USEBEL: 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.
USEBEL
Largest movements
- Cash -€70,501
down €70,501 (-52.1%), from €135,281 to €64,780
mainly Net result for the year (-€35,239) and Investment in fixed assets (net) (-€14,313)
- Profit (loss) carried forward -€35,239
down €35,239 (-54.5%), from €64,673 to €29,434
- Depreciation +€2,338
up €2,338 (+233.9%), from €999 to €3,337
- Gross operating margin -€1,908
down €1,908 (-4.7%), from -€40,861 to -€42,769
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 | €3,212,738 | €3,166,339 | -€46,400 | -1.4% |
| Fixed assets | 21/28 | €2,646,458 | €2,657,434 | +€10,976 | +0.4% |
| Tangible fixed assets | 22/27 | €2,458 | €13,434 | +€10,976 | +446.6% |
| Plant, machinery and equipment | 23 | €2,458 | €13,434 | +€10,976 | +446.6% |
| Financial fixed assets | 28 | €2,644,000 | €2,644,000 | = | 0.0% |
| Current assets | 29/58 | €566,281 | €508,905 | -€57,375 | -10.1% |
| Amounts receivable after more than one year | 29 | €418,217 | €430,764 | +€12,547 | +3.0% |
| Other amounts receivable | 291 | €418,217 | €430,764 | +€12,547 | +3.0% |
| Cash at bank and in hand | 54/58 | €135,281 | €64,780 | -€70,501 | -52.1% |
| Deferred charges and accrued income | 490/1 | €12,782 | €13,361 | +€579 | +4.5% |
| Total equity and liabilities | 10/49 | €3,212,738 | €3,166,339 | -€46,400 | -1.4% |
| Equity | 10/15 | €2,595,350 | €2,560,111 | -€35,239 | -1.4% |
| Contributions | 10/11 | €286,341 | €286,341 | = | 0.0% |
| Capital | 10 | €286,341 | €286,341 | = | 0.0% |
| Issued capital | 100 | €286,341 | €286,341 | = | 0.0% |
| Reserves | 13 | €2,244,336 | €2,244,336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,634 | €28,634 | = | 0.0% |
| Legal reserve | 130 | €28,634 | €28,634 | = | 0.0% |
| Distributable reserves | 133 | €2,215,702 | €2,215,702 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,673 | €29,434 | -€35,239 | -54.5% |
| Amounts payable | 17/49 | €617,389 | €606,228 | -€11,161 | -1.8% |
| Amounts payable within one year | 42/48 | €617,389 | €606,228 | -€11,161 | -1.8% |
| Trade debts | 44 | €7,482 | €914 | -€6,568 | -87.8% |
| Suppliers | 440/4 | €7,482 | €914 | -€6,568 | -87.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €609,906 | €605,314 | -€4,592 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €999 | €3,337 | +€2,338 | +233.9% |
| Other operating charges | 640/8 | €1,192 | €1,253 | +€61 | +5.1% |
| Gross operating margin | 9900 | -€40,861 | -€42,769 | -€1,908 | -4.7% |
| Operating profit (loss) | 9901 | -€43,052 | -€47,359 | -€4,307 | -10.0% |
| Financial income | 75/76B | €12,547 | €12,829 | +€282 | +2.2% |
| Recurring financial income | 75 | €12,547 | €12,829 | +€282 | +2.2% |
| Financial charges | 65/66B | €704 | €709 | +€5 | +0.6% |
| Recurring financial charges | 65 | €704 | €709 | +€5 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€31,209 | -€35,239 | -€4,030 | -12.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€31,209 | -€35,239 | -€4,030 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,209 | -€35,239 | -€4,030 | -12.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.