UPGRADE: what changed
UPGRADE
Largest movements
- Receivables within one year +€27,728
up €27,728 (+26.4%), from €105,077 to €132,805
of which Trade receivables: +€29,034
- Tangible fixed assets -€10,747
down €10,747 (-5.3%), from €201,317 to €190,570
of which Other tangible fixed assets: -€12,881
- Cash +€4,885
up €4,885 (+44.4%), from €11,005 to €15,889
mainly Trade debts (+€35,262) and Depreciation (+€22,491)
- Trade debts +€35,262
up €35,262 (+53.9%), from €65,436 to €100,699
- Debts after one year -€15,708
down €15,708 (-14.4%), from €109,304 to €93,597
- Gross operating margin +€21,561
up €21,561 (+148%), from €14,531 to €36,092
- Taxes +€3,966
up €3,966 (+2,102%), from €189 to €4,155
- Financial charges +€1,381
up €1,381 (+27.1%), from €5,094 to €6,475
- Financial income +€1,128
up €1,128 (+49.2%), from €2,294 to €3,422
- Depreciation +€594
up €594 (+2.7%), from €21,897 to €22,491
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €323,057 | €347,198 | +€24,141 | +7.5% |
| Fixed assets | 21/28 | €203,435 | €193,688 | -€9,747 | -4.8% |
| Tangible fixed assets | 22/27 | €201,317 | €190,570 | -€10,747 | -5.3% |
| Land and buildings | 22 | €3,897 | €3,601 | -€297 | -7.6% |
| Plant, machinery and equipment | 23 | €3,797 | €2,622 | -€1,175 | -30.9% |
| Furniture and vehicles | 24 | €29,530 | €33,136 | +€3,605 | +12.2% |
| Other tangible fixed assets | 26 | €164,092 | €151,212 | -€12,881 | -7.8% |
| Financial fixed assets | 28 | €2,118 | €3,118 | +€1,000 | +47.2% |
| Current assets | 29/58 | €119,623 | €153,511 | +€33,888 | +28.3% |
| Amounts receivable within one year | 40/41 | €105,077 | €132,805 | +€27,728 | +26.4% |
| Trade receivables | 40 | €49,519 | €78,553 | +€29,034 | +58.6% |
| Other amounts receivable | 41 | €55,558 | €54,252 | -€1,306 | -2.4% |
| Cash at bank and in hand | 54/58 | €11,005 | €15,889 | +€4,885 | +44.4% |
| Deferred charges and accrued income | 490/1 | €3,541 | €4,817 | +€1,276 | +36.0% |
| Total equity and liabilities | 10/49 | €323,057 | €347,198 | +€24,141 | +7.5% |
| Equity | 10/15 | €132,654 | €135,477 | +€2,824 | +2.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €128,654 | €131,477 | +€2,824 | +2.2% |
| Distributable reserves | 133 | €128,654 | €131,477 | +€2,824 | +2.2% |
| Amounts payable | 17/49 | €190,403 | €211,721 | +€21,318 | +11.2% |
| Amounts payable after more than one year | 17 | €109,304 | €93,597 | -€15,708 | -14.4% |
| Financial debts | 170/4 | €109,304 | €93,597 | -€15,708 | -14.4% |
| Amounts payable within one year | 42/48 | €81,099 | €118,124 | +€37,025 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €15,474 | €15,708 | +€234 | +1.5% |
| Trade debts | 44 | €65,436 | €100,699 | +€35,262 | +53.9% |
| Suppliers | 440/4 | €65,436 | €100,699 | +€35,262 | +53.9% |
| Taxes, remuneration and social security | 45 | €189 | €515 | +€327 | +173% |
| Taxes | 450/3 | €189 | €515 | +€327 | +173% |
| Other amounts payable | 47/48 | - | €1,203 | +€1,203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,897 | €22,491 | +€594 | +2.7% |
| Other operating charges | 640/8 | €1,475 | €1,853 | +€377 | +25.6% |
| Gross operating margin | 9900 | €14,531 | €36,092 | +€21,561 | +148% |
| Operating profit (loss) | 9901 | -€8,841 | €11,749 | +€20,590 | |
| Financial income | 75/76B | €2,294 | €3,422 | +€1,128 | +49.2% |
| Recurring financial income | 75 | €2,294 | €3,422 | +€1,128 | +49.2% |
| Financial charges | 65/66B | €5,094 | €6,475 | +€1,381 | +27.1% |
| Recurring financial charges | 65 | €5,094 | €6,475 | +€1,381 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,641 | €8,696 | +€20,337 | |
| Income taxes | 67/77 | €189 | €4,155 | +€3,966 | +2,102% |
| Profit (loss) for the period | 9904 | -€11,830 | €4,542 | +€16,371 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,830 | €4,542 | +€16,371 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.