UPSILON PROCESS: 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 PROCESS
Largest movements
- Receivables within one year -€197,676
down €197,676 (-39.2%), from €504,405 to €306,729
of which Trade receivables: -€225,617
- Cash +€45,189
up €45,189 (+345%), from €13,083 to €58,272
mainly Receivables within one year (+€197,676) and Depreciation (+€59,410)
- Tangible fixed assets -€21,091
down €21,091 (-16.0%), from €131,409 to €110,318
of which Plant, machinery and equipment: -€17,665
- Deferred charges and accrued income -€8,964
down €8,964 (-77.5%), from €11,563 to €2,599
- Tax, wage and social debts -€50,279
down €50,279 (-31.0%), from €162,004 to €111,725
of which Taxes: -€66,920
- Other debts -€49,878
down €49,878 (-98.8%), from €50,488 to €610
- Profit (loss) carried forward -€26,922
down €26,922 (-46.4%), from €58,082 to €31,160
- Trade debts -€20,946
down €20,946 (-7.4%), from €284,025 to €263,079
- Debts after one year -€19,686
down €19,686 (-37.7%), from €52,186 to €32,500
- Gross operating margin +€243,215
up €243,215 (+40.7%), from €597,937 to €841,152
- Staff costs +€190,081
up €190,081 (+38.0%), from €499,971 to €690,052
- Financial charges +€17,212
up €17,212 (+458%), from €3,762 to €20,974
- Taxes +€14,271
up €14,271 (+102%), from €14,043 to €28,314
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 | €661,763 | €479,221 | -€182,542 | -27.6% |
| Fixed assets | 21/28 | €132,712 | €111,621 | -€21,091 | -15.9% |
| Tangible fixed assets | 22/27 | €131,409 | €110,318 | -€21,091 | -16.0% |
| Plant, machinery and equipment | 23 | €38,713 | €21,048 | -€17,665 | -45.6% |
| Furniture and vehicles | 24 | €45,020 | €38,275 | -€6,745 | -15.0% |
| Other tangible fixed assets | 26 | €47,676 | €50,995 | +€3,319 | +7.0% |
| Financial fixed assets | 28 | €1,303 | €1,303 | = | 0.0% |
| Current assets | 29/58 | €529,051 | €367,600 | -€161,451 | -30.5% |
| Amounts receivable within one year | 40/41 | €504,405 | €306,729 | -€197,676 | -39.2% |
| Trade receivables | 40 | €504,405 | €278,788 | -€225,617 | -44.7% |
| Other amounts receivable | 41 | - | €27,941 | +€27,941 | |
| Cash at bank and in hand | 54/58 | €13,083 | €58,272 | +€45,189 | +345% |
| Deferred charges and accrued income | 490/1 | €11,563 | €2,599 | -€8,964 | -77.5% |
| Total equity and liabilities | 10/49 | €661,763 | €479,221 | -€182,542 | -27.6% |
| Equity | 10/15 | €78,542 | €51,620 | -€26,922 | -34.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,082 | €31,160 | -€26,922 | -46.4% |
| Amounts payable | 17/49 | €583,221 | €427,601 | -€155,620 | -26.7% |
| Amounts payable after more than one year | 17 | €52,186 | €32,500 | -€19,686 | -37.7% |
| Financial debts | 170/4 | €52,186 | €32,500 | -€19,686 | -37.7% |
| Amounts payable within one year | 42/48 | €531,035 | €395,101 | -€135,934 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €34,518 | €19,687 | -€14,831 | -43.0% |
| Trade debts | 44 | €284,025 | €263,079 | -€20,946 | -7.4% |
| Suppliers | 440/4 | €284,025 | €263,079 | -€20,946 | -7.4% |
| Taxes, remuneration and social security | 45 | €162,004 | €111,725 | -€50,279 | -31.0% |
| Taxes | 450/3 | €98,683 | €31,763 | -€66,920 | -67.8% |
| Remuneration and social security | 454/9 | €63,321 | €79,962 | +€16,641 | +26.3% |
| Other amounts payable | 47/48 | €50,488 | €610 | -€49,878 | -98.8% |
| Remuneration, social security and pensions | 62 | €499,971 | €690,052 | +€190,081 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,924 | €59,410 | -€7,514 | -11.2% |
| Other operating charges | 640/8 | €8,511 | €7,527 | -€984 | -11.6% |
| Gross operating margin | 9900 | €597,937 | €841,152 | +€243,215 | +40.7% |
| Operating profit (loss) | 9901 | €22,531 | €84,163 | +€61,632 | +274% |
| Financial income | 75/76B | €39 | €203 | +€164 | +421% |
| Recurring financial income | 75 | €39 | €203 | +€164 | +421% |
| Financial charges | 65/66B | €3,762 | €20,974 | +€17,212 | +458% |
| Recurring financial charges | 65 | €3,762 | €20,974 | +€17,212 | +458% |
| Profit (loss) for the period before taxes | 9903 | €18,808 | €63,392 | +€44,584 | +237% |
| Income taxes | 67/77 | €14,043 | €28,314 | +€14,271 | +102% |
| Profit (loss) for the period | 9904 | €4,765 | €35,078 | +€30,313 | +636% |
| Profit (loss) for the period to be appropriated | 9905 | €4,765 | €35,078 | +€30,313 | +636% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.