ULEX: 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.
ULEX
Largest movements
- Cash +€410,645
up €410,645 (+200.0%), from €205,333 to €615,978
mainly Net result for the year (+€782,975) and Receivables within one year (+€181,009)
- Receivables within one year -€181,009
down €181,009 (-11.2%), from €1.6m to €1.4m
of which Trade receivables: -€166,842
- Current investments -€150,000
down €150,000 (-23.1%), from €650,000 to €500,000
- Tangible fixed assets +€88,832
up €88,832 (+7.5%), from €1.2m to €1.3m
of which Land and buildings: +€70,727
- Profit (loss) carried forward +€332,975
up €332,975 (+24.2%), from €1.4m to €1.7m
- Accrued charges and deferred income +€149,544
up €149,544 (+2126.2%), from €7,033 to €156,577
- Debts after one year -€99,609
down €99,609 (-14.0%), from €709,523 to €609,914
- Trade debts -€92,074
down €92,074 (-13.3%), from €691,125 to €599,052
- Other debts -€65,258
down €65,258 (-11.5%), from €565,358 to €500,100
- Gross operating margin +€400,678
up €400,678 (+19.7%), from €2.0m to €2.4m
- Taxes +€104,568
up €104,568 (+62.8%), from €166,630 to €271,198
- Other operating charges -€50,956
down €50,956 (-45.1%), from €112,997 to €62,041
- Depreciation +€49,563
up €49,563 (+48.4%), from €102,505 to €152,068
- Staff costs +€30,864
up €30,864 (+2.8%), from €1.1m to €1.1m
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 | €4,024,375 | €4,219,721 | +€195,346 | +4.9% |
| Fixed assets | 21/28 | €1,187,508 | €1,276,339 | +€88,832 | +7.5% |
| Tangible fixed assets | 22/27 | €1,187,358 | €1,276,189 | +€88,832 | +7.5% |
| Land and buildings | 22 | €981,359 | €1,052,086 | +€70,727 | +7.2% |
| Furniture and vehicles | 24 | €205,999 | €224,104 | +€18,105 | +8.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €2,836,867 | €2,943,381 | +€106,515 | +3.8% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,614,364 | €1,433,355 | -€181,009 | -11.2% |
| Trade receivables | 40 | €1,473,304 | €1,306,462 | -€166,842 | -11.3% |
| Other amounts receivable | 41 | €141,060 | €126,893 | -€14,167 | -10.0% |
| Current investments | 50/53 | €650,000 | €500,000 | -€150,000 | -23.1% |
| Cash at bank and in hand | 54/58 | €205,333 | €615,978 | +€410,645 | +200.0% |
| Deferred charges and accrued income | 490/1 | €17,170 | €44,048 | +€26,878 | +156.5% |
| Total equity and liabilities | 10/49 | €4,024,375 | €4,219,721 | +€195,346 | +4.9% |
| Equity | 10/15 | €1,756,939 | €2,039,914 | +€282,975 | +16.1% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €209,710 | €159,710 | -€50,000 | -23.8% |
| Distributable reserves | 133 | €209,710 | €159,710 | -€50,000 | -23.8% |
| Profit (loss) carried forward | 14 | €1,377,230 | €1,710,204 | +€332,975 | +24.2% |
| Amounts payable | 17/49 | €2,267,435 | €2,179,807 | -€87,628 | -3.9% |
| Amounts payable after more than one year | 17 | €709,523 | €609,914 | -€99,609 | -14.0% |
| Financial debts | 170/4 | €709,523 | €609,914 | -€99,609 | -14.0% |
| Amounts payable within one year | 42/48 | €1,550,879 | €1,413,316 | -€137,563 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €126,394 | €128,526 | +€2,132 | +1.7% |
| Trade debts | 44 | €691,125 | €599,052 | -€92,074 | -13.3% |
| Suppliers | 440/4 | €691,125 | €599,052 | -€92,074 | -13.3% |
| Taxes, remuneration and social security | 45 | €168,002 | €185,638 | +€17,637 | +10.5% |
| Taxes | 450/3 | €34,076 | €38,839 | +€4,763 | +14.0% |
| Remuneration and social security | 454/9 | €133,926 | €146,800 | +€12,874 | +9.6% |
| Other amounts payable | 47/48 | €565,358 | €500,100 | -€65,258 | -11.5% |
| Accrued charges and deferred income | 492/3 | €7,033 | €156,577 | +€149,544 | +2126.2% |
| Remuneration, social security and pensions | 62 | €1,104,358 | €1,135,222 | +€30,864 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,505 | €152,068 | +€49,563 | +48.4% |
| Other operating charges | 640/8 | €112,997 | €62,041 | -€50,956 | -45.1% |
| Gross operating margin | 9900 | €2,034,709 | €2,435,387 | +€400,678 | +19.7% |
| Operating profit (loss) | 9901 | €714,849 | €1,086,056 | +€371,207 | +51.9% |
| Financial income | 75/76B | €41,499 | €49,934 | +€8,434 | +20.3% |
| Recurring financial income | 75 | €41,499 | €49,934 | +€8,434 | +20.3% |
| Financial charges | 65/66B | €68,284 | €81,817 | +€13,533 | +19.8% |
| Recurring financial charges | 65 | €68,284 | €81,817 | +€13,533 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €688,064 | €1,054,173 | +€366,108 | +53.2% |
| Income taxes | 67/77 | €166,630 | €271,198 | +€104,568 | +62.8% |
| Profit (loss) for the period | 9904 | €521,435 | €782,975 | +€261,540 | +50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €521,435 | €782,975 | +€261,540 | +50.2% |
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 29 September 2026 via checked.be.