ULP-I: 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.
ULP-I
Largest movements
- Stocks and contracts +€1.8m
up €1.8m (+4.7%), from €38.2m to €40.0m
- Receivables within one year +€984,743
up €984,743 (+41.4%), from €2.4m to €3.4m
of which Other amounts receivable: +€827,571
- Other debts +€1.4m
up €1.4m (+116%), from €1.2m to €2.5m
- Profit (loss) carried forward +€531,461
up €531,461 (+18.4%), from €2.9m to €3.4m
- Financial charges -€3.6m
down €3.6m (-94.6%), from €3.8m to €205,530
of which Non-recurring financial charges: -€1.8m
- Gross operating margin -€1.2m
down €1.2m (-55.5%), from €2.2m to €962,513
- Taxes +€157,243
up €157,243 (+411%), from €38,302 to €195,545
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 | €40,871,422 | €43,518,906 | +€2.6m | +6.5% |
| Fixed assets | 21/28 | €186,493 | €186,493 | = | 0.0% |
| Financial fixed assets | 28 | €186,493 | €186,493 | = | 0.0% |
| Current assets | 29/58 | €40,684,929 | €43,332,413 | +€2.6m | +6.5% |
| Stocks and contracts in progress | 3 | €38,181,621 | €39,961,146 | +€1.8m | +4.7% |
| Stocks | 30/36 | €38,181,621 | €39,961,146 | +€1.8m | +4.7% |
| Amounts receivable within one year | 40/41 | €2,376,853 | €3,361,595 | +€984,743 | +41.4% |
| Trade receivables | 40 | €124,115 | €281,286 | +€157,171 | +127% |
| Other amounts receivable | 41 | €2,252,738 | €3,080,309 | +€827,571 | +36.7% |
| Cash at bank and in hand | 54/58 | €106,079 | €8,290 | -€97,788 | -92.2% |
| Deferred charges and accrued income | 490/1 | €20,376 | €1,381 | -€18,995 | -93.2% |
| Total equity and liabilities | 10/49 | €40,871,422 | €43,518,906 | +€2.6m | +6.5% |
| Equity | 10/15 | €3,875,527 | €4,406,988 | +€531,461 | +13.7% |
| Contributions | 10/11 | €900,000 | €900,000 | = | 0.0% |
| Capital | 10 | €900,000 | €900,000 | = | 0.0% |
| Issued capital | 100 | €900,000 | €900,000 | = | 0.0% |
| Reserves | 13 | €90,000 | €90,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Legal reserve | 130 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,885,527 | €3,416,988 | +€531,461 | +18.4% |
| Amounts payable | 17/49 | €36,995,895 | €39,111,919 | +€2.1m | +5.7% |
| Amounts payable after more than one year | 17 | €197,634 | €105,638 | -€91,996 | -46.5% |
| Financial debts | 170/4 | €197,634 | €105,638 | -€91,996 | -46.5% |
| Amounts payable within one year | 42/48 | €36,786,463 | €38,996,967 | +€2.2m | +6.0% |
| Financial debts | 43 | €35,445,569 | €35,875,058 | +€429,489 | +1.2% |
| Credit institutions | 430/8 | €35,445,569 | €35,875,058 | +€429,489 | +1.2% |
| Trade debts | 44 | €20,834 | €384,201 | +€363,367 | +1,744% |
| Suppliers | 440/4 | €20,834 | €384,201 | +€363,367 | +1,744% |
| Taxes, remuneration and social security | 45 | €149,949 | €213,407 | +€63,458 | +42.3% |
| Taxes | 450/3 | €149,949 | €213,407 | +€63,458 | +42.3% |
| Other amounts payable | 47/48 | €1,170,112 | €2,524,301 | +€1.4m | +116% |
| Accrued charges and deferred income | 492/3 | €11,798 | €9,313 | -€2,485 | -21.1% |
| Other operating charges | 640/8 | €111,918 | €110,253 | -€1,665 | -1.5% |
| Gross operating margin | 9900 | €2,163,293 | €962,513 | -€1.2m | -55.5% |
| Operating profit (loss) | 9901 | €2,051,375 | €852,260 | -€1.2m | -58.5% |
| Financial income | 75/76B | €65,246 | €80,276 | +€15,030 | +23.0% |
| Recurring financial income | 75 | €65,246 | €80,276 | +€15,030 | +23.0% |
| Financial charges | 65/66B | €3,812,760 | €205,530 | -€3.6m | -94.6% |
| Recurring financial charges | 65 | €1,976,044 | €205,530 | -€1.8m | -89.6% |
| Non-recurring financial charges | 66B | €1,836,716 | - | -€1.8m | |
| Profit (loss) for the period before taxes | 9903 | -€1,696,139 | €727,006 | +€2.4m | |
| Income taxes | 67/77 | €38,302 | €195,545 | +€157,243 | +411% |
| Profit (loss) for the period | 9904 | -€1,734,441 | €531,461 | +€2.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,734,441 | €531,461 | +€2.3m |
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 1 November 2026 via checked.be.