UPM BRUXELLES: what changed
What changed
UPM BRUXELLES
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€350,663
2024 · €279,217-€629,880
Equity
€919,348
2024 · €1.3m-€350,663
Cash
€827,498
2024 · €571,349+€256,149
Balance sheet total
€5.6m
2024 · €5.0m+€571,474
Largest movements
Assets
- Receivables within one year +€562,354
up €562,354 (+42.6%), from €1.3m to €1.9m
of which Trade receivables: +€560,795
- Stocks and contracts -€356,230
down €356,230 (-32.8%), from €1.1m to €730,841
- Cash +€256,149
up €256,149 (+44.8%), from €571,349 to €827,498
mainly Trade debts (+€598,697) and Short-term financial debts (+€465,972)
- Deferred charges and accrued income +€75,569
up €75,569 (+685%), from €11,034 to €86,603
Equity and liabilities
- Trade debts +€598,697
up €598,697 (+80.3%), from €745,913 to €1.3m
of which Bills of exchange payable: +€471,020
- Short-term financial debts +€465,972
up €465,972 (+30.6%), from €1.5m to €2.0m
of which Other loans: +€700,000
- Profit (loss) carried forward -€350,663
new in 2025: -€350,663
- Accrued charges and deferred income -€240,708
down €240,708 (-91.0%), from €264,620 to €23,912
- Other debts +€95,298
up €95,298 (+10.5%), from €906,250 to €1.0m
Income statement
- Gross operating margin -€724,288
down €724,288 (-33.7%), from €2.2m to €1.4m
- Staff costs -€157,031
down €157,031 (-11.2%), from €1.4m to €1.2m
- Financial charges +€144,395
up €144,395 (+106%), from €136,556 to €280,951
of which Non-recurring financial charges: +€184,895
- Other operating charges -€75,624
down €75,624 (-43.1%), from €175,362 to €99,738
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€279,217
Gross operating margin
-€724,288
Staff costs
+€157,031
Depreciation
-€5,349
Other operating charges
+€75,624
Other operating items
+€13,360
Financial income
-€1,169
Financial charges
-€144,395
Taxes
-€693
Result 2025
-€350,663
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€17,378
Investment
-€187,404
Financing
+€426,175
Cash 2024
€571,349
From operations (derived)
+€17,378
Net result for the year
-€350,663
Depreciation
+€153,772
Stocks and contracts
+€356,230
Receivables within one year
-€562,354
Deferred charges and accrued income
-€75,569
Trade debts
+€598,697
Tax, wage and social debts
+€42,675
Other debts
+€95,298
Accrued charges and deferred income
-€240,708
Investment (derived)
-€187,404
Investment in fixed assets (net)
-€187,404
Financing
+€426,175
Debts after one year
-€37,343
Current portion of long-term debt
-€2,455
Short-term financial debts
+€465,972
Cash 2025
€827,498
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,996,893 | €5,568,367 | +€571,474 | +11.4% |
| Fixed assets | 21/28 | €2,005,895 | €2,039,526 | +€33,631 | +1.7% |
| Intangible fixed assets | 21 | €51,361 | €33,187 | -€18,174 | -35.4% |
| Tangible fixed assets | 22/27 | €1,941,715 | €1,996,342 | +€54,627 | +2.8% |
| Land and buildings | 22 | €1,692,357 | €1,619,962 | -€72,396 | -4.3% |
| Plant, machinery and equipment | 23 | €226,141 | €324,491 | +€98,350 | +43.5% |
| Furniture and vehicles | 24 | €23,216 | €21,797 | -€1,420 | -6.1% |
| Other tangible fixed assets | 26 | - | €30,092 | +€30,092 | |
| Financial fixed assets | 28 | €12,818 | €9,997 | -€2,821 | -22.0% |
| Current assets | 29/58 | €2,990,999 | €3,528,841 | +€537,842 | +18.0% |
| Stocks and contracts in progress | 3 | €1,087,071 | €730,841 | -€356,230 | -32.8% |
