Upgreen: 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.
Upgreen
Largest movements
- Tangible fixed assets +€506,291
up €506,291 (+1,458%), from €34,718 to €541,010
of which Land and buildings: +€480,134
- Receivables within one year +€118,369
up €118,369 (+108%), from €110,023 to €228,392
of which Trade receivables: +€83,918
- Cash -€68,121
down €68,121 (-34.0%), from €200,626 to €132,505
mainly Investment in fixed assets (net) (-€518,419) and Receivables within one year (-€118,369)
- Stocks and contracts -€21,961
down €21,961 (-48.7%), from €45,088 to €23,127
- Deferred charges and accrued income +€11,210
up €11,210 (+72.4%), from €15,478 to €26,688
- Debts after one year +€512,695
up €512,695 (+2,273%), from €22,553 to €535,248
- Trade debts +€85,490
up €85,490 (+392%), from €21,809 to €107,299
- Other debts -€33,025
down €33,025 (-100%), from €33,025 to €0
- Tax, wage and social debts -€23,818
down €23,818 (-75.4%), from €31,589 to €7,771
of which Taxes: -€15,387
- Profit (loss) carried forward +€10,170
up €10,170 (+4.2%), from €244,209 to €254,379
- Other operating charges +€60,713
up €60,713 (+8,236%), from €737 to €61,450
- Gross operating margin -€43,881
down €43,881 (-14.1%), from €310,552 to €266,671
- Taxes -€33,376
down €33,376 (-70.6%), from €47,299 to €13,923
- Write-downs +€12,129
new in 2025: €12,129
- Staff costs +€9,344
up €9,344 (+7.9%), from €118,420 to €127,764
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 | €406,057 | €951,846 | +€545,788 | +134% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €34,842 | €541,134 | +€506,291 | +1,453% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €34,718 | €541,010 | +€506,291 | +1,458% |
| Land and buildings | 22 | - | €480,134 | +€480,134 | |
| Plant, machinery and equipment | 23 | €4,339 | €3,937 | -€402 | -9.3% |
| Furniture and vehicles | 24 | €29,276 | €56,147 | +€26,871 | +91.8% |
| Other tangible fixed assets | 26 | €1,104 | €793 | -€311 | -28.2% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €371,215 | €410,712 | +€39,497 | +10.6% |
| Stocks and contracts in progress | 3 | €45,088 | €23,127 | -€21,961 | -48.7% |
| Stocks | 30/36 | €45,088 | €23,127 | -€21,961 | -48.7% |
| Amounts receivable within one year | 40/41 | €110,023 | €228,392 | +€118,369 | +108% |
| Trade receivables | 40 | €102,043 | €185,961 | +€83,918 | +82.2% |
| Other amounts receivable | 41 | €7,979 | €42,430 | +€34,451 | +432% |
| Cash at bank and in hand | 54/58 | €200,626 | €132,505 | -€68,121 | -34.0% |
| Deferred charges and accrued income | 490/1 | €15,478 | €26,688 | +€11,210 | +72.4% |
| Total equity and liabilities | 10/49 | €406,057 | €951,846 | +€545,788 | +134% |
| Equity | 10/15 | €264,209 | €274,379 | +€10,170 | +3.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €20,000 | +€20,000 | |
| Other | 1109/19 | - | €20,000 | +€20,000 | |
| Profit (loss) carried forward | 14 | €244,209 | €254,379 | +€10,170 | +4.2% |
| Amounts payable | 17/49 | €141,849 | €677,467 | +€535,618 | +378% |
| Amounts payable after more than one year | 17 | €22,553 | €535,248 | +€512,695 | +2,273% |
| Financial debts | 170/4 | €22,553 | €535,248 | +€512,695 | +2,273% |
| Amounts payable within one year | 42/48 | €117,932 | €141,709 | +€23,776 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €31,510 | €26,639 | -€4,871 | -15.5% |
| Trade debts | 44 | €21,809 | €107,299 | +€85,490 | +392% |
| Suppliers | 440/4 | €21,809 | €107,299 | +€85,490 | +392% |
| Taxes, remuneration and social security | 45 | €31,589 | €7,771 | -€23,818 | -75.4% |
| Taxes | 450/3 | €16,659 | €1,272 | -€15,387 | -92.4% |
| Remuneration and social security | 454/9 | €14,929 | €6,499 | -€8,431 | -56.5% |
| Other amounts payable | 47/48 | €33,025 | €0 | -€33,025 | -100% |
| Accrued charges and deferred income | 492/3 | €1,363 | €510 | -€854 | -62.6% |
| Remuneration, social security and pensions | 62 | €118,420 | €127,764 | +€9,344 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,640 | €12,128 | +€5,488 | +82.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,129 | +€12,129 | |
| Other operating charges | 640/8 | €737 | €61,450 | +€60,713 | +8,236% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €310,552 | €266,671 | -€43,881 | -14.1% |
| Operating profit (loss) | 9901 | €184,755 | €53,136 | -€131,618 | -71.2% |
| Financial income | 75/76B | €2,535 | €5,169 | +€2,634 | +104% |
| Recurring financial income | 75 | €2,535 | €5,169 | +€2,634 | +104% |
| Financial charges | 65/66B | €1,954 | €4,212 | +€2,258 | +116% |
| Recurring financial charges | 65 | €1,954 | €4,212 | +€2,258 | +116% |
| Profit (loss) for the period before taxes | 9903 | €185,336 | €54,094 | -€131,242 | -70.8% |
| Income taxes | 67/77 | €47,299 | €13,923 | -€33,376 | -70.6% |
| Profit (loss) for the period | 9904 | €138,037 | €40,170 | -€97,866 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €138,037 | €40,170 | -€97,866 | -70.9% |
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 14 October 2026 via checked.be.