UNDO: what changed
Two fiscal 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.
UNDO
Largest movements
- Receivables within one year -€158,088
down €158,088 (-55.2%), from €286,447 to €128,359
of which Trade receivables: -€148,109
- Cash -€104,583
down €104,583 (-77.1%), from €135,585 to €31,002
mainly Net result for the year (-€462,689) and Trade debts (-€91,174)
- Stocks and contracts +€17,981
new in 2025: €17,981
- Profit (loss) carried forward -€462,689
down €462,689 (-32.9%), from -€1.4m to -€1.9m
- Debts after one year +€275,000
up €275,000 (+21.6%), from €1.3m to €1.6m
- Trade debts -€91,174
down €91,174 (-22.9%), from €398,024 to €306,850
- Accrued charges and deferred income +€27,013
up €27,013 (+114.9%), from €23,519 to €50,531
- Other debts +€7,160
up €7,160 (+118.1%), from €6,063 to €13,223
- Gross operating margin +€410,518
up €410,518 (+65.9%), from -€622,510 to -€211,992
- Write-downs +€205,894
new in 2025: €205,894
- Financial charges +€8,725
up €8,725 (+26.5%), from €32,986 to €41,711
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 | €422,282 | €177,592 | -€244,690 | -57.9% |
| Fixed assets | 21/28 | €250 | €250 | = | 0.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €422,032 | €177,342 | -€244,690 | -58.0% |
| Stocks and contracts in progress | 3 | - | €17,981 | +€17,981 | |
| Stocks | 30/36 | - | €17,981 | +€17,981 | |
| Amounts receivable within one year | 40/41 | €286,447 | €128,359 | -€158,088 | -55.2% |
| Trade receivables | 40 | €267,534 | €119,426 | -€148,109 | -55.4% |
| Other amounts receivable | 41 | €18,913 | €8,934 | -€9,979 | -52.8% |
| Cash at bank and in hand | 54/58 | €135,585 | €31,002 | -€104,583 | -77.1% |
| Total equity and liabilities | 10/49 | €422,282 | €177,592 | -€244,690 | -57.9% |
| Equity | 10/15 | -€1,280,324 | -€1,743,013 | -€462,689 | -36.1% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,405,324 | -€1,868,013 | -€462,689 | -32.9% |
| Amounts payable | 17/49 | €1,702,606 | €1,920,605 | +€217,999 | +12.8% |
| Amounts payable after more than one year | 17 | €1,275,000 | €1,550,000 | +€275,000 | +21.6% |
| Financial debts | 170/4 | €1,275,000 | €1,550,000 | +€275,000 | +21.6% |
| Amounts payable within one year | 42/48 | €404,087 | €320,073 | -€84,014 | -20.8% |
| Trade debts | 44 | €398,024 | €306,850 | -€91,174 | -22.9% |
| Suppliers | 440/4 | €398,024 | €306,850 | -€91,174 | -22.9% |
| Other amounts payable | 47/48 | €6,063 | €13,223 | +€7,160 | +118.1% |
| Accrued charges and deferred income | 492/3 | €23,519 | €50,531 | +€27,013 | +114.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €205,894 | +€205,894 | |
| Other operating charges | 640/8 | €474 | €5,216 | +€4,742 | +1000.8% |
| Gross operating margin | 9900 | -€622,510 | -€211,992 | +€410,518 | +65.9% |
| Operating profit (loss) | 9901 | -€622,984 | -€423,101 | +€199,883 | +32.1% |
| Financial income | 75/76B | €372 | €2,037 | +€1,665 | +447.1% |
| Recurring financial income | 75 | €372 | €2,037 | +€1,665 | +447.1% |
| Financial charges | 65/66B | €32,986 | €41,711 | +€8,725 | +26.5% |
| Recurring financial charges | 65 | €32,986 | €41,711 | +€8,725 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | -€655,598 | -€462,775 | +€192,822 | +29.4% |
| Income taxes | 67/77 | - | -€86 | -€86 | |
| Profit (loss) for the period | 9904 | -€655,598 | -€462,689 | +€192,909 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€655,598 | -€462,689 | +€192,909 | +29.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.