UPGRADE PROJECTS: 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 PROJECTS
Largest movements
- Receivables after one year -€76,730
down €76,730 (-84.1%), from €91,192 to €14,462
- Stocks and contracts +€45,311
new in 2025: €45,311
- Receivables within one year +€42,421
up €42,421 (+30.7%), from €138,251 to €180,671
of which Other amounts receivable: +€103,409
- Cash +€24,931
up €24,931, from €0 to €24,931
mainly Net result for the year (+€180,407) and Receivables after one year (+€76,730)
- Deferred charges and accrued income -€17,262
down €17,262 (-28.6%), from €60,395 to €43,133
- Profit (loss) carried forward +€180,407
up €180,407 (+61.4%), from -€293,593 to -€113,185
- Trade debts -€52,405
down €52,405 (-26.1%), from €200,469 to €148,064
- Tax, wage and social debts -€51,105
down €51,105 (-49.5%), from €103,220 to €52,115
of which Remuneration and social security: -€31,335
- Debts after one year -€44,636
down €44,636 (-39.0%), from €114,473 to €69,837
- Current portion of long-term debt -€7,361
down €7,361 (-14.2%), from €51,997 to €44,636
- Gross operating margin +€347,194
up €347,194 (+227.3%), from €152,734 to €499,928
- Staff costs +€42,964
up €42,964 (+18.1%), from €237,285 to €280,249
- Other operating charges +€12,321
up €12,321 (+91.7%), from €13,431 to €25,752
- Financial charges -€10,410
down €10,410 (-44.3%), from €23,519 to €13,108
- Financial income -€7,353
down €7,353 (-73.6%), from €9,989 to €2,635
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 | €303,376 | €322,223 | +€18,847 | +6.2% |
| Fixed assets | 21/28 | €13,539 | €13,715 | +€177 | +1.3% |
| Intangible fixed assets | 21 | €2,000 | €1,500 | -€500 | -25.0% |
| Tangible fixed assets | 22/27 | €4,039 | €4,715 | +€677 | +16.8% |
| Plant, machinery and equipment | 23 | €2,955 | €1,831 | -€1,124 | -38.0% |
| Furniture and vehicles | 24 | €1,083 | €2,884 | +€1,801 | +166.2% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €289,838 | €308,508 | +€18,671 | +6.4% |
| Amounts receivable after more than one year | 29 | €91,192 | €14,462 | -€76,730 | -84.1% |
| Other amounts receivable | 291 | €91,192 | €14,462 | -€76,730 | -84.1% |
| Stocks and contracts in progress | 3 | - | €45,311 | +€45,311 | |
| Stocks | 30/36 | - | €45,311 | +€45,311 | |
| Amounts receivable within one year | 40/41 | €138,251 | €180,671 | +€42,421 | +30.7% |
| Trade receivables | 40 | €112,480 | €51,492 | -€60,988 | -54.2% |
| Other amounts receivable | 41 | €25,771 | €129,180 | +€103,409 | +401.3% |
| Cash at bank and in hand | 54/58 | €0 | €24,931 | +€24,931 | |
| Deferred charges and accrued income | 490/1 | €60,395 | €43,133 | -€17,262 | -28.6% |
| Total equity and liabilities | 10/49 | €303,376 | €322,223 | +€18,847 | +6.2% |
| Equity | 10/15 | -€173,618 | €6,789 | +€180,407 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €118,974 | €118,974 | = | 0.0% |
| Distributable reserves | 133 | €118,974 | €118,974 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€293,593 | -€113,185 | +€180,407 | +61.4% |
| Amounts payable | 17/49 | €476,994 | €315,434 | -€161,560 | -33.9% |
| Amounts payable after more than one year | 17 | €114,473 | €69,837 | -€44,636 | -39.0% |
| Financial debts | 170/4 | €114,473 | €69,837 | -€44,636 | -39.0% |
| Amounts payable within one year | 42/48 | €362,216 | €244,815 | -€117,401 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €51,997 | €44,636 | -€7,361 | -14.2% |
| Financial debts | 43 | €4,112 | €0 | -€4,112 | -100.0% |
| Credit institutions | 430/8 | €4,112 | €0 | -€4,112 | -100.0% |
| Trade debts | 44 | €200,469 | €148,064 | -€52,405 | -26.1% |
| Suppliers | 440/4 | €200,469 | €148,064 | -€52,405 | -26.1% |
| Taxes, remuneration and social security | 45 | €103,220 | €52,115 | -€51,105 | -49.5% |
| Taxes | 450/3 | €26,193 | €6,423 | -€19,770 | -75.5% |
| Remuneration and social security | 454/9 | €77,027 | €45,692 | -€31,335 | -40.7% |
| Other amounts payable | 47/48 | €2,417 | €0 | -€2,417 | -100.0% |
| Accrued charges and deferred income | 492/3 | €305 | €782 | +€477 | +156.3% |
| Remuneration, social security and pensions | 62 | €237,285 | €280,249 | +€42,964 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,595 | €2,379 | -€216 | -8.3% |
| Other operating charges | 640/8 | €13,431 | €25,752 | +€12,321 | +91.7% |
| Non-recurring operating charges | 66A | €2,942 | €0 | -€2,942 | -100.0% |
| Gross operating margin | 9900 | €152,734 | €499,928 | +€347,194 | +227.3% |
| Operating profit (loss) | 9901 | -€103,518 | €191,548 | +€295,067 | |
| Financial income | 75/76B | €9,989 | €2,635 | -€7,353 | -73.6% |
| Recurring financial income | 75 | €9,989 | €2,635 | -€7,353 | -73.6% |
| Financial charges | 65/66B | €23,519 | €13,108 | -€10,410 | -44.3% |
| Recurring financial charges | 65 | €23,519 | €13,108 | -€10,410 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | -€117,048 | €181,075 | +€298,124 | |
| Income taxes | 67/77 | €641 | €668 | +€27 | +4.3% |
| Profit (loss) for the period | 9904 | -€117,689 | €180,407 | +€298,096 | |
| Profit (loss) for the period to be appropriated | 9905 | -€117,689 | €180,407 | +€298,096 |
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 9 October 2026 via checked.be.