Upgrade: 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.
Upgrade
Largest movements
- Tangible fixed assets +€160,431
up €160,431 (+321.7%), from €49,877 to €210,309
of which Other tangible fixed assets: +€109,481
- Receivables within one year -€20,176
down €20,176 (-81.2%), from €24,835 to €4,659
of which Trade receivables: -€20,159
- Intangible fixed assets -€7,899
no longer reported in 2025 (was €7,899)
- Financial fixed assets +€6,450
new in 2025: €6,450
- Debts after one year +€115,067
up €115,067 (+825.8%), from €13,933 to €129,001
- Trade debts -€20,294
down €20,294 (-70.4%), from €28,810 to €8,516
- Current portion of long-term debt +€20,012
up €20,012 (+108.9%), from €18,372 to €38,384
- Other debts +€19,799
up €19,799 (+189.1%), from €10,468 to €30,267
- Tax, wage and social debts +€6,327
up €6,327 (+1001.8%), from €632 to €6,959
of which Remuneration and social security: +€6,000
- Gross operating margin +€19,683
up €19,683 (+76.3%), from €25,789 to €45,472
- Depreciation +€13,774
up €13,774 (+52.8%), from €26,108 to €39,881
- Financial charges +€5,614
up €5,614 (+787.4%), from €713 to €6,327
- Other operating charges -€1,158
down €1,158 (-43.2%), from €2,676 to €1,519
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 | €91,958 | €231,034 | +€139,076 | +151.2% |
| Fixed assets | 21/28 | €57,777 | €216,759 | +€158,982 | +275.2% |
| Intangible fixed assets | 21 | €7,899 | - | -€7,899 | |
| Tangible fixed assets | 22/27 | €49,877 | €210,309 | +€160,431 | +321.7% |
| Plant, machinery and equipment | 23 | €5,353 | €56,303 | +€50,950 | +951.7% |
| Other tangible fixed assets | 26 | €44,524 | €154,005 | +€109,481 | +245.9% |
| Financial fixed assets | 28 | - | €6,450 | +€6,450 | |
| Current assets | 29/58 | €34,181 | €14,275 | -€19,906 | -58.2% |
| Stocks and contracts in progress | 3 | - | €327 | +€327 | |
| Stocks | 30/36 | - | €327 | +€327 | |
| Amounts receivable within one year | 40/41 | €24,835 | €4,659 | -€20,176 | -81.2% |
| Trade receivables | 40 | €24,818 | €4,659 | -€20,159 | -81.2% |
| Other amounts receivable | 41 | €17 | - | -€17 | |
| Cash at bank and in hand | 54/58 | €9,347 | €8,087 | -€1,260 | -13.5% |
| Deferred charges and accrued income | 490/1 | - | €1,203 | +€1,203 | |
| Total equity and liabilities | 10/49 | €91,958 | €231,034 | +€139,076 | +151.2% |
| Equity | 10/15 | €19,732 | €17,908 | -€1,824 | -9.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €17,232 | €15,408 | -€1,824 | -10.6% |
| Distributable reserves | 133 | €17,232 | €15,408 | -€1,824 | -10.6% |
| Amounts payable | 17/49 | €72,226 | €213,126 | +€140,900 | +195.1% |
| Amounts payable after more than one year | 17 | €13,933 | €129,001 | +€115,067 | +825.8% |
| Financial debts | 170/4 | €13,933 | €129,001 | +€115,067 | +825.8% |
| Amounts payable within one year | 42/48 | €58,281 | €84,125 | +€25,844 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €18,372 | €38,384 | +€20,012 | +108.9% |
| Trade debts | 44 | €28,810 | €8,516 | -€20,294 | -70.4% |
| Suppliers | 440/4 | €28,810 | €8,516 | -€20,294 | -70.4% |
| Taxes, remuneration and social security | 45 | €632 | €6,959 | +€6,327 | +1001.8% |
| Taxes | 450/3 | €632 | €959 | +€327 | +51.8% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | €10,468 | €30,267 | +€19,799 | +189.1% |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,108 | €39,881 | +€13,774 | +52.8% |
| Other operating charges | 640/8 | €2,676 | €1,519 | -€1,158 | -43.2% |
| Gross operating margin | 9900 | €25,789 | €45,472 | +€19,683 | +76.3% |
| Operating profit (loss) | 9901 | -€2,995 | €4,072 | +€7,067 | |
| Financial income | 75/76B | €61 | €431 | +€370 | +612.0% |
| Recurring financial income | 75 | €61 | €431 | +€370 | +612.0% |
| Financial charges | 65/66B | €713 | €6,327 | +€5,614 | +787.4% |
| Recurring financial charges | 65 | €713 | €6,327 | +€5,614 | +787.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,647 | -€1,824 | +€1,823 | +50.0% |
| Profit (loss) for the period | 9904 | -€3,647 | -€1,824 | +€1,823 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,647 | -€1,824 | +€1,823 | +50.0% |
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.