UPGRADING: 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.
UPGRADING
Largest movements
- Cash -€5,326
down €5,326 (-61.5%), from €8,654 to €3,328
mainly Net result for the year (-€7,209) and Investment in fixed assets (net) (-€1,089)
- Receivables within one year +€1,089
new in 2025: €1,089
- Tangible fixed assets +€665
up €665 (+130.1%), from €511 to €1,175
of which Furniture and vehicles: +€920
- Profit (loss) carried forward -€7,209
down €7,209 (-7.1%), from -€100,849 to -€108,058
- Trade debts +€2,444
up €2,444 (+762.8%), from €320 to €2,764
- Other debts +€2,267
up €2,267 (+201.0%), from €1,128 to €3,395
- Tax, wage and social debts -€1,008
down €1,008 (-66.4%), from €1,518 to €510
- Gross operating margin -€7,726
down €7,726, from €2,281 to -€5,445
- Depreciation -€214
down €214 (-33.5%), from €639 to €424
- Other operating charges +€178
up €178 (+20.8%), from €855 to €1,033
- Financial charges -€69
down €69 (-24.5%), from €284 to €214
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 | €9,617 | €6,111 | -€3,506 | -36.5% |
| Fixed assets | 21/28 | €511 | €1,175 | +€665 | +130.1% |
| Tangible fixed assets | 22/27 | €511 | €1,175 | +€665 | +130.1% |
| Plant, machinery and equipment | 23 | €511 | €255 | -€255 | -50.0% |
| Furniture and vehicles | 24 | - | €920 | +€920 | |
| Current assets | 29/58 | €9,106 | €4,936 | -€4,171 | -45.8% |
| Amounts receivable within one year | 40/41 | - | €1,089 | +€1,089 | |
| Trade receivables | 40 | - | €1,089 | +€1,089 | |
| Cash at bank and in hand | 54/58 | €8,654 | €3,328 | -€5,326 | -61.5% |
| Deferred charges and accrued income | 490/1 | €452 | €519 | +€67 | +14.8% |
| Total equity and liabilities | 10/49 | €9,617 | €6,111 | -€3,506 | -36.5% |
| Equity | 10/15 | -€50,849 | -€58,058 | -€7,209 | -14.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,849 | -€108,058 | -€7,209 | -7.1% |
| Amounts payable | 17/49 | €60,466 | €64,169 | +€3,703 | +6.1% |
| Amounts payable after more than one year | 17 | €57,500 | €57,500 | = | 0.0% |
| Other amounts payable | 178/9 | €57,500 | €57,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,966 | €6,669 | +€3,703 | +124.8% |
| Trade debts | 44 | €320 | €2,764 | +€2,444 | +762.8% |
| Suppliers | 440/4 | €320 | €2,764 | +€2,444 | +762.8% |
| Taxes, remuneration and social security | 45 | €1,518 | €510 | -€1,008 | -66.4% |
| Taxes | 450/3 | €1,518 | €510 | -€1,008 | -66.4% |
| Other amounts payable | 47/48 | €1,128 | €3,395 | +€2,267 | +201.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639 | €424 | -€214 | -33.5% |
| Other operating charges | 640/8 | €855 | €1,033 | +€178 | +20.8% |
| Gross operating margin | 9900 | €2,281 | -€5,445 | -€7,726 | |
| Operating profit (loss) | 9901 | €787 | -€6,902 | -€7,690 | |
| Financial income | 75/76B | €83 | €49 | -€34 | -40.9% |
| Recurring financial income | 75 | €83 | €49 | -€34 | -40.9% |
| Financial charges | 65/66B | €284 | €214 | -€69 | -24.5% |
| Recurring financial charges | 65 | €284 | €214 | -€69 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €586 | -€7,068 | -€7,654 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €447 | -€7,209 | -€7,655 | |
| Profit (loss) for the period to be appropriated | 9905 | €447 | -€7,209 | -€7,655 |
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 28 September 2026 via checked.be.