ULUDAG: what changed
Two fiscal 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.
ULUDAG
Largest movements
- Receivables within one year +€118,467
up €118,467 (+229.8%), from €51,545 to €170,012
of which Trade receivables: +€117,752
- Tangible fixed assets -€4,897
down €4,897 (-38.5%), from €12,716 to €7,819
of which Leasing and similar rights: -€5,140
- Cash -€3,855
down €3,855 (-35.4%), from €10,888 to €7,033
mainly Receivables within one year (-€118,467) and Current portion of long-term debt (-€4,708)
- Deferred charges and accrued income -€2,267
down €2,267 (-33.2%), from €6,840 to €4,572
- Trade debts +€60,560
up €60,560 (+267.7%), from €22,620 to €83,180
- Profit (loss) carried forward +€51,468
up €51,468 (+197.3%), from €26,088 to €77,556
- Current portion of long-term debt -€4,708
no longer reported in 2025 (was €4,708)
- Turnover +€174,118
up €174,118 (+73.5%), from €237,020 to €411,138
- Gross operating margin +€124,904
up €124,904, from -€35,351 to €89,554
- Purchases and services +€49,213
up €49,213 (+18.1%), from €272,371 to €321,584
- Taxes +€17,303
new in 2025: €17,303
- Staff costs +€10,182
up €10,182 (+903.5%), from €1,127 to €11,309
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.
Cash bridge derived
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 | €81,989 | €189,437 | +€107,448 | +131.1% |
| Fixed assets | 21/28 | €12,716 | €7,819 | -€4,897 | -38.5% |
| Tangible fixed assets | 22/27 | €12,716 | €7,819 | -€4,897 | -38.5% |
| Furniture and vehicles | 24 | €2,802 | €3,045 | +€243 | +8.7% |
| Leasing and similar rights | 25 | €9,914 | €4,774 | -€5,140 | -51.8% |
| Current assets | 29/58 | €69,273 | €181,618 | +€112,345 | +162.2% |
| Amounts receivable within one year | 40/41 | €51,545 | €170,012 | +€118,467 | +229.8% |
| Trade receivables | 40 | €46,551 | €164,304 | +€117,752 | +253.0% |
| Other amounts receivable | 41 | €4,994 | €5,708 | +€715 | +14.3% |
| Cash at bank and in hand | 54/58 | €10,888 | €7,033 | -€3,855 | -35.4% |
| Deferred charges and accrued income | 490/1 | €6,840 | €4,572 | -€2,267 | -33.2% |
| Total equity and liabilities | 10/49 | €81,989 | €189,437 | +€107,448 | +131.1% |
| Equity | 10/15 | €28,588 | €80,056 | +€51,468 | +180.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,088 | €77,556 | +€51,468 | +197.3% |
| Amounts payable | 17/49 | €53,401 | €109,381 | +€55,980 | +104.8% |
| Amounts payable within one year | 42/48 | €53,401 | €109,381 | +€55,980 | +104.8% |
| Current portion of amounts payable after more than one year | 42 | €4,708 | - | -€4,708 | |
| Trade debts | 44 | €22,620 | €83,180 | +€60,560 | +267.7% |
| Suppliers | 440/4 | €22,620 | €83,180 | +€60,560 | +267.7% |
| Taxes, remuneration and social security | 45 | €18,589 | €17,322 | -€1,267 | -6.8% |
| Taxes | 450/3 | €1,875 | €17,322 | +€15,447 | +824.0% |
| Remuneration and social security | 454/9 | €16,714 | - | -€16,714 | |
| Other amounts payable | 47/48 | €7,484 | €8,879 | +€1,396 | +18.6% |
| Turnover | 70 | €237,020 | €411,138 | +€174,118 | +73.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €272,371 | €321,584 | +€49,213 | +18.1% |
| Remuneration, social security and pensions | 62 | €1,127 | €11,309 | +€10,182 | +903.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,518 | €5,925 | -€593 | -9.1% |
| Other operating charges | 640/8 | €2,501 | €3,188 | +€687 | +27.5% |
| Gross operating margin | 9900 | -€35,351 | €89,554 | +€124,904 | |
| Operating profit (loss) | 9901 | -€45,497 | €69,131 | +€114,628 | |
| Financial charges | 65/66B | €1,618 | €360 | -€1,258 | -77.7% |
| Recurring financial charges | 65 | €1,618 | €360 | -€1,258 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | -€47,115 | €68,771 | +€115,886 | |
| Income taxes | 67/77 | - | €17,303 | +€17,303 | |
| Profit (loss) for the period | 9904 | -€47,115 | €51,468 | +€98,583 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,115 | €51,468 | +€98,583 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.