ULTICO: 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.
ULTICO
Largest movements
- Cash -€60,979
down €60,979 (-32.4%), from €188,027 to €127,048
mainly Other debts (-€125,328) and Tax, wage and social debts (-€19,656)
- Current investments -€49,978
down €49,978 (-22.4%), from €223,255 to €173,276
- Tangible fixed assets -€19,860
down €19,860 (-11.1%), from €179,274 to €159,414
of which Furniture and vehicles: -€13,024
- Receivables within one year +€14,242
up €14,242 (+83.5%), from €17,048 to €31,290
of which Other amounts receivable: +€12,021
- Other debts -€125,328
down €125,328 (-99.7%), from €125,701 to €373
- Reserves +€31,053
up €31,053 (+7.3%), from €424,449 to €455,503
of which Distributable reserves: +€31,053
- Tax, wage and social debts -€19,656
down €19,656 (-37.9%), from €51,893 to €32,236
- Gross operating margin -€100,853
down €100,853 (-55.5%), from €181,621 to €80,769
- Taxes -€14,946
down €14,946 (-32.8%), from €45,562 to €30,616
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 | €622,540 | €509,133 | -€113,407 | -18.2% |
| Fixed assets | 21/28 | €191,328 | €174,408 | -€16,920 | -8.8% |
| Tangible fixed assets | 22/27 | €179,274 | €159,414 | -€19,860 | -11.1% |
| Land and buildings | 22 | €127,113 | €120,277 | -€6,836 | -5.4% |
| Furniture and vehicles | 24 | €52,162 | €39,137 | -€13,024 | -25.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €12,054 | €14,994 | +€2,940 | +24.4% |
| Current assets | 29/58 | €431,212 | €334,725 | -€96,487 | -22.4% |
| Amounts receivable within one year | 40/41 | €17,048 | €31,290 | +€14,242 | +83.5% |
| Trade receivables | 40 | €17,040 | €19,260 | +€2,220 | +13.0% |
| Other amounts receivable | 41 | €8 | €12,029 | +€12,021 | +152363.2% |
| Current investments | 50/53 | €223,255 | €173,276 | -€49,978 | -22.4% |
| Cash at bank and in hand | 54/58 | €188,027 | €127,048 | -€60,979 | -32.4% |
| Deferred charges and accrued income | 490/1 | €2,882 | €3,110 | +€228 | +7.9% |
| Total equity and liabilities | 10/49 | €622,540 | €509,133 | -€113,407 | -18.2% |
| Equity | 10/15 | €444,449 | €475,503 | +€31,053 | +7.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €424,449 | €455,503 | +€31,053 | +7.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €424,449 | €455,503 | +€31,053 | +7.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,091 | €33,630 | -€144,461 | -81.1% |
| Amounts payable within one year | 42/48 | €178,075 | €33,630 | -€144,445 | -81.1% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €482 | €1,021 | +€539 | +111.8% |
| Suppliers | 440/4 | €482 | €1,021 | +€539 | +111.8% |
| Taxes, remuneration and social security | 45 | €51,893 | €32,236 | -€19,656 | -37.9% |
| Taxes | 450/3 | €51,893 | €32,236 | -€19,656 | -37.9% |
| Other amounts payable | 47/48 | €125,701 | €373 | -€125,328 | -99.7% |
| Accrued charges and deferred income | 492/3 | €15 | €0 | -€15 | -100.0% |
| Non-recurring operating income | 76A | €18,000 | €0 | -€18,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,677 | €20,729 | +€52 | +0.3% |
| Other operating charges | 640/8 | €5,684 | €4,113 | -€1,571 | -27.6% |
| Gross operating margin | 9900 | €181,621 | €80,769 | -€100,853 | -55.5% |
| Operating profit (loss) | 9901 | €155,261 | €55,926 | -€99,334 | -64.0% |
| Financial income | 75/76B | €4,438 | €5,954 | +€1,516 | +34.2% |
| Recurring financial income | 75 | €4,438 | €5,954 | +€1,516 | +34.2% |
| Financial charges | 65/66B | €322 | €211 | -€110 | -34.3% |
| Recurring financial charges | 65 | €322 | €211 | -€110 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €159,377 | €61,670 | -€97,708 | -61.3% |
| Income taxes | 67/77 | €45,562 | €30,616 | -€14,946 | -32.8% |
| Profit (loss) for the period | 9904 | €113,816 | €31,053 | -€82,762 | -72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,816 | €31,053 | -€82,762 | -72.7% |
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 9 October 2026 via checked.be.