| Stocks | 30/36 | €1,087,071 | €730,841 | -€356,230 | -32.8% |
| Amounts receivable within one year | 40/41 | €1,321,545 | €1,883,899 | +€562,354 | +42.6% |
| Trade receivables | 40 | €1,292,580 | €1,853,375 | +€560,795 | +43.4% |
| Other amounts receivable | 41 | €28,964 | €30,524 | +€1,559 | +5.4% |
| Cash at bank and in hand | 54/58 | €571,349 | €827,498 | +€256,149 | +44.8% |
| Deferred charges and accrued income | 490/1 | €11,034 | €86,603 | +€75,569 | +685% |
| Total equity and liabilities | 10/49 | €4,996,893 | €5,568,367 | +€571,474 | +11.4% |
| Equity | 10/15 | €1,270,011 | €919,348 | -€350,663 | -27.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,251,461 | €1,251,461 | = | 0.0% |
| Distributable reserves | 133 | €1,251,461 | €1,251,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€350,663 | -€350,663 | |
| Amounts payable | 17/49 | €3,726,882 | €4,649,019 | +€922,137 | +24.7% |
| Amounts payable after more than one year | 17 | €134,193 | €96,850 | -€37,343 | -27.8% |
| Financial debts | 170/4 | €134,193 | €96,850 | -€37,343 | -27.8% |
| Amounts payable within one year | 42/48 | €3,328,070 | €4,528,257 | +€1.2m | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €34,844 | €32,389 | -€2,455 | -7.0% |
| Financial debts | 43 | €1,522,580 | €1,988,552 | +€465,972 | +30.6% |
| Credit institutions | 430/8 | €1,522,580 | €1,288,552 | -€234,028 | -15.4% |
| Other loans | 439 | - | €700,000 | +€700,000 | |
| Trade debts | 44 | €745,913 | €1,344,610 | +€598,697 | +80.3% |
| Suppliers | 440/4 | €737,882 | €865,559 | +€127,677 | +17.3% |
| Bills of exchange payable | 441 | €8,031 | €479,051 | +€471,020 | +5,865% |
| Taxes, remuneration and social security | 45 | €118,483 | €161,158 | +€42,675 | +36.0% |
| Taxes | 450/3 | €2,016 | €33,310 | +€31,295 | +1,553% |
| Remuneration and social security | 454/9 | €116,468 | €127,848 | +€11,380 | +9.8% |
| Other amounts payable | 47/48 | €906,250 | €1,001,548 | +€95,298 | +10.5% |
| Accrued charges and deferred income | 492/3 | €264,620 | €23,912 | -€240,708 | -91.0% |
| Non-recurring operating income | 76A | €189 | €40,355 | +€40,166 | +21,303% |
| Remuneration, social security and pensions | 62 | €1,399,355 | €1,242,324 | -€157,031 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,424 | €153,772 | +€5,349 | +3.6% |
| Other operating charges | 640/8 | €175,362 | €99,738 | -€75,624 | -43.1% |
| Non-recurring operating charges | 66A | €13,360 | €0 | -€13,360 | -100% |
| Gross operating margin | 9900 | €2,151,096 | €1,426,808 | -€724,288 | -33.7% |
| Operating profit (loss) | 9901 | €414,596 | -€69,027 | -€483,623 | |
| Financial income | 75/76B | €1,397 | €227 | -€1,169 | -83.7% |
| Recurring financial income | 75 | €1,397 | €227 | -€1,169 | -83.7% |
| Financial charges | 65/66B | €136,556 | €280,951 | +€144,395 | +106% |
| Recurring financial charges | 65 | €136,556 | €96,056 | -€40,500 | -29.7% |
| Non-recurring financial charges | 66B | - | €184,895 | +€184,895 | |
| Profit (loss) for the period before taxes | 9903 | €279,437 | -€349,751 | -€629,187 | |
| Income taxes | 67/77 | €220 | €912 | +€693 | +315% |
| Profit (loss) for the period | 9904 | €279,217 | -€350,663 | -€629,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €279,217 | -€350,663 | -€629,880 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.