USOCORE: 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.
USOCORE
Largest movements
- Cash +€330,865
up €330,865 (+30.5%), from €1.1m to €1.4m
mainly Net result for the year (+€521,940) and Receivables within one year (+€274,408)
- Receivables within one year -€274,408
down €274,408 (-22.7%), from €1.2m to €932,496
of which Trade receivables: -€293,955
- Tangible fixed assets +€102,474
up €102,474 (+286.3%), from €35,797 to €138,272
of which Furniture and vehicles: +€105,733
- Receivables after one year +€84,610
up €84,610 (+16.3%), from €518,442 to €603,052
- Reserves +€461,706
up €461,706 (+14.8%), from €3.1m to €3.6m
of which Distributable reserves: +€461,706
- Trade debts -€291,433
down €291,433 (-45.6%), from €639,373 to €347,939
- Tax, wage and social debts +€45,089
up €45,089 (+29.8%), from €151,123 to €196,212
of which Taxes: +€46,294
- Gross operating margin +€48,908
up €48,908 (+5.8%), from €843,145 to €892,053
- Other operating charges +€27,625
up €27,625 (+212.9%), from €12,976 to €40,601
- Depreciation +€11,852
up €11,852 (+107.1%), from €11,063 to €22,916
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 | €4,266,376 | €4,481,738 | +€215,362 | +5.0% |
| Fixed assets | 21/28 | €221,697 | €324,172 | +€102,474 | +46.2% |
| Tangible fixed assets | 22/27 | €35,797 | €138,272 | +€102,474 | +286.3% |
| Land and buildings | 22 | €27,629 | €24,371 | -€3,258 | -11.8% |
| Furniture and vehicles | 24 | €8,168 | €113,901 | +€105,733 | +1294.4% |
| Financial fixed assets | 28 | €185,900 | €185,900 | = | 0.0% |
| Current assets | 29/58 | €4,044,679 | €4,157,566 | +€112,888 | +2.8% |
| Amounts receivable after more than one year | 29 | €518,442 | €603,052 | +€84,610 | +16.3% |
| Trade receivables | 290 | €518,442 | €603,052 | +€84,610 | +16.3% |
| Stocks and contracts in progress | 3 | €549,874 | €517,115 | -€32,758 | -6.0% |
| Stocks | 30/36 | €549,874 | €517,115 | -€32,758 | -6.0% |
| Amounts receivable within one year | 40/41 | €1,206,904 | €932,496 | -€274,408 | -22.7% |
| Trade receivables | 40 | €932,468 | €638,514 | -€293,955 | -31.5% |
| Other amounts receivable | 41 | €274,435 | €293,982 | +€19,547 | +7.1% |
| Current investments | 50/53 | €650,000 | €650,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,085,921 | €1,416,786 | +€330,865 | +30.5% |
| Deferred charges and accrued income | 490/1 | €33,538 | €38,117 | +€4,578 | +13.7% |
| Total equity and liabilities | 10/49 | €4,266,376 | €4,481,738 | +€215,362 | +5.0% |
| Equity | 10/15 | €3,186,402 | €3,648,109 | +€461,706 | +14.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,124,402 | €3,586,109 | +€461,706 | +14.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €3,118,202 | €3,579,909 | +€461,706 | +14.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €289,478 | €289,478 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €289,478 | €289,478 | = | 0.0% |
| Pensions and similar obligations | 160 | €289,478 | €289,478 | = | 0.0% |
| Amounts payable | 17/49 | €790,496 | €544,151 | -€246,344 | -31.2% |
| Amounts payable within one year | 42/48 | €790,496 | €544,151 | -€246,344 | -31.2% |
| Trade debts | 44 | €639,373 | €347,939 | -€291,433 | -45.6% |
| Suppliers | 440/4 | €639,373 | €347,939 | -€291,433 | -45.6% |
| Taxes, remuneration and social security | 45 | €151,123 | €196,212 | +€45,089 | +29.8% |
| Taxes | 450/3 | €137,402 | €183,696 | +€46,294 | +33.7% |
| Remuneration and social security | 454/9 | €13,721 | €12,516 | -€1,205 | -8.8% |
| Non-recurring operating income | 76A | - | €11,000 | +€11,000 | |
| Remuneration, social security and pensions | 62 | €131,437 | €136,710 | +€5,273 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,063 | €22,916 | +€11,852 | +107.1% |
| Other operating charges | 640/8 | €12,976 | €40,601 | +€27,625 | +212.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €843,145 | €892,053 | +€48,908 | +5.8% |
| Operating profit (loss) | 9901 | €687,669 | €691,827 | +€4,158 | +0.6% |
| Financial income | 75/76B | €43,421 | €39,705 | -€3,716 | -8.6% |
| Recurring financial income | 75 | €43,421 | €39,705 | -€3,716 | -8.6% |
| Financial charges | 65/66B | €5,231 | €7,229 | +€1,998 | +38.2% |
| Recurring financial charges | 65 | €5,231 | €7,229 | +€1,998 | +38.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €725,859 | €724,303 | -€1,556 | -0.2% |
| Income taxes | 67/77 | €195,893 | €202,362 | +€6,469 | +3.3% |
| Profit (loss) for the period | 9904 | €529,966 | €521,940 | -€8,026 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €529,966 | €521,940 | -€8,026 | -1.5% |
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.