ULENS PROJECTS & MANAGEMENT: 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.
ULENS PROJECTS & MANAGEMENT
Largest movements
- Tangible fixed assets +€134,530
up €134,530 (+30.2%), from €445,067 to €579,597
of which Land and buildings: +€143,682
- Receivables after one year -€121,978
down €121,978 (-66.6%), from €183,178 to €61,200
- Cash +€114,103
up €114,103 (+121%), from €94,592 to €208,695
mainly Debts after one year (+€164,551) and Receivables after one year (+€121,978)
- Debts after one year +€164,551
up €164,551 (+95.3%), from €172,623 to €337,174
- Reserves -€42,036
down €42,036 (-8.5%), from €497,122 to €455,086
of which Distributable reserves: -€42,036
- Gross operating margin +€57,760
up €57,760 (+54.6%), from €105,787 to €163,547
- Taxes +€12,175
up €12,175 (+62.4%), from €19,496 to €31,670
- Depreciation +€11,245
up €11,245 (+34.4%), from €32,642 to €43,886
- Financial charges +€7,433
up €7,433 (+172%), from €4,313 to €11,747
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €742,213 | €874,967 | +€132,754 | +17.9% |
| Fixed assets | 21/28 | €445,067 | €579,597 | +€134,530 | +30.2% |
| Tangible fixed assets | 22/27 | €445,067 | €579,597 | +€134,530 | +30.2% |
| Land and buildings | 22 | €413,242 | €556,924 | +€143,682 | +34.8% |
| Furniture and vehicles | 24 | €31,825 | €22,673 | -€9,152 | -28.8% |
| Current assets | 29/58 | €297,146 | €295,370 | -€1,776 | -0.6% |
| Amounts receivable after more than one year | 29 | €183,178 | €61,200 | -€121,978 | -66.6% |
| Other amounts receivable | 291 | €183,178 | €61,200 | -€121,978 | -66.6% |
| Amounts receivable within one year | 40/41 | €18,193 | €24,287 | +€6,094 | +33.5% |
| Trade receivables | 40 | €17,689 | €24,287 | +€6,598 | +37.3% |
| Other amounts receivable | 41 | €504 | €0 | -€504 | -100% |
| Cash at bank and in hand | 54/58 | €94,592 | €208,695 | +€114,103 | +121% |
| Deferred charges and accrued income | 490/1 | €1,183 | €1,188 | +€5 | +0.4% |
| Total equity and liabilities | 10/49 | €742,213 | €874,967 | +€132,754 | +17.9% |
| Equity | 10/15 | €505,232 | €463,196 | -€42,036 | -8.3% |
| Contributions | 10/11 | €8,110 | €8,110 | = | 0.0% |
| Reserves | 13 | €497,122 | €455,086 | -€42,036 | -8.5% |
| Tax-exempt reserves | 132 | €637 | €637 | = | 0.0% |
| Distributable reserves | 133 | €496,485 | €454,450 | -€42,036 | -8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €236,981 | €411,770 | +€174,789 | +73.8% |
| Amounts payable after more than one year | 17 | €172,623 | €337,174 | +€164,551 | +95.3% |
| Financial debts | 170/4 | €172,623 | €337,174 | +€164,551 | +95.3% |
| Amounts payable within one year | 42/48 | €62,867 | €74,596 | +€11,729 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €31,676 | €36,891 | +€5,215 | +16.5% |
| Trade debts | 44 | €2,245 | €4,702 | +€2,457 | +109% |
| Suppliers | 440/4 | €2,245 | €4,702 | +€2,457 | +109% |
| Taxes, remuneration and social security | 45 | €11,736 | €17,370 | +€5,634 | +48.0% |
| Taxes | 450/3 | €11,736 | €17,370 | +€5,634 | +48.0% |
| Other amounts payable | 47/48 | €17,211 | €15,634 | -€1,577 | -9.2% |
| Accrued charges and deferred income | 492/3 | €1,490 | €0 | -€1,490 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,642 | €43,886 | +€11,245 | +34.4% |
| Other operating charges | 640/8 | €4,000 | €2,705 | -€1,295 | -32.4% |
| Gross operating margin | 9900 | €105,787 | €163,547 | +€57,760 | +54.6% |
| Operating profit (loss) | 9901 | €69,146 | €116,957 | +€47,811 | +69.1% |
| Financial income | 75/76B | €1,376 | €726 | -€650 | -47.2% |
| Recurring financial income | 75 | €1,376 | €726 | -€650 | -47.2% |
| Financial charges | 65/66B | €4,313 | €11,747 | +€7,433 | +172% |
| Recurring financial charges | 65 | €4,313 | €11,747 | +€7,433 | +172% |
| Profit (loss) for the period before taxes | 9903 | €66,209 | €105,936 | +€39,728 | +60.0% |
| Income taxes | 67/77 | €19,496 | €31,670 | +€12,175 | +62.4% |
| Profit (loss) for the period | 9904 | €46,713 | €74,266 | +€27,553 | +59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,713 | €74,266 | +€27,553 | +59.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.