ULTIMI: 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.
ULTIMI
Largest movements
- Receivables within one year +€194,483
up €194,483 (+92.6%), from €210,137 to €404,620
of which Trade receivables: +€220,438
- Cash +€47,677
up €47,677 (+17.0%), from €279,854 to €327,531
mainly Advances received (+€235,373) and Depreciation (+€49,103)
- Stocks and contracts +€35,709
up €35,709 (+142%), from €25,180 to €60,890
- Advances received +€235,373
up €235,373 (+190%), from €123,630 to €359,003
- Trade debts +€38,787
up €38,787 (+26.1%), from €148,681 to €187,468
- Reserves +€11,384
up €11,384 (+2.8%), from €409,677 to €421,061
- Debts after one year -€10,519
down €10,519 (-41.4%), from €25,422 to €14,902
- Write-downs +€65,533
up €65,533, from -€65,533 to €0
- Staff costs +€30,573
up €30,573 (+12.1%), from €251,936 to €282,509
- Other operating charges -€30,481
down €30,481 (-81.4%), from €37,464 to €6,983
- Taxes -€15,825
down €15,825 (-72.9%), from €21,718 to €5,894
- Depreciation -€15,025
down €15,025 (-23.4%), from €64,128 to €49,103
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 | €752,434 | €1,031,163 | +€278,729 | +37.0% |
| Fixed assets | 21/28 | €231,728 | €225,287 | -€6,441 | -2.8% |
| Intangible fixed assets | 21 | €5,878 | €4,275 | -€1,603 | -27.3% |
| Tangible fixed assets | 22/27 | €197,743 | €203,059 | +€5,316 | +2.7% |
| Plant, machinery and equipment | 23 | €67,574 | €63,080 | -€4,493 | -6.6% |
| Furniture and vehicles | 24 | €62,347 | €64,860 | +€2,513 | +4.0% |
| Leasing and similar rights | 25 | €36,140 | €27,680 | -€8,460 | -23.4% |
| Other tangible fixed assets | 26 | €31,681 | €47,439 | +€15,757 | +49.7% |
| Financial fixed assets | 28 | €28,107 | €17,952 | -€10,155 | -36.1% |
| Current assets | 29/58 | €520,706 | €805,877 | +€285,171 | +54.8% |
| Stocks and contracts in progress | 3 | €25,180 | €60,890 | +€35,709 | +142% |
| Stocks | 30/36 | €25,180 | €60,890 | +€35,709 | +142% |
| Amounts receivable within one year | 40/41 | €210,137 | €404,620 | +€194,483 | +92.6% |
| Trade receivables | 40 | €150,551 | €370,989 | +€220,438 | +146% |
| Other amounts receivable | 41 | €59,586 | €33,631 | -€25,955 | -43.6% |
| Cash at bank and in hand | 54/58 | €279,854 | €327,531 | +€47,677 | +17.0% |
| Deferred charges and accrued income | 490/1 | €5,535 | €12,836 | +€7,301 | +132% |
| Total equity and liabilities | 10/49 | €752,434 | €1,031,163 | +€278,729 | +37.0% |
| Equity | 10/15 | €434,677 | €446,061 | +€11,384 | +2.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €409,677 | €421,061 | +€11,384 | +2.8% |
| Distributable reserves | 133 | €409,677 | €421,061 | +€11,384 | +2.8% |
| Amounts payable | 17/49 | €317,756 | €585,102 | +€267,346 | +84.1% |
| Amounts payable after more than one year | 17 | €25,422 | €14,902 | -€10,519 | -41.4% |
| Financial debts | 170/4 | €25,422 | €14,902 | -€10,519 | -41.4% |
| Amounts payable within one year | 42/48 | €292,335 | €567,311 | +€274,976 | +94.1% |
| Current portion of amounts payable after more than one year | 42 | €10,519 | €10,519 | = | 0.0% |
| Trade debts | 44 | €148,681 | €187,468 | +€38,787 | +26.1% |
| Suppliers | 440/4 | €148,681 | €187,468 | +€38,787 | +26.1% |
| Advances received on contracts in progress | 46 | €123,630 | €359,003 | +€235,373 | +190% |
| Taxes, remuneration and social security | 45 | €9,505 | €3,887 | -€5,617 | -59.1% |
| Taxes | 450/3 | €8,033 | €1,764 | -€6,269 | -78.0% |
| Remuneration and social security | 454/9 | €1,472 | €2,124 | +€652 | +44.3% |
| Other amounts payable | 47/48 | €0 | €6,434 | +€6,434 | |
| Accrued charges and deferred income | 492/3 | €0 | €2,889 | +€2,889 | |
| Non-recurring operating income | 76A | - | €1,924 | +€1,924 | |
| Remuneration, social security and pensions | 62 | €251,936 | €282,509 | +€30,573 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,128 | €49,103 | -€15,025 | -23.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€65,533 | €0 | +€65,533 | |
| Other operating charges | 640/8 | €37,464 | €6,983 | -€30,481 | -81.4% |
| Non-recurring operating charges | 66A | €5,449 | €0 | -€5,449 | -100% |
| Gross operating margin | 9900 | €362,294 | €359,364 | -€2,930 | -0.8% |
| Operating profit (loss) | 9901 | €68,851 | €20,768 | -€48,083 | -69.8% |
| Financial income | 75/76B | €3,288 | €2,539 | -€749 | -22.8% |
| Recurring financial income | 75 | €3,288 | €2,539 | -€749 | -22.8% |
| Financial charges | 65/66B | €2,783 | €6,029 | +€3,246 | +117% |
| Recurring financial charges | 65 | €2,783 | €6,029 | +€3,246 | +117% |
| Profit (loss) for the period before taxes | 9903 | €69,355 | €17,277 | -€52,078 | -75.1% |
| Income taxes | 67/77 | €21,718 | €5,894 | -€15,825 | -72.9% |
| Profit (loss) for the period | 9904 | €47,637 | €11,384 | -€36,253 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,637 | €11,384 | -€36,253 | -76.1% |
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 15 October 2026 via checked.be.