Ultiwa: 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.
Ultiwa
Largest movements
- Cash +€51,779
up €51,779 (+145%), from €35,715 to €87,494
mainly Net result for the year (+€44,202) and Receivables within one year (+€10,164)
- Deferred charges and accrued income +€10,442
new in 2025: €10,442
- Receivables within one year -€10,164
no longer reported in 2025 (was €10,164)
- Reserves +€44,202
up €44,202 (+146%), from €30,172 to €74,374
- Tax, wage and social debts +€7,302
up €7,302 (+50.7%), from €14,393 to €21,695
- Gross operating margin +€21,172
up €21,172 (+55.4%), from €38,214 to €59,385
- Taxes +€6,549
up €6,549 (+84.1%), from €7,787 to €14,337
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 | €47,730 | €99,099 | +€51,369 | +108% |
| Fixed assets | 21/28 | €1,851 | €1,163 | -€689 | -37.2% |
| Tangible fixed assets | 22/27 | €1,851 | €1,163 | -€689 | -37.2% |
| Plant, machinery and equipment | 23 | €1,851 | €1,163 | -€689 | -37.2% |
| Current assets | 29/58 | €45,879 | €97,936 | +€52,058 | +113% |
| Amounts receivable within one year | 40/41 | €10,164 | - | -€10,164 | |
| Trade receivables | 40 | €10,164 | - | -€10,164 | |
| Cash at bank and in hand | 54/58 | €35,715 | €87,494 | +€51,779 | +145% |
| Deferred charges and accrued income | 490/1 | - | €10,442 | +€10,442 | |
| Total equity and liabilities | 10/49 | €47,730 | €99,099 | +€51,369 | +108% |
| Equity | 10/15 | €32,672 | €76,874 | +€44,202 | +135% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €30,172 | €74,374 | +€44,202 | +146% |
| Distributable reserves | 133 | €30,172 | €74,374 | +€44,202 | +146% |
| Amounts payable | 17/49 | €15,058 | €22,225 | +€7,167 | +47.6% |
| Amounts payable within one year | 42/48 | €15,058 | €22,225 | +€7,167 | +47.6% |
| Trade debts | 44 | €665 | €530 | -€135 | -20.3% |
| Suppliers | 440/4 | €665 | €530 | -€135 | -20.3% |
| Taxes, remuneration and social security | 45 | €14,393 | €21,695 | +€7,302 | +50.7% |
| Taxes | 450/3 | €14,393 | €21,695 | +€7,302 | +50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215 | €689 | +€474 | +220% |
| Gross operating margin | 9900 | €38,214 | €59,385 | +€21,172 | +55.4% |
| Operating profit (loss) | 9901 | €37,998 | €58,696 | +€20,698 | +54.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €39 | €158 | +€119 | +306% |
| Recurring financial charges | 65 | €39 | €158 | +€119 | +306% |
| Profit (loss) for the period before taxes | 9903 | €37,960 | €58,539 | +€20,579 | +54.2% |
| Income taxes | 67/77 | €7,787 | €14,337 | +€6,549 | +84.1% |
| Profit (loss) for the period | 9904 | €30,172 | €44,202 | +€14,030 | +46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,172 | €44,202 | +€14,030 | +46.5% |
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 28 October 2026 via checked.be.