ULTIM OOST: 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.
What changed
ULTIM OOST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24,108
2024 · €33,726-€9,617
Equity
€224,244
2024 · €200,318+€23,925
Cash
€1,592
2024 · €4,199-€2,607
Balance sheet total
€1.2m
2024 · €1.3m-€32,488
Largest movements
Assets
- Tangible fixed assets -€32,456
down €32,456 (-2.6%), from €1.2m to €1.2m
of which Land and buildings: -€30,695
Equity and liabilities
- Debts after one year -€65,175
down €65,175 (-9.7%), from €675,102 to €609,927
- Profit (loss) carried forward +€24,108
up €24,108 (+44.1%), from -€54,630 to -€30,522
Income statement
- Gross operating margin -€12,011
down €12,011 (-10.5%), from €114,279 to €102,268
- Financial charges -€3,099
down €3,099 (-10.6%), from €29,178 to €26,078
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
€33,726
Gross operating margin
-€12,011
Depreciation
-€365
Other operating charges
-€341
Financial charges
+€3,099
Result 2025
€24,108
raises the resultlowers the result
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.
From operations
+€70,529
Investment
-€8,533
Financing
-€64,603
Cash 2024
€4,199
From operations (derived)
+€70,529
Net result for the year
+€24,108
Depreciation
+€40,989
Receivables within one year
-€3,562
Deferred charges and accrued income
+€987
Trade debts
+€1,340
Tax, wage and social debts
-€2,519
Other debts
+€11,535
Accrued charges and deferred income
-€2,350
Investment (derived)
-€8,533
Investment in fixed assets (net)
-€8,533
Financing
-€64,603
Debts after one year
-€65,175
Current portion of long-term debt
+€755
Contributions, distributions and other
-€183
Cash 2025
€1,592
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,259,654 | €1,227,165 | -€32,488 | -2.6% |
| Fixed assets | 21/28 | €1,246,653 | €1,214,197 | -€32,456 | -2.6% |
| Tangible fixed assets | 22/27 | €1,246,653 | €1,214,197 | -€32,456 | -2.6% |
| Land and buildings | 22 | €1,242,504 | €1,211,810 | -€30,695 | -2.5% |
| Plant, machinery and equipment | 23 | €2,775 | €1,476 | -€1,298 | -46.8% |
| Furniture and vehicles | 24 | €1,374 | €911 | -€463 | -33.7% |
| Current assets | 29/58 | €13,001 | €12,969 | -€32 | -0.2% |
| Amounts receivable within one year | 40/41 | €4,763 | €8,325 | +€3,562 | +74.8% |
| Trade receivables | 40 | €4,763 | €8,325 | +€3,562 | +74.8% |
| Cash at bank and in hand | 54/58 | €4,199 | €1,592 | -€2,607 | -62.1% |
| Deferred charges and accrued income | 490/1 | €4,039 | €3,051 | -€987 | -24.4% |
| Total equity and liabilities | 10/49 | €1,259,654 | €1,227,165 | -€32,488 | -2.6% |
| Equity | 10/15 | €200,318 | €224,244 | +€23,925 | +11.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,630 | -€30,522 | +€24,108 | +44.1% |
| Investment grants | 15 | €4,948 | €4,765 | -€183 | -3.7% |
| Amounts payable | 17/49 | €1,059,335 | €1,002,922 | -€56,413 | -5.3% |
| Amounts payable after more than one year | 17 | €675,102 | €609,927 | -€65,175 | -9.7% |
| Financial debts | 170/4 | €675,102 | €609,927 | -€65,175 | -9.7% |
| Amounts payable within one year | 42/48 | €364,183 | €375,295 | +€11,111 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €64,420 | €65,175 | +€755 | +1.2% |
| Trade debts | 44 | €3,259 | €4,598 | +€1,340 | +41.1% |
| Suppliers | 440/4 | €3,259 | €4,598 | +€1,340 | +41.1% |
| Taxes, remuneration and social security | 45 | €3,908 | €1,389 | -€2,519 | -64.5% |
| Taxes | 450/3 | €3,908 | €1,389 | -€2,519 | -64.5% |
| Other amounts payable | 47/48 | €292,598 | €304,133 | +€11,535 | +3.9% |
| Accrued charges and deferred income | 492/3 | €20,050 | €17,700 | -€2,350 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,624 | €40,989 | +€365 | +0.9% |
| Other operating charges | 640/8 | €10,935 | €11,276 | +€341 | +3.1% |
| Gross operating margin | 9900 | €114,279 | €102,268 | -€12,011 | -10.5% |
| Operating profit (loss) | 9901 | €62,720 | €50,003 | -€12,717 | -20.3% |
| Financial income | 75/76B | €183 | €183 | = | 0.0% |
| Recurring financial income | 75 | €183 | €183 | = | 0.0% |
| Financial charges | 65/66B | €29,178 | €26,078 | -€3,099 | -10.6% |
| Recurring financial charges | 65 | €29,178 | €26,078 | -€3,099 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €33,726 | €24,108 | -€9,617 | -28.5% |
| Profit (loss) for the period | 9904 | €33,726 | €24,108 | -€9,617 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,726 | €24,108 | -€9,617 | -28.5% |
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 21 October 2026 via checked.be.