Union: 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.
Union
Largest movements
- Stocks and contracts +€5.2m
up €5.2m (+95.6%), from €5.4m to €10.6m
of which Contracts in progress: +€4.6m
- Receivables within one year +€782,676
up €782,676 (+43.9%), from €1.8m to €2.6m
of which Other amounts receivable: +€482,418
- Tangible fixed assets +€198,235
up €198,235 (+14.4%), from €1.4m to €1.6m
of which Other tangible fixed assets: +€140,540
- Cash -€155,947
down €155,947 (-99.1%), from €157,292 to €1,344
- Advances received +€3.6m
up €3.6m (+175.8%), from €2.1m to €5.7m
- Trade debts +€1.1m
up €1.1m (+78.0%), from €1.4m to €2.5m
- Reserves +€747,683
up €747,683 (+12059.4%), from €6,200 to €753,883
of which Distributable reserves: +€539,755
- Provisions +€298,447
new in 2025: €298,447
- Profit (loss) carried forward +€285,757
up €285,757, from -€285,757 to €0
- Gross operating margin +€2.0m
up €2.0m (+135.9%), from €1.5m to €3.5m
- Staff costs +€470,985
up €470,985 (+50.4%), from €934,286 to €1.4m
- Provisions +€298,447
new in 2025: €298,447
- Write-downs +€251,416
up €251,416 (+4244.7%), from €5,923 to €257,339
- Depreciation +€77,711
up €77,711 (+37.8%), from €205,505 to €283,216
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,785,730 | €14,787,318 | +€6.0m | +68.3% |
| Fixed assets | 21/28 | €1,413,195 | €1,622,582 | +€209,387 | +14.8% |
| Intangible fixed assets | 21 | €31,849 | €43,250 | +€11,400 | +35.8% |
| Tangible fixed assets | 22/27 | €1,380,398 | €1,578,633 | +€198,235 | +14.4% |
| Land and buildings | 22 | €118,290 | €0 | -€118,290 | -100.0% |
| Plant, machinery and equipment | 23 | €6,296 | €42,842 | +€36,546 | +580.5% |
| Furniture and vehicles | 24 | €90,768 | €230,207 | +€139,439 | +153.6% |
| Other tangible fixed assets | 26 | €1,165,044 | €1,305,583 | +€140,540 | +12.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €948 | €700 | -€248 | -26.2% |
| Current assets | 29/58 | €7,372,535 | €13,164,736 | +€5.8m | +78.6% |
| Stocks and contracts in progress | 3 | €5,408,474 | €10,580,001 | +€5.2m | +95.6% |
| Stocks | 30/36 | €1,472,152 | €2,085,249 | +€613,097 | +41.6% |
| Contracts in progress | 37 | €3,936,322 | €8,494,752 | +€4.6m | +115.8% |
| Amounts receivable within one year | 40/41 | €1,783,287 | €2,565,963 | +€782,676 | +43.9% |
| Trade receivables | 40 | €1,505,370 | €1,805,628 | +€300,258 | +19.9% |
| Other amounts receivable | 41 | €277,916 | €760,335 | +€482,418 | +173.6% |
| Cash at bank and in hand | 54/58 | €157,292 | €1,344 | -€155,947 | -99.1% |
| Deferred charges and accrued income | 490/1 | €23,483 | €17,428 | -€6,055 | -25.8% |
| Total equity and liabilities | 10/49 | €8,785,730 | €14,787,318 | +€6.0m | +68.3% |
| Equity | 10/15 | €1,861,723 | €2,895,163 | +€1.0m | +55.5% |
| Contributions | 10/11 | €2,141,280 | €2,141,280 | = | 0.0% |
| Capital | 10 | €2,141,280 | €2,141,280 | = | 0.0% |
| Issued capital | 100 | €2,141,280 | €2,141,280 | = | 0.0% |
| Reserves | 13 | €6,200 | €753,883 | +€747,683 | +12059.4% |
| Non-distributable reserves | 130/1 | €6,200 | €214,128 | +€207,928 | +3353.7% |
| Legal reserve | 130 | €6,200 | €214,128 | +€207,928 | +3353.7% |
| Distributable reserves | 133 | - | €539,755 | +€539,755 | |
| Profit (loss) carried forward | 14 | -€285,757 | €0 | +€285,757 | |
| Provisions and deferred taxes | 16 | - | €298,447 | +€298,447 | |
| Provisions for liabilities and charges | 160/5 | - | €298,447 | +€298,447 | |
| Other liabilities and charges | 164/5 | - | €298,447 | +€298,447 | |
| Amounts payable | 17/49 | €6,924,007 | €11,593,708 | +€4.7m | +67.4% |
| Amounts payable within one year | 42/48 | €6,728,177 | €11,588,604 | +€4.9m | +72.2% |
| Trade debts | 44 | €1,381,935 | €2,459,628 | +€1.1m | +78.0% |
| Suppliers | 440/4 | €1,381,935 | €2,459,628 | +€1.1m | +78.0% |
| Advances received on contracts in progress | 46 | €2,071,048 | €5,711,038 | +€3.6m | +175.8% |
| Taxes, remuneration and social security | 45 | €153,589 | €179,631 | +€26,041 | +17.0% |
| Taxes | 450/3 | €6,966 | €8,470 | +€1,504 | +21.6% |
| Remuneration and social security | 454/9 | €146,623 | €171,161 | +€24,538 | +16.7% |
| Other amounts payable | 47/48 | €3,121,604 | €3,238,307 | +€116,703 | +3.7% |
| Accrued charges and deferred income | 492/3 | €195,830 | €5,105 | -€190,725 | -97.4% |
| Non-recurring operating income | 76A | €0 | €1,368,266 | +€1.4m | |
| Remuneration, social security and pensions | 62 | €934,286 | €1,405,270 | +€470,985 | +50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,505 | €283,216 | +€77,711 | +37.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,923 | €257,339 | +€251,416 | +4244.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €298,447 | +€298,447 | |
| Other operating charges | 640/8 | €26,724 | €22,302 | -€4,422 | -16.5% |
| Non-recurring operating charges | 66A | - | €76 | +€76 | |
| Gross operating margin | 9900 | €1,500,803 | €3,539,830 | +€2.0m | +135.9% |
| Operating profit (loss) | 9901 | €328,365 | €1,273,179 | +€944,814 | +287.7% |
| Financial income | 75/76B | €3,115 | €33,327 | +€30,212 | +970.0% |
| Recurring financial income | 75 | €3,115 | €33,327 | +€30,212 | +970.0% |
| Financial charges | 65/66B | €195,295 | €121,678 | -€73,617 | -37.7% |
| Recurring financial charges | 65 | €195,295 | €121,678 | -€73,617 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €136,184 | €1,184,827 | +€1.0m | +770.0% |
| Income taxes | 67/77 | €945 | €1,388 | +€444 | +46.9% |
| Profit (loss) for the period | 9904 | €135,240 | €1,183,439 | +€1.0m | +775.1% |
| Profit (loss) for the period to be appropriated | 9905 | €135,240 | €1,183,439 | +€1.0m | +775.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.