UPGRADE EVENTS: what changed
Two financial 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 EVENTS
Largest movements
- Receivables within one year -€48,018
down €48,018 (-43.5%), from €110,512 to €62,494
of which Trade receivables: -€26,490
- Tangible fixed assets -€15,404
down €15,404 (-24.5%), from €62,915 to €47,511
of which Leasing and similar rights: -€11,404
- Deferred charges and accrued income +€2,755
up €2,755 (+555%), from €496 to €3,251
- Profit (loss) carried forward -€31,865
down €31,865, from €0 to -€31,865
- Other debts -€15,963
down €15,963 (-98.5%), from €16,213 to €250
- Debts after one year -€10,378
down €10,378 (-23.2%), from €44,702 to €34,324
- Current portion of long-term debt -€6,100
down €6,100 (-37.0%), from €16,479 to €10,378
- Tax, wage and social debts +€4,561
up €4,561 (+81.1%), from €5,627 to €10,187
of which Taxes: +€3,745
- Gross operating margin -€30,666
down €30,666, from €24,407 to -€6,259
- Financial charges +€6,821
up €6,821 (+316%), from €2,158 to €8,978
- Depreciation +€5,108
up €5,108 (+49.6%), from €10,295 to €15,404
- Taxes -€4,546
down €4,546 (-87.5%), from €5,192 to €647
- Other operating charges -€577
down €577 (-22.1%), from €2,608 to €2,031
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.
Derived cash bridge
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 | €231,584 | €168,744 | -€62,840 | -27.1% |
| Fixed assets | 21/28 | €64,915 | €49,511 | -€15,404 | -23.7% |
| Tangible fixed assets | 22/27 | €62,915 | €47,511 | -€15,404 | -24.5% |
| Plant, machinery and equipment | 23 | €5,802 | €3,676 | -€2,126 | -36.6% |
| Furniture and vehicles | 24 | €3,673 | €1,800 | -€1,873 | -51.0% |
| Leasing and similar rights | 25 | €53,440 | €42,035 | -€11,404 | -21.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €166,669 | €119,232 | -€47,436 | -28.5% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,136 | €1,136 | = | 0.0% |
| Stocks | 30/36 | €1,136 | €1,136 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,512 | €62,494 | -€48,018 | -43.5% |
| Trade receivables | 40 | €80,704 | €54,214 | -€26,490 | -32.8% |
| Other amounts receivable | 41 | €29,808 | €8,279 | -€21,528 | -72.2% |
| Cash at bank and in hand | 54/58 | €14,525 | €12,352 | -€2,173 | -15.0% |
| Deferred charges and accrued income | 490/1 | €496 | €3,251 | +€2,755 | +555% |
| Total equity and liabilities | 10/49 | €231,584 | €168,744 | -€62,840 | -27.1% |
| Equity | 10/15 | €142,768 | €110,903 | -€31,865 | -22.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €141,768 | €141,768 | = | 0.0% |
| Distributable reserves | 133 | €141,768 | €141,768 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€31,865 | -€31,865 | |
| Amounts payable | 17/49 | €88,816 | €57,841 | -€30,975 | -34.9% |
| Amounts payable after more than one year | 17 | €44,702 | €34,324 | -€10,378 | -23.2% |
| Financial debts | 170/4 | €44,702 | €34,324 | -€10,378 | -23.2% |
| Amounts payable within one year | 42/48 | €43,907 | €23,517 | -€20,390 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €16,479 | €10,378 | -€6,100 | -37.0% |
| Trade debts | 44 | €5,589 | €2,701 | -€2,888 | -51.7% |
| Suppliers | 440/4 | €5,589 | €2,701 | -€2,888 | -51.7% |
| Taxes, remuneration and social security | 45 | €5,627 | €10,187 | +€4,561 | +81.1% |
| Taxes | 450/3 | €5,627 | €9,372 | +€3,745 | +66.6% |
| Remuneration and social security | 454/9 | €0 | €816 | +€816 | |
| Other amounts payable | 47/48 | €16,213 | €250 | -€15,963 | -98.5% |
| Accrued charges and deferred income | 492/3 | €207 | €0 | -€207 | -100% |
| Non-recurring operating income | 76A | €27,598 | €0 | -€27,598 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,295 | €15,404 | +€5,108 | +49.6% |
| Other operating charges | 640/8 | €2,608 | €2,031 | -€577 | -22.1% |
| Gross operating margin | 9900 | €24,407 | -€6,259 | -€30,666 | |
| Operating profit (loss) | 9901 | €11,504 | -€23,694 | -€35,198 | |
| Financial income | 75/76B | €1,122 | €1,454 | +€332 | +29.6% |
| Recurring financial income | 75 | €1,122 | €1,454 | +€332 | +29.6% |
| Financial charges | 65/66B | €2,158 | €8,978 | +€6,821 | +316% |
| Recurring financial charges | 65 | €2,158 | €8,978 | +€6,821 | +316% |
| Profit (loss) for the period before taxes | 9903 | €10,468 | -€31,218 | -€41,686 | |
| Income taxes | 67/77 | €5,192 | €647 | -€4,546 | -87.5% |
| Profit (loss) for the period | 9904 | €5,276 | -€31,865 | -€37,141 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,276 | -€31,865 | -€37,141 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.