UGOLPHI: what changed
Two fiscal 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.
UGOLPHI
Largest movements
- Tangible fixed assets +€40,607
up €40,607 (+82.9%), from €48,999 to €89,606
of which Plant, machinery and equipment: +€21,692
- Cash -€32,590
down €32,590 (-73.0%), from €44,652 to €12,062
mainly Investment in fixed assets (net) (-€62,750) and Trade debts (-€30,222)
- Stocks and contracts -€11,933
down €11,933 (-9.7%), from €122,682 to €110,750
- Receivables within one year -€8,779
down €8,779 (-20.4%), from €43,136 to €34,357
of which Other amounts receivable: -€4,715
- Current investments -€6,344
down €6,344 (-87.4%), from €7,262 to €917
- Trade debts -€30,222
down €30,222 (-14.5%), from €208,176 to €177,954
- Profit (loss) carried forward -€16,460
down €16,460 (-705.7%), from -€2,333 to -€18,792
- Debts after one year +€11,956
up €11,956 (+47.7%), from €25,057 to €37,012
- Short-term financial debts +€7,277
up €7,277 (+118.1%), from €6,161 to €13,438
- Current portion of long-term debt +€3,810
up €3,810 (+44.2%), from €8,620 to €12,430
- Staff costs +€25,711
up €25,711 (+13.1%), from €195,641 to €221,351
- Depreciation -€5,876
down €5,876 (-21.0%), from €28,019 to €22,143
- Gross operating margin +€4,465
up €4,465 (+1.8%), from €250,083 to €254,548
- Financial charges +€2,770
up €2,770 (+26.6%), from €10,400 to €13,170
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.
Cash bridge derived
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 | €274,905 | €255,615 | -€19,289 | -7.0% |
| Fixed assets | 21/28 | €52,674 | €93,281 | +€40,607 | +77.1% |
| Tangible fixed assets | 22/27 | €48,999 | €89,606 | +€40,607 | +82.9% |
| Plant, machinery and equipment | 23 | €27,851 | €49,543 | +€21,692 | +77.9% |
| Furniture and vehicles | 24 | €794 | €685 | -€109 | -13.7% |
| Other tangible fixed assets | 26 | €20,354 | €39,378 | +€19,024 | +93.5% |
| Financial fixed assets | 28 | €3,675 | €3,675 | = | 0.0% |
| Current assets | 29/58 | €222,231 | €162,334 | -€59,897 | -27.0% |
| Stocks and contracts in progress | 3 | €122,682 | €110,750 | -€11,933 | -9.7% |
| Stocks | 30/36 | €122,682 | €110,750 | -€11,933 | -9.7% |
| Amounts receivable within one year | 40/41 | €43,136 | €34,357 | -€8,779 | -20.4% |
| Trade receivables | 40 | €29,132 | €25,067 | -€4,065 | -14.0% |
| Other amounts receivable | 41 | €14,004 | €9,290 | -€4,715 | -33.7% |
| Current investments | 50/53 | €7,262 | €917 | -€6,344 | -87.4% |
| Cash at bank and in hand | 54/58 | €44,652 | €12,062 | -€32,590 | -73.0% |
| Deferred charges and accrued income | 490/1 | €4,499 | €4,249 | -€250 | -5.6% |
| Total equity and liabilities | 10/49 | €274,905 | €255,615 | -€19,289 | -7.0% |
| Equity | 10/15 | €3,917 | -€12,542 | -€16,460 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,333 | -€18,792 | -€16,460 | -705.7% |
| Amounts payable | 17/49 | €270,987 | €268,158 | -€2,830 | -1.0% |
| Amounts payable after more than one year | 17 | €25,057 | €37,012 | +€11,956 | +47.7% |
| Financial debts | 170/4 | €25,057 | €37,012 | +€11,956 | +47.7% |
| Amounts payable within one year | 42/48 | €244,071 | €228,587 | -€15,484 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €8,620 | €12,430 | +€3,810 | +44.2% |
| Financial debts | 43 | €6,161 | €13,438 | +€7,277 | +118.1% |
| Credit institutions | 430/8 | €6,161 | €13,438 | +€7,277 | +118.1% |
| Trade debts | 44 | €208,176 | €177,954 | -€30,222 | -14.5% |
| Suppliers | 440/4 | €208,176 | €177,954 | -€30,222 | -14.5% |
| Taxes, remuneration and social security | 45 | €21,114 | €22,760 | +€1,646 | +7.8% |
| Taxes | 450/3 | €2,270 | €41 | -€2,229 | -98.2% |
| Remuneration and social security | 454/9 | €18,844 | €22,719 | +€3,874 | +20.6% |
| Other amounts payable | 47/48 | - | €2,006 | +€2,006 | |
| Accrued charges and deferred income | 492/3 | €1,859 | €2,558 | +€699 | +37.6% |
| Remuneration, social security and pensions | 62 | €195,641 | €221,351 | +€25,711 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,019 | €22,143 | -€5,876 | -21.0% |
| Other operating charges | 640/8 | €13,384 | €14,573 | +€1,189 | +8.9% |
| Gross operating margin | 9900 | €250,083 | €254,548 | +€4,465 | +1.8% |
| Operating profit (loss) | 9901 | €13,040 | -€3,519 | -€16,559 | |
| Financial income | 75/76B | €457 | €229 | -€228 | -49.9% |
| Recurring financial income | 75 | €457 | €229 | -€228 | -49.9% |
| Financial charges | 65/66B | €10,400 | €13,170 | +€2,770 | +26.6% |
| Recurring financial charges | 65 | €10,400 | €13,170 | +€2,770 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €3,097 | -€16,460 | -€19,557 | |
| Income taxes | 67/77 | €98 | - | -€98 | |
| Profit (loss) for the period | 9904 | €2,999 | -€16,460 | -€19,459 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,999 | -€16,460 | -€19,459 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.