UPSA Belgium: 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.
What changed
UPSA Belgium
NACE 46.460, Wholesale of pharmaceutical and medical goods
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €2.6m-€1.4m
Equity
€8.5m
2024 · €7.3m+€1.2m
Cash
€3.9m
2024 · €2.6m+€1.3m
Balance sheet total
€104.2m
2024 · €102.5m+€1.7m
Largest movements
Assets
- Intangible fixed assets -€9.5m
down €9.5m (-17.4%), from €54.6m to €45.1m
- Stocks and contracts +€7.8m
up €7.8m (+74.5%), from €10.4m to €18.2m
- Receivables within one year +€2.0m
up €2.0m (+5.7%), from €34.7m to €36.7m
of which Other amounts receivable: +€1.6m
- Cash +€1.3m
up €1.3m (+49.3%), from €2.6m to €3.9m
mainly Depreciation (+€9.5m) and Net result for the year (+€1.2m)
Equity and liabilities
- Profit (loss) carried forward +€1.2m
up €1.2m (+16.6%), from €7.2m to €8.4m
Income statement
- Staff costs +€1.2m
up €1.2m (+55.8%), from €2.2m to €3.5m
- Turnover +€884,681
up €884,681 (+1.5%), from €58.0m to €58.9m
- Services and other goods +€645,295
up €645,295 (+11.9%), from €5.4m to €6.1m
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
€2.6m
Turnover
+€884,681
Other operating income
-€461
Goods and materials
-€357,244
Services and other goods
-€645,295
Staff costs
-€1.2m
Depreciation
-€11,115
Write-downs
-€222,832
Provisions
-€4,266
Other operating charges
-€77,668
Other operating items
-€9,949
Financial income
-€213,589
Financial charges
+€2,157
Taxes
+€461,640
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.3m
Investment
+€405
Financing
€0
Cash 2024
€2.6m
From operations (derived)
+€1.3m
Net result for the year
+€1.2m
Depreciation
+€9.5m
Stocks and contracts
-€7.8m
Receivables within one year
-€2.0m
Deferred charges and accrued income
-€145,033
Provisions
+€423
Trade debts
+€249,984
Tax, wage and social debts
+€340,482
Other debts
-€123,281
Investment (derived)
+€405
Investment in fixed assets (net)
+€405
Cash 2025
€3.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €102,524,237 | €104,183,913 | +€1.7m | +1.6% |
| Fixed assets | 21/28 | €54,756,811 | €45,236,919 | -€9.5m | -17.4% |
| Intangible fixed assets | 21 | €54,581,522 | €45,089,084 | -€9.5m | -17.4% |
| Tangible fixed assets | 22/27 | €154,867 | €127,413 | -€27,453 | -17.7% |
| Plant, machinery and equipment | 23 | €53,685 | €72,626 | +€18,941 | +35.3% |
| Furniture and vehicles | 24 | €64,547 | €51,787 | -€12,760 | -19.8% |
| Assets under construction and advance payments | 27 | €36,634 | €3,000 | -€33,634 | -91.8% |
| Financial fixed assets | 28 | €20,422 | €20,422 | = | 0.0% |
| Other financial fixed assets | 284/8 | €20,422 | €20,422 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €20,422 | €20,422 | = | 0.0% |
| Current assets | 29/58 | €47,767,426 | €58,946,994 | +€11.2m | +23.4% |
| Stocks and contracts in progress | 3 | €10,406,700 | €18,160,499 | +€7.8m | +74.5% |
| Stocks | 30/36 | €10,406,700 | €18,160,499 | +€7.8m | +74.5% |
| Goods purchased for resale | 34 | €10,406,700 | €18,160,499 | +€7.8m | +74.5% |
| Amounts receivable within one year | 40/41 | €34,701,163 | €36,689,998 | +€2.0m | +5.7% |
| Trade receivables | 40 | €8,852,826 | €9,286,766 | +€433,939 | +4.9% |
| Other amounts receivable | 41 | €25,848,337 | €27,403,233 | +€1.6m | +6.0% |
| Cash at bank and in hand | 54/58 | €2,619,636 | €3,911,537 | +€1.3m | +49.3% |
| Deferred charges and accrued income | 490/1 | €39,927 | €184,960 | +€145,033 | +363% |
| Total equity and liabilities | 10/49 | €102,524,237 | €104,183,913 | +€1.7m | +1.6% |
