U C B: 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 C B
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€383.4m
2024 · €389.6m-€6.2m
Equity
€9.16bn
2024 · €9.05bn+€107.0m
Cash
€2.3m
2024 · €40.1m-€37.8m
Balance sheet total
€12.51bn
2024 · €13.21bn-€696.3m
Largest movements
Assets
- Receivables after one year -€919.5m
down €919.5m (-30.7%), from €3.00bn to €2.08bn
- Receivables within one year +€266.2m
up €266.2m (+1,060%), from €25.1m to €291.3m
of which Other amounts receivable: +€269.7m
Equity and liabilities
- Debts after one year -€759.9m
down €759.9m (-21.3%), from €3.56bn to €2.80bn
Income statement
No income-statement line moved by more than 1% of the activity.
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
€389.6m
Staff costs
-€11.6m
Depreciation
-€117,707
Provisions
+€15.0m
Other operating charges
-€1.1m
Other operating items
-€4.2m
Financial income
-€48.3m
Financial charges
+€42.8m
Taxes
+€1.2m
Result 2025
€383.4m
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
+€1.11bn
Investment
-€48.7m
Financing
-€1.10bn
Cash 2024
€40.1m
From operations (derived)
+€1.11bn
Net result for the year
+€383.4m
Depreciation
+€3.3m
Receivables after one year
+€919.5m
Receivables within one year
-€266.2m
Deferred charges and accrued income
+€50.6m
Provisions
+€8.3m
Trade debts
-€6.0m
Tax, wage and social debts
+€1.5m
Other debts
+€24.2m
Accrued charges and deferred income
-€10.7m
Investment (derived)
-€48.7m
Investment in fixed assets (net)
+€415,233
Current investments
-€49.2m
Financing
-€1.10bn
Debts after one year
-€759.9m
Short-term financial debts
-€60.8m
Contributions, distributions and other
-€276.4m
Cash 2025
€2.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,205,512,692 | €12,509,165,232 | -€696.3m | -5.3% |
| Formation expenses | 20 | €8,961,732 | €6,789,420 | -€2.2m | -24.2% |
| Fixed assets | 21/28 | €9,538,178,600 | €9,536,586,429 | -€1.6m | 0.0% |
| Intangible fixed assets | 21 | €11,581 | €2,316 | -€9,265 | -80.0% |
| Tangible fixed assets | 22/27 | €37,535,237 | €35,952,331 | -€1.6m | -4.2% |
| Land and buildings | 22 | €30,706,099 | €31,084,232 | +€378,133 | +1.2% |
| Plant, machinery and equipment | 23 | €3,408,603 | €2,721,975 | -€686,628 | -20.1% |
| Furniture and vehicles | 24 | €1,763,066 | €1,116,157 | -€646,909 | -36.7% |
| Assets under construction and advance payments | 27 | €1,657,469 | €1,029,967 | -€627,502 | -37.9% |
| Financial fixed assets | 28 | €9,500,631,782 | €9,500,631,782 | = | 0.0% |
| Affiliated companies | 280/1 | €9,500,582,203 | €9,500,582,203 | = | 0.0% |
| Participating interests | 280 | €9,500,582,203 | €9,500,582,203 | = | 0.0% |
| Other financial fixed assets | 284/8 | €49,579 | €49,579 | = | 0.0% |
| Shares | 284 | €49,579 | €49,579 | = | 0.0% |
| Current assets | 29/58 | €3,658,372,360 | €2,965,789,383 | -€692.6m | -18.9% |
| Amounts receivable after more than one year | 29 | €2,997,985,594 | €2,078,490,256 | -€919.5m | -30.7% |
| Other amounts receivable | 291 | €2,997,985,594 | €2,078,490,256 | -€919.5m | -30.7% |
| Amounts receivable within one year | 40/41 | €25,105,895 | €291,265,345 | +€266.2m | +1,060% |
| Trade receivables | 40 | €23,501,901 | €19,953,073 | -€3.5m | -15.1% |
| Other amounts receivable | 41 | €1,603,994 | €271,312,272 | +€269.7m | +16,815% |
| Current investments | 50/53 | €528,115,561 | €577,267,552 | +€49.2m | +9.3% |
| Own shares | 50 | €428,535,291 | €464,969,445 | +€36.4m | +8.5% |
| Other investments | 51/53 | €99,580,270 | €112,298,107 | +€12.7m | +12.8% |
| Cash at bank and in hand | 54/58 | €40,076,529 | €2,253,653 | -€37.8m | -94.4% |
| Deferred charges and accrued income | 490/1 | €67,088,781 | €16,512,577 | -€50.6m | -75.4% |
| Total equity and liabilities | 10/49 | €13,205,512,692 | €12,509,165,232 | -€696.3m | -5.3% |
| Equity | 10/15 | €9,053,357,793 | €9,160,338,136 | +€107.0m | +1.2% |
| Contributions | 10/11 | €2,583,058,636 | €2,583,058,636 | = | 0.0% |
| Capital | 10 | €583,516,974 | €583,516,974 | = | 0.0% |
| Issued capital | 100 | €583,516,974 | €583,516,974 | = | 0.0% |
| Contributions outside capital | 11 | €1,999,541,662 | €1,999,541,662 | = | 0.0% |
| Share premium | 1100/10 | €1,999,541,662 | €1,999,541,662 | = | 0.0% |
| Reserves | 13 | €6,453,694,588 | €6,553,694,588 | +€100.0m | +1.5% |
