UP & CUT: 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.
UP & CUT
Largest movements
- Cash +€61,666
up €61,666 (+181.3%), from €34,006 to €95,672
mainly Debts after one year (+€134,598) and Depreciation (+€78,901)
- Tangible fixed assets +€58,854
up €58,854 (+35.9%), from €163,886 to €222,740
of which Furniture and vehicles: +€90,025
- Debts after one year +€134,598
new in 2025: €134,598
- Trade debts -€60,401
down €60,401 (-65.1%), from €92,712 to €32,311
- Profit (loss) carried forward +€47,628
up €47,628 (+483.1%), from €9,858 to €57,487
- Current portion of long-term debt +€23,501
up €23,501 (+143.2%), from €16,409 to €39,910
- Other debts -€22,252
down €22,252 (-18.3%), from €121,868 to €99,617
- Gross operating margin +€123,581
up €123,581 (+133.6%), from €92,496 to €216,076
- Depreciation +€14,716
up €14,716 (+22.9%), from €64,185 to €78,901
- Taxes +€10,272
up €10,272 (+7956.3%), from €129 to €10,401
- Other operating charges -€7,839
down €7,839 (-58.1%), from €13,488 to €5,649
- Staff costs +€6,488
up €6,488 (+11.0%), from €58,747 to €65,235
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 | €261,724 | €378,938 | +€117,214 | +44.8% |
| Fixed assets | 21/28 | €164,021 | €222,875 | +€58,854 | +35.9% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €163,886 | €222,740 | +€58,854 | +35.9% |
| Plant, machinery and equipment | 23 | €46,500 | €19,420 | -€27,080 | -58.2% |
| Furniture and vehicles | 24 | €97,193 | €187,218 | +€90,025 | +92.6% |
| Other tangible fixed assets | 26 | €20,193 | €16,102 | -€4,091 | -20.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €97,703 | €156,063 | +€58,360 | +59.7% |
| Amounts receivable within one year | 40/41 | €63,697 | €60,391 | -€3,306 | -5.2% |
| Trade receivables | 40 | €33,401 | €36,803 | +€3,402 | +10.2% |
| Other amounts receivable | 41 | €30,296 | €23,588 | -€6,707 | -22.1% |
| Cash at bank and in hand | 54/58 | €34,006 | €95,672 | +€61,666 | +181.3% |
| Total equity and liabilities | 10/49 | €261,724 | €378,938 | +€117,214 | +44.8% |
| Equity | 10/15 | €17,058 | €64,687 | +€47,628 | +279.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,858 | €57,487 | +€47,628 | +483.1% |
| Amounts payable | 17/49 | €244,666 | €314,252 | +€69,586 | +28.4% |
| Amounts payable after more than one year | 17 | - | €134,598 | +€134,598 | |
| Financial debts | 170/4 | - | €134,598 | +€134,598 | |
| Amounts payable within one year | 42/48 | €244,666 | €179,654 | -€65,012 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €16,409 | €39,910 | +€23,501 | +143.2% |
| Trade debts | 44 | €92,712 | €32,311 | -€60,401 | -65.1% |
| Suppliers | 440/4 | €92,712 | €32,311 | -€60,401 | -65.1% |
| Taxes, remuneration and social security | 45 | €13,676 | €7,816 | -€5,860 | -42.8% |
| Taxes | 450/3 | €3,782 | €3,861 | +€78 | +2.1% |
| Remuneration and social security | 454/9 | €9,893 | €3,955 | -€5,938 | -60.0% |
| Other amounts payable | 47/48 | €121,868 | €99,617 | -€22,252 | -18.3% |
| Remuneration, social security and pensions | 62 | €58,747 | €65,235 | +€6,488 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,185 | €78,901 | +€14,716 | +22.9% |
| Other operating charges | 640/8 | €13,488 | €5,649 | -€7,839 | -58.1% |
| Gross operating margin | 9900 | €92,496 | €216,076 | +€123,581 | +133.6% |
| Operating profit (loss) | 9901 | -€43,925 | €66,291 | +€110,215 | |
| Financial charges | 65/66B | €5,259 | €8,261 | +€3,003 | +57.1% |
| Recurring financial charges | 65 | €5,259 | €8,261 | +€3,003 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | -€49,183 | €58,030 | +€107,213 | |
| Income taxes | 67/77 | €129 | €10,401 | +€10,272 | +7956.3% |
| Profit (loss) for the period | 9904 | -€49,312 | €47,628 | +€96,941 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,312 | €47,628 | +€96,941 |
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 9 October 2026 via checked.be.