Ulti Group: 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.
Ulti Group
Largest movements
- Stocks and contracts +€222,782
new in 2025: €222,782
- Receivables within one year +€70,398
up €70,398 (+78.2%), from €90,074 to €160,471
of which Trade receivables: +€68,340
- Tangible fixed assets -€4,495
down €4,495 (-28.3%), from €15,859 to €11,364
of which Leasing and similar rights: -€3,950
- Short-term financial debts +€128,941
up €128,941 (+577%), from €22,340 to €151,281
- Tax, wage and social debts +€55,823
up €55,823 (+369%), from €15,112 to €70,934
of which Taxes: +€53,994
- Profit (loss) carried forward +€52,049
no longer reported in 2025 (was -€52,049)
- Debts after one year +€42,144
up €42,144 (+60.7%), from €69,442 to €111,586
- Other debts +€4,516
up €4,516, from €0 to €4,516
- Gross operating margin +€96,729
up €96,729, from -€24,933 to €71,795
- Financial charges +€4,252
up €4,252 (+77.7%), from €5,470 to €9,722
- Taxes +€1,959
new in 2025: €1,959
- Financial income -€1,781
down €1,781 (-51.6%), from €3,454 to €1,674
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 | €106,468 | €396,977 | +€290,509 | +273% |
| Formation expenses | 20 | €473 | €315 | -€158 | -33.4% |
| Fixed assets | 21/28 | €15,859 | €13,404 | -€2,455 | -15.5% |
| Tangible fixed assets | 22/27 | €15,859 | €11,364 | -€4,495 | -28.3% |
| Plant, machinery and equipment | 23 | €2,222 | €1,677 | -€545 | -24.5% |
| Leasing and similar rights | 25 | €13,637 | €9,687 | -€3,950 | -29.0% |
| Financial fixed assets | 28 | €0 | €2,040 | +€2,040 | |
| Current assets | 29/58 | €90,137 | €383,258 | +€293,122 | +325% |
| Stocks and contracts in progress | 3 | - | €222,782 | +€222,782 | |
| Stocks | 30/36 | - | €222,782 | +€222,782 | |
| Amounts receivable within one year | 40/41 | €90,074 | €160,471 | +€70,398 | +78.2% |
| Trade receivables | 40 | €80,819 | €149,159 | +€68,340 | +84.6% |
| Other amounts receivable | 41 | €9,254 | €11,312 | +€2,058 | +22.2% |
| Cash at bank and in hand | 54/58 | €63 | €5 | -€58 | -92.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €106,468 | €396,977 | +€290,509 | +273% |
| Equity | 10/15 | -€50,049 | €4,568 | +€54,618 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €2,568 | +€2,568 | |
| Distributable reserves | 133 | - | €2,568 | +€2,568 | |
| Profit (loss) carried forward | 14 | -€52,049 | - | +€52,049 | |
| Amounts payable | 17/49 | €156,518 | €392,409 | +€235,891 | +151% |
| Amounts payable after more than one year | 17 | €69,442 | €111,586 | +€42,144 | +60.7% |
| Financial debts | 170/4 | €69,442 | €111,586 | +€42,144 | +60.7% |
| Amounts payable within one year | 42/48 | €87,075 | €280,823 | +€193,747 | +223% |
| Current portion of amounts payable after more than one year | 42 | €7,503 | €7,856 | +€353 | +4.7% |
| Financial debts | 43 | €22,340 | €151,281 | +€128,941 | +577% |
| Credit institutions | 430/8 | €22,340 | €151,281 | +€128,941 | +577% |
| Trade debts | 44 | €42,121 | €46,235 | +€4,115 | +9.8% |
| Suppliers | 440/4 | €42,121 | €46,235 | +€4,115 | +9.8% |
| Taxes, remuneration and social security | 45 | €15,112 | €70,934 | +€55,823 | +369% |
| Taxes | 450/3 | €15,112 | €69,106 | +€53,994 | +357% |
| Remuneration and social security | 454/9 | - | €1,829 | +€1,829 | |
| Other amounts payable | 47/48 | €0 | €4,516 | +€4,516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,785 | €6,009 | +€224 | +3.9% |
| Other operating charges | 640/8 | €1,298 | €1,161 | -€137 | -10.5% |
| Gross operating margin | 9900 | -€24,933 | €71,795 | +€96,729 | |
| Operating profit (loss) | 9901 | -€32,016 | €64,625 | +€96,641 | |
| Financial income | 75/76B | €3,454 | €1,674 | -€1,781 | -51.6% |
| Recurring financial income | 75 | €3,454 | €1,674 | -€1,781 | -51.6% |
| Financial charges | 65/66B | €5,470 | €9,722 | +€4,252 | +77.7% |
| Recurring financial charges | 65 | €5,470 | €9,722 | +€4,252 | +77.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,032 | €56,577 | +€90,609 | |
| Income taxes | 67/77 | - | €1,959 | +€1,959 | |
| Profit (loss) for the period | 9904 | -€34,032 | €54,618 | +€88,650 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,032 | €54,618 | +€88,650 |
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 17 October 2026 via checked.be.