UpREstate: 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.
What changed
UpREstate
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€80,549
2024 · €87,200-€6,651
Equity
€6.8m
2024 · €6.7m+€74,883
Cash
€727,688
2024 · €3.1m-€2.3m
Balance sheet total
€37.3m
2024 · €38.1m-€788,469
Largest movements
Assets
- Receivables after one year -€5.5m
down €5.5m (-100.0%), from €5.5m to €0
- Financial fixed assets +€5.5m
up €5.5m (+276699.4%), from €2,000 to €5.5m
of which Affiliated companies: +€5.5m
- Cash -€2.3m
down €2.3m (-76.2%), from €3.1m to €727,688
mainly Investment in fixed assets (net) (-€8.6m) and Trade debts (-€2.0m)
- Tangible fixed assets +€1.2m
up €1.2m (+4.3%), from €29.1m to €30.4m
of which Plant, machinery and equipment: +€635,546
Equity and liabilities
- Trade debts -€2.0m
down €2.0m (-90.5%), from €2.2m to €212,371
- Debts after one year +€557,894
up €557,894 (+2.0%), from €27.8m to €28.3m
- Current portion of long-term debt +€550,894
up €550,894 (+38.1%), from €1.4m to €2.0m
Income statement
- Turnover +€1.8m
up €1.8m (+111.1%), from €1.6m to €3.4m
- Depreciation +€672,797
up €672,797 (+58.0%), from €1.2m to €1.8m
- Financial charges +€376,507
up €376,507 (+117.1%), from €321,475 to €697,982
- Services and other goods -€255,577
down €255,577 (-26.6%), from €959,392 to €703,816
- Other operating charges +€45,621
up €45,621 (+64.5%), from €70,708 to €116,329
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.
Result 2024
€87,200
Turnover
+€1.8m
Other operating income
+€23,301
Services and other goods
+€255,577
Depreciation
-€672,797
Other operating charges
-€45,621
Other operating items
-€976,605
Financial income
+€1,942
Financial charges
-€376,507
Taxes
-€22,199
Deferred taxes and other
+€250
Result 2025
€80,549
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.
From operations
+€5.2m
Investment
-€8.6m
Financing
+€1.1m
Cash 2024
€3.1m
From operations (derived)
+€5.2m
Net result for the year
+€80,549
Depreciation
+€1.8m
Receivables after one year
+€5.5m
Smaller working-capital items
-€2,232
Receivables within one year
-€279,160
Trade debts
-€2.0m
Tax, wage and social debts
+€29,745
Investment (derived)
-€8.6m
Investment in fixed assets (net)
-€8.6m
Financing
+€1.1m
Debts after one year
+€557,894
Current portion of long-term debt
+€550,894
Contributions, distributions and other
-€5,666
Cash 2025
€727,688
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,122,496 | €37,334,026 | -€788,469 | -2.1% |
| Fixed assets | 21/28 | €29,149,981 | €35,932,468 | +€6.8m | +23.3% |
| Tangible fixed assets | 22/27 | €29,147,981 | €30,396,479 | +€1.2m | +4.3% |
| Land and buildings | 22 | €12,859,542 | €13,383,784 | +€524,241 | +4.1% |
| Plant, machinery and equipment | 23 | €14,033,643 | €14,669,189 | +€635,546 | +4.5% |
| Assets under construction and advance payments | 27 | €2,254,796 | €2,343,507 | +€88,711 | +3.9% |
| Financial fixed assets | 28 | €2,000 | €5,535,988 | +€5.5m | +276699.4% |
| Affiliated companies | 280/1 | - | €5,535,988 | +€5.5m | |
| Amounts receivable | 281 | - | €5,535,988 | +€5.5m | |
| Other financial fixed assets | 284/8 | €2,000 | €0 | -€2,000 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,000 | €0 | -€2,000 | -100.0% |
| Current assets | 29/58 | €8,972,514 | €1,401,559 | -€7.6m | -84.4% |
| Amounts receivable after more than one year | 29 | €5,535,988 | €0 | -€5.5m | -100.0% |
| Other amounts receivable | 291 | €5,535,988 | €0 | -€5.5m | -100.0% |
| Stocks and contracts in progress | 3 | €357,368 | €378,093 | +€20,725 | +5.8% |
| Stocks | 30/36 | €357,368 | €378,093 | +€20,725 | +5.8% |
| Goods purchased for resale | 34 | €357,368 | €378,093 | +€20,725 | +5.8% |
| Amounts receivable within one year | 40/41 | €16,276 | €295,436 | +€279,160 | +1715.1% |
| Trade receivables | 40 | €2,660 | €295,436 | +€292,777 | +11007.3% |
