ULP BELGIUM: 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.
ULP BELGIUM
Largest movements
- Cash +€38,215
up €38,215 (+39.5%), from €96,705 to €134,920
mainly Trade debts (+€113,812) and Net result for the year (+€58,041)
- Receivables within one year +€27,007
up €27,007 (+2.6%), from €1.0m to €1.1m
of which Trade receivables: +€23,426
- Trade debts +€113,812
up €113,812 (+20.5%), from €553,976 to €667,788
- Other debts -€71,882
down €71,882 (-66.6%), from €107,863 to €35,981
- Reserves +€22,060
up €22,060 (+7.4%), from €297,879 to €319,939
of which Distributable reserves: +€22,060
- Gross operating margin +€126,920
up €126,920 (+122.4%), from €103,723 to €230,643
- Staff costs -€23,096
down €23,096 (-14.0%), from €164,877 to €141,781
- Financial income -€15,315
down €15,315 (-64.5%), from €23,751 to €8,436
- Financial charges -€13,501
down €13,501 (-39.7%), from €33,997 to €20,496
- Taxes +€5,701
up €5,701 (+698.3%), from €817 to €6,518
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 | €1,168,011 | €1,222,664 | +€54,653 | +4.7% |
| Fixed assets | 21/28 | €25,922 | €22,213 | -€3,709 | -14.3% |
| Tangible fixed assets | 22/27 | €25,922 | €22,213 | -€3,709 | -14.3% |
| Plant, machinery and equipment | 23 | €19,896 | €15,649 | -€4,247 | -21.3% |
| Furniture and vehicles | 24 | €6,026 | €6,563 | +€537 | +8.9% |
| Current assets | 29/58 | €1,142,089 | €1,200,451 | +€58,362 | +5.1% |
| Amounts receivable within one year | 40/41 | €1,034,540 | €1,061,548 | +€27,007 | +2.6% |
| Trade receivables | 40 | €1,021,871 | €1,045,297 | +€23,426 | +2.3% |
| Other amounts receivable | 41 | €12,670 | €16,251 | +€3,581 | +28.3% |
| Cash at bank and in hand | 54/58 | €96,705 | €134,920 | +€38,215 | +39.5% |
| Deferred charges and accrued income | 490/1 | €10,844 | €3,983 | -€6,861 | -63.3% |
| Total equity and liabilities | 10/49 | €1,168,011 | €1,222,664 | +€54,653 | +4.7% |
| Equity | 10/15 | €124,353 | €146,413 | +€22,060 | +17.7% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Outside capital | 11 | €37,000 | €37,000 | = | 0.0% |
| Other | 1109/19 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | €297,879 | €319,939 | +€22,060 | +7.4% |
| Non-distributable reserves | 130/1 | €3,313 | €3,313 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,313 | €3,313 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,333 | €1,333 | = | 0.0% |
| Distributable reserves | 133 | €293,233 | €315,293 | +€22,060 | +7.5% |
| Profit (loss) carried forward | 14 | -€210,526 | -€210,526 | = | 0.0% |
| Amounts payable | 17/49 | €1,043,658 | €1,076,250 | +€32,592 | +3.1% |
| Amounts payable within one year | 42/48 | €1,043,658 | €1,076,250 | +€32,592 | +3.1% |
| Financial debts | 43 | €353,418 | €353,401 | -€17 | 0.0% |
| Credit institutions | 430/8 | €353,418 | €353,401 | -€17 | 0.0% |
| Trade debts | 44 | €553,976 | €667,788 | +€113,812 | +20.5% |
| Suppliers | 440/4 | €553,976 | €667,788 | +€113,812 | +20.5% |
| Taxes, remuneration and social security | 45 | €28,401 | €19,080 | -€9,321 | -32.8% |
| Taxes | 450/3 | €7,306 | €1,024 | -€6,282 | -86.0% |
| Remuneration and social security | 454/9 | €21,095 | €18,056 | -€3,039 | -14.4% |
| Other amounts payable | 47/48 | €107,863 | €35,981 | -€71,882 | -66.6% |
| Remuneration, social security and pensions | 62 | €164,877 | €141,781 | -€23,096 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,935 | €10,705 | -€1,230 | -10.3% |
| Other operating charges | 640/8 | €1,413 | €1,539 | +€126 | +8.9% |
| Gross operating margin | 9900 | €103,723 | €230,643 | +€126,920 | +122.4% |
| Operating profit (loss) | 9901 | -€74,502 | €76,619 | +€151,121 | |
| Financial income | 75/76B | €23,751 | €8,436 | -€15,315 | -64.5% |
| Recurring financial income | 75 | €23,751 | €8,436 | -€15,315 | -64.5% |
| Financial charges | 65/66B | €33,997 | €20,496 | -€13,501 | -39.7% |
| Recurring financial charges | 65 | €33,997 | €20,496 | -€13,501 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | -€84,748 | €64,559 | +€149,307 | |
| Income taxes | 67/77 | €817 | €6,518 | +€5,701 | +698.3% |
| Profit (loss) for the period | 9904 | -€85,565 | €58,041 | +€143,606 | |
| Profit (loss) for the period to be appropriated | 9905 | -€85,565 | €58,041 | +€143,606 |
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 8 October 2026 via checked.be.