UPscale: 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.
UPscale
Largest movements
- Financial fixed assets +€26.2m
up €26.2m (+19.6%), from €133.8m to €160.0m
- Receivables within one year +€8.4m
up €8.4m (+507.6%), from €1.7m to €10.0m
- Other debts +€26.9m
up €26.9m (+186.3%), from €14.5m to €41.4m
- Advances received +€9.8m
up €9.8m (+85.3%), from €11.4m to €21.2m
- Short-term financial debts -€2.0m
down €2.0m (-5.7%), from €35.0m to €33.0m
- Gross operating margin -€4.8m
down €4.8m (-57.7%), from €8.4m to €3.6m
- Financial charges -€1.7m
down €1.7m (-52.6%), from €3.2m to €1.5m
of which Non-recurring financial charges: -€1.8m
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 | €135,945,269 | €171,242,286 | +€35.3m | +26.0% |
| Fixed assets | 21/28 | €133,814,033 | €159,996,735 | +€26.2m | +19.6% |
| Financial fixed assets | 28 | €133,814,033 | €159,996,735 | +€26.2m | +19.6% |
| Current assets | 29/58 | €2,131,236 | €11,245,551 | +€9.1m | +427.7% |
| Amounts receivable within one year | 40/41 | €1,650,210 | €10,027,200 | +€8.4m | +507.6% |
| Other amounts receivable | 41 | €1,650,210 | €10,027,200 | +€8.4m | +507.6% |
| Cash at bank and in hand | 54/58 | €481,026 | €1,218,351 | +€737,325 | +153.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €135,945,269 | €171,242,286 | +€35.3m | +26.0% |
| Equity | 10/15 | €75,034,598 | €75,576,952 | +€542,355 | +0.7% |
| Contributions | 10/11 | €18,578,143 | €18,578,143 | = | 0.0% |
| Reserves | 13 | €56,456,455 | €56,998,810 | +€542,355 | +1.0% |
| Distributable reserves | 133 | €56,456,455 | €56,998,810 | +€542,355 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,910,671 | €95,665,334 | +€34.8m | +57.1% |
| Amounts payable within one year | 42/48 | €60,901,057 | €95,592,627 | +€34.7m | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €35,000,000 | €33,000,000 | -€2.0m | -5.7% |
| Credit institutions | 430/8 | €35,000,000 | €33,000,000 | -€2.0m | -5.7% |
| Advances received on contracts in progress | 46 | €11,449,500 | €21,216,838 | +€9.8m | +85.3% |
| Other amounts payable | 47/48 | €14,451,557 | €41,375,789 | +€26.9m | +186.3% |
| Accrued charges and deferred income | 492/3 | €9,615 | €72,707 | +€63,092 | +656.2% |
| Non-recurring operating income | 76A | €8,283,318 | €3,492,862 | -€4.8m | -57.8% |
| Other operating charges | 640/8 | €1,202 | €1,215 | +€12 | +1.0% |
| Non-recurring operating charges | 66A | €3,000 | €0 | -€3,000 | -100.0% |
| Gross operating margin | 9900 | €8,402,509 | €3,557,640 | -€4.8m | -57.7% |
| Operating profit (loss) | 9901 | €8,398,306 | €3,556,425 | -€4.8m | -57.7% |
| Financial income | 75/76B | €7,620 | €3,300 | -€4,320 | -56.7% |
| Recurring financial income | 75 | €7,620 | €3,300 | -€4,320 | -56.7% |
| Financial charges | 65/66B | €3,198,528 | €1,517,371 | -€1.7m | -52.6% |
| Recurring financial charges | 65 | €1,398,528 | €1,517,371 | +€118,842 | +8.5% |
| Non-recurring financial charges | 66B | €1,800,000 | €0 | -€1.8m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €5,207,398 | €2,042,355 | -€3.2m | -60.8% |
| Profit (loss) for the period | 9904 | €5,207,398 | €2,042,355 | -€3.2m | -60.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €5,207,398 | €2,042,355 | -€3.2m | -60.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.