ULEX HOLDING: 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.
ULEX HOLDING
Largest movements
- Financial fixed assets +€255,045
up €255,045 (+25.5%), from €1.0m to €1.3m
- Cash -€87,500
down €87,500 (-30.5%), from €287,000 to €199,500
mainly Contributions, distributions and other (-€502,787) and Investment in fixed assets (net) (-€350,878)
- Other debts +€285,687
up €285,687 (+132%), from €217,100 to €502,787
- Reserves +€196,331
up €196,331 (+14.3%), from €1.4m to €1.6m
- Debts after one year -€159,284
down €159,284 (-15.4%), from €1.0m to €872,702
- Current portion of long-term debt -€55,364
down €55,364 (-25.8%), from €214,647 to €159,284
- Financial income +€219,990
up €219,990 (+79.4%), from €277,064 to €497,054
- Gross operating margin +€112,829
up €112,829 (+25.7%), from €438,438 to €551,268
- Taxes +€72,207
up €72,207 (+77.9%), from €92,725 to €164,932
- Depreciation -€25,015
down €25,015 (-24.1%), from €103,633 to €78,618
- Other operating charges +€6,193
up €6,193 (+10.9%), from €57,032 to €63,225
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,326,727 | €3,541,485 | +€214,759 | +6.5% |
| Fixed assets | 21/28 | €2,898,837 | €3,171,097 | +€272,260 | +9.4% |
| Tangible fixed assets | 22/27 | €1,897,255 | €1,914,469 | +€17,215 | +0.9% |
| Land and buildings | 22 | €929,564 | €1,005,136 | +€75,572 | +8.1% |
| Plant, machinery and equipment | 23 | €23,269 | €21,272 | -€1,997 | -8.6% |
| Leasing and similar rights | 25 | €944,422 | €888,062 | -€56,360 | -6.0% |
| Financial fixed assets | 28 | €1,001,582 | €1,256,628 | +€255,045 | +25.5% |
| Current assets | 29/58 | €427,890 | €370,388 | -€57,501 | -13.4% |
| Amounts receivable within one year | 40/41 | €137,574 | €152,149 | +€14,576 | +10.6% |
| Trade receivables | 40 | €27,484 | €41,985 | +€14,501 | +52.8% |
| Other amounts receivable | 41 | €110,090 | €110,165 | +€75 | +0.1% |
| Cash at bank and in hand | 54/58 | €287,000 | €199,500 | -€87,500 | -30.5% |
| Deferred charges and accrued income | 490/1 | €3,316 | €18,739 | +€15,423 | +465% |
| Total equity and liabilities | 10/49 | €3,326,727 | €3,541,485 | +€214,759 | +6.5% |
| Equity | 10/15 | €1,734,716 | €1,931,048 | +€196,331 | +11.3% |
| Contributions | 10/11 | €355,000 | €355,000 | = | 0.0% |
| Capital | 10 | €355,000 | €355,000 | = | 0.0% |
| Issued capital | 100 | €355,000 | €355,000 | = | 0.0% |
| Reserves | 13 | €1,368,417 | €1,564,748 | +€196,331 | +14.3% |
| Distributable reserves | 133 | €1,368,417 | €1,564,748 | +€196,331 | +14.3% |
| Profit (loss) carried forward | 14 | €11,299 | €11,299 | = | 0.0% |
| Amounts payable | 17/49 | €1,592,010 | €1,610,438 | +€18,427 | +1.2% |
| Amounts payable after more than one year | 17 | €1,031,986 | €872,702 | -€159,284 | -15.4% |
| Financial debts | 170/4 | €1,031,986 | €872,702 | -€159,284 | -15.4% |
| Amounts payable within one year | 42/48 | €557,951 | €736,935 | +€178,985 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €214,647 | €159,284 | -€55,364 | -25.8% |
| Trade debts | 44 | €34,344 | €3,048 | -€31,295 | -91.1% |
| Suppliers | 440/4 | €34,344 | €3,048 | -€31,295 | -91.1% |
| Taxes, remuneration and social security | 45 | €91,859 | €71,816 | -€20,043 | -21.8% |
| Taxes | 450/3 | €91,859 | €71,816 | -€20,043 | -21.8% |
| Other amounts payable | 47/48 | €217,100 | €502,787 | +€285,687 | +132% |
| Accrued charges and deferred income | 492/3 | €2,074 | €800 | -€1,274 | -61.4% |
| Non-recurring operating income | 76A | €20,806 | €25 | -€20,782 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,633 | €78,618 | -€25,015 | -24.1% |
| Other operating charges | 640/8 | €57,032 | €63,225 | +€6,193 | +10.9% |
| Non-recurring operating charges | 66A | - | €535 | +€535 | |
| Gross operating margin | 9900 | €438,438 | €551,268 | +€112,829 | +25.7% |
| Operating profit (loss) | 9901 | €277,774 | €408,890 | +€131,116 | +47.2% |
| Financial income | 75/76B | €277,064 | €497,054 | +€219,990 | +79.4% |
| Recurring financial income | 75 | €277,064 | €497,054 | +€219,990 | +79.4% |
| Financial charges | 65/66B | €44,592 | €41,894 | -€2,697 | -6.0% |
| Recurring financial charges | 65 | €44,592 | €41,894 | -€2,697 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €510,247 | €864,050 | +€353,803 | +69.3% |
| Income taxes | 67/77 | €92,725 | €164,932 | +€72,207 | +77.9% |
| Profit (loss) for the period | 9904 | €417,522 | €699,119 | +€281,597 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €417,522 | €699,119 | +€281,597 | +67.4% |
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 18 October 2026 via checked.be.