UPSTREAM: 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.
UPSTREAM
Largest movements
- Current investments -€38,527
down €38,527 (-33.2%), from €116,094 to €77,567
- Cash +€13,091
up €13,091 (+19.5%), from €67,180 to €80,270
mainly Current investments (+€38,527) and Other debts (+€25,962)
- Tangible fixed assets +€10,348
up €10,348 (+22.7%), from €45,594 to €55,941
of which Furniture and vehicles: +€11,136
- Reserves -€35,000
down €35,000 (-29.7%), from €117,700 to €82,700
of which Distributable reserves: -€35,000
- Other debts +€25,962
up €25,962 (+183.1%), from €14,177 to €40,139
- Debts after one year -€7,070
down €7,070 (-85.7%), from €8,248 to €1,178
- Profit (loss) carried forward -€6,794
down €6,794 (-12.9%), from €52,735 to €45,941
- Trade debts +€4,603
up €4,603 (+92.4%), from €4,982 to €9,585
- Gross operating margin -€10,599
down €10,599 (-54.8%), from €19,331 to €8,732
- Depreciation +€2,676
up €2,676 (+23.2%), from €11,531 to €14,207
- Taxes -€1,406
down €1,406 (-83.7%), from €1,679 to €273
- Financial charges -€934
down €934 (-38.8%), from €2,405 to €1,471
- Financial income +€450
up €450 (+90.7%), from €496 to €946
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 | €253,375 | €235,457 | -€17,919 | -7.1% |
| Fixed assets | 21/28 | €45,594 | €55,941 | +€10,348 | +22.7% |
| Tangible fixed assets | 22/27 | €45,594 | €55,941 | +€10,348 | +22.7% |
| Plant, machinery and equipment | 23 | €8,236 | €7,447 | -€788 | -9.6% |
| Furniture and vehicles | 24 | €37,358 | €48,494 | +€11,136 | +29.8% |
| Current assets | 29/58 | €207,782 | €179,515 | -€28,266 | -13.6% |
| Amounts receivable within one year | 40/41 | €23,863 | €21,483 | -€2,381 | -10.0% |
| Trade receivables | 40 | €18,055 | €21,483 | +€3,428 | +19.0% |
| Other amounts receivable | 41 | €5,809 | - | -€5,809 | |
| Current investments | 50/53 | €116,094 | €77,567 | -€38,527 | -33.2% |
| Cash at bank and in hand | 54/58 | €67,180 | €80,270 | +€13,091 | +19.5% |
| Deferred charges and accrued income | 490/1 | €644 | €195 | -€449 | -69.7% |
| Total equity and liabilities | 10/49 | €253,375 | €235,457 | -€17,919 | -7.1% |
| Equity | 10/15 | €210,435 | €168,641 | -€41,794 | -19.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €117,700 | €82,700 | -€35,000 | -29.7% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €113,700 | €78,700 | -€35,000 | -30.8% |
| Profit (loss) carried forward | 14 | €52,735 | €45,941 | -€6,794 | -12.9% |
| Amounts payable | 17/49 | €42,941 | €66,816 | +€23,875 | +55.6% |
| Amounts payable after more than one year | 17 | €8,248 | €1,178 | -€7,070 | -85.7% |
| Financial debts | 170/4 | €8,248 | €1,178 | -€7,070 | -85.7% |
| Amounts payable within one year | 42/48 | €34,693 | €65,637 | +€30,945 | +89.2% |
| Current portion of amounts payable after more than one year | 42 | €7,070 | €7,070 | = | 0.0% |
| Financial debts | 43 | €4,098 | - | -€4,098 | |
| Credit institutions | 430/8 | €4,098 | - | -€4,098 | |
| Trade debts | 44 | €4,982 | €9,585 | +€4,603 | +92.4% |
| Suppliers | 440/4 | €4,982 | €9,585 | +€4,603 | +92.4% |
| Taxes, remuneration and social security | 45 | €4,366 | €8,843 | +€4,478 | +102.6% |
| Taxes | 450/3 | €4,366 | €8,843 | +€4,478 | +102.6% |
| Other amounts payable | 47/48 | €14,177 | €40,139 | +€25,962 | +183.1% |
| Non-recurring operating income | 76A | €7,240 | - | -€7,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,531 | €14,207 | +€2,676 | +23.2% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €19,331 | €8,732 | -€10,599 | -54.8% |
| Operating profit (loss) | 9901 | €7,295 | -€5,995 | -€13,290 | |
| Financial income | 75/76B | €496 | €946 | +€450 | +90.7% |
| Recurring financial income | 75 | €496 | €946 | +€450 | +90.7% |
| Financial charges | 65/66B | €2,405 | €1,471 | -€934 | -38.8% |
| Recurring financial charges | 65 | €2,405 | €1,471 | -€934 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €5,386 | -€6,521 | -€11,906 | |
| Income taxes | 67/77 | €1,679 | €273 | -€1,406 | -83.7% |
| Profit (loss) for the period | 9904 | €3,706 | -€6,794 | -€10,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,706 | -€6,794 | -€10,500 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.