UNDICE: 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.
UNDICE
Largest movements
- Receivables within one year +€53,374
up €53,374 (+334%), from €16,003 to €69,378
of which Trade receivables: +€49,175
- Stocks and contracts +€41,940
up €41,940 (+13.8%), from €304,953 to €346,893
- Tangible fixed assets +€17,280
up €17,280 (+544%), from €3,175 to €20,455
of which Other tangible fixed assets: +€17,879
- Cash +€7,119
up €7,119 (+20.7%), from €34,474 to €41,593
mainly Tax, wage and social debts (+€43,981) and Trade debts (+€37,338)
- Tax, wage and social debts +€43,981
up €43,981 (+153%), from €28,805 to €72,787
of which Taxes: +€36,478
- Trade debts +€37,338
up €37,338 (+60.8%), from €61,365 to €98,703
- Short-term financial debts +€35,764
up €35,764 (+516%), from €6,938 to €42,701
- Gross operating margin -€30,538
down €30,538 (-12.8%), from €239,273 to €208,735
- Staff costs +€18,609
up €18,609 (+11.6%), from €160,271 to €178,879
- Financial income -€14,815
down €14,815 (-100.0%), from €14,815 to €0
of which Financial income: -€11,059
- Taxes -€10,074
down €10,074 (-87.3%), from €11,535 to €1,461
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 | €364,270 | €483,889 | +€119,619 | +32.8% |
| Fixed assets | 21/28 | €3,175 | €20,455 | +€17,280 | +544% |
| Tangible fixed assets | 22/27 | €3,175 | €20,455 | +€17,280 | +544% |
| Land and buildings | 22 | - | €2,315 | +€2,315 | |
| Plant, machinery and equipment | 23 | €3,175 | €260 | -€2,915 | -91.8% |
| Other tangible fixed assets | 26 | - | €17,879 | +€17,879 | |
| Current assets | 29/58 | €361,095 | €463,434 | +€102,340 | +28.3% |
| Stocks and contracts in progress | 3 | €304,953 | €346,893 | +€41,940 | +13.8% |
| Stocks | 30/36 | €304,953 | €346,893 | +€41,940 | +13.8% |
| Amounts receivable within one year | 40/41 | €16,003 | €69,378 | +€53,374 | +334% |
| Trade receivables | 40 | €987 | €50,162 | +€49,175 | +4,982% |
| Other amounts receivable | 41 | €15,016 | €19,215 | +€4,199 | +28.0% |
| Cash at bank and in hand | 54/58 | €34,474 | €41,593 | +€7,119 | +20.7% |
| Deferred charges and accrued income | 490/1 | €5,664 | €5,570 | -€94 | -1.7% |
| Total equity and liabilities | 10/49 | €364,270 | €483,889 | +€119,619 | +32.8% |
| Equity | 10/15 | €264,624 | €268,804 | +€4,180 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €246,024 | €250,204 | +€4,180 | +1.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €244,165 | €248,345 | +€4,180 | +1.7% |
| Amounts payable | 17/49 | €99,646 | €215,085 | +€115,439 | +116% |
| Amounts payable within one year | 42/48 | €99,646 | €214,238 | +€114,592 | +115% |
| Financial debts | 43 | €6,938 | €42,701 | +€35,764 | +516% |
| Credit institutions | 430/8 | €6,938 | €42,701 | +€35,764 | +516% |
| Trade debts | 44 | €61,365 | €98,703 | +€37,338 | +60.8% |
| Suppliers | 440/4 | €61,365 | €98,703 | +€37,338 | +60.8% |
| Taxes, remuneration and social security | 45 | €28,805 | €72,787 | +€43,981 | +153% |
| Taxes | 450/3 | €16,079 | €52,557 | +€36,478 | +227% |
| Remuneration and social security | 454/9 | €12,727 | €20,229 | +€7,503 | +59.0% |
| Other amounts payable | 47/48 | €2,538 | €47 | -€2,491 | -98.1% |
| Accrued charges and deferred income | 492/3 | - | €847 | +€847 | |
| Remuneration, social security and pensions | 62 | €160,271 | €178,879 | +€18,609 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,221 | €1,305 | +€84 | +6.9% |
| Other operating charges | 640/8 | €16,894 | €17,430 | +€536 | +3.2% |
| Gross operating margin | 9900 | €239,273 | €208,735 | -€30,538 | -12.8% |
| Operating profit (loss) | 9901 | €60,886 | €11,120 | -€49,767 | -81.7% |
| Financial income | 75/76B | €14,815 | €0 | -€14,815 | -100.0% |
| Recurring financial income | 75 | €11,060 | €0 | -€11,059 | -100.0% |
| Non-recurring financial income | 76B | €3,756 | €0 | -€3,756 | -100% |
| Financial charges | 65/66B | €5,197 | €5,479 | +€282 | +5.4% |
| Recurring financial charges | 65 | €5,197 | €5,479 | +€282 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €70,504 | €5,641 | -€64,864 | -92.0% |
| Income taxes | 67/77 | €11,535 | €1,461 | -€10,074 | -87.3% |
| Profit (loss) for the period | 9904 | €58,969 | €4,180 | -€54,789 | -92.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,969 | €4,180 | -€54,789 | -92.9% |
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 15 October 2026 via checked.be.