ULTIMA: 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.
ULTIMA
Largest movements
- Financial fixed assets -€486,540
down €486,540 (-39.9%), from €1.2m to €734,210
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Tangible fixed assets -€112,035
down €112,035 (-4.1%), from €2.7m to €2.6m
of which Land and buildings: -€72,922
- Other debts -€331,508
down €331,508 (-26.3%), from €1.3m to €927,939
- Debts after one year -€305,775
down €305,775 (-16.2%), from €1.9m to €1.6m
- Profit (loss) carried forward -€260,195
down €260,195 (-95.6%), from €272,187 to €11,992
- Tax, wage and social debts +€50,114
up €50,114 (+258.4%), from €19,391 to €69,505
- Financial income +€46,805
up €46,805 (+42.5%), from €110,080 to €156,885
- Other operating charges +€11,720
up €11,720 (+82.2%), from €14,250 to €25,970
- Taxes -€7,097
down €7,097, from €307 to -€6,790
- Gross operating margin +€5,052
up €5,052 (+3.4%), from €149,950 to €155,002
- Financial charges -€4,027
down €4,027 (-10.5%), from €38,444 to €34,418
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 | €4,343,326 | €3,515,785 | -€827,541 | -19.1% |
| Fixed assets | 21/28 | €3,923,233 | €3,324,658 | -€598,575 | -15.3% |
| Tangible fixed assets | 22/27 | €2,702,483 | €2,590,448 | -€112,035 | -4.1% |
| Land and buildings | 22 | €2,125,530 | €2,052,608 | -€72,922 | -3.4% |
| Plant, machinery and equipment | 23 | €5,548 | €4,220 | -€1,328 | -23.9% |
| Furniture and vehicles | 24 | €14,541 | €11,798 | -€2,743 | -18.9% |
| Other tangible fixed assets | 26 | €556,863 | €521,822 | -€35,041 | -6.3% |
| Financial fixed assets | 28 | €1,220,750 | €734,210 | -€486,540 | -39.9% |
| Current assets | 29/58 | €420,094 | €191,127 | -€228,966 | -54.5% |
| Amounts receivable after more than one year | 29 | €23,749 | €36,449 | +€12,700 | +53.5% |
| Other amounts receivable | 291 | €23,749 | €36,449 | +€12,700 | +53.5% |
| Amounts receivable within one year | 40/41 | €88,884 | €104,398 | +€15,514 | +17.5% |
| Trade receivables | 40 | €66,997 | €73,511 | +€6,514 | +9.7% |
| Other amounts receivable | 41 | €21,887 | €30,887 | +€9,000 | +41.1% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €47,351 | €35,493 | -€11,859 | -25.0% |
| Deferred charges and accrued income | 490/1 | €10,110 | €14,788 | +€4,678 | +46.3% |
| Total equity and liabilities | 10/49 | €4,343,326 | €3,515,785 | -€827,541 | -19.1% |
| Equity | 10/15 | €872,187 | €611,992 | -€260,195 | -29.8% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €272,187 | €11,992 | -€260,195 | -95.6% |
| Amounts payable | 17/49 | €3,471,140 | €2,903,793 | -€567,346 | -16.3% |
| Amounts payable after more than one year | 17 | €1,882,386 | €1,576,610 | -€305,775 | -16.2% |
| Financial debts | 170/4 | €1,882,386 | €1,576,610 | -€305,775 | -16.2% |
| Amounts payable within one year | 42/48 | €1,588,754 | €1,327,183 | -€261,571 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €301,636 | €305,775 | +€4,139 | +1.4% |
| Trade debts | 44 | €8,280 | €23,964 | +€15,684 | +189.4% |
| Suppliers | 440/4 | €8,280 | €23,964 | +€15,684 | +189.4% |
| Taxes, remuneration and social security | 45 | €19,391 | €69,505 | +€50,114 | +258.4% |
| Taxes | 450/3 | €19,391 | €69,505 | +€50,114 | +258.4% |
| Other amounts payable | 47/48 | €1,259,446 | €927,939 | -€331,508 | -26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,256 | €118,485 | +€2,229 | +1.9% |
| Other operating charges | 640/8 | €14,250 | €25,970 | +€11,720 | +82.2% |
| Gross operating margin | 9900 | €149,950 | €155,002 | +€5,052 | +3.4% |
| Operating profit (loss) | 9901 | €19,444 | €10,548 | -€8,897 | -45.8% |
| Financial income | 75/76B | €110,080 | €156,885 | +€46,805 | +42.5% |
| Recurring financial income | 75 | €110,080 | €156,885 | +€46,805 | +42.5% |
| Financial charges | 65/66B | €38,444 | €34,418 | -€4,027 | -10.5% |
| Recurring financial charges | 65 | €38,444 | €34,418 | -€4,027 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €91,080 | €133,015 | +€41,935 | +46.0% |
| Income taxes | 67/77 | €307 | -€6,790 | -€7,097 | |
| Profit (loss) for the period | 9904 | €90,773 | €139,805 | +€49,032 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,773 | €139,805 | +€49,032 | +54.0% |
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.