ULTRA TIMING: 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 TIMING
Largest movements
- Receivables after one year +€200,140
new in 2025: €200,140
- Cash -€28,375
down €28,375 (-30.4%), from €93,336 to €64,961
mainly Receivables after one year (-€200,140) and Investment in fixed assets (net) (-€85,253)
- Receivables within one year +€27,398
up €27,398 (+186%), from €14,705 to €42,103
of which Trade receivables: +€30,364
- Tangible fixed assets +€16,126
up €16,126 (+10.2%), from €158,502 to €174,628
of which Furniture and vehicles: +€27,445
- Intangible fixed assets -€6,186
down €6,186 (-100%), from €6,186 to €0
- Other debts +€212,859
up €212,859 (+164%), from €129,595 to €342,454
- Trade debts -€39,372
down €39,372 (-71.8%), from €54,818 to €15,446
- Profit (loss) carried forward +€36,662
up €36,662 (+115%), from €31,840 to €68,502
- Debts after one year -€14,741
down €14,741 (-67.4%), from €21,867 to €7,126
- Tax, wage and social debts +€10,313
up €10,313 (+214%), from €4,809 to €15,123
- Gross operating margin +€103,569
up €103,569 (+106%), from €97,571 to €201,140
- Other operating charges +€65,808
up €65,808 (+3,663%), from €1,796 to €67,604
- Taxes +€5,089
up €5,089 (+157%), from €3,246 to €8,335
- Depreciation +€4,903
up €4,903 (+7.0%), from €70,410 to €75,313
- Financial charges +€4,540
up €4,540 (+43.7%), from €10,381 to €14,921
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 | €276,372 | €483,673 | +€207,301 | +75.0% |
| Fixed assets | 21/28 | €164,688 | €174,628 | +€9,940 | +6.0% |
| Intangible fixed assets | 21 | €6,186 | €0 | -€6,186 | -100% |
| Tangible fixed assets | 22/27 | €158,502 | €174,628 | +€16,126 | +10.2% |
| Plant, machinery and equipment | 23 | €115,022 | €103,703 | -€11,319 | -9.8% |
| Furniture and vehicles | 24 | €43,480 | €70,925 | +€27,445 | +63.1% |
| Current assets | 29/58 | €111,684 | €309,045 | +€197,361 | +177% |
| Amounts receivable after more than one year | 29 | - | €200,140 | +€200,140 | |
| Trade receivables | 290 | - | €200,140 | +€200,140 | |
| Amounts receivable within one year | 40/41 | €14,705 | €42,103 | +€27,398 | +186% |
| Trade receivables | 40 | €11,739 | €42,103 | +€30,364 | +259% |
| Other amounts receivable | 41 | €2,966 | €0 | -€2,966 | -100% |
| Cash at bank and in hand | 54/58 | €93,336 | €64,961 | -€28,375 | -30.4% |
| Deferred charges and accrued income | 490/1 | €3,643 | €1,841 | -€1,802 | -49.5% |
| Total equity and liabilities | 10/49 | €276,372 | €483,673 | +€207,301 | +75.0% |
| Equity | 10/15 | €50,440 | €87,102 | +€36,662 | +72.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,840 | €68,502 | +€36,662 | +115% |
| Amounts payable | 17/49 | €225,932 | €396,572 | +€170,640 | +75.5% |
| Amounts payable after more than one year | 17 | €21,867 | €7,126 | -€14,741 | -67.4% |
| Financial debts | 170/4 | €21,867 | €7,126 | -€14,741 | -67.4% |
| Amounts payable within one year | 42/48 | €203,760 | €387,764 | +€184,004 | +90.3% |
| Current portion of amounts payable after more than one year | 42 | €14,538 | €14,741 | +€204 | +1.4% |
| Trade debts | 44 | €54,818 | €15,446 | -€39,372 | -71.8% |
| Suppliers | 440/4 | €54,818 | €15,446 | -€39,372 | -71.8% |
| Taxes, remuneration and social security | 45 | €4,809 | €15,123 | +€10,313 | +214% |
| Taxes | 450/3 | €4,809 | €15,123 | +€10,313 | +214% |
| Other amounts payable | 47/48 | €129,595 | €342,454 | +€212,859 | +164% |
| Accrued charges and deferred income | 492/3 | €305 | €1,682 | +€1,377 | +451% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,410 | €75,313 | +€4,903 | +7.0% |
| Other operating charges | 640/8 | €1,796 | €67,604 | +€65,808 | +3,663% |
| Gross operating margin | 9900 | €97,571 | €201,140 | +€103,569 | +106% |
| Operating profit (loss) | 9901 | €25,364 | €58,222 | +€32,858 | +130% |
| Financial income | 75/76B | - | €1,695 | +€1,695 | |
| Recurring financial income | 75 | - | €1,695 | +€1,695 | |
| Financial charges | 65/66B | €10,381 | €14,921 | +€4,540 | +43.7% |
| Recurring financial charges | 65 | €10,381 | €14,921 | +€4,540 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €14,983 | €44,996 | +€30,013 | +200% |
| Income taxes | 67/77 | €3,246 | €8,335 | +€5,089 | +157% |
| Profit (loss) for the period | 9904 | €11,737 | €36,662 | +€24,924 | +212% |
| Profit (loss) for the period to be appropriated | 9905 | €11,737 | €36,662 | +€24,924 | +212% |
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 18 October 2026 via checked.be.