ULTIMO ENERGY: 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.
What changed
ULTIMO ENERGY
NACE 43.211, General electrical installation work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€384
2024 · €6,105-€6,488
Equity
€141,525
2024 · €141,908-€384
Cash
-
2024 · €466-€466
Balance sheet total
€1.5m
2024 · €1.3m+€227,976
Largest movements
Assets
- Stocks and contracts +€127,041
up €127,041 (+85.3%), from €149,000 to €276,041
of which Contracts in progress: +€94,655
- Receivables within one year +€108,932
up €108,932 (+10.1%), from €1.1m to €1.2m
of which Trade receivables: +€112,350
Equity and liabilities
- Tax, wage and social debts +€114,928
up €114,928 (+190%), from €60,574 to €175,502
of which Remuneration and social security: +€104,028
- Trade debts +€112,694
up €112,694 (+12.6%), from €892,086 to €1.0m
Income statement
- Gross operating margin -€25,018
down €25,018 (-8.2%), from €306,755 to €281,737
- Staff costs -€21,605
down €21,605 (-7.7%), from €281,036 to €259,432
- Financial charges +€4,345
up €4,345 (+113%), from €3,844 to €8,190
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.
Result 2024
€6,105
Gross operating margin
-€25,018
Staff costs
+€21,605
Depreciation
+€2,802
Other operating charges
+€103
Financial income
-€2,381
Financial charges
-€4,345
Taxes
+€747
Result 2025
-€384
raises the resultlowers the result
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.
From operations
+€14,015
Investment
-€4,613
Financing
-€9,867
Cash 2024
€466
From operations (derived)
+€14,015
Net result for the year
-€384
Depreciation
+€12,819
Stocks and contracts
-€127,041
Receivables within one year
-€108,932
Deferred charges and accrued income
-€675
Trade debts
+€112,694
Tax, wage and social debts
+€114,928
Advances received
+€104
Other debts
+€10,501
Investment (derived)
-€4,613
Investment in fixed assets (net)
-€4,613
Financing
-€9,867
Debts after one year
-€10,482
Current portion of long-term debt
+€614
Short-term financial debts
+€0
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,307,606 | €1,535,581 | +€227,976 | +17.4% |
| Fixed assets | 21/28 | €80,647 | €72,441 | -€8,206 | -10.2% |
| Tangible fixed assets | 22/27 | €34,655 | €26,449 | -€8,206 | -23.7% |
| Plant, machinery and equipment | 23 | €3,303 | €1,352 | -€1,950 | -59.1% |
| Furniture and vehicles | 24 | €31,352 | €25,097 | -€6,255 | -20.0% |
| Financial fixed assets | 28 | €45,992 | €45,992 | = | 0.0% |
| Current assets | 29/58 | €1,226,959 | €1,463,141 | +€236,181 | +19.2% |
| Stocks and contracts in progress | 3 | €149,000 | €276,041 | +€127,041 | +85.3% |
| Stocks | 30/36 | €100,655 | €133,041 | +€32,386 | +32.2% |
| Contracts in progress | 37 | €48,345 | €143,000 | +€94,655 | +196% |
| Amounts receivable within one year | 40/41 | €1,076,674 | €1,185,606 | +€108,932 | +10.1% |
| Trade receivables | 40 | €928,098 | €1,040,448 | +€112,350 | +12.1% |
| Other amounts receivable | 41 | €148,576 | €145,158 | -€3,418 | -2.3% |
| Cash at bank and in hand | 54/58 | €466 | - | -€466 | |
| Deferred charges and accrued income | 490/1 | €819 | €1,494 | +€675 | +82.3% |
| Total equity and liabilities | 10/49 | €1,307,606 | €1,535,581 | +€227,976 | +17.4% |
| Equity | 10/15 | €141,908 | €141,525 | -€384 | -0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,457 | €121,073 | -€384 | -0.3% |
| Amounts payable | 17/49 | €1,165,698 | €1,394,057 | +€228,359 | +19.6% |
| Amounts payable after more than one year | 17 | €22,983 | €12,502 | -€10,482 | -45.6% |
| Financial debts | 170/4 | €22,983 | €12,502 | -€10,482 | -45.6% |
| Amounts payable within one year | 42/48 | €1,142,714 | €1,381,555 | +€238,841 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €11,065 | €11,679 | +€614 | +5.6% |
| Financial debts | 43 | - | €0 | +€0 | |
| Credit institutions | 430/8 | - | €0 | +€0 | |
| Trade debts | 44 | €892,086 | €1,004,780 | +€112,694 | +12.6% |
| Suppliers | 440/4 | €892,086 | €1,004,780 | +€112,694 | +12.6% |
| Advances received on contracts in progress | 46 | €175,490 | €175,594 | +€104 | +0.1% |
| Taxes, remuneration and social security | 45 | €60,574 | €175,502 | +€114,928 | +190% |
| Taxes | 450/3 | €19,343 | €30,243 | +€10,900 | +56.4% |
| Remuneration and social security | 454/9 | €41,231 | €145,259 | +€104,028 | +252% |
| Other amounts payable | 47/48 | €3,500 | €14,001 | +€10,501 | +300% |
| Remuneration, social security and pensions | 62 | €281,036 | €259,432 | -€21,605 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,620 | €12,819 | -€2,802 | -17.9% |
| Other operating charges | 640/8 | €1,194 | €1,091 | -€103 | -8.6% |
| Gross operating margin | 9900 | €306,755 | €281,737 | -€25,018 | -8.2% |
| Operating profit (loss) | 9901 | €8,904 | €8,396 | -€509 | -5.7% |
| Financial income | 75/76B | €3,255 | €874 | -€2,381 | -73.1% |
| Recurring financial income | 75 | €3,255 | €874 | -€2,381 | -73.1% |
| Financial charges | 65/66B | €3,844 | €8,190 | +€4,345 | +113% |
| Recurring financial charges | 65 | €3,844 | €8,190 | +€4,345 | +113% |
| Profit (loss) for the period before taxes | 9903 | €8,315 | €1,081 | -€7,235 | -87.0% |
| Income taxes | 67/77 | €2,211 | €1,464 | -€747 | -33.8% |
| Profit (loss) for the period | 9904 | €6,105 | -€384 | -€6,488 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,105 | -€384 | -€6,488 |
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 14 October 2026 via checked.be.