Upcore: 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.
Upcore
Largest movements
- Receivables within one year +€239,626
up €239,626 (+294.7%), from €81,317 to €320,943
of which Trade receivables: +€298,888
- Tangible fixed assets +€7,307
new in 2025: €7,307
- Deferred charges and accrued income +€7,151
new in 2025: €7,151
- Cash +€5,429
up €5,429 (+107.6%), from €5,047 to €10,476
mainly Trade debts (+€116,206) and Tax, wage and social debts (+€104,072)
- Trade debts +€116,206
up €116,206 (+3645.5%), from €3,188 to €119,394
- Tax, wage and social debts +€104,072
up €104,072 (+1280.8%), from €8,126 to €112,197
of which Remuneration and social security: +€52,695
- Reserves +€31,000
up €31,000 (+254.1%), from €12,200 to €43,200
of which Distributable reserves: +€31,000
- Accrued charges and deferred income +€8,019
new in 2025: €8,019
- Turnover +€1.1m
new in 2025: €1.1m
- Gross operating margin +€584,798
up €584,798 (+5664.9%), from €10,323 to €595,122
- Staff costs +€521,206
new in 2025: €521,206
- Purchases and services +€503,443
up €503,443 (+4974.5%), from €10,120 to €513,564
- Financial charges +€19,804
up €19,804 (+3310.1%), from €598 to €20,402
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 | €86,364 | €345,877 | +€259,514 | +300.5% |
| Fixed assets | 21/28 | - | €7,307 | +€7,307 | |
| Tangible fixed assets | 22/27 | - | €7,307 | +€7,307 | |
| Plant, machinery and equipment | 23 | - | €7,307 | +€7,307 | |
| Current assets | 29/58 | €86,364 | €338,570 | +€252,206 | +292.0% |
| Amounts receivable within one year | 40/41 | €81,317 | €320,943 | +€239,626 | +294.7% |
| Trade receivables | 40 | €20,055 | €318,943 | +€298,888 | +1490.4% |
| Other amounts receivable | 41 | €61,262 | €2,000 | -€59,262 | -96.7% |
| Cash at bank and in hand | 54/58 | €5,047 | €10,476 | +€5,429 | +107.6% |
| Deferred charges and accrued income | 490/1 | - | €7,151 | +€7,151 | |
| Total equity and liabilities | 10/49 | €86,364 | €345,877 | +€259,514 | +300.5% |
| Equity | 10/15 | €75,051 | €106,023 | +€30,972 | +41.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €12,200 | €43,200 | +€31,000 | +254.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €37,000 | +€31,000 | +516.7% |
| Profit (loss) carried forward | 14 | €851 | €823 | -€28 | -3.3% |
| Provisions and deferred taxes | 16 | - | €244 | +€244 | |
| Provisions for liabilities and charges | 160/5 | - | €244 | +€244 | |
| Pensions and similar obligations | 160 | - | €244 | +€244 | |
| Amounts payable | 17/49 | €11,313 | €239,610 | +€228,297 | +2018.0% |
| Amounts payable within one year | 42/48 | €11,313 | €231,591 | +€220,278 | +1947.1% |
| Trade debts | 44 | €3,188 | €119,394 | +€116,206 | +3645.5% |
| Suppliers | 440/4 | €3,188 | €119,394 | +€116,206 | +3645.5% |
| Taxes, remuneration and social security | 45 | €8,126 | €112,197 | +€104,072 | +1280.8% |
| Taxes | 450/3 | €8,126 | €59,502 | +€51,376 | +632.3% |
| Remuneration and social security | 454/9 | - | €52,695 | +€52,695 | |
| Accrued charges and deferred income | 492/3 | - | €8,019 | +€8,019 | |
| Turnover | 70 | - | €1,072,783 | +€1.1m | |
| Non-recurring operating income | 76A | €444 | - | -€444 | |
| Goods, raw materials, services and sundry goods | 60/61 | €10,120 | €513,564 | +€503,443 | +4974.5% |
| Remuneration, social security and pensions | 62 | - | €521,206 | +€521,206 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,617 | +€1,617 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €244 | +€244 | |
| Other operating charges | 640/8 | €913 | €3,676 | +€2,763 | +302.7% |
| Gross operating margin | 9900 | €10,323 | €595,122 | +€584,798 | +5664.9% |
| Operating profit (loss) | 9901 | €9,410 | €68,379 | +€58,968 | +626.6% |
| Financial income | 75/76B | €489 | €0 | -€488 | -100.0% |
| Recurring financial income | 75 | €489 | €0 | -€488 | -100.0% |
| Financial charges | 65/66B | €598 | €20,402 | +€19,804 | +3310.1% |
| Recurring financial charges | 65 | €598 | €20,402 | +€19,804 | +3310.1% |
| Profit (loss) for the period before taxes | 9903 | €9,301 | €47,976 | +€38,676 | +415.8% |
| Income taxes | 67/77 | €2,531 | €17,004 | +€14,474 | +572.0% |
| Profit (loss) for the period | 9904 | €6,770 | €30,972 | +€24,202 | +357.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,770 | €30,972 | +€24,202 | +357.5% |
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 1 October 2026 via checked.be.