Underwood: 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.
Underwood
Largest movements
- Cash +€63,023
up €63,023 (+92.1%), from €68,405 to €131,429
mainly Net result for the year (+€124,558) and Other debts (+€61,590)
- Receivables within one year +€12,434
up €12,434 (+45.3%), from €27,468 to €39,903
of which Other amounts receivable: +€18,642
- Other debts +€61,590
up €61,590 (+150%), from €41,010 to €102,600
- Debts after one year -€49,110
down €49,110 (-18.4%), from €266,867 to €217,757
of which Other amounts payable: -€25,760
- Reserves +€36,361
up €36,361 (+24.2%), from €150,055 to €186,417
- Tax, wage and social debts +€19,626
up €19,626 (+112%), from €17,463 to €37,089
of which Taxes: +€15,326
- Gross operating margin +€118,127
up €118,127 (+121%), from €97,287 to €215,413
- Taxes +€25,374
up €25,374 (+167%), from €15,166 to €40,539
- Depreciation +€10,852
up €10,852 (+83.4%), from €13,010 to €23,862
- Staff costs +€8,062
new in 2025: €8,062
- Write-downs -€3,331
no longer reported in 2025 (was €3,331)
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 | €508,247 | €580,121 | +€71,874 | +14.1% |
| Fixed assets | 21/28 | €409,865 | €407,434 | -€2,431 | -0.6% |
| Tangible fixed assets | 22/27 | €409,865 | €407,434 | -€2,431 | -0.6% |
| Land and buildings | 22 | €402,488 | €401,752 | -€735 | -0.2% |
| Plant, machinery and equipment | 23 | €1,027 | €749 | -€278 | -27.1% |
| Furniture and vehicles | 24 | €6,350 | €4,933 | -€1,417 | -22.3% |
| Current assets | 29/58 | €98,383 | €172,688 | +€74,305 | +75.5% |
| Amounts receivable within one year | 40/41 | €27,468 | €39,903 | +€12,434 | +45.3% |
| Trade receivables | 40 | €26,769 | €20,561 | -€6,207 | -23.2% |
| Other amounts receivable | 41 | €700 | €19,341 | +€18,642 | +2,665% |
| Cash at bank and in hand | 54/58 | €68,405 | €131,429 | +€63,023 | +92.1% |
| Deferred charges and accrued income | 490/1 | €2,509 | €1,356 | -€1,153 | -45.9% |
| Total equity and liabilities | 10/49 | €508,247 | €580,121 | +€71,874 | +14.1% |
| Equity | 10/15 | €151,555 | €187,917 | +€36,361 | +24.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €150,055 | €186,417 | +€36,361 | +24.2% |
| Distributable reserves | 133 | €150,055 | €186,417 | +€36,361 | +24.2% |
| Amounts payable | 17/49 | €356,692 | €392,205 | +€35,512 | +10.0% |
| Amounts payable after more than one year | 17 | €266,867 | €217,757 | -€49,110 | -18.4% |
| Financial debts | 170/4 | €218,707 | €195,356 | -€23,351 | -10.7% |
| Other amounts payable | 178/9 | €48,160 | €22,401 | -€25,760 | -53.5% |
| Amounts payable within one year | 42/48 | €85,644 | €171,846 | +€86,202 | +101% |
| Current portion of amounts payable after more than one year | 42 | €22,495 | €23,351 | +€856 | +3.8% |
| Trade debts | 44 | €4,677 | €8,807 | +€4,130 | +88.3% |
| Suppliers | 440/4 | €4,677 | €8,807 | +€4,130 | +88.3% |
| Taxes, remuneration and social security | 45 | €17,463 | €37,089 | +€19,626 | +112% |
| Taxes | 450/3 | €17,463 | €32,789 | +€15,326 | +87.8% |
| Remuneration and social security | 454/9 | - | €4,300 | +€4,300 | |
| Other amounts payable | 47/48 | €41,010 | €102,600 | +€61,590 | +150% |
| Accrued charges and deferred income | 492/3 | €4,181 | €2,601 | -€1,579 | -37.8% |
| Non-recurring operating income | 76A | - | €257 | +€257 | |
| Remuneration, social security and pensions | 62 | - | €8,062 | +€8,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,010 | €23,862 | +€10,852 | +83.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,331 | - | -€3,331 | |
| Other operating charges | 640/8 | €2,717 | €4,351 | +€1,635 | +60.2% |
| Gross operating margin | 9900 | €97,287 | €215,413 | +€118,127 | +121% |
| Operating profit (loss) | 9901 | €78,229 | €179,138 | +€100,909 | +129% |
| Financial income | 75/76B | €596 | €93 | -€503 | -84.4% |
| Recurring financial income | 75 | €596 | €93 | -€503 | -84.4% |
| Financial charges | 65/66B | €11,790 | €14,133 | +€2,344 | +19.9% |
| Recurring financial charges | 65 | €11,790 | €14,133 | +€2,344 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €67,035 | €165,098 | +€98,063 | +146% |
| Income taxes | 67/77 | €15,166 | €40,539 | +€25,374 | +167% |
| Profit (loss) for the period | 9904 | €51,869 | €124,558 | +€72,689 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €51,869 | €124,558 | +€72,689 | +140% |
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 14 October 2026 via checked.be.