The Ultimate Group: 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.
The Ultimate Group
Largest movements
- Stocks and contracts +€563,268
new in 2025: €563,268
- Intangible fixed assets +€260,489
new in 2025: €260,489
- Tangible fixed assets +€206,587
new in 2025: €206,587
of which Other tangible fixed assets: +€186,744
- Cash +€122,732
up €122,732 (+3,725%), from €3,295 to €126,026
mainly Trade debts (+€462,181) and Current portion of long-term debt (+€316,508)
- Trade debts +€462,181
up €462,181 (+192%), from €241,050 to €703,231
- Current portion of long-term debt +€316,508
new in 2025: €316,508
- Other debts +€183,827
up €183,827 (+154%), from €119,515 to €303,342
- Debts after one year +€88,479
new in 2025: €88,479
- Tax, wage and social debts +€85,174
new in 2025: €85,174
of which Remuneration and social security: +€72,740
- Gross operating margin +€533,100
up €533,100, from -€11,527 to €521,572
- Staff costs +€397,159
new in 2025: €397,159
- Financial charges +€48,195
up €48,195 (+26,958%), from €179 to €48,374
- Depreciation +€47,469
up €47,469 (+4,534%), from €1,047 to €48,515
- Taxes +€7,373
new in 2025: €7,373
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 | €366,079 | €1,518,565 | +€1.2m | +315% |
| Formation expenses | 20 | €1,441 | €394 | -€1,047 | -72.7% |
| Fixed assets | 21/28 | - | €467,076 | +€467,076 | |
| Intangible fixed assets | 21 | - | €260,489 | +€260,489 | |
| Tangible fixed assets | 22/27 | - | €206,587 | +€206,587 | |
| Plant, machinery and equipment | 23 | - | €15,730 | +€15,730 | |
| Furniture and vehicles | 24 | - | €4,113 | +€4,113 | |
| Other tangible fixed assets | 26 | - | €186,744 | +€186,744 | |
| Current assets | 29/58 | €364,638 | €1,051,094 | +€686,456 | +188% |
| Stocks and contracts in progress | 3 | - | €563,268 | +€563,268 | |
| Stocks | 30/36 | - | €563,268 | +€563,268 | |
| Amounts receivable within one year | 40/41 | €360,525 | €360,162 | -€363 | -0.1% |
| Trade receivables | 40 | €332,014 | €295,367 | -€36,647 | -11.0% |
| Other amounts receivable | 41 | €28,511 | €64,795 | +€36,284 | +127% |
| Cash at bank and in hand | 54/58 | €3,295 | €126,026 | +€122,732 | +3,725% |
| Deferred charges and accrued income | 490/1 | €819 | €1,637 | +€819 | +100% |
| Total equity and liabilities | 10/49 | €366,079 | €1,518,565 | +€1.2m | +315% |
| Equity | 10/15 | €5,514 | €21,824 | +€16,310 | +296% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,486 | €1,824 | +€16,310 | |
| Amounts payable | 17/49 | €360,565 | €1,496,740 | +€1.1m | +315% |
| Amounts payable after more than one year | 17 | - | €88,479 | +€88,479 | |
| Financial debts | 170/4 | - | €88,479 | +€88,479 | |
| Amounts payable within one year | 42/48 | €360,565 | €1,408,261 | +€1.0m | +291% |
| Current portion of amounts payable after more than one year | 42 | - | €316,508 | +€316,508 | |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €241,050 | €703,231 | +€462,181 | +192% |
| Suppliers | 440/4 | €241,050 | €703,231 | +€462,181 | +192% |
| Taxes, remuneration and social security | 45 | - | €85,174 | +€85,174 | |
| Taxes | 450/3 | - | €12,434 | +€12,434 | |
| Remuneration and social security | 454/9 | - | €72,740 | +€72,740 | |
| Other amounts payable | 47/48 | €119,515 | €303,342 | +€183,827 | +154% |
| Remuneration, social security and pensions | 62 | - | €397,159 | +€397,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047 | €48,515 | +€47,469 | +4,534% |
| Other operating charges | 640/8 | €182 | €7,111 | +€6,929 | +3,811% |
| Gross operating margin | 9900 | -€11,527 | €521,572 | +€533,100 | |
| Operating profit (loss) | 9901 | -€12,756 | €68,787 | +€81,543 | |
| Financial income | 75/76B | - | €3,270 | +€3,270 | |
| Recurring financial income | 75 | - | €3,270 | +€3,270 | |
| Financial charges | 65/66B | €179 | €48,374 | +€48,195 | +26,958% |
| Recurring financial charges | 65 | €179 | €48,374 | +€48,195 | +26,958% |
| Profit (loss) for the period before taxes | 9903 | -€12,935 | €23,683 | +€36,618 | |
| Income taxes | 67/77 | - | €7,373 | +€7,373 | |
| Profit (loss) for the period | 9904 | -€12,935 | €16,310 | +€29,245 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,935 | €16,310 | +€29,245 |
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 21 October 2026 via checked.be.