Ultra Horizontem: 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 Horizontem
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€45,543
down €45,543 (-51.9%), from €87,690 to €42,147
mainly Current investments (-€100,000) and Tax, wage and social debts (-€4,469)
- Tangible fixed assets -€8,706
down €8,706 (-23.9%), from €36,394 to €27,688
- Receivables within one year -€3,445
down €3,445 (-15.5%), from €22,197 to €18,753
of which Trade receivables: -€9,158
- Reserves +€47,367
new in 2025: €47,367
- Tax, wage and social debts -€4,469
down €4,469 (-41.5%), from €10,779 to €6,310
- Gross operating margin -€32,911
down €32,911 (-30.0%), from €109,687 to €76,776
- Taxes -€2,345
down €2,345 (-10.8%), from €21,640 to €19,296
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 | €146,282 | €188,588 | +€42,306 | +28.9% |
| Fixed assets | 21/28 | €36,394 | €27,688 | -€8,706 | -23.9% |
| Tangible fixed assets | 22/27 | €36,394 | €27,688 | -€8,706 | -23.9% |
| Furniture and vehicles | 24 | €36,394 | €27,688 | -€8,706 | -23.9% |
| Current assets | 29/58 | €109,888 | €160,900 | +€51,012 | +46.4% |
| Amounts receivable within one year | 40/41 | €22,197 | €18,753 | -€3,445 | -15.5% |
| Trade receivables | 40 | €18,838 | €9,680 | -€9,158 | -48.6% |
| Other amounts receivable | 41 | €3,360 | €9,073 | +€5,713 | +170% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €87,690 | €42,147 | -€45,543 | -51.9% |
| Total equity and liabilities | 10/49 | €146,282 | €188,588 | +€42,306 | +28.9% |
| Equity | 10/15 | €131,176 | €178,542 | +€47,367 | +36.1% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | - | €47,367 | +€47,367 | |
| Distributable reserves | 133 | - | €47,367 | +€47,367 | |
| Profit (loss) carried forward | 14 | €124,676 | €124,676 | = | 0.0% |
| Amounts payable | 17/49 | €15,107 | €10,046 | -€5,061 | -33.5% |
| Amounts payable within one year | 42/48 | €15,107 | €10,046 | -€5,061 | -33.5% |
| Trade debts | 44 | - | €370 | +€370 | |
| Suppliers | 440/4 | - | €370 | +€370 | |
| Taxes, remuneration and social security | 45 | €10,779 | €6,310 | -€4,469 | -41.5% |
| Taxes | 450/3 | €10,779 | €6,310 | -€4,469 | -41.5% |
| Other amounts payable | 47/48 | €4,327 | €3,365 | -€962 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,994 | €8,706 | +€712 | +8.9% |
| Other operating charges | 640/8 | €929 | €1,247 | +€318 | +34.2% |
| Gross operating margin | 9900 | €109,687 | €76,776 | -€32,911 | -30.0% |
| Operating profit (loss) | 9901 | €100,764 | €66,823 | -€33,941 | -33.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €214 | €162 | -€52 | -24.2% |
| Recurring financial charges | 65 | €214 | €162 | -€52 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €100,550 | €66,662 | -€33,888 | -33.7% |
| Income taxes | 67/77 | €21,640 | €19,296 | -€2,345 | -10.8% |
| Profit (loss) for the period | 9904 | €78,910 | €47,367 | -€31,543 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,910 | €47,367 | -€31,543 | -40.0% |
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 16 October 2026 via checked.be.