UP NORTH: 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.
UP NORTH
Largest movements
- Stocks and contracts +€13,956
up €13,956 (+6.0%), from €234,447 to €248,403
- Cash +€9,819
up €9,819 (+11.0%), from €89,179 to €98,998
mainly Net result for the year (+€115,033) and Depreciation (+€57,799)
- Profit (loss) carried forward +€115,033
up €115,033 (+25.1%), from €457,410 to €572,443
- Debts after one year -€48,004
down €48,004 (-14.2%), from €338,736 to €290,731
- Trade debts -€16,400
down €16,400 (-71.9%), from €22,799 to €6,400
- Tax, wage and social debts -€10,717
down €10,717 (-37.8%), from €28,331 to €17,614
of which Taxes: -€15,336
- Gross operating margin +€15,781
up €15,781 (+6.5%), from €241,169 to €256,950
- Other operating charges +€10,347
up €10,347 (+651%), from €1,589 to €11,936
- Depreciation +€8,484
up €8,484 (+17.2%), from €49,315 to €57,799
- Staff costs -€4,360
down €4,360 (-12.6%), from €34,568 to €30,209
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 | €938,735 | €967,575 | +€28,840 | +3.1% |
| Fixed assets | 21/28 | €589,130 | €597,092 | +€7,962 | +1.4% |
| Tangible fixed assets | 22/27 | €588,630 | €596,592 | +€7,962 | +1.4% |
| Land and buildings | 22 | €352,200 | €339,000 | -€13,200 | -3.7% |
| Plant, machinery and equipment | 23 | €189,680 | €223,822 | +€34,142 | +18.0% |
| Furniture and vehicles | 24 | €41,750 | €33,770 | -€7,980 | -19.1% |
| Other tangible fixed assets | 26 | €5,000 | €0 | -€5,000 | -100% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €349,605 | €370,483 | +€20,878 | +6.0% |
| Stocks and contracts in progress | 3 | €234,447 | €248,403 | +€13,956 | +6.0% |
| Stocks | 30/36 | €234,447 | €248,403 | +€13,956 | +6.0% |
| Amounts receivable within one year | 40/41 | €25,979 | €23,083 | -€2,896 | -11.1% |
| Trade receivables | 40 | €20,429 | €22,916 | +€2,487 | +12.2% |
| Other amounts receivable | 41 | €5,550 | €167 | -€5,384 | -97.0% |
| Cash at bank and in hand | 54/58 | €89,179 | €98,998 | +€9,819 | +11.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €938,735 | €967,575 | +€28,840 | +3.1% |
| Equity | 10/15 | €479,870 | €594,903 | +€115,033 | +24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €457,410 | €572,443 | +€115,033 | +25.1% |
| Investment grants | 15 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €458,865 | €372,672 | -€86,193 | -18.8% |
| Amounts payable after more than one year | 17 | €338,736 | €290,731 | -€48,004 | -14.2% |
| Financial debts | 170/4 | €338,736 | €290,731 | -€48,004 | -14.2% |
| Amounts payable within one year | 42/48 | €117,931 | €81,564 | -€36,366 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €57,280 | €56,449 | -€831 | -1.5% |
| Trade debts | 44 | €22,799 | €6,400 | -€16,400 | -71.9% |
| Suppliers | 440/4 | €22,799 | €6,400 | -€16,400 | -71.9% |
| Taxes, remuneration and social security | 45 | €28,331 | €17,614 | -€10,717 | -37.8% |
| Taxes | 450/3 | €24,339 | €9,004 | -€15,336 | -63.0% |
| Remuneration and social security | 454/9 | €3,991 | €8,610 | +€4,618 | +116% |
| Other amounts payable | 47/48 | €9,521 | €1,102 | -€8,418 | -88.4% |
| Accrued charges and deferred income | 492/3 | €2,199 | €376 | -€1,822 | -82.9% |
| Remuneration, social security and pensions | 62 | €34,568 | €30,209 | -€4,360 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,315 | €57,799 | +€8,484 | +17.2% |
| Other operating charges | 640/8 | €1,589 | €11,936 | +€10,347 | +651% |
| Gross operating margin | 9900 | €241,169 | €256,950 | +€15,781 | +6.5% |
| Operating profit (loss) | 9901 | €155,696 | €157,007 | +€1,310 | +0.8% |
| Financial income | 75/76B | €199 | €643 | +€444 | +224% |
| Recurring financial income | 75 | €199 | €643 | +€444 | +224% |
| Financial charges | 65/66B | €13,752 | €12,505 | -€1,246 | -9.1% |
| Recurring financial charges | 65 | €13,752 | €12,505 | -€1,246 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €142,144 | €145,144 | +€3,001 | +2.1% |
| Income taxes | 67/77 | €29,450 | €30,111 | +€661 | +2.2% |
| Profit (loss) for the period | 9904 | €112,694 | €115,033 | +€2,340 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,694 | €115,033 | +€2,340 | +2.1% |
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 18 October 2026 via checked.be.