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 +€1.5m
new in 2025: €1.5m
- Cash -€210,161
down €210,161 (-99.2%), from €211,755 to €1,594
mainly Investment in fixed assets (net) (-€1.6m) and Receivables within one year (-€76,224)
- Receivables within one year +€76,224
up €76,224 (+5558.1%), from €1,371 to €77,596
- Debts after one year +€1.4m
up €1.4m (+1294.8%), from €105,000 to €1.5m
of which Financial debts: +€1.4m
- Current portion of long-term debt +€45,667
new in 2025: €45,667
- Gross operating margin +€96,942
up €96,942, from -€3,759 to €93,183
- Financial charges +€47,476
up €47,476 (+45475.0%), from €104 to €47,580
- Depreciation +€41,505
new in 2025: €41,505
- Other operating charges +€9,717
up €9,717 (+2626.2%), from €370 to €10,087
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 | €213,126 | €1,627,516 | +€1.4m | +663.6% |
| Fixed assets | 21/28 | - | €1,548,051 | +€1.5m | |
| Tangible fixed assets | 22/27 | - | €1,548,051 | +€1.5m | |
| Land and buildings | 22 | - | €1,548,051 | +€1.5m | |
| Current assets | 29/58 | €213,126 | €79,465 | -€133,661 | -62.7% |
| Amounts receivable within one year | 40/41 | €1,371 | €77,596 | +€76,224 | +5558.1% |
| Other amounts receivable | 41 | €1,371 | €77,596 | +€76,224 | +5558.1% |
| Cash at bank and in hand | 54/58 | €211,755 | €1,594 | -€210,161 | -99.2% |
| Deferred charges and accrued income | 490/1 | - | €276 | +€276 | |
| Total equity and liabilities | 10/49 | €213,126 | €1,627,516 | +€1.4m | +663.6% |
| Equity | 10/15 | €107,285 | €101,297 | -€5,988 | -5.6% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,715 | -€13,703 | -€5,988 | -77.6% |
| Amounts payable | 17/49 | €105,841 | €1,526,219 | +€1.4m | +1342.0% |
| Amounts payable after more than one year | 17 | €105,000 | €1,464,591 | +€1.4m | +1294.8% |
| Financial debts | 170/4 | €105,000 | €1,455,591 | +€1.4m | +1286.3% |
| Other amounts payable | 178/9 | - | €9,000 | +€9,000 | |
| Amounts payable within one year | 42/48 | €841 | €48,413 | +€47,572 | +5654.9% |
| Current portion of amounts payable after more than one year | 42 | - | €45,667 | +€45,667 | |
| Trade debts | 44 | €841 | €220 | -€621 | -73.8% |
| Suppliers | 440/4 | €841 | €220 | -€621 | -73.8% |
| Taxes, remuneration and social security | 45 | - | €2,526 | +€2,526 | |
| Taxes | 450/3 | - | €2,526 | +€2,526 | |
| Accrued charges and deferred income | 492/3 | - | €13,216 | +€13,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €41,505 | +€41,505 | |
| Other operating charges | 640/8 | €370 | €10,087 | +€9,717 | +2626.2% |
| Gross operating margin | 9900 | -€3,759 | €93,183 | +€96,942 | |
| Operating profit (loss) | 9901 | -€4,129 | €41,592 | +€45,721 | |
| Financial charges | 65/66B | €104 | €47,580 | +€47,476 | +45475.0% |
| Recurring financial charges | 65 | €104 | €47,580 | +€47,476 | +45475.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,233 | -€5,988 | -€1,755 | -41.5% |
| Profit (loss) for the period | 9904 | -€4,233 | -€5,988 | -€1,755 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,233 | -€5,988 | -€1,755 | -41.5% |
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 29 September 2026 via checked.be.