FONDATION ULB: 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.
FONDATION ULB
Largest movements
- Cash +€1.3m
up €1.3m (+114.4%), from €1.1m to €2.4m
mainly Debts within one year (+€1.1m) and Current investments (+€386,065)
- Current investments -€386,065
down €386,065 (-6.3%), from €6.1m to €5.8m
- Debts within one year +€1.1m
up €1.1m (+88.9%), from €1.2m to €2.3m
- Reserves -€238,852
down €238,852 (-4.3%), from €5.5m to €5.3m
- Profit (loss) carried forward +€97,433
up €97,433 (+16.7%), from €585,031 to €682,464
- Gross operating margin +€644,083
up €644,083 (+76.5%), from -€842,429 to -€198,346
- Financial charges -€140,371
down €140,371, from €45,835 to -€94,536
- Staff costs +€15,688
up €15,688 (+12.0%), from €130,807 to €146,495
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 | €7,404,071 | €8,261,469 | +€857,399 | +11.6% |
| Fixed assets | 21/28 | €38 | - | -€38 | |
| Tangible fixed assets | 22/27 | €38 | - | -€38 | |
| Furniture and vehicles | 24 | €38 | - | -€38 | |
| Current assets | 29/58 | €7,404,032 | €8,261,469 | +€857,437 | +11.6% |
| Amounts receivable within one year | 40/41 | €115,175 | €61,732 | -€53,443 | -46.4% |
| Trade receivables | 40 | €1,361 | - | -€1,361 | |
| Other amounts receivable | 41 | €113,814 | €61,732 | -€52,082 | -45.8% |
| Current investments | 50/53 | €6,136,908 | €5,750,843 | -€386,065 | -6.3% |
| Cash at bank and in hand | 54/58 | €1,141,003 | €2,446,036 | +€1.3m | +114.4% |
| Deferred charges and accrued income | 490/1 | €10,946 | €2,858 | -€8,088 | -73.9% |
| Total equity and liabilities | 10/49 | €7,404,071 | €8,261,469 | +€857,399 | +11.6% |
| Equity | 10/15 | €6,136,170 | €5,994,750 | -€141,419 | -2.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €5,526,139 | €5,287,287 | -€238,852 | -4.3% |
| Profit (loss) carried forward | 14 | €585,031 | €682,464 | +€97,433 | +16.7% |
| Amounts payable | 17/49 | €1,267,901 | €2,266,719 | +€998,818 | +78.8% |
| Amounts payable after more than one year | 17 | €22,800 | €11,400 | -€11,400 | -50.0% |
| Financial debts | 170/4 | €22,800 | €11,400 | -€11,400 | -50.0% |
| Amounts payable within one year | 42/48 | €1,194,222 | €2,255,319 | +€1.1m | +88.9% |
| Current portion of amounts payable after more than one year | 42 | €22,800 | €34,200 | +€11,400 | +50.0% |
| Financial debts | 43 | - | €376 | +€376 | |
| Credit institutions | 430/8 | - | €376 | +€376 | |
| Trade debts | 44 | €12,685 | €35,229 | +€22,544 | +177.7% |
| Suppliers | 440/4 | €12,685 | €35,229 | +€22,544 | +177.7% |
| Taxes, remuneration and social security | 45 | €23,778 | €27,424 | +€3,646 | +15.3% |
| Taxes | 450/3 | €2,064 | €2,262 | +€198 | +9.6% |
| Remuneration and social security | 454/9 | €21,714 | €25,162 | +€3,448 | +15.9% |
| Accrued charges and deferred income | 492/3 | €50,879 | - | -€50,879 | |
| Remuneration, social security and pensions | 62 | €130,807 | €146,495 | +€15,688 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,070 | €38 | -€1,031 | -96.4% |
| Other operating charges | 640/8 | €22,799 | €25,637 | +€2,838 | +12.4% |
| Gross operating margin | 9900 | -€842,429 | -€198,346 | +€644,083 | +76.5% |
| Operating profit (loss) | 9901 | -€997,104 | -€370,516 | +€626,588 | +62.8% |
| Financial income | 75/76B | €176,304 | €183,015 | +€6,711 | +3.8% |
| Recurring financial income | 75 | €176,304 | €183,015 | +€6,711 | +3.8% |
| Financial charges | 65/66B | €45,835 | -€94,536 | -€140,371 | |
| Recurring financial charges | 65 | €45,835 | -€94,536 | -€140,371 | |
| Profit (loss) for the period before taxes | 9903 | -€866,635 | -€92,965 | +€773,671 | +89.3% |
| Income taxes | 67/77 | €42,392 | €48,454 | +€6,062 | +14.3% |
| Profit (loss) for the period | 9904 | -€909,028 | -€141,419 | +€767,609 | +84.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€909,028 | -€141,419 | +€767,609 | +84.4% |
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.