Upstream Consulting: 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.
Upstream Consulting
Largest movements
- Tangible fixed assets -€20,869
down €20,869 (-53.1%), from €39,320 to €18,451
of which Furniture and vehicles: -€11,386
- Current investments +€12,698
new in 2025: €12,698
- Receivables within one year -€7,542
down €7,542 (-23.9%), from €31,519 to €23,977
of which Trade receivables: -€6,146
- Cash -€5,219
down €5,219 (-23.3%), from €22,417 to €17,198
mainly Contributions, distributions and other (-€110,000) and Other debts (-€31,208)
- Other debts -€31,208
down €31,208 (-54.3%), from €57,515 to €26,307
- Reserves +€15,387
new in 2025: €15,387
- Debts after one year -€6,218
down €6,218 (-56.5%), from €11,003 to €4,785
- Tax, wage and social debts +€4,800
up €4,800 (+20.9%), from €22,981 to €27,782
of which Remuneration and social security: +€3,520
- Trade debts -€3,102
down €3,102 (-49.5%), from €6,267 to €3,165
- Financial income -€39,535
down €39,535 (-97.0%), from €40,769 to €1,234
- Gross operating margin +€33,321
up €33,321 (+23.7%), from €140,478 to €173,799
- Depreciation -€4,912
down €4,912 (-26.6%), from €18,435 to €13,524
- Taxes +€2,864
up €2,864 (+9.5%), from €30,155 to €33,019
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 | €115,105 | €94,841 | -€20,264 | -17.6% |
| Fixed assets | 21/28 | €39,320 | €18,451 | -€20,869 | -53.1% |
| Tangible fixed assets | 22/27 | €39,320 | €18,451 | -€20,869 | -53.1% |
| Land and buildings | 22 | €680 | €454 | -€227 | -33.3% |
| Plant, machinery and equipment | 23 | €8,265 | €785 | -€7,479 | -90.5% |
| Furniture and vehicles | 24 | €16,887 | €5,501 | -€11,386 | -67.4% |
| Other tangible fixed assets | 26 | €13,488 | €11,711 | -€1,777 | -13.2% |
| Current assets | 29/58 | €75,786 | €76,390 | +€605 | +0.8% |
| Stocks and contracts in progress | 3 | €20,814 | €20,814 | = | 0.0% |
| Stocks | 30/36 | €20,814 | €20,814 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,519 | €23,977 | -€7,542 | -23.9% |
| Trade receivables | 40 | €30,123 | €23,977 | -€6,146 | -20.4% |
| Other amounts receivable | 41 | €1,396 | - | -€1,396 | |
| Current investments | 50/53 | - | €12,698 | +€12,698 | |
| Cash at bank and in hand | 54/58 | €22,417 | €17,198 | -€5,219 | -23.3% |
| Deferred charges and accrued income | 490/1 | €1,036 | €1,704 | +€668 | +64.5% |
| Total equity and liabilities | 10/49 | €115,105 | €94,841 | -€20,264 | -17.6% |
| Equity | 10/15 | €10,000 | €25,387 | +€15,387 | +154% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €15,387 | +€15,387 | |
| Distributable reserves | 133 | - | €15,387 | +€15,387 | |
| Amounts payable | 17/49 | €105,105 | €69,454 | -€35,651 | -33.9% |
| Amounts payable after more than one year | 17 | €11,003 | €4,785 | -€6,218 | -56.5% |
| Financial debts | 170/4 | €11,003 | €4,785 | -€6,218 | -56.5% |
| Amounts payable within one year | 42/48 | €92,803 | €63,472 | -€29,331 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €6,039 | €6,218 | +€179 | +3.0% |
| Trade debts | 44 | €6,267 | €3,165 | -€3,102 | -49.5% |
| Suppliers | 440/4 | €6,267 | €3,165 | -€3,102 | -49.5% |
| Taxes, remuneration and social security | 45 | €22,981 | €27,782 | +€4,800 | +20.9% |
| Taxes | 450/3 | €22,981 | €24,261 | +€1,280 | +5.6% |
| Remuneration and social security | 454/9 | - | €3,520 | +€3,520 | |
| Other amounts payable | 47/48 | €57,515 | €26,307 | -€31,208 | -54.3% |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,198 | -€102 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,435 | €13,524 | -€4,912 | -26.6% |
| Other operating charges | 640/8 | €724 | €429 | -€296 | -40.8% |
| Gross operating margin | 9900 | €140,478 | €173,799 | +€33,321 | +23.7% |
| Operating profit (loss) | 9901 | €121,318 | €159,846 | +€38,528 | +31.8% |
| Financial income | 75/76B | €40,769 | €1,234 | -€39,535 | -97.0% |
| Recurring financial income | 75 | €40,769 | €1,234 | -€39,535 | -97.0% |
| Financial charges | 65/66B | €2,661 | €2,675 | +€13 | +0.5% |
| Recurring financial charges | 65 | €2,661 | €2,675 | +€13 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €159,426 | €158,406 | -€1,020 | -0.6% |
| Income taxes | 67/77 | €30,155 | €33,019 | +€2,864 | +9.5% |
| Profit (loss) for the period | 9904 | €129,271 | €125,387 | -€3,884 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,271 | €125,387 | -€3,884 | -3.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.