UP SE: 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.
UP SE
Largest movements
- Financial fixed assets -€147,775
down €147,775 (-5.6%), from €2.6m to €2.5m
- Cash +€110,715
up €110,715 (+489%), from €22,660 to €133,376
mainly Investment in fixed assets (net) (+€147,995) and Net result for the year (+€118,435)
- Receivables within one year -€33,647
down €33,647 (-43.4%), from €77,577 to €43,930
of which Trade receivables: -€25,119
- Debts after one year -€198,130
down €198,130 (-41.1%), from €481,793 to €283,663
- Profit (loss) carried forward +€118,435
up €118,435 (+9.4%), from €1.3m to €1.4m
- Current portion of long-term debt -€31,953
down €31,953 (-13.3%), from €240,599 to €208,645
- Financial income +€97,838
up €97,838 (+1,224%), from €7,991 to €105,829
of which Non-recurring financial income: +€95,035
- Gross operating margin +€51,495
up €51,495 (+103%), from €49,986 to €101,481
- Other operating charges -€12,867
down €12,867 (-86.0%), from €14,965 to €2,098
- Financial charges +€9,805
up €9,805 (+20.1%), from €48,778 to €58,584
- Taxes +€8,351
up €8,351 (+123%), from €6,790 to €15,141
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 | €2,977,110 | €2,902,532 | -€74,578 | -2.5% |
| Fixed assets | 21/28 | €2,868,555 | €2,707,727 | -€160,828 | -5.6% |
| Tangible fixed assets | 22/27 | €242,637 | €229,584 | -€13,053 | -5.4% |
| Land and buildings | 22 | €176,708 | €167,660 | -€9,048 | -5.1% |
| Furniture and vehicles | 24 | €59,435 | €57,110 | -€2,325 | -3.9% |
| Other tangible fixed assets | 26 | €6,495 | €4,814 | -€1,681 | -25.9% |
| Financial fixed assets | 28 | €2,625,918 | €2,478,143 | -€147,775 | -5.6% |
| Current assets | 29/58 | €108,555 | €194,805 | +€86,250 | +79.5% |
| Amounts receivable within one year | 40/41 | €77,577 | €43,930 | -€33,647 | -43.4% |
| Trade receivables | 40 | €30,866 | €5,748 | -€25,119 | -81.4% |
| Other amounts receivable | 41 | €46,711 | €38,182 | -€8,528 | -18.3% |
| Cash at bank and in hand | 54/58 | €22,660 | €133,376 | +€110,715 | +489% |
| Deferred charges and accrued income | 490/1 | €8,317 | €17,499 | +€9,182 | +110% |
| Total equity and liabilities | 10/49 | €2,977,110 | €2,902,532 | -€74,578 | -2.5% |
| Equity | 10/15 | €1,576,916 | €1,695,351 | +€118,435 | +7.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €282,159 | €282,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Other | 1319 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €278,159 | €278,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,254,757 | €1,373,192 | +€118,435 | +9.4% |
| Amounts payable | 17/49 | €1,400,194 | €1,207,181 | -€193,013 | -13.8% |
| Amounts payable after more than one year | 17 | €481,793 | €283,663 | -€198,130 | -41.1% |
| Financial debts | 170/4 | €481,793 | €283,663 | -€198,130 | -41.1% |
| Amounts payable within one year | 42/48 | €905,743 | €891,359 | -€14,385 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €240,599 | €208,645 | -€31,953 | -13.3% |
| Financial debts | 43 | €1,136 | €1,948 | +€812 | +71.5% |
| Credit institutions | 430/8 | €1,136 | €1,948 | +€812 | +71.5% |
| Trade debts | 44 | €16,132 | €2,089 | -€14,043 | -87.1% |
| Suppliers | 440/4 | €16,132 | €2,089 | -€14,043 | -87.1% |
| Taxes, remuneration and social security | 45 | €12,736 | €25,640 | +€12,904 | +101% |
| Taxes | 450/3 | €12,736 | €25,640 | +€12,904 | +101% |
| Other amounts payable | 47/48 | €635,141 | €653,037 | +€17,896 | +2.8% |
| Accrued charges and deferred income | 492/3 | €12,658 | €32,159 | +€19,501 | +154% |
| Non-recurring operating income | 76A | - | €9,157 | +€9,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,109 | €12,834 | -€2,276 | -15.1% |
| Other operating charges | 640/8 | €14,965 | €2,098 | -€12,867 | -86.0% |
| Non-recurring operating charges | 66A | €372 | €220 | -€153 | -41.0% |
| Gross operating margin | 9900 | €49,986 | €101,481 | +€51,495 | +103% |
| Operating profit (loss) | 9901 | €19,539 | €86,330 | +€66,790 | +342% |
| Financial income | 75/76B | €7,991 | €105,829 | +€97,838 | +1,224% |
| Recurring financial income | 75 | €7,991 | €10,794 | +€2,803 | +35.1% |
| Non-recurring financial income | 76B | - | €95,035 | +€95,035 | |
| Financial charges | 65/66B | €48,778 | €58,584 | +€9,805 | +20.1% |
| Recurring financial charges | 65 | €48,778 | €58,584 | +€9,805 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,248 | €133,576 | +€154,824 | |
| Income taxes | 67/77 | €6,790 | €15,141 | +€8,351 | +123% |
| Profit (loss) for the period | 9904 | -€28,038 | €118,435 | +€146,473 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,038 | €118,435 | +€146,473 |
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 24 October 2026 via checked.be.