UNITED GROUP: 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.
What changed
UNITED GROUP
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.0m
2024 · -€442,594-€580,372
Equity
€1.8m
2024 · €2.8m-€1.0m
Cash
€15,870
2024 · €124,110-€108,240
Balance sheet total
€14.5m
2024 · €16.2m-€1.8m
Largest movements
Assets
- Receivables within one year -€1.6m
down €1.6m (-68.4%), from €2.3m to €719,444
of which Other amounts receivable: -€1.6m
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-13.3%), from €10.8m to €9.4m
of which Financial debts: -€1.4m
- Profit (loss) carried forward -€1.0m
down €1.0m (-715.3%), from -€143,020 to -€1.2m
- Current portion of long-term debt +€693,214
up €693,214 (+55.4%), from €1.3m to €1.9m
Income statement
- Write-downs -€766,870
down €766,870 (-465164.5%), from -€165 to -€767,035
- Other operating charges +€625,809
up €625,809 (+286.3%), from €218,579 to €844,388
- Gross operating margin -€259,116
down €259,116, from €173,117 to -€85,999
- Financial charges +€41,781
up €41,781 (+10.8%), from €385,734 to €427,515
- Financial income -€27,401
down €27,401 (-66.0%), from €41,500 to €14,099
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
-€442,594
Gross operating margin
-€259,116
Depreciation
+€24,365
Write-downs
+€766,870
Other operating charges
-€625,809
Other operating items
-€417,501
Financial income
-€27,401
Financial charges
-€41,781
Result 2025
-€1.0m
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
+€634,257
Investment
€0
Financing
-€742,497
Cash 2024
€124,110
From operations (derived)
+€634,257
Net result for the year
-€1.0m
Depreciation
+€28,698
Receivables within one year
+€1.6m
Deferred charges and accrued income
+€68,689
Trade debts
+€70,492
Other debts
-€49,460
Accrued charges and deferred income
-€19,305
Financing
-€742,497
Debts after one year
-€1.4m
Current portion of long-term debt
+€693,214
Cash 2025
€15,870
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,235,818 | €14,472,082 | -€1.8m | -10.9% |
| Fixed assets | 21/28 | €13,764,986 | €13,736,288 | -€28,698 | -0.2% |
| Intangible fixed assets | 21 | €4,448 | €1,785 | -€2,663 | -59.9% |
| Tangible fixed assets | 22/27 | €71,888 | €45,853 | -€26,035 | -36.2% |
| Plant, machinery and equipment | 23 | €15,068 | €4,209 | -€10,860 | -72.1% |
| Furniture and vehicles | 24 | €32,063 | €25,320 | -€6,743 | -21.0% |
| Other tangible fixed assets | 26 | €24,757 | €16,325 | -€8,433 | -34.1% |
| Financial fixed assets | 28 | €13,688,650 | €13,688,650 | = | 0.0% |
| Current assets | 29/58 | €2,470,831 | €735,793 | -€1.7m | -70.2% |
| Amounts receivable within one year | 40/41 | €2,277,553 | €719,444 | -€1.6m | -68.4% |
| Trade receivables | 40 | €399,764 | €411,620 | +€11,856 | +3.0% |
| Other amounts receivable | 41 | €1,877,789 | €307,824 | -€1.6m | -83.6% |
| Cash at bank and in hand | 54/58 | €124,110 | €15,870 | -€108,240 | -87.2% |
| Deferred charges and accrued income | 490/1 | €69,168 | €479 | -€68,689 | -99.3% |
| Total equity and liabilities | 10/49 | €16,235,818 | €14,472,082 | -€1.8m | -10.9% |
| Equity | 10/15 | €2,792,977 | €1,770,011 | -€1.0m | -36.6% |
| Contributions | 10/11 | €2,508,251 | €2,508,251 | = | 0.0% |
| Capital | 10 | €2,508,251 | €2,508,251 | = | 0.0% |
| Issued capital | 100 | €2,508,251 | €2,508,251 | = | 0.0% |
| Reserves | 13 | €427,746 | €427,746 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Legal reserve | 130 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €419,246 | €419,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€143,020 | -€1,165,986 | -€1.0m | -715.3% |
| Amounts payable | 17/49 | €13,442,841 | €12,702,071 | -€740,770 | -5.5% |
| Amounts payable after more than one year | 17 | €10,807,105 | €9,371,394 | -€1.4m | -13.3% |
| Financial debts | 170/4 | €10,789,730 | €9,354,019 | -€1.4m | -13.3% |
| Other amounts payable | 178/9 | €17,375 | €17,375 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,597,530 | €3,311,776 | +€714,246 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €1,252,302 | €1,945,516 | +€693,214 | +55.4% |
| Trade debts | 44 | €48,059 | €118,551 | +€70,492 | +146.7% |
| Suppliers | 440/4 | €48,059 | €118,551 | +€70,492 | +146.7% |
| Other amounts payable | 47/48 | €1,297,170 | €1,247,710 | -€49,460 | -3.8% |
| Accrued charges and deferred income | 492/3 | €38,206 | €18,901 | -€19,305 | -50.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,063 | €28,698 | -€24,365 | -45.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€165 | -€767,035 | -€766,870 | -465164.5% |
| Other operating charges | 640/8 | €218,579 | €844,388 | +€625,809 | +286.3% |
| Non-recurring operating charges | 66A | - | €417,501 | +€417,501 | |
| Gross operating margin | 9900 | €173,117 | -€85,999 | -€259,116 | |
| Operating profit (loss) | 9901 | -€98,360 | -€609,550 | -€511,190 | -519.7% |
| Financial income | 75/76B | €41,500 | €14,099 | -€27,401 | -66.0% |
| Recurring financial income | 75 | €41,500 | €14,099 | -€27,401 | -66.0% |
| Financial charges | 65/66B | €385,734 | €427,515 | +€41,781 | +10.8% |
| Recurring financial charges | 65 | €385,734 | €427,515 | +€41,781 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | -€442,594 | -€1,022,966 | -€580,372 | -131.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€442,594 | -€1,022,966 | -€580,372 | -131.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€442,594 | -€1,022,966 | -€580,372 | -131.1% |
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 11 October 2026 via checked.be.