UNIBROW: 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.
What changed
UNIBROW
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€285,643
2024 · -€142,877-€142,767
Equity
€4.0m
2024 · €7.4m-€3.4m
Cash
€28,240
2024 · €39,119-€10,879
Balance sheet total
€4.6m
2024 · €7.9m-€3.3m
Largest movements
Assets
- Receivables after one year -€2.8m
down €2.8m (-72.3%), from €3.8m to €1.1m
- Current investments -€194,113
down €194,113 (-19.1%), from €1.0m to €822,688
- Deferred charges and accrued income -€187,423
down €187,423 (-70.3%), from €266,423 to €79,000
- Financial fixed assets -€99,065
down €99,065 (-4.8%), from €2.1m to €2.0m
Equity and liabilities
- Reserves -€3.4m
down €3.4m (-46.1%), from €7.4m to €4.0m
of which Distributable reserves: -€3.5m
- Other debts +€197,062
new in 2025: €197,062
- Accrued charges and deferred income -€83,669
down €83,669 (-89.3%), from €93,669 to €10,000
Income statement
- Financial income -€143,629
down €143,629 (-36.1%), from €398,310 to €254,681
of which Non-recurring financial income: -€154,639
- Financial charges -€85,300
down €85,300 (-14.0%), from €609,322 to €524,022
of which Non-recurring financial charges: -€77,016
- Gross operating margin -€51,529
down €51,529 (-19.2%), from €268,470 to €216,941
- Other operating charges +€24,030
up €24,030 (+518.7%), from €4,633 to €28,663
- Staff costs +€6,576
up €6,576 (+14.3%), from €45,947 to €52,523
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.
Result 2024
-€142,877
Gross operating margin
-€51,529
Staff costs
-€6,576
Depreciation
+€4,921
Other operating charges
-€24,030
Other operating items
-€1,900
Financial income
-€143,629
Financial charges
+€85,300
Taxes
-€5,323
Result 2025
-€285,643
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.
From operations
+€2.8m
Investment
+€305,135
Financing
-€3.2m
Cash 2024
€39,119
From operations (derived)
+€2.8m
Net result for the year
-€285,643
Depreciation
+€62,729
Receivables after one year
+€2.8m
Receivables within one year
-€32,708
Deferred charges and accrued income
+€187,423
Trade debts
-€1,322
Tax, wage and social debts
+€38,780
Other debts
+€197,062
Accrued charges and deferred income
-€83,669
Investment (derived)
+€305,135
Investment in fixed assets (net)
+€111,022
Current investments
+€194,113
Financing
-€3.2m
Debts after one year
-€41,085
Current portion of long-term debt
+€1,605
Short-term financial debts
-€1,512
Contributions, distributions and other
-€3.1m
Cash 2025
€28,240
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,882,499 | €4,596,715 | -€3.3m | -41.7% |
| Fixed assets | 21/28 | €2,708,935 | €2,535,184 | -€173,750 | -6.4% |
| Tangible fixed assets | 22/27 | €637,088 | €562,403 | -€74,685 | -11.7% |
| Land and buildings | 22 | €555,355 | €510,940 | -€44,415 | -8.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €15,831 | €2,445 | -€13,386 | -84.6% |
| Other tangible fixed assets | 26 | €65,903 | €49,019 | -€16,885 | -25.6% |
| Financial fixed assets | 28 | €2,071,846 | €1,972,781 | -€99,065 | -4.8% |
| Current assets | 29/58 | €5,173,564 | €2,061,530 | -€3.1m | -60.2% |
| Amounts receivable after more than one year | 29 | €3,809,372 | €1,057,045 | -€2.8m | -72.3% |
| Other amounts receivable | 291 | €3,809,372 | €1,057,045 | -€2.8m | -72.3% |
| Amounts receivable within one year | 40/41 | €41,849 | €74,557 | +€32,708 | +78.2% |
| Trade receivables | 40 | €39,393 | €74,414 | +€35,021 | +88.9% |
| Other amounts receivable | 41 | €2,456 | €143 | -€2,313 | -94.2% |
| Current investments | 50/53 | €1,016,801 | €822,688 | -€194,113 | -19.1% |
| Cash at bank and in hand | 54/58 | €39,119 | €28,240 | -€10,879 | -27.8% |
| Deferred charges and accrued income | 490/1 | €266,423 | €79,000 | -€187,423 | -70.3% |
| Total equity and liabilities | 10/49 | €7,882,499 | €4,596,715 | -€3.3m | -41.7% |
| Equity | 10/15 | €7,390,576 | €3,994,932 | -€3.4m | -45.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €7,372,026 | €3,976,382 | -€3.4m | -46.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | €7,372,026 | €3,850,082 | -€3.5m | -47.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €491,923 | €601,782 | +€109,859 | +22.3% |
| Amounts payable after more than one year | 17 | €250,451 | €209,367 | -€41,085 | -16.4% |
| Financial debts | 170/4 | €246,851 | €205,767 | -€41,085 | -16.6% |
| Other amounts payable | 178/9 | €3,600 | €3,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €147,803 | €382,416 | +€234,613 | +158.7% |
| Current portion of amounts payable after more than one year | 42 | €39,275 | €40,881 | +€1,605 | +4.1% |
| Financial debts | 43 | €1,512 | €0 | -€1,512 | -100.0% |
| Credit institutions | 430/8 | €1,512 | €0 | -€1,512 | -100.0% |
| Trade debts | 44 | €7,855 | €6,533 | -€1,322 | -16.8% |
| Suppliers | 440/4 | €7,855 | €6,533 | -€1,322 | -16.8% |
| Taxes, remuneration and social security | 45 | €99,160 | €137,941 | +€38,780 | +39.1% |
| Taxes | 450/3 | €90,585 | €129,071 | +€38,486 | +42.5% |
| Remuneration and social security | 454/9 | €8,575 | €8,869 | +€294 | +3.4% |
| Other amounts payable | 47/48 | - | €197,062 | +€197,062 | |
| Accrued charges and deferred income | 492/3 | €93,669 | €10,000 | -€83,669 | -89.3% |
| Non-recurring operating income | 76A | €0 | €28,811 | +€28,811 | |
| Remuneration, social security and pensions | 62 | €45,947 | €52,523 | +€6,576 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,650 | €62,729 | -€4,921 | -7.3% |
| Other operating charges | 640/8 | €4,633 | €28,663 | +€24,030 | +518.7% |
| Non-recurring operating charges | 66A | - | €1,900 | +€1,900 | |
| Gross operating margin | 9900 | €268,470 | €216,941 | -€51,529 | -19.2% |
| Operating profit (loss) | 9901 | €150,241 | €71,126 | -€79,115 | -52.7% |
| Financial income | 75/76B | €398,310 | €254,681 | -€143,629 | -36.1% |
| Recurring financial income | 75 | €243,671 | €254,681 | +€11,010 | +4.5% |
| Non-recurring financial income | 76B | €154,639 | €0 | -€154,639 | -100.0% |
| Financial charges | 65/66B | €609,322 | €524,022 | -€85,300 | -14.0% |
| Recurring financial charges | 65 | €18,959 | €10,675 | -€8,284 | -43.7% |
| Non-recurring financial charges | 66B | €590,364 | €513,347 | -€77,016 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€60,772 | -€198,215 | -€137,444 | -226.2% |
| Income taxes | 67/77 | €82,105 | €87,428 | +€5,323 | +6.5% |
| Profit (loss) for the period | 9904 | -€142,877 | -€285,643 | -€142,767 | -99.9% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€142,877 | -€411,943 | -€269,067 | -188.3% |
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 6 October 2026 via checked.be.