Ulgen: 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.
Ulgen
Largest movements
- Cash -€137,628
down €137,628 (-98.7%), from €139,492 to €1,864
mainly Other debts (-€86,690) and Net result for the year (-€56,207)
- Receivables after one year -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Tangible fixed assets +€15,232
up €15,232 (+730.9%), from €2,084 to €17,316
- Receivables within one year +€9,952
up €9,952 (+103.1%), from €9,650 to €19,602
of which Other amounts receivable: +€9,952
- Other debts -€86,690
down €86,690 (-52.7%), from €164,376 to €77,686
- Profit (loss) carried forward -€56,207
down €56,207, from €0 to -€56,207
- Tax, wage and social debts -€31,414
down €31,414 (-98.3%), from €31,954 to €540
- Debts after one year +€10,088
new in 2025: €10,088
- Current portion of long-term debt +€5,816
new in 2025: €5,816
- Gross operating margin -€160,775
down €160,775, from €110,953 to -€49,822
- Taxes -€25,962
down €25,962 (-98.0%), from €26,502 to €540
- Depreciation +€4,865
up €4,865 (+411.2%), from €1,183 to €6,048
- Financial income -€1,212
down €1,212 (-37.3%), from €3,246 to €2,034
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 | €206,576 | €43,036 | -€163,540 | -79.2% |
| Fixed assets | 21/28 | €7,008 | €21,195 | +€14,187 | +202.4% |
| Intangible fixed assets | 21 | €4,924 | €3,879 | -€1,045 | -21.2% |
| Tangible fixed assets | 22/27 | €2,084 | €17,316 | +€15,232 | +730.9% |
| Furniture and vehicles | 24 | €2,084 | €17,316 | +€15,232 | +730.9% |
| Current assets | 29/58 | €199,568 | €21,840 | -€177,728 | -89.1% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100.0% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €9,650 | €19,602 | +€9,952 | +103.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,650 | €19,602 | +€9,952 | +103.1% |
| Cash at bank and in hand | 54/58 | €139,492 | €1,864 | -€137,628 | -98.7% |
| Deferred charges and accrued income | 490/1 | €426 | €374 | -€51 | -12.0% |
| Total equity and liabilities | 10/49 | €206,576 | €43,036 | -€163,540 | -79.2% |
| Equity | 10/15 | €5,000 | -€51,207 | -€56,207 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | -€56,207 | -€56,207 | |
| Amounts payable | 17/49 | €201,576 | €94,242 | -€107,334 | -53.2% |
| Amounts payable after more than one year | 17 | - | €10,088 | +€10,088 | |
| Financial debts | 170/4 | - | €10,088 | +€10,088 | |
| Amounts payable within one year | 42/48 | €201,576 | €84,154 | -€117,422 | -58.3% |
| Current portion of amounts payable after more than one year | 42 | - | €5,816 | +€5,816 | |
| Trade debts | 44 | €5,245 | €111 | -€5,134 | -97.9% |
| Suppliers | 440/4 | €5,245 | €111 | -€5,134 | -97.9% |
| Taxes, remuneration and social security | 45 | €31,954 | €540 | -€31,414 | -98.3% |
| Taxes | 450/3 | €31,954 | €540 | -€31,414 | -98.3% |
| Other amounts payable | 47/48 | €164,376 | €77,686 | -€86,690 | -52.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,183 | €6,048 | +€4,865 | +411.2% |
| Other operating charges | 640/8 | €1,079 | €599 | -€480 | -44.5% |
| Gross operating margin | 9900 | €110,953 | -€49,822 | -€160,775 | |
| Operating profit (loss) | 9901 | €108,691 | -€56,469 | -€165,160 | |
| Financial income | 75/76B | €3,246 | €2,034 | -€1,212 | -37.3% |
| Recurring financial income | 75 | €3,246 | €2,034 | -€1,212 | -37.3% |
| Financial charges | 65/66B | €1,375 | €1,232 | -€143 | -10.4% |
| Recurring financial charges | 65 | €1,375 | €1,232 | -€143 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €110,563 | -€55,667 | -€166,229 | |
| Income taxes | 67/77 | €26,502 | €540 | -€25,962 | -98.0% |
| Profit (loss) for the period | 9904 | €84,061 | -€56,207 | -€140,267 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,061 | -€56,207 | -€140,267 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.