UPCUT: 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.
UPCUT
Largest movements
- Receivables within one year +€38,850
up €38,850 (+235.3%), from €16,514 to €55,364
of which Trade receivables: +€50,792
- Cash +€24,960
up €24,960 (+23.2%), from €107,379 to €132,339
mainly Net result for the year (+€56,942) and Other debts (+€32,282)
- Tangible fixed assets -€2,603
down €2,603 (-24.6%), from €10,580 to €7,977
- Other debts +€32,282
up €32,282 (+14508.9%), from €223 to €32,505
- Profit (loss) carried forward +€21,648
up €21,648 (+28.6%), from €75,653 to €97,301
- Trade debts +€7,429
up €7,429 (+40.3%), from €18,428 to €25,857
- Tax, wage and social debts +€5,144
up €5,144 (+48.2%), from €10,663 to €15,808
of which Remuneration and social security: +€7,988
- Current portion of long-term debt -€3,345
down €3,345 (-15.3%), from €21,869 to €18,524
- Gross operating margin +€76,716
up €76,716 (+126.0%), from €60,894 to €137,610
- Staff costs +€50,688
up €50,688 (+2563.5%), from €1,977 to €52,665
- Taxes +€9,173
up €9,173 (+78.4%), from €11,705 to €20,877
- Depreciation +€2,503
up €2,503 (+77.2%), from €3,242 to €5,745
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 | €136,531 | €197,538 | +€61,007 | +44.7% |
| Fixed assets | 21/28 | €12,152 | €8,265 | -€3,886 | -32.0% |
| Intangible fixed assets | 21 | €1,572 | €289 | -€1,283 | -81.6% |
| Tangible fixed assets | 22/27 | €10,580 | €7,977 | -€2,603 | -24.6% |
| Furniture and vehicles | 24 | €10,580 | €7,977 | -€2,603 | -24.6% |
| Current assets | 29/58 | €124,379 | €189,273 | +€64,893 | +52.2% |
| Amounts receivable within one year | 40/41 | €16,514 | €55,364 | +€38,850 | +235.3% |
| Trade receivables | 40 | €2,218 | €53,010 | +€50,792 | +2290.2% |
| Other amounts receivable | 41 | €14,296 | €2,354 | -€11,942 | -83.5% |
| Cash at bank and in hand | 54/58 | €107,379 | €132,339 | +€24,960 | +23.2% |
| Deferred charges and accrued income | 490/1 | €486 | €1,569 | +€1,083 | +222.9% |
| Total equity and liabilities | 10/49 | €136,531 | €197,538 | +€61,007 | +44.7% |
| Equity | 10/15 | €80,153 | €101,801 | +€21,648 | +27.0% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,653 | €97,301 | +€21,648 | +28.6% |
| Amounts payable | 17/49 | €56,378 | €95,737 | +€39,359 | +69.8% |
| Amounts payable after more than one year | 17 | €5,195 | €3,043 | -€2,152 | -41.4% |
| Financial debts | 170/4 | €5,195 | €3,043 | -€2,152 | -41.4% |
| Amounts payable within one year | 42/48 | €51,182 | €92,694 | +€41,511 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €21,869 | €18,524 | -€3,345 | -15.3% |
| Trade debts | 44 | €18,428 | €25,857 | +€7,429 | +40.3% |
| Suppliers | 440/4 | €18,428 | €25,857 | +€7,429 | +40.3% |
| Taxes, remuneration and social security | 45 | €10,663 | €15,808 | +€5,144 | +48.2% |
| Taxes | 450/3 | €10,635 | €7,791 | -€2,844 | -26.7% |
| Remuneration and social security | 454/9 | €28 | €8,016 | +€7,988 | +28276.2% |
| Other amounts payable | 47/48 | €223 | €32,505 | +€32,282 | +14508.9% |
| Remuneration, social security and pensions | 62 | €1,977 | €52,665 | +€50,688 | +2563.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,242 | €5,745 | +€2,503 | +77.2% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €60,894 | €137,610 | +€76,716 | +126.0% |
| Operating profit (loss) | 9901 | €55,675 | €78,800 | +€23,125 | +41.5% |
| Financial income | 75/76B | €16 | €117 | +€101 | +627.2% |
| Recurring financial income | 75 | €16 | €117 | +€101 | +627.2% |
| Financial charges | 65/66B | €672 | €1,098 | +€426 | +63.4% |
| Recurring financial charges | 65 | €672 | €1,098 | +€426 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €55,019 | €77,820 | +€22,800 | +41.4% |
| Income taxes | 67/77 | €11,705 | €20,877 | +€9,173 | +78.4% |
| Profit (loss) for the period | 9904 | €43,315 | €56,942 | +€13,628 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,315 | €56,942 | +€13,628 | +31.5% |
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 8 October 2026 via checked.be.