| Non-distributable reserves | 130/1 | €486,886,989 | €523,321,143 | +€36.4m | +7.5% |
| Legal reserve | 130 | €58,351,697 | €58,351,697 | = | 0.0% |
| Own shares acquired | 1312 | €428,535,292 | €464,969,446 | +€36.4m | +8.5% |
| Distributable reserves | 133 | €5,966,807,599 | €6,030,373,445 | +€63.6m | +1.1% |
| Profit (loss) carried forward | 14 | €16,604,569 | €23,584,912 | +€7.0m | +42.0% |
| Provisions and deferred taxes | 16 | €43,637,495 | €51,985,700 | +€8.3m | +19.1% |
| Provisions for liabilities and charges | 160/5 | €43,637,495 | €51,985,700 | +€8.3m | +19.1% |
| Other liabilities and charges | 164/5 | €43,637,495 | €51,985,700 | +€8.3m | +19.1% |
| Amounts payable | 17/49 | €4,108,517,404 | €3,296,841,396 | -€811.7m | -19.8% |
| Amounts payable after more than one year | 17 | €3,562,276,319 | €2,802,386,743 | -€759.9m | -21.3% |
| Financial debts | 170/4 | €3,562,276,319 | €2,802,386,743 | -€759.9m | -21.3% |
| Unsubordinated bonds | 171 | €1,450,000,000 | €1,450,000,000 | = | 0.0% |
| Other loans | 174 | €2,112,276,319 | €1,352,386,743 | -€759.9m | -36.0% |
| Amounts payable within one year | 42/48 | €461,875,114 | €420,777,816 | -€41.1m | -8.9% |
| Financial debts | 43 | €60,849,959 | €19 | -€60.8m | -100.0% |
| Credit institutions | 430/8 | €467 | - | -€467 | |
| Other loans | 439 | €60,849,492 | €19 | -€60.8m | -100.0% |
| Trade debts | 44 | €23,410,305 | €17,422,687 | -€6.0m | -25.6% |
| Suppliers | 440/4 | €23,410,305 | €17,422,687 | -€6.0m | -25.6% |
| Taxes, remuneration and social security | 45 | €10,522,061 | €12,025,425 | +€1.5m | +14.3% |
| Taxes | 450/3 | €831,396 | €955,545 | +€124,149 | +14.9% |
| Remuneration and social security | 454/9 | €9,690,665 | €11,069,880 | +€1.4m | +14.2% |
| Other amounts payable | 47/48 | €367,092,789 | €391,329,685 | +€24.2m | +6.6% |
| Accrued charges and deferred income | 492/3 | €84,365,971 | €73,676,837 | -€10.7m | -12.7% |
| Operating income | 70/76A | €100,752,651 | €110,155,698 | +€9.4m | +9.3% |
| Own construction capitalised | 72 | €94,158 | - | -€94,158 | |
| Other operating income | 74 | €100,618,257 | €110,155,698 | +€9.5m | +9.5% |
| Non-recurring operating income | 76A | €40,236 | - | -€40,236 | |
| Operating charges | 60/66A | €149,215,719 | €160,547,464 | +€11.3m | +7.6% |
| Services and other goods | 61 | €54,133,840 | €67,125,761 | +€13.0m | +24.0% |
| Remuneration, social security and pensions | 62 | €66,318,878 | €77,898,156 | +€11.6m | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,231,543 | €3,349,250 | +€117,707 | +3.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,341,845 | €8,310,067 | -€15.0m | -64.4% |
| Other operating charges | 640/8 | €2,740,879 | €3,826,093 | +€1.1m | +39.6% |
| Non-recurring operating charges | 66A | -€551,266 | €38,137 | +€589,403 | |
| Operating profit (loss) | 9901 | -€48,463,068 | -€50,391,766 | -€1.9m | -4.0% |
| Financial income | 75/76B | €667,038,692 | €618,703,323 | -€48.3m | -7.2% |
| Recurring financial income | 75 | €663,299,664 | €618,703,323 | -€44.6m | -6.7% |
| Income from financial fixed assets | 750 | €449,688,328 | €414,314,008 | -€35.4m | -7.9% |
| Income from current assets | 751 | €175,340,737 | €149,259,997 | -€26.1m | -14.9% |
| Other financial income | 752/9 | €38,270,599 | €55,129,318 | +€16.9m | +44.1% |
| Non-recurring financial income | 76B | €3,739,028 | - | -€3.7m | |
| Financial charges | 65/66B | €227,536,486 | €184,688,819 | -€42.8m | -18.8% |
| Recurring financial charges | 65 | €223,294,874 | €184,688,819 | -€38.6m | -17.3% |
| Debt charges | 650 | €198,174,505 | €163,956,764 | -€34.2m | -17.3% |
| Other financial charges | 652/9 | €25,120,369 | €20,732,055 | -€4.4m | -17.5% |
| Non-recurring financial charges | 66B | €4,241,612 | - | -€4.2m | |
| Profit (loss) for the period before taxes | 9903 | €391,039,138 | €383,622,738 | -€7.4m | -1.9% |
| Income taxes | 67/77 | €1,406,755 | €221,509 | -€1.2m | -84.3% |
| Taxes | 670/3 | €1,406,755 | €252,777 | -€1.2m | -82.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €31,268 | +€31,268 | |
| Profit (loss) for the period | 9904 | €389,632,383 | €383,401,229 | -€6.2m | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €389,632,383 | €383,401,229 | -€6.2m | -1.6% |
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 17 October 2026 via checked.be.