ULP-III: 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-III
Largest movements
- Stocks and contracts -€106,868
down €106,868 (-74.4%), from €143,563 to €36,694
- Receivables within one year -€42,348
down €42,348 (-2.2%), from €1.9m to €1.8m
- Tax, wage and social debts -€245,105
down €245,105 (-82.4%), from €297,413 to €52,308
- Profit (loss) carried forward +€143,694
up €143,694 (+12.6%), from €1.1m to €1.3m
- Other debts -€50,000
no longer reported in 2025 (was €50,000)
- Advances received +€23,475
new in 2025: €23,475
- Gross operating margin -€399,525
down €399,525 (-72.6%), from €550,387 to €150,862
- Taxes -€102,424
down €102,424 (-66.2%), from €154,732 to €52,308
- Financial income +€19,737
up €19,737 (+41.6%), from €47,415 to €67,152
- Other operating charges +€18,812
up €18,812 (+1077.6%), from €1,746 to €20,557
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 | €2,039,303 | €1,908,595 | -€130,708 | -6.4% |
| Current assets | 29/58 | €2,039,303 | €1,908,595 | -€130,708 | -6.4% |
| Stocks and contracts in progress | 3 | €143,563 | €36,694 | -€106,868 | -74.4% |
| Stocks | 30/36 | €143,563 | €36,694 | -€106,868 | -74.4% |
| Amounts receivable within one year | 40/41 | €1,887,863 | €1,845,515 | -€42,348 | -2.2% |
| Other amounts receivable | 41 | €1,887,863 | €1,845,515 | -€42,348 | -2.2% |
| Cash at bank and in hand | 54/58 | €7,877 | €26,386 | +€18,509 | +235.0% |
| Total equity and liabilities | 10/49 | €2,039,303 | €1,908,595 | -€130,708 | -6.4% |
| Equity | 10/15 | €1,683,965 | €1,827,659 | +€143,694 | +8.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €240,500 | €240,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,143,465 | €1,287,159 | +€143,694 | +12.6% |
| Amounts payable | 17/49 | €355,338 | €80,936 | -€274,402 | -77.2% |
| Amounts payable within one year | 42/48 | €355,338 | €80,936 | -€274,402 | -77.2% |
| Trade debts | 44 | €7,926 | €5,154 | -€2,772 | -35.0% |
| Suppliers | 440/4 | €7,926 | €5,154 | -€2,772 | -35.0% |
| Advances received on contracts in progress | 46 | - | €23,475 | +€23,475 | |
| Taxes, remuneration and social security | 45 | €297,413 | €52,308 | -€245,105 | -82.4% |
| Taxes | 450/3 | €297,413 | €52,308 | -€245,105 | -82.4% |
| Other amounts payable | 47/48 | €50,000 | - | -€50,000 | |
| Other operating charges | 640/8 | €1,746 | €20,557 | +€18,812 | +1077.6% |
| Gross operating margin | 9900 | €550,387 | €150,862 | -€399,525 | -72.6% |
| Operating profit (loss) | 9901 | €548,641 | €130,305 | -€418,336 | -76.2% |
| Financial income | 75/76B | €47,415 | €67,152 | +€19,737 | +41.6% |
| Recurring financial income | 75 | €47,415 | €67,152 | +€19,737 | +41.6% |
| Financial charges | 65/66B | €1,219 | €1,455 | +€236 | +19.3% |
| Recurring financial charges | 65 | €1,219 | €1,455 | +€236 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €594,837 | €196,002 | -€398,835 | -67.0% |
| Income taxes | 67/77 | €154,732 | €52,308 | -€102,424 | -66.2% |
| Profit (loss) for the period | 9904 | €440,105 | €143,694 | -€296,411 | -67.4% |
| Transfer to tax-exempt reserves | 689 | €210,500 | - | -€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €229,605 | €143,694 | -€85,911 | -37.4% |
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 28 September 2026 via checked.be.