UPWIND: 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.
UPWIND
Largest movements
- Tangible fixed assets -€36,094
down €36,094 (-63.4%), from €56,920 to €20,825
of which Furniture and vehicles: -€40,454
- Cash +€30,764
up €30,764 (+42.7%), from €72,039 to €102,803
mainly Investment in fixed assets (net) (+€29,262) and Net result for the year (+€14,412)
- Receivables within one year +€20,695
up €20,695 (+1,249%), from €1,656 to €22,351
of which Trade receivables: +€16,748
- Reserves +€14,412
up €14,412 (+3.0%), from €484,339 to €498,752
of which Distributable reserves: +€14,412
- Depreciation -€11,477
down €11,477 (-62.7%), from €18,309 to €6,832
- Financial income -€3,065
down €3,065 (-100.0%), from €3,066 to €1
- Taxes +€2,987
up €2,987 (+75.0%), from €3,985 to €6,971
- Gross operating margin +€1,527
up €1,527 (+3.6%), from €42,421 to €43,949
- Other operating charges +€1,080
up €1,080 (+50.0%), from €2,161 to €3,241
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 | €513,569 | €526,599 | +€13,030 | +2.5% |
| Fixed assets | 21/28 | €56,920 | €20,825 | -€36,094 | -63.4% |
| Tangible fixed assets | 22/27 | €56,920 | €20,825 | -€36,094 | -63.4% |
| Plant, machinery and equipment | 23 | €738 | €474 | -€264 | -35.8% |
| Furniture and vehicles | 24 | €47,853 | €7,398 | -€40,454 | -84.5% |
| Other tangible fixed assets | 26 | €3,633 | €12,953 | +€9,321 | +257% |
| Assets under construction and advance payments | 27 | €4,696 | - | -€4,696 | |
| Current assets | 29/58 | €456,650 | €505,774 | +€49,124 | +10.8% |
| Amounts receivable within one year | 40/41 | €1,656 | €22,351 | +€20,695 | +1,249% |
| Trade receivables | 40 | €1,463 | €18,211 | +€16,748 | +1,145% |
| Other amounts receivable | 41 | €194 | €4,140 | +€3,947 | +2,038% |
| Current investments | 50/53 | €380,000 | €380,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €72,039 | €102,803 | +€30,764 | +42.7% |
| Deferred charges and accrued income | 490/1 | €2,954 | €620 | -€2,334 | -79.0% |
| Total equity and liabilities | 10/49 | €513,569 | €526,599 | +€13,030 | +2.5% |
| Equity | 10/15 | €502,939 | €517,352 | +€14,412 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €484,339 | €498,752 | +€14,412 | +3.0% |
| Tax-exempt reserves | 132 | €132 | €132 | = | 0.0% |
| Distributable reserves | 133 | €484,208 | €498,620 | +€14,412 | +3.0% |
| Amounts payable | 17/49 | €10,630 | €9,248 | -€1,382 | -13.0% |
| Amounts payable within one year | 42/48 | €10,630 | €9,248 | -€1,382 | -13.0% |
| Trade debts | 44 | €1,782 | €1,193 | -€589 | -33.0% |
| Suppliers | 440/4 | €1,782 | €1,193 | -€589 | -33.0% |
| Taxes, remuneration and social security | 45 | €8,445 | €7,826 | -€620 | -7.3% |
| Taxes | 450/3 | €8,445 | €7,826 | -€620 | -7.3% |
| Other amounts payable | 47/48 | €403 | €229 | -€174 | -43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,309 | €6,832 | -€11,477 | -62.7% |
| Other operating charges | 640/8 | €2,161 | €3,241 | +€1,080 | +50.0% |
| Non-recurring operating charges | 66A | - | €12,459 | +€12,459 | |
| Gross operating margin | 9900 | €42,421 | €43,949 | +€1,527 | +3.6% |
| Operating profit (loss) | 9901 | €21,951 | €21,416 | -€535 | -2.4% |
| Financial income | 75/76B | €3,066 | €1 | -€3,065 | -100.0% |
| Recurring financial income | 75 | €3,066 | €1 | -€3,065 | -100.0% |
| Financial charges | 65/66B | €835 | €33 | -€802 | -96.1% |
| Recurring financial charges | 65 | €835 | €33 | -€802 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | €24,182 | €21,384 | -€2,798 | -11.6% |
| Income taxes | 67/77 | €3,985 | €6,971 | +€2,987 | +75.0% |
| Profit (loss) for the period | 9904 | €20,198 | €14,412 | -€5,785 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,198 | €14,412 | -€5,785 | -28.6% |
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 16 October 2026 via checked.be.