In Ultimo: 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.
In Ultimo
Largest movements
- Current investments -€90,000
down €90,000 (-62.1%), from €145,000 to €55,000
- Cash -€10,080
down €10,080 (-38.0%), from €26,527 to €16,447
mainly Contributions, distributions and other (-€218,000) and Tax, wage and social debts (-€11,349)
- Deferred charges and accrued income -€3,054
down €3,054 (-75.6%), from €4,038 to €984
- Reserves -€148,897
down €148,897 (-99.8%), from €149,191 to €295
- Other debts +€57,248
up €57,248 (+589.6%), from €9,710 to €66,958
- Tax, wage and social debts -€11,349
down €11,349 (-30.8%), from €36,810 to €25,461
- Gross operating margin +€8,812
up €8,812 (+11.0%), from €79,791 to €88,603
- Financial income -€2,620
down €2,620 (-79.2%), from €3,307 to €687
- Taxes +€1,089
up €1,089 (+6.3%), from €17,355 to €18,444
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 | €197,711 | €94,713 | -€102,998 | -52.1% |
| Fixed assets | 21/28 | €7,747 | €6,614 | -€1,134 | -14.6% |
| Tangible fixed assets | 22/27 | €7,747 | €6,614 | -€1,134 | -14.6% |
| Other tangible fixed assets | 26 | €7,747 | €6,614 | -€1,134 | -14.6% |
| Current assets | 29/58 | €189,964 | €88,100 | -€101,864 | -53.6% |
| Amounts receivable within one year | 40/41 | €14,399 | €15,670 | +€1,271 | +8.8% |
| Trade receivables | 40 | €14,399 | €15,670 | +€1,271 | +8.8% |
| Current investments | 50/53 | €145,000 | €55,000 | -€90,000 | -62.1% |
| Cash at bank and in hand | 54/58 | €26,527 | €16,447 | -€10,080 | -38.0% |
| Deferred charges and accrued income | 490/1 | €4,038 | €984 | -€3,054 | -75.6% |
| Total equity and liabilities | 10/49 | €197,711 | €94,713 | -€102,998 | -52.1% |
| Equity | 10/15 | €151,191 | €2,295 | -€148,897 | -98.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €149,191 | €295 | -€148,897 | -99.8% |
| Distributable reserves | 133 | €149,191 | €295 | -€148,897 | -99.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €46,520 | €92,419 | +€45,899 | +98.7% |
| Amounts payable within one year | 42/48 | €46,520 | €92,419 | +€45,899 | +98.7% |
| Taxes, remuneration and social security | 45 | €36,810 | €25,461 | -€11,349 | -30.8% |
| Taxes | 450/3 | €36,810 | €25,461 | -€11,349 | -30.8% |
| Other amounts payable | 47/48 | €9,710 | €66,958 | +€57,248 | +589.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,134 | €1,134 | +€0 | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €79,791 | €88,603 | +€8,812 | +11.0% |
| Operating profit (loss) | 9901 | €78,152 | €86,950 | +€8,798 | +11.3% |
| Financial income | 75/76B | €3,307 | €687 | -€2,620 | -79.2% |
| Recurring financial income | 75 | €3,307 | €687 | -€2,620 | -79.2% |
| Financial charges | 65/66B | €95 | €90 | -€5 | -5.6% |
| Recurring financial charges | 65 | €95 | €90 | -€5 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €81,364 | €87,547 | +€6,183 | +7.6% |
| Income taxes | 67/77 | €17,355 | €18,444 | +€1,089 | +6.3% |
| Profit (loss) for the period | 9904 | €64,009 | €69,103 | +€5,094 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,009 | €69,103 | +€5,094 | +8.0% |
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 9 October 2026 via checked.be.