ULNATE: 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.
ULNATE
Largest movements
- Financial fixed assets +€121,043
up €121,043 (+9.0%), from €1.3m to €1.5m
- Tangible fixed assets +€58,611
up €58,611 (+220%), from €26,619 to €85,230
of which Furniture and vehicles: +€58,611
- Cash +€35,741
up €35,741 (+19.6%), from €182,428 to €218,169
mainly Net result for the year (+€146,279) and Contributions, distributions and other (+€69,293)
- Receivables within one year -€19,908
down €19,908 (-24.4%), from €81,516 to €61,609
of which Other amounts receivable: -€55,299
- Revaluation surpluses +€121,043
up €121,043 (+35.8%), from €338,463 to €459,507
- Reserves +€94,529
up €94,529 (+10.6%), from €895,984 to €990,513
of which Distributable reserves: +€94,529
- Debts after one year -€90,199
down €90,199 (-28.7%), from €313,999 to €223,800
of which Financial debts: -€46,163
- Other debts +€46,865
up €46,865 (+1,314%), from €3,567 to €50,432
- Taxes -€11,895
down €11,895 (-18.8%), from €63,119 to €51,223
- Gross operating margin +€10,204
up €10,204 (+4.9%), from €207,788 to €217,992
- Financial income -€5,849
down €5,849 (-66.6%), from €8,779 to €2,931
of which Financial income: -€5,849
- Financial charges -€3,860
down €3,860 (-31.5%), from €12,269 to €8,409
- Depreciation -€2,680
down €2,680 (-17.1%), from €15,632 to €12,952
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 | €1,655,828 | €1,850,512 | +€194,685 | +11.8% |
| Fixed assets | 21/28 | €1,366,414 | €1,546,068 | +€179,654 | +13.1% |
| Tangible fixed assets | 22/27 | €26,619 | €85,230 | +€58,611 | +220% |
| Furniture and vehicles | 24 | €23,719 | €82,330 | +€58,611 | +247% |
| Other tangible fixed assets | 26 | €2,900 | €2,900 | = | 0.0% |
| Financial fixed assets | 28 | €1,339,795 | €1,460,839 | +€121,043 | +9.0% |
| Current assets | 29/58 | €289,414 | €304,444 | +€15,030 | +5.2% |
| Amounts receivable after more than one year | 29 | - | €4,018 | +€4,018 | |
| Other amounts receivable | 291 | - | €4,018 | +€4,018 | |
| Amounts receivable within one year | 40/41 | €81,516 | €61,609 | -€19,908 | -24.4% |
| Trade receivables | 40 | €26,217 | €61,609 | +€35,391 | +135% |
| Other amounts receivable | 41 | €55,299 | €0 | -€55,299 | -100% |
| Cash at bank and in hand | 54/58 | €182,428 | €218,169 | +€35,741 | +19.6% |
| Deferred charges and accrued income | 490/1 | €25,470 | €20,648 | -€4,821 | -18.9% |
| Total equity and liabilities | 10/49 | €1,655,828 | €1,850,512 | +€194,685 | +11.8% |
| Equity | 10/15 | €1,249,447 | €1,465,020 | +€215,573 | +17.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Revaluation surpluses | 12 | €338,463 | €459,507 | +€121,043 | +35.8% |
| Reserves | 13 | €895,984 | €990,513 | +€94,529 | +10.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €895,984 | €990,513 | +€94,529 | +10.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €406,381 | €385,493 | -€20,888 | -5.1% |
| Amounts payable after more than one year | 17 | €313,999 | €223,800 | -€90,199 | -28.7% |
| Financial debts | 170/4 | €269,963 | €223,800 | -€46,163 | -17.1% |
| Other amounts payable | 178/9 | €44,036 | €0 | -€44,036 | -100% |
| Amounts payable within one year | 42/48 | €90,599 | €160,051 | +€69,452 | +76.7% |
| Current portion of amounts payable after more than one year | 42 | €76,322 | €84,929 | +€8,607 | +11.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,716 | €6,755 | +€5,039 | +294% |
| Suppliers | 440/4 | €1,716 | €6,755 | +€5,039 | +294% |
| Taxes, remuneration and social security | 45 | €8,994 | €17,935 | +€8,941 | +99.4% |
| Taxes | 450/3 | €8,994 | €17,935 | +€8,941 | +99.4% |
| Other amounts payable | 47/48 | €3,567 | €50,432 | +€46,865 | +1,314% |
| Accrued charges and deferred income | 492/3 | €1,782 | €1,642 | -€140 | -7.9% |
| Non-recurring operating income | 76A | €0 | €12,632 | +€12,632 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,632 | €12,952 | -€2,680 | -17.1% |
| Other operating charges | 640/8 | €2,470 | €2,060 | -€410 | -16.6% |
| Non-recurring operating charges | 66A | €840 | €0 | -€840 | -100% |
| Gross operating margin | 9900 | €207,788 | €217,992 | +€10,204 | +4.9% |
| Operating profit (loss) | 9901 | €188,847 | €202,981 | +€14,134 | +7.5% |
| Financial income | 75/76B | €8,779 | €2,931 | -€5,849 | -66.6% |
| Recurring financial income | 75 | €8,779 | €2,931 | -€5,849 | -66.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €12,269 | €8,409 | -€3,860 | -31.5% |
| Recurring financial charges | 65 | €12,269 | €8,409 | -€3,860 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €185,357 | €197,503 | +€12,146 | +6.6% |
| Income taxes | 67/77 | €63,119 | €51,223 | -€11,895 | -18.8% |
| Profit (loss) for the period | 9904 | €122,238 | €146,279 | +€24,041 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €122,238 | €146,279 | +€24,041 | +19.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.