UpcircleS: 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.
UpcircleS
Largest movements
- Receivables within one year +€4.8m
up €4.8m (+188.3%), from €2.5m to €7.3m
of which Other amounts receivable: +€4.8m
- Financial fixed assets +€542,499
up €542,499 (+7.1%), from €7.7m to €8.2m
- Cash -€255,309
down €255,309 (-16.4%), from €1.6m to €1.3m
mainly Contributions, distributions and other (-€6.0m) and Receivables within one year (-€4.8m)
- Other debts +€7.1m
up €7.1m (+233.2%), from €3.1m to €10.2m
- Profit (loss) carried forward -€1.5m
down €1.5m (-26.7%), from €5.4m to €4.0m
- Debts after one year -€669,342
down €669,342 (-47.2%), from €1.4m to €749,917
- Financial income +€3.3m
up €3.3m (+258.8%), from €1.3m to €4.6m
- Gross operating margin -€56,394
down €56,394 (-82.2%), from €68,639 to €12,245
- Financial charges +€2,831
up €2,831 (+7.4%), from €38,049 to €40,880
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 | €12,543,631 | €17,546,348 | +€5.0m | +39.9% |
| Fixed assets | 21/28 | €8,460,770 | €8,956,290 | +€495,521 | +5.9% |
| Intangible fixed assets | 21 | €798,628 | €751,650 | -€46,978 | -5.9% |
| Financial fixed assets | 28 | €7,662,141 | €8,204,640 | +€542,499 | +7.1% |
| Current assets | 29/58 | €4,082,861 | €8,590,058 | +€4.5m | +110.4% |
| Amounts receivable within one year | 40/41 | €2,529,522 | €7,292,017 | +€4.8m | +188.3% |
| Trade receivables | 40 | €40,535 | €40,535 | = | 0.0% |
| Other amounts receivable | 41 | €2,488,987 | €7,251,482 | +€4.8m | +191.3% |
| Cash at bank and in hand | 54/58 | €1,552,884 | €1,297,574 | -€255,309 | -16.4% |
| Deferred charges and accrued income | 490/1 | €456 | €466 | +€10 | +2.3% |
| Total equity and liabilities | 10/49 | €12,543,631 | €17,546,348 | +€5.0m | +39.9% |
| Equity | 10/15 | €7,096,070 | €5,644,459 | -€1.5m | -20.5% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €150,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,446,070 | €3,994,459 | -€1.5m | -26.7% |
| Amounts payable | 17/49 | €5,447,560 | €11,901,889 | +€6.5m | +118.5% |
| Amounts payable after more than one year | 17 | €1,419,259 | €749,917 | -€669,342 | -47.2% |
| Financial debts | 170/4 | €1,419,259 | €749,917 | -€669,342 | -47.2% |
| Amounts payable within one year | 42/48 | €4,028,301 | €11,151,972 | +€7.1m | +176.8% |
| Current portion of amounts payable after more than one year | 42 | €936,783 | €969,993 | +€33,210 | +3.5% |
| Trade debts | 44 | €36,148 | €1,818 | -€34,330 | -95.0% |
| Suppliers | 440/4 | €36,148 | €1,818 | -€34,330 | -95.0% |
| Other amounts payable | 47/48 | €3,055,370 | €10,180,161 | +€7.1m | +233.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,978 | €46,978 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €68,639 | €12,245 | -€56,394 | -82.2% |
| Operating profit (loss) | 9901 | €20,694 | -€35,732 | -€56,425 | |
| Financial income | 75/76B | €1,288,995 | €4,625,000 | +€3.3m | +258.8% |
| Recurring financial income | 75 | €1,288,995 | €4,625,000 | +€3.3m | +258.8% |
| Financial charges | 65/66B | €38,049 | €40,880 | +€2,831 | +7.4% |
| Recurring financial charges | 65 | €38,049 | €40,880 | +€2,831 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €1,271,640 | €4,548,389 | +€3.3m | +257.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €1,271,640 | €4,548,389 | +€3.3m | +257.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,271,640 | €4,548,389 | +€3.3m | +257.7% |
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 3 October 2026 via checked.be.