United NRJ: 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.
United NRJ
Largest movements
- Receivables after one year -€6.3m
down €6.3m (-31.9%), from €19.6m to €13.3m
- Current investments +€4.8m
up €4.8m (+50.8%), from €9.4m to €14.2m
- Financial fixed assets +€2.7m
up €2.7m (+11.9%), from €22.7m to €25.4m
- Reserves +€4.1m
up €4.1m (+9.0%), from €45.4m to €49.5m
of which Distributable reserves: +€3.8m
- Short-term financial debts -€2.3m
down €2.3m (-100%), from €2.3m to €0
- Other debts -€775,000
down €775,000 (-32.6%), from €2.4m to €1.6m
- Financial income +€2.4m
up €2.4m (+129%), from €1.9m to €4.3m
of which Non-recurring financial income: +€2.8m
- Financial charges -€905,377
down €905,377, from €403,200 to -€502,177
- Taxes +€119,220
up €119,220 (+33.2%), from €358,803 to €478,023
- Gross operating margin -€75,810
down €75,810 (-2,374%), from -€3,193 to -€79,003
- Depreciation +€15,527
up €15,527 (+19.2%), from €80,775 to €96,302
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 | €52,272,255 | €53,581,990 | +€1.3m | +2.5% |
| Fixed assets | 21/28 | €22,943,259 | €25,660,048 | +€2.7m | +11.8% |
| Tangible fixed assets | 22/27 | €244,979 | €253,997 | +€9,019 | +3.7% |
| Land and buildings | 22 | €75,371 | €66,458 | -€8,913 | -11.8% |
| Plant, machinery and equipment | 23 | €25,399 | €16,799 | -€8,600 | -33.9% |
| Furniture and vehicles | 24 | €144,208 | €170,740 | +€26,532 | +18.4% |
| Financial fixed assets | 28 | €22,698,281 | €25,406,051 | +€2.7m | +11.9% |
| Current assets | 29/58 | €29,328,995 | €27,921,942 | -€1.4m | -4.8% |
| Amounts receivable after more than one year | 29 | €19,583,902 | €13,331,386 | -€6.3m | -31.9% |
| Other amounts receivable | 291 | €19,583,902 | €13,331,386 | -€6.3m | -31.9% |
| Amounts receivable within one year | 40/41 | €58,163 | €26,365 | -€31,799 | -54.7% |
| Trade receivables | 40 | €51,486 | €23,051 | -€28,435 | -55.2% |
| Other amounts receivable | 41 | €6,678 | €3,314 | -€3,364 | -50.4% |
| Current investments | 50/53 | €9,418,434 | €14,205,897 | +€4.8m | +50.8% |
| Cash at bank and in hand | 54/58 | €25,138 | €41,691 | +€16,554 | +65.9% |
| Deferred charges and accrued income | 490/1 | €243,359 | €316,603 | +€73,244 | +30.1% |
| Total equity and liabilities | 10/49 | €52,272,255 | €53,581,990 | +€1.3m | +2.5% |
| Equity | 10/15 | €47,433,753 | €51,540,879 | +€4.1m | +8.7% |
| Contributions | 10/11 | €2,000,808 | €2,000,808 | = | 0.0% |
| Reserves | 13 | €45,432,945 | €49,540,071 | +€4.1m | +9.0% |
| Tax-exempt reserves | 132 | €442,050 | €757,800 | +€315,750 | +71.4% |
| Distributable reserves | 133 | €44,990,895 | €48,782,271 | +€3.8m | +8.4% |
| Amounts payable | 17/49 | €4,838,502 | €2,041,111 | -€2.8m | -57.8% |
| Amounts payable within one year | 42/48 | €4,835,921 | €2,038,526 | -€2.8m | -57.8% |
| Financial debts | 43 | €2,285,000 | €0 | -€2.3m | -100% |
| Credit institutions | 430/8 | €2,285,000 | €0 | -€2.3m | -100% |
| Trade debts | 44 | €112,090 | €94,271 | -€17,818 | -15.9% |
| Suppliers | 440/4 | €112,090 | €94,271 | -€17,818 | -15.9% |
| Taxes, remuneration and social security | 45 | €63,832 | €344,255 | +€280,423 | +439% |
| Taxes | 450/3 | €63,832 | €344,255 | +€280,423 | +439% |
| Other amounts payable | 47/48 | €2,375,000 | €1,600,000 | -€775,000 | -32.6% |
| Accrued charges and deferred income | 492/3 | €2,581 | €2,585 | +€4 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,775 | €96,302 | +€15,527 | +19.2% |
| Other operating charges | 640/8 | €9,343 | €10,086 | +€743 | +8.0% |
| Gross operating margin | 9900 | -€3,193 | -€79,003 | -€75,810 | -2,374% |
| Operating profit (loss) | 9901 | -€93,310 | -€185,391 | -€92,081 | -98.7% |
| Financial income | 75/76B | €1,864,873 | €4,268,364 | +€2.4m | +129% |
| Recurring financial income | 75 | €1,855,085 | €1,459,453 | -€395,632 | -21.3% |
| Non-recurring financial income | 76B | €9,788 | €2,808,911 | +€2.8m | +28,596% |
| Financial charges | 65/66B | €403,200 | -€502,177 | -€905,377 | |
| Recurring financial charges | 65 | €403,200 | -€502,177 | -€905,377 | |
| Profit (loss) for the period before taxes | 9903 | €1,368,363 | €4,585,150 | +€3.2m | +235% |
| Income taxes | 67/77 | €358,803 | €478,023 | +€119,220 | +33.2% |
| Profit (loss) for the period | 9904 | €1,009,560 | €4,107,127 | +€3.1m | +307% |
| Transfer to tax-exempt reserves | 689 | €442,050 | €315,750 | -€126,300 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €567,510 | €3,791,377 | +€3.2m | +568% |
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 26 October 2026 via checked.be.