ULTEAM: 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.
What changed
ULTEAM
NACE 86.951, Physiotherapy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€22,982
2024 · -€13,364-€9,618
Equity
€2,357
2024 · €25,339-€22,982
Cash
€6,133
2024 · €9,980-€3,846
Balance sheet total
€2.5m
2024 · €2.6m-€159,193
Largest movements
Assets
- Tangible fixed assets -€123,973
down €123,973 (-4.9%), from €2.5m to €2.4m
of which Land and buildings: -€78,315
Equity and liabilities
- Debts after one year -€123,602
down €123,602 (-5.6%), from €2.2m to €2.1m
- Trade debts -€39,761
down €39,761 (-59.1%), from €67,239 to €27,478
- Current portion of long-term debt +€26,688
up €26,688 (+14.3%), from €186,142 to €212,830
Income statement
- Other operating charges +€28,950
up €28,950 (+1391.9%), from €2,080 to €31,030
- Financial charges +€28,734
up €28,734 (+55.6%), from €51,678 to €80,412
- Gross operating margin +€24,922
up €24,922 (+7.5%), from €333,716 to €358,638
- Staff costs -€23,698
down €23,698 (-16.5%), from €143,826 to €120,128
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.
Result 2024
-€13,364
Gross operating margin
+€24,922
Staff costs
+€23,698
Depreciation
-€573
Other operating charges
-€28,950
Financial income
+€18
Financial charges
-€28,734
Result 2025
-€22,982
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.
From operations
+€109,007
Investment
-€14,483
Financing
-€98,371
Cash 2024
€9,980
From operations (derived)
+€109,007
Net result for the year
-€22,982
Depreciation
+€150,069
Stocks and contracts
-€523
Receivables within one year
+€17,232
Deferred charges and accrued income
+€3,052
Trade debts
-€39,761
Tax, wage and social debts
+€2,877
Advances received
-€1,495
Other debts
-€32
Accrued charges and deferred income
+€571
Investment (derived)
-€14,483
Investment in fixed assets (net)
-€14,483
Financing
-€98,371
Debts after one year
-€123,602
Current portion of long-term debt
+€26,688
Short-term financial debts
-€1,457
Cash 2025
€6,133
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,649,714 | €2,490,521 | -€159,193 | -6.0% |
| Formation expenses | 20 | €22,791 | €16,553 | -€6,238 | -27.4% |
| Fixed assets | 21/28 | €2,546,543 | €2,417,195 | -€129,348 | -5.1% |
| Intangible fixed assets | 21 | €10,847 | €5,472 | -€5,375 | -49.6% |
| Tangible fixed assets | 22/27 | €2,535,696 | €2,411,723 | -€123,973 | -4.9% |
| Land and buildings | 22 | €2,396,424 | €2,318,109 | -€78,315 | -3.3% |
| Plant, machinery and equipment | 23 | €24,223 | €16,549 | -€7,674 | -31.7% |
| Furniture and vehicles | 24 | €19,435 | €13,267 | -€6,168 | -31.7% |
| Leasing and similar rights | 25 | €95,614 | €63,798 | -€31,816 | -33.3% |
| Current assets | 29/58 | €80,380 | €56,773 | -€23,607 | -29.4% |
| Stocks and contracts in progress | 3 | €952 | €1,476 | +€523 | +55.0% |
| Stocks | 30/36 | €952 | €1,476 | +€523 | +55.0% |
| Amounts receivable within one year | 40/41 | €58,067 | €40,835 | -€17,232 | -29.7% |
| Trade receivables | 40 | €55,993 | €40,835 | -€15,158 | -27.1% |
| Other amounts receivable | 41 | €2,074 | €0 | -€2,074 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,980 | €6,133 | -€3,846 | -38.5% |
| Deferred charges and accrued income | 490/1 | €11,382 | €8,330 | -€3,052 | -26.8% |
| Total equity and liabilities | 10/49 | €2,649,714 | €2,490,521 | -€159,193 | -6.0% |
| Equity | 10/15 | €25,339 | €2,357 | -€22,982 | -90.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €339 | -€22,643 | -€22,982 | |
| Amounts payable | 17/49 | €2,624,376 | €2,488,165 | -€136,211 | -5.2% |
| Amounts payable after more than one year | 17 | €2,211,843 | €2,088,241 | -€123,602 | -5.6% |
| Financial debts | 170/4 | €2,211,843 | €2,088,241 | -€123,602 | -5.6% |
| Amounts payable within one year | 42/48 | €400,846 | €387,667 | -€13,179 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €186,142 | €212,830 | +€26,688 | +14.3% |
| Financial debts | 43 | €2,633 | €1,176 | -€1,457 | -55.3% |
| Credit institutions | 430/8 | €2,633 | €1,176 | -€1,457 | -55.3% |
| Trade debts | 44 | €67,239 | €27,478 | -€39,761 | -59.1% |
| Suppliers | 440/4 | €67,239 | €27,478 | -€39,761 | -59.1% |
| Advances received on contracts in progress | 46 | €4,327 | €2,832 | -€1,495 | -34.5% |
| Taxes, remuneration and social security | 45 | €15,885 | €18,762 | +€2,877 | +18.1% |
| Taxes | 450/3 | €1,454 | €1,831 | +€377 | +25.9% |
| Remuneration and social security | 454/9 | €14,431 | €16,931 | +€2,500 | +17.3% |
| Other amounts payable | 47/48 | €124,620 | €124,588 | -€32 | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,687 | €12,257 | +€571 | +4.9% |
| Remuneration, social security and pensions | 62 | €143,826 | €120,128 | -€23,698 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,496 | €150,069 | +€573 | +0.4% |
| Other operating charges | 640/8 | €2,080 | €31,030 | +€28,950 | +1391.9% |
| Gross operating margin | 9900 | €333,716 | €358,638 | +€24,922 | +7.5% |
| Operating profit (loss) | 9901 | €38,314 | €57,412 | +€19,098 | +49.8% |
| Financial income | 75/76B | €0 | €18 | +€18 | +25442.9% |
| Recurring financial income | 75 | €0 | €18 | +€18 | +25442.9% |
| Financial charges | 65/66B | €51,678 | €80,412 | +€28,734 | +55.6% |
| Recurring financial charges | 65 | €51,678 | €80,412 | +€28,734 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,364 | -€22,982 | -€9,618 | -72.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€13,364 | -€22,982 | -€9,618 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,364 | -€22,982 | -€9,618 | -72.0% |
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 3 October 2026 via checked.be.