U.BARTOLAS: 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.
What changed
U.BARTOLAS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€258,652
2024 · -€237,713-€20,939
Equity
-€189,492
2024 · €69,160-€258,652
Cash
€47,213
2024 · €29,335+€17,877
Balance sheet total
€2.5m
2024 · €2.2m+€287,976
Largest movements
Assets
- Receivables within one year +€272,338
up €272,338 (+34.8%), from €782,760 to €1.1m
of which Trade receivables: +€282,059
Equity and liabilities
- Other debts +€667,491
up €667,491 (+33.6%), from €2.0m to €2.7m
- Profit (loss) carried forward -€258,652
down €258,652, from €960 to -€257,692
- Trade debts -€113,520
down €113,520 (-91.2%), from €124,536 to €11,017
Income statement
- Gross operating margin -€172,531
down €172,531 (-79.6%), from €216,808 to €44,277
- Staff costs -€147,923
down €147,923 (-34.7%), from €426,394 to €278,471
- Other operating charges +€10,345
up €10,345 (+362%), from €2,861 to €13,206
- Depreciation -€8,475
down €8,475 (-57.0%), from €14,864 to €6,388
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.
Result 2024
-€237,713
Gross operating margin
-€172,531
Staff costs
+€147,923
Depreciation
+€8,475
Other operating charges
-€10,345
Other operating items
+€3,353
Financial income
-€3
Financial charges
+€1,226
Taxes
+€962
Result 2025
-€258,652
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€27,893
Investment
€0
Financing
-€10,015
Cash 2024
€29,335
From operations (derived)
+€27,893
Net result for the year
-€258,652
Depreciation
+€6,388
Receivables within one year
-€272,338
Deferred charges and accrued income
-€4,148
Trade debts
-€113,520
Tax, wage and social debts
+€2,571
Other debts
+€667,491
Accrued charges and deferred income
+€102
Financing
-€10,015
Current portion of long-term debt
-€10,015
Cash 2025
€47,213
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,247,064 | €2,535,039 | +€287,976 | +12.8% |
| Formation expenses | 20 | €37,675 | €31,717 | -€5,958 | -15.8% |
| Fixed assets | 21/28 | €1,386,668 | €1,386,238 | -€430 | 0.0% |
| Intangible fixed assets | 21 | €105 | - | -€105 | |
| Tangible fixed assets | 22/27 | €77,326 | €77,000 | -€325 | -0.4% |
| Furniture and vehicles | 24 | €1,391 | €1,065 | -€325 | -23.4% |
| Assets under construction and advance payments | 27 | €75,935 | €75,935 | = | 0.0% |
| Financial fixed assets | 28 | €1,309,238 | €1,309,238 | = | 0.0% |
| Current assets | 29/58 | €822,720 | €1,117,084 | +€294,364 | +35.8% |
| Amounts receivable within one year | 40/41 | €782,760 | €1,055,098 | +€272,338 | +34.8% |
| Trade receivables | 40 | €329,267 | €611,327 | +€282,059 | +85.7% |
| Other amounts receivable | 41 | €453,492 | €443,771 | -€9,721 | -2.1% |
| Cash at bank and in hand | 54/58 | €29,335 | €47,213 | +€17,877 | +60.9% |
| Deferred charges and accrued income | 490/1 | €10,625 | €14,773 | +€4,148 | +39.0% |
| Total equity and liabilities | 10/49 | €2,247,064 | €2,535,039 | +€287,976 | +12.8% |
| Equity | 10/15 | €69,160 | -€189,492 | -€258,652 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €960 | -€257,692 | -€258,652 | |
| Amounts payable | 17/49 | €2,177,904 | €2,724,531 | +€546,628 | +25.1% |
| Amounts payable within one year | 42/48 | €2,177,904 | €2,724,430 | +€546,526 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €10,015 | - | -€10,015 | |
| Trade debts | 44 | €124,536 | €11,017 | -€113,520 | -91.2% |
| Suppliers | 440/4 | €124,536 | €11,017 | -€113,520 | -91.2% |
| Taxes, remuneration and social security | 45 | €56,619 | €59,190 | +€2,571 | +4.5% |
| Taxes | 450/3 | €1,986 | €28,222 | +€26,236 | +1,321% |
| Remuneration and social security | 454/9 | €54,633 | €30,968 | -€23,665 | -43.3% |
| Other amounts payable | 47/48 | €1,986,733 | €2,654,223 | +€667,491 | +33.6% |
| Accrued charges and deferred income | 492/3 | - | €102 | +€102 | |
| Non-recurring operating income | 76A | €64,305 | - | -€64,305 | |
| Remuneration, social security and pensions | 62 | €426,394 | €278,471 | -€147,923 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,864 | €6,388 | -€8,475 | -57.0% |
| Other operating charges | 640/8 | €2,861 | €13,206 | +€10,345 | +362% |
| Non-recurring operating charges | 66A | €3,353 | - | -€3,353 | |
| Gross operating margin | 9900 | €216,808 | €44,277 | -€172,531 | -79.6% |
| Operating profit (loss) | 9901 | -€230,664 | -€253,788 | -€23,124 | -10.0% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €5,044 | €3,819 | -€1,226 | -24.3% |
| Recurring financial charges | 65 | €5,044 | €3,819 | -€1,226 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€235,705 | -€257,607 | -€21,902 | -9.3% |
| Income taxes | 67/77 | €2,007 | €1,045 | -€962 | -47.9% |
| Profit (loss) for the period | 9904 | -€237,713 | -€258,652 | -€20,939 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€237,713 | -€258,652 | -€20,939 | -8.8% |
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 26 October 2026 via checked.be.