USINA: 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.
USINA
Largest movements
- Stocks and contracts -€130,945
down €130,945 (-62.2%), from €210,388 to €79,443
- Cash -€125,882
down €125,882 (-49.6%), from €253,775 to €127,893
mainly Debts after one year (-€177,748) and Current investments (-€78,886)
- Receivables within one year -€90,502
down €90,502 (-55.3%), from €163,667 to €73,166
of which Trade receivables: -€105,555
- Current investments +€78,886
up €78,886 (+150%), from €52,652 to €131,537
- Tangible fixed assets -€15,716
down €15,716 (-5.7%), from €276,630 to €260,914
of which Land and buildings: -€16,313
- Debts after one year -€177,748
down €177,748 (-55.0%), from €322,927 to €145,179
- Trade debts -€58,446
down €58,446 (-44.1%), from €132,382 to €73,936
- Advances received -€50,000
down €50,000 (-100%), from €50,000 to €0
- Other debts -€45,032
down €45,032 (-76.1%), from €59,163 to €14,131
- Reserves +€25,000
up €25,000 (+27.2%), from €91,860 to €116,860
of which Distributable reserves: +€25,000
- Financial charges +€26,711
up €26,711 (+65.2%), from €40,971 to €67,682
of which Financial charges: +€26,711
- Taxes +€24,950
up €24,950 (+3,879%), from €643 to €25,593
- Staff costs +€10,290
up €10,290 (+8.1%), from €126,679 to €136,969
- Gross operating margin +€6,779
up €6,779 (+2.4%), from €281,603 to €288,383
- Financial income +€3,595
up €3,595 (+35.3%), from €10,183 to €13,778
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 | €962,002 | €677,100 | -€284,902 | -29.6% |
| Fixed assets | 21/28 | €278,618 | €262,902 | -€15,716 | -5.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €276,630 | €260,914 | -€15,716 | -5.7% |
| Land and buildings | 22 | €206,497 | €190,184 | -€16,313 | -7.9% |
| Plant, machinery and equipment | 23 | €36,920 | €34,543 | -€2,377 | -6.4% |
| Furniture and vehicles | 24 | €33,214 | €36,188 | +€2,974 | +9.0% |
| Financial fixed assets | 28 | €1,988 | €1,988 | = | 0.0% |
| Current assets | 29/58 | €683,385 | €414,198 | -€269,186 | -39.4% |
| Stocks and contracts in progress | 3 | €210,388 | €79,443 | -€130,945 | -62.2% |
| Stocks | 30/36 | €210,388 | €79,443 | -€130,945 | -62.2% |
| Amounts receivable within one year | 40/41 | €163,667 | €73,166 | -€90,502 | -55.3% |
| Trade receivables | 40 | €160,718 | €55,163 | -€105,555 | -65.7% |
| Other amounts receivable | 41 | €2,950 | €18,003 | +€15,053 | +510% |
| Current investments | 50/53 | €52,652 | €131,537 | +€78,886 | +150% |
| Cash at bank and in hand | 54/58 | €253,775 | €127,893 | -€125,882 | -49.6% |
| Deferred charges and accrued income | 490/1 | €2,902 | €2,159 | -€742 | -25.6% |
| Total equity and liabilities | 10/49 | €962,002 | €677,100 | -€284,902 | -29.6% |
| Equity | 10/15 | €152,924 | €180,308 | +€27,384 | +17.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €91,860 | €116,860 | +€25,000 | +27.2% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Distributable reserves | 133 | €91,860 | €116,860 | +€25,000 | +27.2% |
| Profit (loss) carried forward | 14 | €54,864 | €57,248 | +€2,384 | +4.3% |
| Amounts payable | 17/49 | €809,078 | €496,792 | -€312,286 | -38.6% |
| Amounts payable after more than one year | 17 | €322,927 | €145,179 | -€177,748 | -55.0% |
| Financial debts | 170/4 | €322,927 | €145,179 | -€177,748 | -55.0% |
| Amounts payable within one year | 42/48 | €483,191 | €351,365 | -€131,826 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €32,619 | €29,393 | -€3,227 | -9.9% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €132,382 | €73,936 | -€58,446 | -44.1% |
| Suppliers | 440/4 | €132,382 | €73,936 | -€58,446 | -44.1% |
| Advances received on contracts in progress | 46 | €50,000 | €0 | -€50,000 | -100% |
| Taxes, remuneration and social security | 45 | €9,026 | €33,905 | +€24,878 | +276% |
| Taxes | 450/3 | €5,800 | €26,749 | +€20,950 | +361% |
| Remuneration and social security | 454/9 | €3,227 | €7,155 | +€3,929 | +122% |
| Other amounts payable | 47/48 | €59,163 | €14,131 | -€45,032 | -76.1% |
| Accrued charges and deferred income | 492/3 | €2,960 | €248 | -€2,712 | -91.6% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €126,679 | €136,969 | +€10,290 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,614 | €39,636 | +€2,021 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €4,907 | €4,898 | -€9 | -0.2% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €281,603 | €288,383 | +€6,779 | +2.4% |
| Operating profit (loss) | 9901 | €112,403 | €106,880 | -€5,523 | -4.9% |
| Financial income | 75/76B | €10,183 | €13,778 | +€3,595 | +35.3% |
| Recurring financial income | 75 | €10,183 | €13,778 | +€3,595 | +35.3% |
| Financial charges | 65/66B | €40,971 | €67,682 | +€26,711 | +65.2% |
| Recurring financial charges | 65 | €40,971 | €67,682 | +€26,711 | +65.2% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €81,615 | €52,976 | -€28,638 | -35.1% |
| Income taxes | 67/77 | €643 | €25,593 | +€24,950 | +3,879% |
| Profit (loss) for the period | 9904 | €80,972 | €27,384 | -€53,588 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €80,972 | €27,384 | -€53,588 | -66.2% |
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 13 October 2026 via checked.be.