ULTIMA THULE: 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 THULE
Largest movements
- Tangible fixed assets +€1,147
up €1,147 (+12.0%), from €9,597 to €10,744
of which Other tangible fixed assets: +€1,983
- Cash +€895
up €895 (+2.9%), from €31,108 to €32,003
mainly Net result for the year (+€3,270) and Depreciation (+€2,702)
- Other debts +€2,016
up €2,016 (+9.5%), from €21,289 to €23,305
- Gross operating margin -€8,462
down €8,462 (-49.8%), from €17,005 to €8,543
- Taxes -€2,277
down €2,277 (-57.6%), from €3,954 to €1,676
- Depreciation -€1,958
down €1,958 (-42.0%), from €4,661 to €2,702
- Write-downs -€842
new in 2025: -€842
- Other operating charges +€718
up €718 (+73.0%), from €984 to €1,701
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 | €44,644 | €46,467 | +€1,823 | +4.1% |
| Fixed assets | 21/28 | €9,597 | €10,744 | +€1,147 | +12.0% |
| Tangible fixed assets | 22/27 | €9,597 | €10,744 | +€1,147 | +12.0% |
| Furniture and vehicles | 24 | €1,228 | €391 | -€836 | -68.1% |
| Other tangible fixed assets | 26 | €8,370 | €10,353 | +€1,983 | +23.7% |
| Current assets | 29/58 | €35,047 | €35,723 | +€676 | +1.9% |
| Amounts receivable within one year | 40/41 | €2,931 | €2,713 | -€218 | -7.4% |
| Trade receivables | 40 | - | €363 | +€363 | |
| Other amounts receivable | 41 | €2,931 | €2,350 | -€581 | -19.8% |
| Cash at bank and in hand | 54/58 | €31,108 | €32,003 | +€895 | +2.9% |
| Deferred charges and accrued income | 490/1 | €1,008 | €1,008 | -€1 | -0.1% |
| Total equity and liabilities | 10/49 | €44,644 | €46,467 | +€1,823 | +4.1% |
| Equity | 10/15 | €20,642 | €20,642 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €18,642 | €18,642 | = | 0.0% |
| Distributable reserves | 133 | €18,642 | €18,642 | = | 0.0% |
| Amounts payable | 17/49 | €24,002 | €25,825 | +€1,823 | +7.6% |
| Amounts payable within one year | 42/48 | €24,002 | €25,825 | +€1,823 | +7.6% |
| Trade debts | 44 | €2,259 | €2,066 | -€193 | -8.5% |
| Suppliers | 440/4 | €2,259 | €2,066 | -€193 | -8.5% |
| Taxes, remuneration and social security | 45 | €455 | €455 | = | 0.0% |
| Taxes | 450/3 | €455 | €455 | = | 0.0% |
| Other amounts payable | 47/48 | €21,289 | €23,305 | +€2,016 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,661 | €2,702 | -€1,958 | -42.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€842 | -€842 | |
| Other operating charges | 640/8 | €984 | €1,701 | +€718 | +73.0% |
| Gross operating margin | 9900 | €17,005 | €8,543 | -€8,462 | -49.8% |
| Operating profit (loss) | 9901 | €11,360 | €4,982 | -€6,379 | -56.1% |
| Financial income | 75/76B | €125 | €65 | -€60 | -47.7% |
| Recurring financial income | 75 | €125 | €65 | -€60 | -47.7% |
| Financial charges | 65/66B | €113 | €101 | -€11 | -10.2% |
| Recurring financial charges | 65 | €113 | €101 | -€11 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €11,373 | €4,946 | -€6,427 | -56.5% |
| Income taxes | 67/77 | €3,954 | €1,676 | -€2,277 | -57.6% |
| Profit (loss) for the period | 9904 | €7,419 | €3,270 | -€4,150 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,419 | €3,270 | -€4,150 | -55.9% |
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.