ULTREOS: 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.
ULTREOS
Largest movements
- Tangible fixed assets -€24,829
down €24,829 (-5.2%), from €473,268 to €448,439
of which Land and buildings: -€26,837
- Cash +€21,970
up €21,970 (+1,028%), from €2,138 to €24,108
mainly Depreciation (+€42,998) and Net result for the year (+€22,886)
- Receivables within one year -€19,668
down €19,668 (-35.7%), from €55,136 to €35,468
of which Trade receivables: -€20,548
- Debts after one year -€20,886
down €20,886 (-4.4%), from €475,278 to €454,392
- Current portion of long-term debt +€9,966
up €9,966 (+27.2%), from €36,697 to €46,663
- Trade debts -€9,205
down €9,205 (-71.8%), from €12,823 to €3,618
- Gross operating margin +€14,334
up €14,334 (+17.6%), from €81,257 to €95,591
- Other operating charges +€3,745
up €3,745 (+36,972%), from €10 to €3,755
- Depreciation +€3,724
up €3,724 (+9.5%), from €39,273 to €42,998
- Taxes +€2,222
up €2,222 (+46.2%), from €4,812 to €7,033
- Financial charges -€1,917
down €1,917 (-9.2%), from €20,887 to €18,970
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 | €600,083 | €577,746 | -€22,336 | -3.7% |
| Fixed assets | 21/28 | €473,268 | €448,439 | -€24,829 | -5.2% |
| Tangible fixed assets | 22/27 | €473,268 | €448,439 | -€24,829 | -5.2% |
| Land and buildings | 22 | €434,617 | €407,780 | -€26,837 | -6.2% |
| Plant, machinery and equipment | 23 | €32,702 | €30,330 | -€2,372 | -7.3% |
| Furniture and vehicles | 24 | €5,949 | €10,329 | +€4,380 | +73.6% |
| Current assets | 29/58 | €126,815 | €129,307 | +€2,492 | +2.0% |
| Stocks and contracts in progress | 3 | €68,508 | €68,508 | = | 0.0% |
| Stocks | 30/36 | €68,508 | €68,508 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €55,136 | €35,468 | -€19,668 | -35.7% |
| Trade receivables | 40 | €54,948 | €34,400 | -€20,548 | -37.4% |
| Other amounts receivable | 41 | €188 | €1,068 | +€879 | +467% |
| Cash at bank and in hand | 54/58 | €2,138 | €24,108 | +€21,970 | +1,028% |
| Deferred charges and accrued income | 490/1 | €1,033 | €1,224 | +€191 | +18.5% |
| Total equity and liabilities | 10/49 | €600,083 | €577,746 | -€22,336 | -3.7% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €595,083 | €572,746 | -€22,336 | -3.8% |
| Amounts payable after more than one year | 17 | €475,278 | €454,392 | -€20,886 | -4.4% |
| Financial debts | 170/4 | €475,278 | €454,392 | -€20,886 | -4.4% |
| Amounts payable within one year | 42/48 | €112,188 | €111,364 | -€824 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €36,697 | €46,663 | +€9,966 | +27.2% |
| Trade debts | 44 | €12,823 | €3,618 | -€9,205 | -71.8% |
| Suppliers | 440/4 | €12,823 | €3,618 | -€9,205 | -71.8% |
| Taxes, remuneration and social security | 45 | €15,979 | €16,793 | +€814 | +5.1% |
| Taxes | 450/3 | €13,229 | €16,793 | +€3,564 | +26.9% |
| Remuneration and social security | 454/9 | €2,750 | €0 | -€2,750 | -100% |
| Other amounts payable | 47/48 | €46,689 | €44,290 | -€2,399 | -5.1% |
| Accrued charges and deferred income | 492/3 | €7,617 | €6,990 | -€627 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,273 | €42,998 | +€3,724 | +9.5% |
| Other operating charges | 640/8 | €10 | €3,755 | +€3,745 | +36,972% |
| Gross operating margin | 9900 | €81,257 | €95,591 | +€14,334 | +17.6% |
| Operating profit (loss) | 9901 | €41,973 | €48,838 | +€6,865 | +16.4% |
| Financial income | 75/76B | €538 | €51 | -€487 | -90.4% |
| Recurring financial income | 75 | €538 | €51 | -€487 | -90.4% |
| Financial charges | 65/66B | €20,887 | €18,970 | -€1,917 | -9.2% |
| Recurring financial charges | 65 | €20,887 | €18,970 | -€1,917 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €21,625 | €29,920 | +€8,295 | +38.4% |
| Income taxes | 67/77 | €4,812 | €7,033 | +€2,222 | +46.2% |
| Profit (loss) for the period | 9904 | €16,813 | €22,886 | +€6,073 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,813 | €22,886 | +€6,073 | +36.1% |
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 30 October 2026 via checked.be.