Mathieu ULRICI: 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.
Mathieu ULRICI
Largest movements
- Receivables within one year +€14,535
up €14,535 (+12.2%), from €118,758 to €133,293
of which Other amounts receivable: +€19,860
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€24,631
down €24,631 (-73.7%), from €33,414 to €8,783
- Taxes -€7,227
down €7,227 (-56.4%), from €12,818 to €5,591
- Financial income +€393
up €393 (+6.4%), from €6,152 to €6,545
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 | €1,218,688 | €1,223,269 | +€4,581 | +0.4% |
| Fixed assets | 21/28 | €923 | €440 | -€483 | -52.3% |
| Tangible fixed assets | 22/27 | €923 | €440 | -€483 | -52.3% |
| Furniture and vehicles | 24 | €923 | €440 | -€483 | -52.3% |
| Current assets | 29/58 | €1,217,765 | €1,222,829 | +€5,064 | +0.4% |
| Amounts receivable within one year | 40/41 | €118,758 | €133,293 | +€14,535 | +12.2% |
| Trade receivables | 40 | €5,325 | €0 | -€5,325 | -100% |
| Other amounts receivable | 41 | €113,433 | €133,293 | +€19,860 | +17.5% |
| Cash at bank and in hand | 54/58 | €1,097,718 | €1,088,428 | -€9,291 | -0.8% |
| Deferred charges and accrued income | 490/1 | €1,289 | €1,108 | -€181 | -14.0% |
| Total equity and liabilities | 10/49 | €1,218,688 | €1,223,269 | +€4,581 | +0.4% |
| Equity | 10/15 | €1,206,742 | €1,214,318 | +€7,577 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,188,142 | €1,195,718 | +€7,577 | +0.6% |
| Distributable reserves | 133 | €1,188,142 | €1,195,718 | +€7,577 | +0.6% |
| Amounts payable | 17/49 | €11,946 | €8,951 | -€2,996 | -25.1% |
| Amounts payable within one year | 42/48 | €11,946 | €8,951 | -€2,996 | -25.1% |
| Trade debts | 44 | €7,324 | €2,015 | -€5,310 | -72.5% |
| Suppliers | 440/4 | €7,324 | €2,015 | -€5,310 | -72.5% |
| Taxes, remuneration and social security | 45 | €4,622 | €6,936 | +€2,314 | +50.1% |
| Taxes | 450/3 | €4,622 | €6,936 | +€2,314 | +50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424 | €483 | +€59 | +13.9% |
| Other operating charges | 640/8 | €1,488 | €1,532 | +€44 | +3.0% |
| Gross operating margin | 9900 | €33,414 | €8,783 | -€24,631 | -73.7% |
| Operating profit (loss) | 9901 | €31,501 | €6,768 | -€24,734 | -78.5% |
| Financial income | 75/76B | €6,152 | €6,545 | +€393 | +6.4% |
| Recurring financial income | 75 | €6,152 | €6,545 | +€393 | +6.4% |
| Financial charges | 65/66B | €136 | €145 | +€10 | +7.0% |
| Recurring financial charges | 65 | €136 | €145 | +€10 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €37,518 | €13,167 | -€24,350 | -64.9% |
| Income taxes | 67/77 | €12,818 | €5,591 | -€7,227 | -56.4% |
| Profit (loss) for the period | 9904 | €24,700 | €7,577 | -€17,123 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,700 | €7,577 | -€17,123 | -69.3% |
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 16 October 2026 via checked.be.