NATALIE ULBURGHS: 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.
NATALIE ULBURGHS
Largest movements
- Cash +€235,887
up €235,887 (+124%), from €189,922 to €425,809
mainly Net result for the year (+€346,860) and Tax, wage and social debts (+€107,524)
- Receivables within one year +€171,418
up €171,418 (+57.5%), from €297,890 to €469,308
of which Other amounts receivable: +€123,867
- Tangible fixed assets -€15,442
down €15,442 (-26.2%), from €58,865 to €43,423
- Reserves +€290,142
up €290,142 (+29.2%), from €991,984 to €1.3m
- Tax, wage and social debts +€107,524
up €107,524 (+257%), from €41,837 to €149,361
- Gross operating margin +€92,092
up €92,092 (+22.7%), from €405,683 to €497,775
- Taxes +€34,581
up €34,581 (+27.4%), from €126,007 to €160,588
- Financial income +€12,458
up €12,458 (+79.1%), from €15,741 to €28,199
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 | €1,046,221 | €1,443,887 | +€397,666 | +38.0% |
| Fixed assets | 21/28 | €150,065 | €134,623 | -€15,442 | -10.3% |
| Tangible fixed assets | 22/27 | €58,865 | €43,423 | -€15,442 | -26.2% |
| Furniture and vehicles | 24 | €58,865 | €43,423 | -€15,442 | -26.2% |
| Financial fixed assets | 28 | €91,200 | €91,200 | = | 0.0% |
| Current assets | 29/58 | €896,156 | €1,309,264 | +€413,108 | +46.1% |
| Amounts receivable within one year | 40/41 | €297,890 | €469,308 | +€171,418 | +57.5% |
| Trade receivables | 40 | €25,994 | €73,545 | +€47,551 | +183% |
| Other amounts receivable | 41 | €271,896 | €395,763 | +€123,867 | +45.6% |
| Current investments | 50/53 | €400,555 | €405,397 | +€4,842 | +1.2% |
| Cash at bank and in hand | 54/58 | €189,922 | €425,809 | +€235,887 | +124% |
| Deferred charges and accrued income | 490/1 | €7,789 | €8,750 | +€961 | +12.3% |
| Total equity and liabilities | 10/49 | €1,046,221 | €1,443,887 | +€397,666 | +38.0% |
| Equity | 10/15 | €1,004,384 | €1,294,526 | +€290,142 | +28.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €991,984 | €1,282,126 | +€290,142 | +29.2% |
| Distributable reserves | 133 | €991,984 | €1,282,126 | +€290,142 | +29.2% |
| Amounts payable | 17/49 | €41,837 | €149,361 | +€107,524 | +257% |
| Amounts payable within one year | 42/48 | €41,837 | €149,361 | +€107,524 | +257% |
| Taxes, remuneration and social security | 45 | €41,837 | €149,361 | +€107,524 | +257% |
| Taxes | 450/3 | €41,837 | €149,361 | +€107,524 | +257% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,412 | €17,200 | +€788 | +4.8% |
| Other operating charges | 640/8 | €857 | €843 | -€14 | -1.6% |
| Gross operating margin | 9900 | €405,683 | €497,775 | +€92,092 | +22.7% |
| Operating profit (loss) | 9901 | €388,414 | €479,732 | +€91,318 | +23.5% |
| Financial income | 75/76B | €15,741 | €28,199 | +€12,458 | +79.1% |
| Recurring financial income | 75 | €15,741 | €28,199 | +€12,458 | +79.1% |
| Financial charges | 65/66B | €338 | €483 | +€145 | +42.9% |
| Recurring financial charges | 65 | €338 | €483 | +€145 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €403,817 | €507,448 | +€103,631 | +25.7% |
| Income taxes | 67/77 | €126,007 | €160,588 | +€34,581 | +27.4% |
| Profit (loss) for the period | 9904 | €277,810 | €346,860 | +€69,050 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €277,810 | €346,860 | +€69,050 | +24.9% |
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 27 October 2026 via checked.be.