| Other amounts receivable | 41 | €13,616 | €0 | -€13,616 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,061,991 | €727,688 | -€2.3m | -76.2% |
| Deferred charges and accrued income | 490/1 | €891 | €342 | -€549 | -61.6% |
| Total equity and liabilities | 10/49 | €38,122,496 | €37,334,026 | -€788,469 | -2.1% |
| Equity | 10/15 | €6,680,432 | €6,755,315 | +€74,883 | +1.1% |
| Contributions | 10/11 | €80,201 | €80,201 | = | 0.0% |
| Capital | 10 | €79,516 | €79,516 | = | 0.0% |
| Issued capital | 100 | €79,516 | €79,516 | = | 0.0% |
| Outside capital | 11 | €685 | €685 | = | 0.0% |
| Share premium | 1100/10 | €685 | €685 | = | 0.0% |
| Reserves | 13 | €6,580,568 | €6,657,952 | +€77,383 | +1.2% |
| Non-distributable reserves | 130/1 | €7,952 | €7,952 | = | 0.0% |
| Legal reserve | 130 | €7,952 | €7,952 | = | 0.0% |
| Distributable reserves | 133 | €6,572,617 | €6,650,000 | +€77,383 | +1.2% |
| Profit (loss) carried forward | 14 | - | €3,165 | +€3,165 | |
| Investment grants | 15 | €19,663 | €13,997 | -€5,666 | -28.8% |
| Provisions and deferred taxes | 16 | - | €4,666 | +€4,666 | |
| Deferred taxes | 168 | - | €4,666 | +€4,666 | |
| Amounts payable | 17/49 | €31,442,063 | €30,574,045 | -€868,018 | -2.8% |
| Amounts payable after more than one year | 17 | €27,752,699 | €28,310,593 | +€557,894 | +2.0% |
| Financial debts | 170/4 | €27,752,699 | €28,310,593 | +€557,894 | +2.0% |
| Credit institutions | 173 | €27,752,699 | €28,310,593 | +€557,894 | +2.0% |
| Amounts payable within one year | 42/48 | €3,680,840 | €2,241,649 | -€1.4m | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €1,444,256 | €1,995,150 | +€550,894 | +38.1% |
| Trade debts | 44 | €2,232,200 | €212,371 | -€2.0m | -90.5% |
| Suppliers | 440/4 | €2,232,200 | €212,371 | -€2.0m | -90.5% |
| Taxes, remuneration and social security | 45 | €4,383 | €34,128 | +€29,745 | +678.6% |
| Taxes | 450/3 | €4,383 | €34,128 | +€29,745 | +678.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €8,524 | €21,803 | +€13,279 | +155.8% |
| Operating income | 70/76A | €2,601,797 | €3,454,502 | +€852,705 | +32.8% |
| Turnover | 70 | €1,625,192 | €3,431,201 | +€1.8m | +111.1% |
| Other operating income | 74 | €0 | €23,301 | +€23,301 | |
| Non-recurring operating income | 76A | €976,605 | €0 | -€976,605 | -100.0% |
| Operating charges | 60/66A | €2,189,700 | €2,652,542 | +€462,842 | +21.1% |
| Purchases | 600/8 | €357,368 | €20,725 | -€336,643 | -94.2% |
| Change in stocks: decrease (increase) | 609 | -€357,368 | -€20,725 | +€336,643 | +94.2% |
| Services and other goods | 61 | €959,392 | €703,816 | -€255,577 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,159,600 | €1,832,397 | +€672,797 | +58.0% |
| Other operating charges | 640/8 | €70,708 | €116,329 | +€45,621 | +64.5% |
| Operating profit (loss) | 9901 | €412,097 | €801,960 | +€389,863 | +94.6% |
| Financial income | 75/76B | €1,228 | €3,170 | +€1,942 | +158.1% |
| Recurring financial income | 75 | €1,228 | €3,170 | +€1,942 | +158.1% |
| Income from current assets | 751 | €891 | €2,349 | +€1,459 | +163.8% |
| Other financial income | 752/9 | €338 | €821 | +€484 | +143.2% |
| Financial charges | 65/66B | €321,475 | €697,982 | +€376,507 | +117.1% |
| Recurring financial charges | 65 | €321,475 | €697,982 | +€376,507 | +117.1% |
| Debt charges | 650 | €316,835 | €696,351 | +€379,517 | +119.8% |
| Other financial charges | 652/9 | €4,641 | €1,631 | -€3,010 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | €91,850 | €107,148 | +€15,298 | +16.7% |
| Transfer from deferred taxes | 780 | - | €250 | +€250 | |
| Income taxes | 67/77 | €4,650 | €26,850 | +€22,199 | +477.4% |
| Taxes | 670/3 | €4,650 | €26,850 | +€22,199 | +477.4% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €87,200 | €80,549 | -€6,651 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,200 | €80,549 | -€6,651 | -7.6% |
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 6 October 2026 via checked.be.