UP MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€241,936
down €241,936 (-29.7%), from €813,977 to €572,041
of which Other amounts receivable: -€193,000
- Receivables after one year -€206,548
down €206,548 (-16.6%), from €1.2m to €1.0m
- Financial fixed assets -€29,475
down €29,475 (-62.6%), from €47,102 to €17,626
- Reserves -€450,000
down €450,000 (-27.4%), from €1.6m to €1.2m
of which Distributable reserves: -€450,000
- Other debts +€366,380
up €366,380 (+357.6%), from €102,446 to €468,826
- Profit (loss) carried forward -€256,560
down €256,560, from €144,829 to -€111,731
- Trade debts -€104,028
down €104,028 (-21.5%), from €484,044 to €380,015
- Debts after one year -€48,468
down €48,468 (-30.5%), from €159,152 to €110,683
- Gross operating margin -€39,426
down €39,426, from €24,862 to -€14,564
- Financial charges +€28,651
up €28,651 (+990.4%), from €2,893 to €31,544
of which Non-recurring financial charges: +€29,475
- Other operating charges -€21,381
down €21,381 (-76.1%), from €28,102 to €6,721
- Depreciation +€563
up €563 (+2.2%), from €25,168 to €25,731
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 | €2,594,090 | €2,106,301 | -€487,790 | -18.8% |
| Fixed assets | 21/28 | €469,972 | €427,773 | -€42,198 | -9.0% |
| Tangible fixed assets | 22/27 | €422,870 | €410,147 | -€12,723 | -3.0% |
| Land and buildings | 22 | €418,143 | €407,784 | -€10,360 | -2.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Other tangible fixed assets | 26 | €4,726 | €2,363 | -€2,363 | -50.0% |
| Financial fixed assets | 28 | €47,102 | €17,626 | -€29,475 | -62.6% |
| Current assets | 29/58 | €2,124,119 | €1,678,528 | -€445,591 | -21.0% |
| Amounts receivable after more than one year | 29 | €1,242,591 | €1,036,043 | -€206,548 | -16.6% |
| Trade receivables | 290 | €1,242,591 | €1,036,043 | -€206,548 | -16.6% |
| Amounts receivable within one year | 40/41 | €813,977 | €572,041 | -€241,936 | -29.7% |
| Trade receivables | 40 | €588,738 | €539,803 | -€48,936 | -8.3% |
| Other amounts receivable | 41 | €225,239 | €32,239 | -€193,000 | -85.7% |
| Cash at bank and in hand | 54/58 | €67,372 | €70,253 | +€2,882 | +4.3% |
| Deferred charges and accrued income | 490/1 | €179 | €190 | +€11 | +5.9% |
| Total equity and liabilities | 10/49 | €2,594,090 | €2,106,301 | -€487,790 | -18.8% |
| Equity | 10/15 | €1,794,889 | €1,088,329 | -€706,560 | -39.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,643,860 | €1,193,860 | -€450,000 | -27.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,642,000 | €1,192,000 | -€450,000 | -27.4% |
| Profit (loss) carried forward | 14 | €144,829 | -€111,731 | -€256,560 | |
| Amounts payable | 17/49 | €799,201 | €1,017,972 | +€218,770 | +27.4% |
| Amounts payable after more than one year | 17 | €159,152 | €110,683 | -€48,468 | -30.5% |
| Financial debts | 170/4 | €159,152 | €110,683 | -€48,468 | -30.5% |
| Amounts payable within one year | 42/48 | €640,049 | €907,288 | +€267,239 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €51,488 | €48,468 | -€3,019 | -5.9% |
| Trade debts | 44 | €484,044 | €380,015 | -€104,028 | -21.5% |
| Suppliers | 440/4 | €484,044 | €380,015 | -€104,028 | -21.5% |
| Taxes, remuneration and social security | 45 | €2,071 | €9,978 | +€7,906 | +381.7% |
| Taxes | 450/3 | €2,071 | €9,978 | +€7,906 | +381.7% |
| Other amounts payable | 47/48 | €102,446 | €468,826 | +€366,380 | +357.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,168 | €25,731 | +€563 | +2.2% |
| Other operating charges | 640/8 | €28,102 | €6,721 | -€21,381 | -76.1% |
| Non-recurring operating charges | 66A | - | €178,000 | +€178,000 | |
| Gross operating margin | 9900 | €24,862 | -€14,564 | -€39,426 | |
| Operating profit (loss) | 9901 | -€28,408 | -€225,016 | -€196,608 | -692.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,893 | €31,544 | +€28,651 | +990.4% |
| Recurring financial charges | 65 | €2,893 | €2,069 | -€824 | -28.5% |
| Non-recurring financial charges | 66B | - | €29,475 | +€29,475 | |
| Profit (loss) for the period before taxes | 9903 | -€31,301 | -€256,560 | -€225,259 | -719.7% |
| Profit (loss) for the period | 9904 | -€31,301 | -€256,560 | -€225,259 | -719.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,301 | -€256,560 | -€225,259 | -719.7% |
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 2 October 2026 via checked.be.