W-UPGRADE: 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.
W-UPGRADE
Largest movements
- Tangible fixed assets -€24,986
no longer reported in 2025 (was €24,986)
- Stocks and contracts +€20,260
up €20,260 (+25.5%), from €79,600 to €99,860
- Receivables within one year +€14,148
up €14,148 (+148.9%), from €9,502 to €23,650
of which Other amounts receivable: +€23,602
- Cash +€5,049
up €5,049 (+257.2%), from €1,963 to €7,012
mainly Other debts (+€53,905) and Investment in fixed assets (net) (+€24,986)
- Other debts +€53,905
up €53,905 (+75.8%), from €71,109 to €125,014
- Trade debts -€41,429
down €41,429 (-93.3%), from €44,406 to €2,976
- Purchases and services +€90,438
new in 2025: €90,438
- Turnover +€87,546
new in 2025: €87,546
- Depreciation -€5,014
no longer reported in 2025 (was €5,014)
- Gross operating margin -€3,594
down €3,594 (-54.4%), from €6,613 to €3,019
- Taxes +€1,239
new in 2025: €1,239
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 | €116,052 | €130,522 | +€14,471 | +12.5% |
| Fixed assets | 21/28 | €24,986 | - | -€24,986 | |
| Tangible fixed assets | 22/27 | €24,986 | - | -€24,986 | |
| Furniture and vehicles | 24 | €24,986 | - | -€24,986 | |
| Current assets | 29/58 | €91,065 | €130,522 | +€39,457 | +43.3% |
| Stocks and contracts in progress | 3 | €79,600 | €99,860 | +€20,260 | +25.5% |
| Stocks | 30/36 | €79,600 | €99,860 | +€20,260 | +25.5% |
| Amounts receivable within one year | 40/41 | €9,502 | €23,650 | +€14,148 | +148.9% |
| Trade receivables | 40 | €9,502 | €49 | -€9,453 | -99.5% |
| Other amounts receivable | 41 | - | €23,602 | +€23,602 | |
| Cash at bank and in hand | 54/58 | €1,963 | €7,012 | +€5,049 | +257.2% |
| Total equity and liabilities | 10/49 | €116,052 | €130,522 | +€14,471 | +12.5% |
| Equity | 10/15 | -€1,510 | -€755 | +€755 | +50.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,510 | -€15,755 | +€755 | +4.6% |
| Amounts payable | 17/49 | €117,561 | €131,277 | +€13,716 | +11.7% |
| Amounts payable within one year | 42/48 | €117,561 | €131,277 | +€13,716 | +11.7% |
| Trade debts | 44 | €44,406 | €2,976 | -€41,429 | -93.3% |
| Suppliers | 440/4 | €44,406 | €2,976 | -€41,429 | -93.3% |
| Taxes, remuneration and social security | 45 | €2,047 | €3,287 | +€1,240 | +60.6% |
| Taxes | 450/3 | €2,047 | €3,287 | +€1,240 | +60.6% |
| Other amounts payable | 47/48 | €71,109 | €125,014 | +€53,905 | +75.8% |
| Turnover | 70 | - | €87,546 | +€87,546 | |
| Non-recurring operating income | 76A | - | €5,910 | +€5,910 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €90,438 | +€90,438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,014 | - | -€5,014 | |
| Other operating charges | 640/8 | €62 | €262 | +€200 | +322.6% |
| Non-recurring operating charges | 66A | - | €25 | +€25 | |
| Gross operating margin | 9900 | €6,613 | €3,019 | -€3,594 | -54.4% |
| Operating profit (loss) | 9901 | €1,537 | €2,732 | +€1,195 | +77.7% |
| Financial income | 75/76B | €1 | €318 | +€317 | +63460.0% |
| Recurring financial income | 75 | €1 | €318 | +€317 | +63460.0% |
| Financial charges | 65/66B | €1,014 | €1,055 | +€41 | +4.0% |
| Recurring financial charges | 65 | €1,014 | €1,055 | +€41 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €523 | €1,994 | +€1,471 | +281.2% |
| Income taxes | 67/77 | - | €1,239 | +€1,239 | |
| Profit (loss) for the period | 9904 | €523 | €755 | +€232 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €523 | €755 | +€232 | +44.3% |
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 6 October 2026 via checked.be.