| Equity | 10/15 | €7,272,806 | €8,464,875 | +€1.2m | +16.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €34,060 | €34,060 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,060 | €34,060 | = | 0.0% |
| Legal reserve | 130 | €34,060 | €34,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,177,247 | €8,369,316 | +€1.2m | +16.6% |
| Provisions and deferred taxes | 16 | €41,224 | €41,647 | +€423 | +1.0% |
| Provisions for liabilities and charges | 160/5 | €41,224 | €41,647 | +€423 | +1.0% |
| Other liabilities and charges | 164/5 | €41,224 | €41,647 | +€423 | +1.0% |
| Amounts payable | 17/49 | €95,210,206 | €95,677,391 | +€467,185 | +0.5% |
| Amounts payable after more than one year | 17 | €87,924,387 | €87,924,387 | = | 0.0% |
| Other amounts payable | 178/9 | €87,924,387 | €87,924,387 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,285,820 | €7,753,004 | +€467,185 | +6.4% |
| Trade debts | 44 | €6,198,814 | €6,448,799 | +€249,984 | +4.0% |
| Suppliers | 440/4 | €6,198,814 | €6,448,799 | +€249,984 | +4.0% |
| Taxes, remuneration and social security | 45 | €963,724 | €1,304,206 | +€340,482 | +35.3% |
| Taxes | 450/3 | €220,649 | €305,200 | +€84,551 | +38.3% |
| Remuneration and social security | 454/9 | €743,075 | €999,006 | +€255,930 | +34.4% |
| Other amounts payable | 47/48 | €123,281 | €0 | -€123,281 | -100% |
| Operating income | 70/76A | €57,976,506 | €58,860,726 | +€884,220 | +1.5% |
| Turnover | 70 | €57,975,652 | €58,860,333 | +€884,681 | +1.5% |
| Other operating income | 74 | €853 | €393 | -€461 | -54.0% |
| Operating charges | 60/66A | €53,923,650 | €56,494,729 | +€2.6m | +4.8% |
| Goods for resale, raw materials and consumables | 60 | €36,817,390 | €37,174,634 | +€357,244 | +1.0% |
| Purchases | 600/8 | €34,530,547 | €45,012,555 | +€10.5m | +30.4% |
| Change in stocks: decrease (increase) | 609 | €2,286,843 | -€7,837,921 | -€10.1m | |
| Services and other goods | 61 | €5,437,800 | €6,083,095 | +€645,295 | +11.9% |
| Remuneration, social security and pensions | 62 | €2,228,039 | €3,470,749 | +€1.2m | +55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,508,372 | €9,519,487 | +€11,115 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€138,710 | €84,122 | +€222,832 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,843 | €423 | +€4,266 | |
| Other operating charges | 640/8 | €74,602 | €152,270 | +€77,668 | +104% |
| Non-recurring operating charges | 66A | - | €9,949 | +€9,949 | |
| Operating profit (loss) | 9901 | €4,052,855 | €2,365,997 | -€1.7m | -41.6% |
| Financial income | 75/76B | €537,839 | €324,249 | -€213,589 | -39.7% |
| Recurring financial income | 75 | €537,839 | €324,249 | -€213,589 | -39.7% |
| Other financial income | 752/9 | €537,839 | €324,249 | -€213,589 | -39.7% |
| Financial charges | 65/66B | €1,060,259 | €1,058,102 | -€2,157 | -0.2% |
| Recurring financial charges | 65 | €1,060,259 | €1,058,102 | -€2,157 | -0.2% |
| Debt charges | 650 | €1,057,983 | €1,055,093 | -€2,891 | -0.3% |
| Other financial charges | 652/9 | €2,276 | €3,009 | +€734 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €3,530,435 | €1,632,145 | -€1.9m | -53.8% |
| Income taxes | 67/77 | €901,715 | €440,076 | -€461,640 | -51.2% |
| Taxes | 670/3 | €901,715 | €440,076 | -€461,640 | -51.2% |
| Profit (loss) for the period | 9904 | €2,628,720 | €1,192,069 | -€1.4m | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,628,720 | €1,192,069 | -€1.4m | -54.7% |
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 1 November 2026 via checked.be.