Ultimated: what changed
Two fiscal 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.
Ultimated
Largest movements
- Stocks and contracts +€398,209
up €398,209 (+43.9%), from €907,221 to €1.3m
- Receivables after one year +€67,913
new in 2025: €67,913
- Cash +€44,015
up €44,015 (+25.4%), from €173,106 to €217,122
mainly Net result for the year (+€631,011) and Advances received (+€44,562)
- Receivables within one year -€37,032
down €37,032 (-2.5%), from €1.5m to €1.4m
of which Other amounts receivable: -€141,389
- Financial fixed assets +€35,000
up €35,000 (+63.5%), from €55,120 to €90,120
- Reserves +€631,011
up €631,011 (+54.2%), from €1.2m to €1.8m
of which Distributable reserves: +€631,011
- Short-term financial debts -€125,000
no longer reported in 2025 (was €125,000)
- Trade debts -€64,731
down €64,731 (-5.9%), from €1.1m to €1.0m
- Advances received +€44,562
up €44,562 (+75.6%), from €58,918 to €103,480
- Current portion of long-term debt +€33,634
new in 2025: €33,634
- Gross operating margin +€595,746
up €595,746 (+69.8%), from €853,023 to €1.4m
- Staff costs +€215,155
up €215,155 (+80.8%), from €266,380 to €481,535
- Taxes +€102,394
up €102,394 (+71.3%), from €143,580 to €245,974
- Write-downs +€58,060
up €58,060 (+571.7%), from €10,156 to €68,216
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 | €2,634,960 | €3,179,098 | +€544,138 | +20.7% |
| Fixed assets | 21/28 | €58,424 | €123,093 | +€64,669 | +110.7% |
| Tangible fixed assets | 22/27 | €3,304 | €32,973 | +€29,669 | +898.0% |
| Plant, machinery and equipment | 23 | €2,179 | €31,739 | +€29,560 | +1356.6% |
| Furniture and vehicles | 24 | €1,125 | €1,234 | +€109 | +9.7% |
| Financial fixed assets | 28 | €55,120 | €90,120 | +€35,000 | +63.5% |
| Current assets | 29/58 | €2,576,536 | €3,056,005 | +€479,469 | +18.6% |
| Amounts receivable after more than one year | 29 | - | €67,913 | +€67,913 | |
| Other amounts receivable | 291 | - | €67,913 | +€67,913 | |
| Stocks and contracts in progress | 3 | €907,221 | €1,305,429 | +€398,209 | +43.9% |
| Stocks | 30/36 | €907,221 | €1,305,429 | +€398,209 | +43.9% |
| Amounts receivable within one year | 40/41 | €1,478,219 | €1,441,187 | -€37,032 | -2.5% |
| Trade receivables | 40 | €1,182,057 | €1,286,414 | +€104,356 | +8.8% |
| Other amounts receivable | 41 | €296,162 | €154,773 | -€141,389 | -47.7% |
| Cash at bank and in hand | 54/58 | €173,106 | €217,122 | +€44,015 | +25.4% |
| Deferred charges and accrued income | 490/1 | €17,990 | €24,353 | +€6,363 | +35.4% |
| Total equity and liabilities | 10/49 | €2,634,960 | €3,179,098 | +€544,138 | +20.7% |
| Equity | 10/15 | €1,226,013 | €1,857,024 | +€631,011 | +51.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,164,513 | €1,795,524 | +€631,011 | +54.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,158,363 | €1,789,374 | +€631,011 | +54.5% |
| Amounts payable | 17/49 | €1,408,947 | €1,322,073 | -€86,874 | -6.2% |
| Amounts payable within one year | 42/48 | €1,408,866 | €1,318,913 | -€89,953 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | - | €33,634 | +€33,634 | |
| Financial debts | 43 | €125,000 | - | -€125,000 | |
| Credit institutions | 430/8 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €1,100,636 | €1,035,905 | -€64,731 | -5.9% |
| Suppliers | 440/4 | €1,100,636 | €1,035,905 | -€64,731 | -5.9% |
| Advances received on contracts in progress | 46 | €58,918 | €103,480 | +€44,562 | +75.6% |
| Taxes, remuneration and social security | 45 | €124,312 | €145,894 | +€21,582 | +17.4% |
| Taxes | 450/3 | €82,068 | €66,386 | -€15,682 | -19.1% |
| Remuneration and social security | 454/9 | €42,243 | €79,508 | +€37,265 | +88.2% |
| Accrued charges and deferred income | 492/3 | €81 | €3,160 | +€3,079 | +3790.8% |
| Remuneration, social security and pensions | 62 | €266,380 | €481,535 | +€215,155 | +80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,692 | €5,283 | +€2,590 | +96.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,156 | €68,216 | +€58,060 | +571.7% |
| Other operating charges | 640/8 | €2,992 | €6,745 | +€3,753 | +125.4% |
| Gross operating margin | 9900 | €853,023 | €1,448,769 | +€595,746 | +69.8% |
| Operating profit (loss) | 9901 | €570,803 | €886,991 | +€316,188 | +55.4% |
| Financial income | 75/76B | €4,440 | €4,770 | +€330 | +7.4% |
| Recurring financial income | 75 | €4,440 | €4,770 | +€330 | +7.4% |
| Financial charges | 65/66B | €10,641 | €14,775 | +€4,134 | +38.8% |
| Recurring financial charges | 65 | €10,641 | €14,775 | +€4,134 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €564,602 | €876,986 | +€312,384 | +55.3% |
| Income taxes | 67/77 | €143,580 | €245,974 | +€102,394 | +71.3% |
| Profit (loss) for the period | 9904 | €421,022 | €631,011 | +€209,989 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €421,022 | €631,011 | +€209,989 | +49.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.