UPSILON: what changed
UPSILON
Largest movements
- Cash +€50,322
up €50,322 (+170%), from €29,646 to €79,968
mainly Net result for the year (+€246,837) and Tax, wage and social debts (+€20,236)
- Receivables within one year +€14,270
up €14,270 (+347%), from €4,112 to €18,382
of which Trade receivables: +€18,150
- Reserves +€116,597
up €116,597 (+13.8%), from €844,278 to €960,876
- Other debts -€69,837
down €69,837 (-65.9%), from €106,045 to €36,208
- Tax, wage and social debts +€20,236
up €20,236 (+132%), from €15,276 to €35,512
- Gross operating margin +€268,074
up €268,074 (+361%), from €74,297 to €342,371
- Taxes +€85,350
up €85,350 (+345%), from €24,715 to €110,065
- Financial income +€13,822
up €13,822 (+197%), from €7,005 to €20,827
- Financial charges -€7,341
down €7,341 (-67.6%), from €10,867 to €3,526
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €981,641 | €1,048,244 | +€66,603 | +6.8% |
| Fixed assets | 21/28 | €477,791 | €477,791 | = | 0.0% |
| Financial fixed assets | 28 | €477,791 | €477,791 | = | 0.0% |
| Current assets | 29/58 | €503,850 | €570,453 | +€66,603 | +13.2% |
| Amounts receivable within one year | 40/41 | €4,112 | €18,382 | +€14,270 | +347% |
| Trade receivables | 40 | - | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €4,112 | €232 | -€3,880 | -94.4% |
| Current investments | 50/53 | €470,092 | €470,092 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,646 | €79,968 | +€50,322 | +170% |
| Deferred charges and accrued income | 490/1 | - | €2,011 | +€2,011 | |
| Total equity and liabilities | 10/49 | €981,641 | €1,048,244 | +€66,603 | +6.8% |
| Equity | 10/15 | €856,678 | €973,276 | +€116,597 | +13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €844,278 | €960,876 | +€116,597 | +13.8% |
| Distributable reserves | 133 | €844,278 | €960,876 | +€116,597 | +13.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €124,963 | €74,969 | -€49,994 | -40.0% |
| Amounts payable within one year | 42/48 | €121,452 | €71,972 | -€49,480 | -40.7% |
| Trade debts | 44 | €131 | €252 | +€121 | +92.2% |
| Suppliers | 440/4 | €131 | €252 | +€121 | +92.2% |
| Taxes, remuneration and social security | 45 | €15,276 | €35,512 | +€20,236 | +132% |
| Taxes | 450/3 | €15,276 | €35,512 | +€20,236 | +132% |
| Other amounts payable | 47/48 | €106,045 | €36,208 | -€69,837 | -65.9% |
| Accrued charges and deferred income | 492/3 | €3,511 | €2,997 | -€514 | -14.6% |
| Other operating charges | 640/8 | €2,483 | €2,772 | +€288 | +11.6% |
| Gross operating margin | 9900 | €74,297 | €342,371 | +€268,074 | +361% |
| Operating profit (loss) | 9901 | €71,814 | €339,600 | +€267,786 | +373% |
| Financial income | 75/76B | €7,005 | €20,827 | +€13,822 | +197% |
| Recurring financial income | 75 | €7,005 | €20,827 | +€13,822 | +197% |
| Financial charges | 65/66B | €10,867 | €3,526 | -€7,341 | -67.6% |
| Recurring financial charges | 65 | €10,867 | €3,526 | -€7,341 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €67,952 | €356,901 | +€288,949 | +425% |
| Income taxes | 67/77 | €24,715 | €110,065 | +€85,350 | +345% |
| Profit (loss) for the period | 9904 | €43,237 | €246,837 | +€203,600 | +471% |
| Profit (loss) for the period to be appropriated | 9905 | €43,237 | €246,837 | +€203,600 | +471% |
Next steps
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 1 November 2026 via checked.be.