Ultra Horizon: 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.
Ultra Horizon
Largest movements
- Tangible fixed assets +€12,466
up €12,466 (+37.3%), from €33,443 to €45,909
of which Furniture and vehicles: +€16,414
- Receivables within one year -€7,341
down €7,341 (-29.6%), from €24,806 to €17,466
of which Trade receivables: -€5,325
- Cash +€7,044
up €7,044 (+33.9%), from €20,801 to €27,845
mainly Receivables within one year (+€7,341) and Depreciation (+€5,464)
- Financial fixed assets -€5,618
down €5,618 (-76.5%), from €7,348 to €1,730
- Tax, wage and social debts +€4,234
up €4,234 (+26.4%), from €16,032 to €20,265
of which Taxes: +€4,234
- Profit (loss) carried forward +€3,935
up €3,935 (+6.7%), from €58,300 to €62,234
- Trade debts -€2,125
down €2,125 (-71.8%), from €2,958 to €833
- Gross operating margin -€55,210
down €55,210 (-84.8%), from €65,098 to €9,887
- Taxes -€13,000
no longer reported in 2025 (was €13,000)
- Depreciation +€3,348
up €3,348 (+158%), from €2,116 to €5,464
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 | €86,662 | €92,950 | +€6,289 | +7.3% |
| Fixed assets | 21/28 | €40,791 | €47,639 | +€6,848 | +16.8% |
| Tangible fixed assets | 22/27 | €33,443 | €45,909 | +€12,466 | +37.3% |
| Plant, machinery and equipment | 23 | €30,824 | €26,877 | -€3,948 | -12.8% |
| Furniture and vehicles | 24 | €2,619 | €19,033 | +€16,414 | +627% |
| Financial fixed assets | 28 | €7,348 | €1,730 | -€5,618 | -76.5% |
| Current assets | 29/58 | €45,870 | €45,311 | -€559 | -1.2% |
| Amounts receivable within one year | 40/41 | €24,806 | €17,466 | -€7,341 | -29.6% |
| Trade receivables | 40 | €22,791 | €17,466 | -€5,325 | -23.4% |
| Other amounts receivable | 41 | €2,016 | - | -€2,016 | |
| Cash at bank and in hand | 54/58 | €20,801 | €27,845 | +€7,044 | +33.9% |
| Deferred charges and accrued income | 490/1 | €263 | - | -€263 | |
| Total equity and liabilities | 10/49 | €86,662 | €92,950 | +€6,289 | +7.3% |
| Equity | 10/15 | €61,300 | €65,234 | +€3,935 | +6.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,300 | €62,234 | +€3,935 | +6.7% |
| Amounts payable | 17/49 | €25,362 | €27,716 | +€2,354 | +9.3% |
| Amounts payable within one year | 42/48 | €25,362 | €27,716 | +€2,354 | +9.3% |
| Trade debts | 44 | €2,958 | €833 | -€2,125 | -71.8% |
| Suppliers | 440/4 | €2,958 | €833 | -€2,125 | -71.8% |
| Taxes, remuneration and social security | 45 | €16,032 | €20,265 | +€4,234 | +26.4% |
| Taxes | 450/3 | €13,032 | €17,265 | +€4,234 | +32.5% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €6,372 | €6,618 | +€245 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,116 | €5,464 | +€3,348 | +158% |
| Other operating charges | 640/8 | €84 | €83 | -€1 | -1.2% |
| Gross operating margin | 9900 | €65,098 | €9,887 | -€55,210 | -84.8% |
| Operating profit (loss) | 9901 | €62,897 | €4,340 | -€58,557 | -93.1% |
| Financial charges | 65/66B | €171 | €406 | +€235 | +138% |
| Recurring financial charges | 65 | €171 | €406 | +€235 | +138% |
| Profit (loss) for the period before taxes | 9903 | €62,727 | €3,935 | -€58,792 | -93.7% |
| Income taxes | 67/77 | €13,000 | - | -€13,000 | |
| Profit (loss) for the period | 9904 | €49,727 | €3,935 | -€45,792 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,727 | €3,935 | -€45,792 | -92.1% |
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 31 October 2026 via checked.be.