | -3.5% |
| Recurring financial charges | 65 | €89 | €85 | -€3 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,669 | -€5,815 | +€8,854 | +60.4% |
| Income taxes | 67/77 | -€2,920 | €121 | +€3,040 | |
| Profit (loss) for the period | 9904 | -€11,749 | -€5,935 | +€5,814 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,749 | -€5,935 | +€5,814 | +49.5% |
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 31 October 2026 via checked.be.