ULTIM8: 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.
ULTIM8
Largest movements
- Current investments +€116,031
up €116,031 (+46.4%), from €250,000 to €366,031
- Cash +€81,121
up €81,121 (+72.0%), from €112,670 to €193,791
mainly Net result for the year (+€95,492) and Depreciation (+€36,140)
- Financial fixed assets -€41,291
down €41,291 (-100.0%), from €41,291 to €0
- Tangible fixed assets -€30,872
down €30,872 (-22.2%), from €139,310 to €108,438
of which Furniture and vehicles: -€29,932
- Reserves +€66,000
up €66,000 (+13.0%), from €506,016 to €572,016
- Debts after one year +€33,170
up €33,170 (+450.7%), from €7,359 to €40,529
- Current portion of long-term debt +€10,626
up €10,626 (+116.3%), from €9,137 to €19,763
- Trade debts +€7,956
up €7,956 (+219.5%), from €3,625 to €11,581
- Gross operating margin +€59,337
up €59,337 (+71.4%), from €83,157 to €142,494
- Depreciation +€13,415
up €13,415 (+59.0%), from €22,724 to €36,140
- Taxes -€7,970
down €7,970 (-46.2%), from €17,237 to €9,267
- Financial income +€3,069
up €3,069 (+70.4%), from €4,357 to €7,426
- Other operating charges +€1,826
up €1,826 (+55.7%), from €3,280 to €5,106
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 | €567,576 | €692,222 | +€124,646 | +22.0% |
| Fixed assets | 21/28 | €180,601 | €108,438 | -€72,163 | -40.0% |
| Tangible fixed assets | 22/27 | €139,310 | €108,438 | -€30,872 | -22.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €3,681 | €2,740 | -€940 | -25.5% |
| Furniture and vehicles | 24 | €135,630 | €105,698 | -€29,932 | -22.1% |
| Financial fixed assets | 28 | €41,291 | €0 | -€41,291 | -100.0% |
| Current assets | 29/58 | €386,974 | €583,783 | +€196,809 | +50.9% |
| Amounts receivable within one year | 40/41 | €19,282 | €19,227 | -€54 | -0.3% |
| Trade receivables | 40 | €460 | €4,883 | +€4,423 | +962.4% |
| Other amounts receivable | 41 | €18,822 | €14,345 | -€4,477 | -23.8% |
| Current investments | 50/53 | €250,000 | €366,031 | +€116,031 | +46.4% |
| Cash at bank and in hand | 54/58 | €112,670 | €193,791 | +€81,121 | +72.0% |
| Deferred charges and accrued income | 490/1 | €5,022 | €4,734 | -€289 | -5.7% |
| Total equity and liabilities | 10/49 | €567,576 | €692,222 | +€124,646 | +22.0% |
| Equity | 10/15 | €536,949 | €608,441 | +€71,492 | +13.3% |
| Contributions | 10/11 | €23,248 | €23,248 | = | 0.0% |
| Reserves | 13 | €506,016 | €572,016 | +€66,000 | +13.0% |
| Distributable reserves | 133 | €506,016 | €572,016 | +€66,000 | +13.0% |
| Profit (loss) carried forward | 14 | €7,685 | €13,177 | +€5,492 | +71.5% |
| Amounts payable | 17/49 | €30,627 | €83,781 | +€53,154 | +173.6% |
| Amounts payable after more than one year | 17 | €7,359 | €40,529 | +€33,170 | +450.7% |
| Financial debts | 170/4 | €7,359 | €40,529 | +€33,170 | +450.7% |
| Amounts payable within one year | 42/48 | €23,268 | €43,252 | +€19,984 | +85.9% |
| Current portion of amounts payable after more than one year | 42 | €9,137 | €19,763 | +€10,626 | +116.3% |
| Financial debts | 43 | - | €81 | +€81 | |
| Credit institutions | 430/8 | - | €81 | +€81 | |
| Trade debts | 44 | €3,625 | €11,581 | +€7,956 | +219.5% |
| Suppliers | 440/4 | €3,625 | €11,581 | +€7,956 | +219.5% |
| Taxes, remuneration and social security | 45 | €10,506 | €11,826 | +€1,320 | +12.6% |
| Taxes | 450/3 | €7,958 | €10,326 | +€2,368 | +29.8% |
| Remuneration and social security | 454/9 | €2,548 | €1,500 | -€1,048 | -41.1% |
| Non-recurring operating income | 76A | €79,461 | €152,543 | +€73,082 | +92.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,724 | €36,140 | +€13,415 | +59.0% |
| Other operating charges | 640/8 | €3,280 | €5,106 | +€1,826 | +55.7% |
| Gross operating margin | 9900 | €83,157 | €142,494 | +€59,337 | +71.4% |
| Operating profit (loss) | 9901 | €57,153 | €101,248 | +€44,095 | +77.2% |
| Financial income | 75/76B | €4,357 | €7,426 | +€3,069 | +70.4% |
| Recurring financial income | 75 | €4,357 | €7,426 | +€3,069 | +70.4% |
| Financial charges | 65/66B | €2,382 | €3,914 | +€1,532 | +64.3% |
| Recurring financial charges | 65 | €2,382 | €3,914 | +€1,532 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €59,128 | €104,759 | +€45,631 | +77.2% |
| Income taxes | 67/77 | €17,237 | €9,267 | -€7,970 | -46.2% |
| Profit (loss) for the period | 9904 | €41,891 | €95,492 | +€53,601 | +128.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,891 | €95,492 | +€53,601 | +128.0% |
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 10 October 2026 via checked.be.