Underwater Solutions Group: 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.
Underwater Solutions Group
Largest movements
- Tangible fixed assets +€76,409
up €76,409 (+91.6%), from €83,404 to €159,813
of which Plant, machinery and equipment: +€50,769
- Receivables within one year +€54,009
up €54,009 (+14.3%), from €377,094 to €431,104
of which Trade receivables: +€147,087
- Cash +€19,645
up €19,645 (+254%), from €7,738 to €27,384
mainly Other debts (+€195,258) and Debts after one year (+€46,633)
- Deferred charges and accrued income +€11,847
up €11,847 (+136%), from €8,680 to €20,527
- Other debts +€195,258
up €195,258 (+1,131%), from €17,261 to €212,519
- Trade debts -€135,559
down €135,559 (-51.7%), from €262,413 to €126,853
- Debts after one year +€46,633
up €46,633 (+33.5%), from €139,068 to €185,701
- Tax, wage and social debts +€44,352
up €44,352 (+596%), from €7,448 to €51,800
of which Taxes: +€39,419
- Current portion of long-term debt +€30,260
up €30,260 (+52.6%), from €57,518 to €87,778
- Staff costs +€65,951
up €65,951 (+137%), from €48,062 to €114,013
- Gross operating margin -€27,578
down €27,578 (-18.0%), from €153,543 to €125,965
- Depreciation +€25,737
up €25,737 (+367%), from €7,021 to €32,758
- Financial income +€3,763
up €3,763 (+54.1%), from €6,959 to €10,722
- Financial charges +€2,990
up €2,990 (+86.7%), from €3,449 to €6,439
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 | €695,967 | €857,877 | +€161,910 | +23.3% |
| Fixed assets | 21/28 | €89,704 | €166,113 | +€76,409 | +85.2% |
| Tangible fixed assets | 22/27 | €83,404 | €159,813 | +€76,409 | +91.6% |
| Plant, machinery and equipment | 23 | €18,977 | €69,746 | +€50,769 | +268% |
| Furniture and vehicles | 24 | €17,068 | €12,959 | -€4,109 | -24.1% |
| Leasing and similar rights | 25 | €47,358 | €77,108 | +€29,749 | +62.8% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €606,263 | €691,764 | +€85,501 | +14.1% |
| Amounts receivable after more than one year | 29 | €212,750 | €212,750 | = | 0.0% |
| Other amounts receivable | 291 | €212,750 | €212,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €377,094 | €431,104 | +€54,009 | +14.3% |
| Trade receivables | 40 | €0 | €147,087 | +€147,087 | |
| Other amounts receivable | 41 | €377,094 | €284,017 | -€93,078 | -24.7% |
| Cash at bank and in hand | 54/58 | €7,738 | €27,384 | +€19,645 | +254% |
| Deferred charges and accrued income | 490/1 | €8,680 | €20,527 | +€11,847 | +136% |
| Total equity and liabilities | 10/49 | €695,967 | €857,877 | +€161,910 | +23.3% |
| Equity | 10/15 | €212,258 | €193,226 | -€19,033 | -9.0% |
| Contributions | 10/11 | €5,600 | €5,600 | = | 0.0% |
| Reserves | 13 | €206,658 | €187,626 | -€19,033 | -9.2% |
| Distributable reserves | 133 | €206,658 | €187,626 | -€19,033 | -9.2% |
| Amounts payable | 17/49 | €483,708 | €664,651 | +€180,943 | +37.4% |
| Amounts payable after more than one year | 17 | €139,068 | €185,701 | +€46,633 | +33.5% |
| Financial debts | 170/4 | €139,068 | €185,701 | +€46,633 | +33.5% |
| Amounts payable within one year | 42/48 | €344,640 | €478,950 | +€134,310 | +39.0% |
| Current portion of amounts payable after more than one year | 42 | €57,518 | €87,778 | +€30,260 | +52.6% |
| Trade debts | 44 | €262,413 | €126,853 | -€135,559 | -51.7% |
| Suppliers | 440/4 | €262,413 | €126,853 | -€135,559 | -51.7% |
| Taxes, remuneration and social security | 45 | €7,448 | €51,800 | +€44,352 | +596% |
| Taxes | 450/3 | €0 | €39,419 | +€39,419 | |
| Remuneration and social security | 454/9 | €7,448 | €12,381 | +€4,933 | +66.2% |
| Other amounts payable | 47/48 | €17,261 | €212,519 | +€195,258 | +1,131% |
| Non-recurring operating income | 76A | €174,500 | €0 | -€174,500 | -100% |
| Remuneration, social security and pensions | 62 | €48,062 | €114,013 | +€65,951 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,021 | €32,758 | +€25,737 | +367% |
| Other operating charges | 640/8 | €981 | €2,438 | +€1,457 | +148% |
| Non-recurring operating charges | 66A | €224,000 | €0 | -€224,000 | -100% |
| Gross operating margin | 9900 | €153,543 | €125,965 | -€27,578 | -18.0% |
| Operating profit (loss) | 9901 | -€126,521 | -€23,244 | +€103,277 | +81.6% |
| Financial income | 75/76B | €6,959 | €10,722 | +€3,763 | +54.1% |
| Recurring financial income | 75 | €6,959 | €10,722 | +€3,763 | +54.1% |
| Financial charges | 65/66B | €3,449 | €6,439 | +€2,990 | +86.7% |
| Recurring financial charges | 65 | €3,449 | €6,439 | +€2,990 | +86.7% |
| Profit (loss) for the period before taxes | 9903 | -€123,011 | -€18,960 | +€104,051 | +84.6% |
| Income taxes | 67/77 | -€43 | €72 | +€115 | |
| Profit (loss) for the period | 9904 | -€122,968 | -€19,033 | +€103,936 | +84.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,968 | -€19,033 | +€103,936 | +84.5% |
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 1 November 2026 via checked.be.