ULTIMA VEZ: 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 VEZ
Largest movements
- Deferred charges and accrued income +€64,977
up €64,977 (+891%), from €7,293 to €72,269
- Tangible fixed assets -€56,982
down €56,982 (-4.5%), from €1.3m to €1.2m
of which Land and buildings: -€49,422
- Receivables within one year +€46,306
up €46,306 (+13.6%), from €341,481 to €387,787
of which Trade receivables: +€59,987
- Cash +€39,644
up €39,644 (+111%), from €35,672 to €75,316
mainly Trade debts (+€104,425) and Accrued charges and deferred income (+€65,938)
- Trade debts +€104,425
up €104,425 (+266%), from €39,235 to €143,659
- Accrued charges and deferred income +€65,938
up €65,938 (+215%), from €30,664 to €96,602
- Debts after one year -€51,554
down €51,554 (-13.2%), from €391,779 to €340,224
- Short-term financial debts -€50,000
down €50,000 (-14.3%), from €350,000 to €300,000
- Tax, wage and social debts +€31,724
up €31,724 (+31.1%), from €102,032 to €133,756
of which Remuneration and social security: +€25,918
- Gross operating margin +€46,962
up €46,962 (+4.4%), from €1.1m to €1.1m
- Staff costs -€28,530
down €28,530 (-2.8%), from €1.0m to €1.0m
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 | €1,657,599 | €1,753,276 | +€95,677 | +5.8% |
| Fixed assets | 21/28 | €1,271,822 | €1,214,841 | -€56,982 | -4.5% |
| Tangible fixed assets | 22/27 | €1,271,822 | €1,214,841 | -€56,982 | -4.5% |
| Land and buildings | 22 | €1,243,222 | €1,193,801 | -€49,422 | -4.0% |
| Plant, machinery and equipment | 23 | €8,375 | €1,771 | -€6,604 | -78.9% |
| Leasing and similar rights | 25 | €956 | - | -€956 | |
| Other tangible fixed assets | 26 | €19,269 | €19,269 | = | 0.0% |
| Current assets | 29/58 | €385,777 | €538,436 | +€152,659 | +39.6% |
| Stocks and contracts in progress | 3 | €1,331 | €3,063 | +€1,733 | +130% |
| Stocks | 30/36 | €1,331 | €3,063 | +€1,733 | +130% |
| Amounts receivable within one year | 40/41 | €341,481 | €387,787 | +€46,306 | +13.6% |
| Trade receivables | 40 | €166,787 | €226,774 | +€59,987 | +36.0% |
| Other amounts receivable | 41 | €174,694 | €161,013 | -€13,681 | -7.8% |
| Cash at bank and in hand | 54/58 | €35,672 | €75,316 | +€39,644 | +111% |
| Deferred charges and accrued income | 490/1 | €7,293 | €72,269 | +€64,977 | +891% |
| Total equity and liabilities | 10/49 | €1,657,599 | €1,753,276 | +€95,677 | +5.8% |
| Equity | 10/15 | €694,655 | €683,680 | -€10,975 | -1.6% |
| Profit (loss) carried forward | 14 | €316,205 | €318,250 | +€2,045 | +0.6% |
| Investment grants | 15 | €378,450 | €365,430 | -€13,020 | -3.4% |
| Amounts payable | 17/49 | €962,944 | €1,069,596 | +€106,652 | +11.1% |
| Amounts payable after more than one year | 17 | €391,779 | €340,224 | -€51,554 | -13.2% |
| Financial debts | 170/4 | €391,779 | €340,224 | -€51,554 | -13.2% |
| Amounts payable within one year | 42/48 | €540,501 | €632,770 | +€92,269 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €49,234 | €51,554 | +€2,320 | +4.7% |
| Financial debts | 43 | €350,000 | €300,000 | -€50,000 | -14.3% |
| Other loans | 439 | €350,000 | €300,000 | -€50,000 | -14.3% |
| Trade debts | 44 | €39,235 | €143,659 | +€104,425 | +266% |
| Suppliers | 440/4 | €39,235 | €143,659 | +€104,425 | +266% |
| Advances received on contracts in progress | 46 | - | €3,800 | +€3,800 | |
| Taxes, remuneration and social security | 45 | €102,032 | €133,756 | +€31,724 | +31.1% |
| Taxes | 450/3 | €16,709 | €22,515 | +€5,806 | +34.7% |
| Remuneration and social security | 454/9 | €85,323 | €111,241 | +€25,918 | +30.4% |
| Accrued charges and deferred income | 492/3 | €30,664 | €96,602 | +€65,938 | +215% |
| Non-recurring operating income | 76A | €135 | €1,890 | +€1,755 | +1,298% |
| Remuneration, social security and pensions | 62 | €1,029,520 | €1,000,991 | -€28,530 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,074 | €56,982 | -€5,092 | -8.2% |
| Other operating charges | 640/8 | €12,342 | €16,044 | +€3,702 | +30.0% |
| Non-recurring operating charges | 66A | €2,712 | €892 | -€1,820 | -67.1% |
| Gross operating margin | 9900 | €1,066,300 | €1,113,263 | +€46,962 | +4.4% |
| Operating profit (loss) | 9901 | -€40,347 | €38,355 | +€78,702 | |
| Financial income | 75/76B | €1,883 | €51 | -€1,832 | -97.3% |
| Recurring financial income | 75 | €83 | €51 | -€32 | -38.4% |
| Non-recurring financial income | 76B | €1,800 | - | -€1,800 | |
| Financial charges | 65/66B | €44,968 | €36,361 | -€8,607 | -19.1% |
| Recurring financial charges | 65 | €44,968 | €36,361 | -€8,607 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | -€83,432 | €2,045 | +€85,477 | |
| Profit (loss) for the period | 9904 | -€83,432 | €2,045 | +€85,477 | |
| Profit (loss) for the period to be appropriated | 9905 | -€83,432 | €2,045 | +€85,477 |
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 1 November 2026 via checked.be.