ULTEA: 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.
ULTEA
Largest movements
- Receivables within one year -€769,971
down €769,971 (-11.4%), from €6.8m to €6.0m
of which Other amounts receivable: -€762,498
- Receivables after one year -€628,005
down €628,005 (-25.7%), from €2.4m to €1.8m
- Cash +€564,384
up €564,384 (+101%), from €560,507 to €1.1m
mainly Receivables within one year (+€769,971) and Receivables after one year (+€628,005)
- Debts after one year -€820,976
down €820,976 (-8.5%), from €9.6m to €8.8m
- Financial income -€92,512
down €92,512 (-15.6%), from €592,045 to €499,533
- Taxes -€26,581
down €26,581 (-35.5%), from €74,870 to €48,289
- Staff costs +€14,193
up €14,193 (+28.9%), from €49,115 to €63,308
- Gross operating margin +€4,126
up €4,126 (+2.4%), from -€174,331 to -€170,205
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 | €9,933,083 | €9,046,813 | -€886,270 | -8.9% |
| Fixed assets | 21/28 | €145,941 | €93,546 | -€52,396 | -35.9% |
| Tangible fixed assets | 22/27 | €145,902 | €93,506 | -€52,396 | -35.9% |
| Plant, machinery and equipment | 23 | €11,993 | €9,000 | -€2,993 | -25.0% |
| Furniture and vehicles | 24 | €133,909 | €84,506 | -€49,403 | -36.9% |
| Financial fixed assets | 28 | €39 | €39 | = | 0.0% |
| Current assets | 29/58 | €9,787,142 | €8,953,268 | -€833,874 | -8.5% |
| Amounts receivable after more than one year | 29 | €2,444,255 | €1,816,250 | -€628,005 | -25.7% |
| Other amounts receivable | 291 | €2,444,255 | €1,816,250 | -€628,005 | -25.7% |
| Amounts receivable within one year | 40/41 | €6,782,098 | €6,012,127 | -€769,971 | -11.4% |
| Trade receivables | 40 | €7,473 | €0 | -€7,473 | -100% |
| Other amounts receivable | 41 | €6,774,625 | €6,012,127 | -€762,498 | -11.3% |
| Cash at bank and in hand | 54/58 | €560,507 | €1,124,891 | +€564,384 | +101% |
| Deferred charges and accrued income | 490/1 | €282 | €0 | -€282 | -100% |
| Total equity and liabilities | 10/49 | €9,933,083 | €9,046,813 | -€886,270 | -8.9% |
| Equity | 10/15 | €23,687 | €23,687 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €613 | €613 | = | 0.0% |
| Non-distributable reserves | 130/1 | €613 | €613 | = | 0.0% |
| Reserves not available under the articles | 1311 | €613 | €613 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,474 | €4,474 | = | 0.0% |
| Amounts payable | 17/49 | €9,909,396 | €9,023,126 | -€886,270 | -8.9% |
| Amounts payable after more than one year | 17 | €9,635,236 | €8,814,260 | -€820,976 | -8.5% |
| Other amounts payable | 178/9 | €9,635,236 | €8,814,260 | -€820,976 | -8.5% |
| Amounts payable within one year | 42/48 | €274,160 | €208,866 | -€65,294 | -23.8% |
| Trade debts | 44 | €9,184 | €7,027 | -€2,157 | -23.5% |
| Suppliers | 440/4 | €9,184 | €7,027 | -€2,157 | -23.5% |
| Taxes, remuneration and social security | 45 | €31,508 | €42,430 | +€10,922 | +34.7% |
| Taxes | 450/3 | €29,788 | €29,214 | -€574 | -1.9% |
| Remuneration and social security | 454/9 | €1,721 | €13,217 | +€11,496 | +668% |
| Other amounts payable | 47/48 | €233,468 | €159,409 | -€74,059 | -31.7% |
| Remuneration, social security and pensions | 62 | €49,115 | €63,308 | +€14,193 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,326 | €53,647 | -€1,679 | -3.0% |
| Other operating charges | 640/8 | €3,958 | €3,496 | -€462 | -11.7% |
| Gross operating margin | 9900 | -€174,331 | -€170,205 | +€4,126 | +2.4% |
| Operating profit (loss) | 9901 | -€282,729 | -€290,656 | -€7,926 | -2.8% |
| Financial income | 75/76B | €592,045 | €499,533 | -€92,512 | -15.6% |
| Recurring financial income | 75 | €592,045 | €499,533 | -€92,512 | -15.6% |
| Financial charges | 65/66B | €978 | €1,179 | +€201 | +20.5% |
| Recurring financial charges | 65 | €978 | €1,179 | +€201 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €308,338 | €207,699 | -€100,639 | -32.6% |
| Income taxes | 67/77 | €74,870 | €48,289 | -€26,581 | -35.5% |
| Profit (loss) for the period | 9904 | €233,468 | €159,409 | -€74,059 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €233,468 | €159,409 | -€74,059 | -31.7% |
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 16 October 2026 via checked.be.