UPGRADE IMMO: 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 IMMO
Largest movements
- Stocks and contracts +€1.4m
new in 2025: €1.4m
- Receivables within one year +€129,125
up €129,125 (+69.8%), from €184,982 to €314,107
of which Trade receivables: +€123,925
- Current investments -€64,268
down €64,268 (-35.6%), from €180,493 to €116,225
- Cash +€34,977
up €34,977 (+37.6%), from €93,032 to €128,009
mainly Short-term financial debts (+€1.0m) and Other debts (+€448,016)
- Tangible fixed assets -€24,188
down €24,188 (-8.6%), from €280,203 to €256,015
of which Land and buildings: -€18,495
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Other debts +€448,016
new in 2025: €448,016
- Profit (loss) carried forward +€89,843
up €89,843 (+51.7%), from €173,825 to €263,668
- Trade debts -€52,098
down €52,098 (-18.9%), from €275,880 to €223,782
- Tax, wage and social debts +€23,378
up €23,378 (+93.1%), from €25,113 to €48,491
- Gross operating margin +€12,365
up €12,365 (+8.2%), from €151,532 to €163,897
- Taxes -€2,412
down €2,412 (-6.9%), from €34,804 to €32,392
- Financial charges -€1,787
down €1,787 (-14.5%), from €12,343 to €10,556
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 | €755,014 | €2,256,989 | +€1.5m | +199% |
| Fixed assets | 21/28 | €296,506 | €268,235 | -€28,271 | -9.5% |
| Intangible fixed assets | 21 | €15,903 | €11,820 | -€4,083 | -25.7% |
| Tangible fixed assets | 22/27 | €280,203 | €256,015 | -€24,188 | -8.6% |
| Land and buildings | 22 | €257,684 | €239,189 | -€18,495 | -7.2% |
| Furniture and vehicles | 24 | €22,519 | €16,826 | -€5,693 | -25.3% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €458,508 | €1,988,754 | +€1.5m | +334% |
| Stocks and contracts in progress | 3 | - | €1,430,413 | +€1.4m | |
| Stocks | 30/36 | - | €1,430,413 | +€1.4m | |
| Amounts receivable within one year | 40/41 | €184,982 | €314,107 | +€129,125 | +69.8% |
| Trade receivables | 40 | €134,282 | €258,208 | +€123,925 | +92.3% |
| Other amounts receivable | 41 | €50,700 | €55,899 | +€5,199 | +10.3% |
| Current investments | 50/53 | €180,493 | €116,225 | -€64,268 | -35.6% |
| Cash at bank and in hand | 54/58 | €93,032 | €128,009 | +€34,977 | +37.6% |
| Total equity and liabilities | 10/49 | €755,014 | €2,256,989 | +€1.5m | +199% |
| Equity | 10/15 | €175,057 | €264,900 | +€89,843 | +51.3% |
| Contributions | 10/11 | €1,120 | €1,120 | = | 0.0% |
| Reserves | 13 | €112 | €112 | = | 0.0% |
| Non-distributable reserves | 130/1 | €112 | €112 | = | 0.0% |
| Reserves not available under the articles | 1311 | €112 | €112 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,825 | €263,668 | +€89,843 | +51.7% |
| Amounts payable | 17/49 | €579,957 | €1,992,089 | +€1.4m | +243% |
| Amounts payable after more than one year | 17 | €261,747 | €250,295 | -€11,451 | -4.4% |
| Financial debts | 170/4 | €261,747 | €246,735 | -€15,012 | -5.7% |
| Other amounts payable | 178/9 | - | €3,560 | +€3,560 | |
| Amounts payable within one year | 42/48 | €318,210 | €1,741,794 | +€1.4m | +447% |
| Current portion of amounts payable after more than one year | 42 | €14,797 | €15,012 | +€214 | +1.4% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €275,880 | €223,782 | -€52,098 | -18.9% |
| Suppliers | 440/4 | €275,880 | €223,782 | -€52,098 | -18.9% |
| Advances received on contracts in progress | 46 | €2,420 | €6,493 | +€4,073 | +168% |
| Taxes, remuneration and social security | 45 | €25,113 | €48,491 | +€23,378 | +93.1% |
| Taxes | 450/3 | €25,113 | €48,491 | +€23,378 | +93.1% |
| Other amounts payable | 47/48 | - | €448,016 | +€448,016 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,537 | €28,271 | -€266 | -0.9% |
| Other operating charges | 640/8 | €3,208 | €3,420 | +€211 | +6.6% |
| Non-recurring operating charges | 66A | - | €148 | +€148 | |
| Gross operating margin | 9900 | €151,532 | €163,897 | +€12,365 | +8.2% |
| Operating profit (loss) | 9901 | €119,787 | €132,059 | +€12,272 | +10.2% |
| Financial income | 75/76B | €696 | €732 | +€36 | +5.2% |
| Recurring financial income | 75 | €696 | €732 | +€36 | +5.2% |
| Financial charges | 65/66B | €12,343 | €10,556 | -€1,787 | -14.5% |
| Recurring financial charges | 65 | €12,343 | €10,556 | -€1,787 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €108,141 | €122,236 | +€14,095 | +13.0% |
| Income taxes | 67/77 | €34,804 | €32,392 | -€2,412 | -6.9% |
| Profit (loss) for the period | 9904 | €73,337 | €89,843 | +€16,507 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,337 | €89,843 | +€16,507 | +22.5% |
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 13 October 2026 via checked.be.