USIREC: 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.
USIREC
Largest movements
- Cash -€62,309
down €62,309 (-41.8%), from €148,927 to €86,618
mainly Net result for the year (-€50,937) and Stocks and contracts (-€17,404)
- Stocks and contracts +€17,404
up €17,404 (+25.4%), from €68,579 to €85,984
- Tangible fixed assets -€10,132
down €10,132 (-28.2%), from €35,927 to €25,794
of which Plant, machinery and equipment: -€10,829
- Reserves -€50,937
down €50,937 (-21.7%), from €234,337 to €183,400
of which Distributable reserves: -€50,937
- Tax, wage and social debts -€14,859
down €14,859 (-41.6%), from €35,711 to €20,852
of which Remuneration and social security: -€8,686
- Trade debts +€10,561
up €10,561 (+135%), from €7,851 to €18,412
- Gross operating margin -€114,237
down €114,237 (-42.1%), from €271,333 to €157,096
- Staff costs -€10,816
down €10,816 (-5.3%), from €204,330 to €193,513
- Other operating charges -€6,708
down €6,708 (-73.4%), from €9,136 to €2,427
- Taxes -€4,474
down €4,474 (-71.6%), from €6,252 to €1,778
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 | €302,899 | €247,664 | -€55,236 | -18.2% |
| Fixed assets | 21/28 | €36,127 | €25,994 | -€10,132 | -28.0% |
| Tangible fixed assets | 22/27 | €35,927 | €25,794 | -€10,132 | -28.2% |
| Plant, machinery and equipment | 23 | €35,927 | €25,098 | -€10,829 | -30.1% |
| Furniture and vehicles | 24 | - | €697 | +€697 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €266,773 | €221,669 | -€45,103 | -16.9% |
| Stocks and contracts in progress | 3 | €68,579 | €85,984 | +€17,404 | +25.4% |
| Stocks | 30/36 | €68,579 | €85,984 | +€17,404 | +25.4% |
| Amounts receivable within one year | 40/41 | €48,009 | €47,766 | -€243 | -0.5% |
| Trade receivables | 40 | €48,009 | €47,766 | -€243 | -0.5% |
| Cash at bank and in hand | 54/58 | €148,927 | €86,618 | -€62,309 | -41.8% |
| Deferred charges and accrued income | 490/1 | €1,257 | €1,302 | +€45 | +3.5% |
| Total equity and liabilities | 10/49 | €302,899 | €247,664 | -€55,236 | -18.2% |
| Equity | 10/15 | €259,337 | €208,400 | -€50,937 | -19.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €234,337 | €183,400 | -€50,937 | -21.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €231,837 | €180,900 | -€50,937 | -22.0% |
| Amounts payable | 17/49 | €43,562 | €39,264 | -€4,298 | -9.9% |
| Amounts payable within one year | 42/48 | €43,562 | €39,264 | -€4,298 | -9.9% |
| Trade debts | 44 | €7,851 | €18,412 | +€10,561 | +135% |
| Suppliers | 440/4 | €7,851 | €18,412 | +€10,561 | +135% |
| Taxes, remuneration and social security | 45 | €35,711 | €20,852 | -€14,859 | -41.6% |
| Taxes | 450/3 | €9,044 | €2,872 | -€6,173 | -68.2% |
| Remuneration and social security | 454/9 | €26,667 | €17,980 | -€8,686 | -32.6% |
| Remuneration, social security and pensions | 62 | €204,330 | €193,513 | -€10,816 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,772 | €11,177 | -€594 | -5.0% |
| Other operating charges | 640/8 | €9,136 | €2,427 | -€6,708 | -73.4% |
| Gross operating margin | 9900 | €271,333 | €157,096 | -€114,237 | -42.1% |
| Operating profit (loss) | 9901 | €46,096 | -€50,022 | -€96,118 | |
| Financial income | 75/76B | €1,340 | €1,390 | +€50 | +3.7% |
| Recurring financial income | 75 | €1,340 | €1,390 | +€50 | +3.7% |
| Financial charges | 65/66B | €192 | €528 | +€336 | +175% |
| Recurring financial charges | 65 | €192 | €528 | +€336 | +175% |
| Profit (loss) for the period before taxes | 9903 | €47,244 | -€49,160 | -€96,404 | |
| Income taxes | 67/77 | €6,252 | €1,778 | -€4,474 | -71.6% |
| Profit (loss) for the period | 9904 | €40,993 | -€50,937 | -€91,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,993 | -€50,937 | -€91,930 |
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 17 October 2026 via checked.be.