Ulfur: 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.
Ulfur
Largest movements
- Cash -€29,340
down €29,340 (-68.5%), from €42,836 to €13,496
mainly Contributions, distributions and other (-€27,062) and Receivables within one year (-€4,867)
- Receivables within one year +€4,867
up €4,867 (+24.3%), from €20,045 to €24,912
of which Other amounts receivable: +€3,396
- Reserves -€27,062
down €27,062 (-67.2%), from €40,251 to €13,188
- Other debts +€2,862
up €2,862 (+15.7%), from €18,200 to €21,062
- Tax, wage and social debts -€2,469
down €2,469 (-33.5%), from €7,379 to €4,910
- Trade debts +€1,816
up €1,816 (+55.0%), from €3,301 to €5,117
- Gross operating margin -€37,436
down €37,436 (-81.5%), from €45,956 to €8,520
- Taxes -€7,245
down €7,245 (-87.8%), from €8,249 to €1,005
- Financial charges -€1,754
down €1,754 (-27.9%), from €6,281 to €4,527
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 | €71,179 | €46,474 | -€24,705 | -34.7% |
| Fixed assets | 21/28 | €4,428 | €4,239 | -€190 | -4.3% |
| Tangible fixed assets | 22/27 | €4,428 | €4,239 | -€190 | -4.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,428 | €4,239 | -€190 | -4.3% |
| Current assets | 29/58 | €66,751 | €42,235 | -€24,515 | -36.7% |
| Amounts receivable within one year | 40/41 | €20,045 | €24,912 | +€4,867 | +24.3% |
| Trade receivables | 40 | €13,937 | €15,408 | +€1,471 | +10.6% |
| Other amounts receivable | 41 | €6,108 | €9,504 | +€3,396 | +55.6% |
| Cash at bank and in hand | 54/58 | €42,836 | €13,496 | -€29,340 | -68.5% |
| Deferred charges and accrued income | 490/1 | €3,870 | €3,827 | -€43 | -1.1% |
| Total equity and liabilities | 10/49 | €71,179 | €46,474 | -€24,705 | -34.7% |
| Equity | 10/15 | €42,251 | €15,055 | -€27,195 | -64.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €40,251 | €13,188 | -€27,062 | -67.2% |
| Distributable reserves | 133 | €40,251 | €13,188 | -€27,062 | -67.2% |
| Profit (loss) carried forward | 14 | €0 | -€133 | -€133 | |
| Amounts payable | 17/49 | €28,928 | €31,418 | +€2,490 | +8.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €28,880 | €31,090 | +€2,209 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,301 | €5,117 | +€1,816 | +55.0% |
| Suppliers | 440/4 | €3,301 | €5,117 | +€1,816 | +55.0% |
| Taxes, remuneration and social security | 45 | €7,379 | €4,910 | -€2,469 | -33.5% |
| Taxes | 450/3 | €7,379 | €4,910 | -€2,469 | -33.5% |
| Other amounts payable | 47/48 | €18,200 | €21,062 | +€2,862 | +15.7% |
| Accrued charges and deferred income | 492/3 | €48 | €329 | +€281 | +586% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,563 | €1,911 | +€348 | +22.2% |
| Other operating charges | 640/8 | €1,596 | €1,354 | -€242 | -15.2% |
| Gross operating margin | 9900 | €45,956 | €8,520 | -€37,436 | -81.5% |
| Operating profit (loss) | 9901 | €42,796 | €5,255 | -€37,541 | -87.7% |
| Financial income | 75/76B | €428 | €144 | -€285 | -66.5% |
| Recurring financial income | 75 | €428 | €144 | -€285 | -66.5% |
| Financial charges | 65/66B | €6,281 | €4,527 | -€1,754 | -27.9% |
| Recurring financial charges | 65 | €6,281 | €4,527 | -€1,754 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €36,944 | €871 | -€36,072 | -97.6% |
| Income taxes | 67/77 | €8,249 | €1,005 | -€7,245 | -87.8% |
| Profit (loss) for the period | 9904 | €28,694 | -€133 | -€28,828 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,694 | -€133 | -€28,828 |
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 13 October 2026 via checked.be.