UPSILON: 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.
UPSILON
Largest movements
- Current investments +€171,131
up €171,131 (+7.3%), from €2.3m to €2.5m
- Cash -€109,158
down €109,158 (-40.2%), from €271,349 to €162,191
mainly Current investments (-€171,131) and Other debts (-€17,862)
- Tangible fixed assets -€64,923
down €64,923 (-6.0%), from €1.1m to €1.0m
of which Land and buildings: -€42,141
No liability line moved by more than 1% of the balance sheet total.
- Other operating charges -€45,549
down €45,549 (-83.2%), from €54,752 to €9,203
- Financial income -€40,745
down €40,745 (-28.4%), from €143,676 to €102,932
- Depreciation +€15,899
up €15,899 (+27.8%), from €57,197 to €73,096
- Gross operating margin -€382
down €382 (-1.7%), from -€22,295 to -€22,677
- Financial charges -€265
down €265 (-9.2%), from €2,873 to €2,608
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 | €3,751,379 | €3,721,992 | -€29,387 | -0.8% |
| Fixed assets | 21/28 | €1,089,574 | €1,024,651 | -€64,923 | -6.0% |
| Tangible fixed assets | 22/27 | €1,089,574 | €1,024,651 | -€64,923 | -6.0% |
| Land and buildings | 22 | €984,379 | €942,239 | -€42,141 | -4.3% |
| Plant, machinery and equipment | 23 | €4,400 | €3,951 | -€449 | -10.2% |
| Furniture and vehicles | 24 | €92,395 | €70,719 | -€21,676 | -23.5% |
| Other tangible fixed assets | 26 | €8,399 | €7,741 | -€658 | -7.8% |
| Current assets | 29/58 | €2,661,805 | €2,697,342 | +€35,537 | +1.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €56,265 | €31,746 | -€24,519 | -43.6% |
| Trade receivables | 40 | €3,777 | €0 | -€3,777 | -100% |
| Other amounts receivable | 41 | €52,488 | €31,746 | -€20,742 | -39.5% |
| Current investments | 50/53 | €2,331,110 | €2,502,241 | +€171,131 | +7.3% |
| Cash at bank and in hand | 54/58 | €271,349 | €162,191 | -€109,158 | -40.2% |
| Deferred charges and accrued income | 490/1 | €3,081 | €1,163 | -€1,918 | -62.3% |
| Total equity and liabilities | 10/49 | €3,751,379 | €3,721,992 | -€29,387 | -0.8% |
| Equity | 10/15 | €2,583,347 | €2,578,407 | -€4,940 | -0.2% |
| Contributions | 10/11 | €1,462,500 | €1,462,500 | = | 0.0% |
| Capital | 10 | €1,462,500 | €1,462,500 | = | 0.0% |
| Issued capital | 100 | €1,462,500 | €1,462,500 | = | 0.0% |
| Reserves | 13 | €1,120,847 | €1,115,907 | -€4,940 | -0.4% |
| Non-distributable reserves | 130/1 | €146,250 | €146,250 | = | 0.0% |
| Legal reserve | 130 | €146,250 | €146,250 | = | 0.0% |
| Distributable reserves | 133 | €974,597 | €969,657 | -€4,940 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,168,032 | €1,143,585 | -€24,447 | -2.1% |
| Amounts payable within one year | 42/48 | €1,165,867 | €1,143,585 | -€22,282 | -1.9% |
| Trade debts | 44 | €6,020 | €4,831 | -€1,189 | -19.7% |
| Suppliers | 440/4 | €6,020 | €4,831 | -€1,189 | -19.7% |
| Taxes, remuneration and social security | 45 | €3,831 | €600 | -€3,231 | -84.3% |
| Taxes | 450/3 | €3,831 | €600 | -€3,231 | -84.3% |
| Other amounts payable | 47/48 | €1,156,016 | €1,138,154 | -€17,862 | -1.5% |
| Accrued charges and deferred income | 492/3 | €2,165 | €0 | -€2,165 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,197 | €73,096 | +€15,899 | +27.8% |
| Other operating charges | 640/8 | €54,752 | €9,203 | -€45,549 | -83.2% |
| Gross operating margin | 9900 | -€22,295 | -€22,677 | -€382 | -1.7% |
| Operating profit (loss) | 9901 | -€134,244 | -€104,976 | +€29,268 | +21.8% |
| Financial income | 75/76B | €143,676 | €102,932 | -€40,745 | -28.4% |
| Recurring financial income | 75 | €143,676 | €102,932 | -€40,745 | -28.4% |
| Financial charges | 65/66B | €2,873 | €2,608 | -€265 | -9.2% |
| Recurring financial charges | 65 | €2,873 | €2,608 | -€265 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €6,559 | -€4,652 | -€11,211 | |
| Income taxes | 67/77 | €218 | €288 | +€70 | +31.9% |
| Profit (loss) for the period | 9904 | €6,341 | -€4,940 | -€11,281 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,341 | -€4,940 | -€11,281 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.