d'Ursel & Partners: 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.
d'Ursel & Partners
Largest movements
- Tangible fixed assets +€48,157
up €48,157 (+4,415%), from €1,091 to €49,248
- Receivables within one year +€29,198
up €29,198 (+57.0%), from €51,235 to €80,433
of which Other amounts receivable: +€19,395
- Cash -€20,165
down €20,165 (-33.8%), from €59,748 to €39,582
mainly Investment in fixed assets (net) (-€53,131) and Receivables within one year (-€29,198)
- Reserves +€50,000
up €50,000 (+297%), from €16,860 to €66,860
of which Distributable reserves: +€50,000
- Profit (loss) carried forward +€36,519
up €36,519 (+2,132%), from €1,713 to €38,232
- Trade debts -€21,551
down €21,551 (-58.1%), from €37,096 to €15,545
- Tax, wage and social debts -€6,613
down €6,613 (-19.4%), from €34,091 to €27,479
- Gross operating margin +€76,154
up €76,154 (+95.8%), from €79,527 to €155,682
- Taxes +€20,198
up €20,198 (+102%), from €19,847 to €40,044
- Other operating charges -€11,010
down €11,010 (-92.2%), from €11,938 to €928
- Depreciation +€4,789
up €4,789 (+2,593%), from €185 to €4,974
- Write-downs +€2,042
up €2,042 (+542%), from €377 to €2,420
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 | €122,629 | €181,019 | +€58,390 | +47.6% |
| Fixed assets | 21/28 | €2,031 | €50,188 | +€48,157 | +2,371% |
| Tangible fixed assets | 22/27 | €1,091 | €49,248 | +€48,157 | +4,415% |
| Furniture and vehicles | 24 | €1,091 | €49,248 | +€48,157 | +4,415% |
| Financial fixed assets | 28 | €940 | €940 | = | 0.0% |
| Current assets | 29/58 | €120,598 | €130,830 | +€10,233 | +8.5% |
| Amounts receivable within one year | 40/41 | €51,235 | €80,433 | +€29,198 | +57.0% |
| Trade receivables | 40 | €25,633 | €35,437 | +€9,803 | +38.2% |
| Other amounts receivable | 41 | €25,601 | €44,996 | +€19,395 | +75.8% |
| Cash at bank and in hand | 54/58 | €59,748 | €39,582 | -€20,165 | -33.8% |
| Deferred charges and accrued income | 490/1 | €9,615 | €10,815 | +€1,200 | +12.5% |
| Total equity and liabilities | 10/49 | €122,629 | €181,019 | +€58,390 | +47.6% |
| Equity | 10/15 | €31,441 | €117,961 | +€86,519 | +275% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €469 | €469 | = | 0.0% |
| Reserves | 13 | €16,860 | €66,860 | +€50,000 | +297% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €65,000 | +€50,000 | +333% |
| Profit (loss) carried forward | 14 | €1,713 | €38,232 | +€36,519 | +2,132% |
| Amounts payable | 17/49 | €91,187 | €63,058 | -€28,130 | -30.8% |
| Amounts payable within one year | 42/48 | €91,187 | €63,058 | -€28,130 | -30.8% |
| Trade debts | 44 | €37,096 | €15,545 | -€21,551 | -58.1% |
| Suppliers | 440/4 | €37,096 | €15,545 | -€21,551 | -58.1% |
| Taxes, remuneration and social security | 45 | €34,091 | €27,479 | -€6,613 | -19.4% |
| Taxes | 450/3 | €34,091 | €27,479 | -€6,613 | -19.4% |
| Other amounts payable | 47/48 | €20,000 | €20,034 | +€34 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185 | €4,974 | +€4,789 | +2,593% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €377 | €2,420 | +€2,042 | +542% |
| Other operating charges | 640/8 | €11,938 | €928 | -€11,010 | -92.2% |
| Gross operating margin | 9900 | €79,527 | €155,682 | +€76,154 | +95.8% |
| Operating profit (loss) | 9901 | €67,027 | €147,360 | +€80,332 | +120% |
| Financial income | 75/76B | - | €235 | +€235 | |
| Recurring financial income | 75 | - | €235 | +€235 | |
| Financial charges | 65/66B | €1,470 | €1,031 | -€439 | -29.9% |
| Recurring financial charges | 65 | €1,470 | €1,031 | -€439 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €65,557 | €146,564 | +€81,007 | +124% |
| Income taxes | 67/77 | €19,847 | €40,044 | +€20,198 | +102% |
| Profit (loss) for the period | 9904 | €45,710 | €106,519 | +€60,809 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €45,710 | €106,519 | +€60,809 | +133% |
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 26 October 2026 via checked.be.