USelect: 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.
What changed
USelect
NACE 11.050, Manufacture of beer
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · -€59,577+€1.2m
Equity
€1.1m
2024 · -€29,968+€1.2m
Cash
€83,814
2024 · €39,222+€44,592
Balance sheet total
€6.8m
2024 · €8.2m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€2.7m
down €2.7m (-66.9%), from €4.0m to €1.3m
of which Leasing and similar rights: -€2.6m
- Financial fixed assets +€2.4m
up €2.4m (+31206.4%), from €7,605 to €2.4m
- Receivables within one year -€1.0m
down €1.0m (-31.3%), from €3.3m to €2.3m
of which Trade receivables: -€1.0m
Equity and liabilities
- Other debts -€1.4m
down €1.4m (-84.7%), from €1.7m to €257,051
- Profit (loss) carried forward +€1.2m
up €1.2m (+83.6%), from -€1.4m to -€226,967
- Current portion of long-term debt -€983,041
down €983,041 (-89.4%), from €1.1m to €116,268
- Short-term financial debts -€742,087
down €742,087 (-62.9%), from €1.2m to €437,509
- Tax, wage and social debts +€692,830
up €692,830 (+345.3%), from €200,652 to €893,482
of which Taxes: +€735,868
Income statement
- Gross operating margin +€1.3m
up €1.3m (+47.8%), from €2.7m to €4.0m
- Depreciation -€239,653
down €239,653 (-44.0%), from €545,108 to €305,455
- Write-downs +€202,713
up €202,713, from -€4,141 to €198,572
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.
Result 2024
-€59,577
Gross operating margin
+€1.3m
Staff costs
-€5,908
Depreciation
+€239,653
Write-downs
-€202,713
Other operating charges
+€29,007
Other operating items
-€113,885
Financial income
+€1,560
Financial charges
+€4,267
Taxes
-€19,338
Result 2025
€1.2m
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.
From operations
+€1.3m
Investment
+€42,788
Financing
-€1.3m
Cash 2024
€39,222
From operations (derived)
+€1.3m
Net result for the year
+€1.2m
Depreciation
+€305,455
Stocks and contracts
+€71,148
Receivables within one year
+€1.0m
Deferred charges and accrued income
-€42,604
Trade debts
-€478,994
Tax, wage and social debts
+€692,830
Other debts
-€1.4m
Accrued charges and deferred income
-€32,273
Investment (derived)
+€42,788
Investment in fixed assets (net)
+€42,788
Financing
-€1.3m
Debts after one year
+€432,656
Current portion of long-term debt
-€983,041
Short-term financial debts
-€742,087
Cash 2025
€83,814
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,228,680 | €6,848,689 | -€1.4m | -16.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €4,151,293 | €3,803,050 | -€348,243 | -8.4% |
| Intangible fixed assets | 21 | €151,496 | €101,098 | -€50,397 | -33.3% |
| Tangible fixed assets | 22/27 | €3,992,192 | €1,321,117 | -€2.7m | -66.9% |
| Plant, machinery and equipment | 23 | €1,317,607 | €1,240,692 | -€76,915 | -5.8% |
| Furniture and vehicles | 24 | €7,145 | €17,315 | +€10,170 | +142.3% |
| Leasing and similar rights | 25 | €2,590,921 | €0 | -€2.6m | -100.0% |
| Other tangible fixed assets | 26 | €76,520 | €63,111 | -€13,409 | -17.5% |
| Financial fixed assets | 28 | €7,605 | €2,380,834 | +€2.4m | +31206.4% |
| Current assets | 29/58 | €4,077,387 | €3,045,639 | -€1.0m | -25.3% |
| Stocks and contracts in progress | 3 | €686,167 | €615,019 | -€71,148 | -10.4% |
| Stocks | 30/36 | €686,167 | €615,019 | -€71,148 | -10.4% |
| Amounts receivable within one year | 40/41 | €3,343,355 | €2,295,559 | -€1.0m | -31.3% |
| Trade receivables | 40 | €3,310,976 | €2,292,603 | -€1.0m | -30.8% |
| Other amounts receivable | 41 | €32,379 | €2,955 | -€29,424 | -90.9% |
| Cash at bank and in hand | 54/58 | €39,222 | €83,814 | +€44,592 | +113.7% |
| Deferred charges and accrued income | 490/1 | €8,643 | €51,246 | +€42,604 | +492.9% |
| Total equity and liabilities | 10/49 | €8,228,680 | €6,848,689 | -€1.4m | -16.8% |
| Equity | 10/15 | -€29,968 | €1,124,332 | +€1.2m | |
| Contributions | 10/11 | €1,351,299 | €1,351,299 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,381,267 | -€226,967 | +€1.2m | +83.6% |
| Amounts payable | 17/49 | €8,258,648 | €5,724,357 | -€2.5m | -30.7% |
| Amounts payable after more than one year | 17 | €2,335,909 | €2,768,564 | +€432,656 | +18.5% |
| Financial debts | 170/4 | €2,335,909 | €143,693 | -€2.2m | -93.8% |
| Other amounts payable | 178/9 | - | €2,624,871 | +€2.6m | |
| Amounts payable within one year | 42/48 | €5,889,920 | €2,955,246 | -€2.9m | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €1,099,308 | €116,268 | -€983,041 | -89.4% |
| Financial debts | 43 | €1,179,596 | €437,509 | -€742,087 | -62.9% |
| Credit institutions | 430/8 | €1,179,596 | €437,509 | -€742,087 | -62.9% |
| Trade debts | 44 | €1,729,930 | €1,250,937 | -€478,994 | -27.7% |
| Suppliers | 440/4 | €1,729,930 | €1,250,937 | -€478,994 | -27.7% |
| Taxes, remuneration and social security | 45 | €200,652 | €893,482 | +€692,830 | +345.3% |
| Taxes | 450/3 | €34,929 | €770,797 | +€735,868 | +2106.7% |
| Remuneration and social security | 454/9 | €165,722 | €122,685 | -€43,038 | -26.0% |
| Other amounts payable | 47/48 | €1,680,434 | €257,051 | -€1.4m | -84.7% |
| Accrued charges and deferred income | 492/3 | €32,819 | €546 | -€32,273 | -98.3% |
| Non-recurring operating income | 76A | €1,357 | €2,359,079 | +€2.4m | +173685.0% |
| Remuneration, social security and pensions | 62 | €1,390,901 | €1,396,809 | +€5,908 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545,108 | €305,455 | -€239,653 | -44.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,141 | €198,572 | +€202,713 | |
| Other operating charges | 640/8 | €483,693 | €454,687 | -€29,007 | -6.0% |
| Non-recurring operating charges | 66A | - | €113,885 | +€113,885 | |
| Gross operating margin | 9900 | €2,680,100 | €3,961,334 | +€1.3m | +47.8% |
| Operating profit (loss) | 9901 | €264,538 | €1,491,927 | +€1.2m | +464.0% |
| Financial income | 75/76B | €4,571 | €6,130 | +€1,560 | +34.1% |
| Recurring financial income | 75 | €4,571 | €6,130 | +€1,560 | +34.1% |
| Financial charges | 65/66B | €327,486 | €323,219 | -€4,267 | -1.3% |
| Recurring financial charges | 65 | €327,486 | €323,219 | -€4,267 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€58,377 | €1,174,838 | +€1.2m | |
| Income taxes | 67/77 | €1,200 | €20,538 | +€19,338 | +1611.5% |
| Profit (loss) for the period | 9904 | -€59,577 | €1,154,300 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,577 | €1,154,300 | +€1.2m |
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 3 October 2026 via checked.be.