USUEL: 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.
USUEL
Largest movements
- Cash +€17,156
up €17,156 (+64.2%), from €26,707 to €43,863
mainly Net result for the year (+€58,394) and Depreciation (+€13,843)
- Tangible fixed assets -€11,466
down €11,466 (-13.4%), from €85,398 to €73,933
of which Other tangible fixed assets: -€11,586
- Reserves +€18,394
up €18,394 (+20.3%), from €90,784 to €109,179
- Debts after one year -€17,933
down €17,933 (-26.1%), from €68,715 to €50,782
- Other debts +€8,688
up €8,688 (+20.1%), from €43,312 to €52,000
- Tax, wage and social debts -€6,698
down €6,698 (-64.8%), from €10,336 to €3,638
of which Taxes: -€6,716
- Financial income +€27,621
up €27,621 (+262.1%), from €10,538 to €38,158
- Gross operating margin -€1,546
down €1,546 (-3.5%), from €44,186 to €42,640
- Other operating charges -€1,144
down €1,144 (-65.8%), from €1,737 to €593
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 | €240,525 | €245,239 | +€4,715 | +2.0% |
| Fixed assets | 21/28 | €185,398 | €173,933 | -€11,466 | -6.2% |
| Tangible fixed assets | 22/27 | €85,398 | €73,933 | -€11,466 | -13.4% |
| Plant, machinery and equipment | 23 | €5,089 | €3,755 | -€1,333 | -26.2% |
| Furniture and vehicles | 24 | €3,010 | €4,464 | +€1,454 | +48.3% |
| Other tangible fixed assets | 26 | €77,299 | €65,713 | -€11,586 | -15.0% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €55,126 | €71,306 | +€16,180 | +29.4% |
| Amounts receivable within one year | 40/41 | €27,884 | €27,389 | -€495 | -1.8% |
| Trade receivables | 40 | €13,755 | €14,811 | +€1,056 | +7.7% |
| Other amounts receivable | 41 | €14,129 | €12,578 | -€1,551 | -11.0% |
| Cash at bank and in hand | 54/58 | €26,707 | €43,863 | +€17,156 | +64.2% |
| Deferred charges and accrued income | 490/1 | €536 | €55 | -€481 | -89.8% |
| Total equity and liabilities | 10/49 | €240,525 | €245,239 | +€4,715 | +2.0% |
| Equity | 10/15 | €109,384 | €127,779 | +€18,394 | +16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €90,784 | €109,179 | +€18,394 | +20.3% |
| Distributable reserves | 133 | €90,784 | €109,179 | +€18,394 | +20.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €131,140 | €117,461 | -€13,680 | -10.4% |
| Amounts payable after more than one year | 17 | €68,715 | €50,782 | -€17,933 | -26.1% |
| Financial debts | 170/4 | €68,715 | €50,782 | -€17,933 | -26.1% |
| Amounts payable within one year | 42/48 | €62,425 | €66,679 | +€4,254 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €5,833 | €5,933 | +€101 | +1.7% |
| Financial debts | 43 | €1,579 | €3,559 | +€1,980 | +125.4% |
| Credit institutions | 430/8 | €1,579 | €3,559 | +€1,980 | +125.4% |
| Trade debts | 44 | €1,366 | €1,548 | +€183 | +13.4% |
| Suppliers | 440/4 | €1,366 | €1,548 | +€183 | +13.4% |
| Taxes, remuneration and social security | 45 | €10,336 | €3,638 | -€6,698 | -64.8% |
| Taxes | 450/3 | €7,780 | €1,064 | -€6,716 | -86.3% |
| Remuneration and social security | 454/9 | €2,557 | €2,575 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €43,312 | €52,000 | +€8,688 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,419 | €13,843 | +€423 | +3.2% |
| Other operating charges | 640/8 | €1,737 | €593 | -€1,144 | -65.8% |
| Gross operating margin | 9900 | €44,186 | €42,640 | -€1,546 | -3.5% |
| Operating profit (loss) | 9901 | €29,030 | €28,204 | -€826 | -2.8% |
| Financial income | 75/76B | €10,538 | €38,158 | +€27,621 | +262.1% |
| Recurring financial income | 75 | €10,538 | €38,158 | +€27,621 | +262.1% |
| Financial charges | 65/66B | €965 | €905 | -€60 | -6.3% |
| Recurring financial charges | 65 | €965 | €905 | -€60 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €38,603 | €65,458 | +€26,855 | +69.6% |
| Income taxes | 67/77 | €7,291 | €7,064 | -€227 | -3.1% |
| Profit (loss) for the period | 9904 | €31,312 | €58,394 | +€27,083 | +86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,312 | €58,394 | +€27,083 | +86.5% |
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 10 October 2026 via checked.be.