ULUTI: 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.
ULUTI
Largest movements
- Cash -€32,404
down €32,404 (-15.7%), from €206,237 to €173,833
mainly Other debts (-€80,590) and Debts after one year (-€17,979)
- Tangible fixed assets -€30,997
down €30,997 (-7.7%), from €402,503 to €371,506
of which Land and buildings: -€22,991
- Deferred charges and accrued income -€6,499
down €6,499 (-82.0%), from €7,929 to €1,430
- Other debts -€80,590
down €80,590 (-87.7%), from €91,939 to €11,349
- Reserves +€36,031
up €36,031 (+54.2%), from €66,530 to €102,561
of which Distributable reserves: +€40,000
- Debts after one year -€17,979
down €17,979 (-8.5%), from €211,582 to €193,603
- Gross operating margin -€51,548
down €51,548 (-30.9%), from €166,908 to €115,360
- Taxes -€14,588
down €14,588 (-42.1%), from €34,688 to €20,100
- Depreciation -€4,481
down €4,481 (-12.6%), from €35,478 to €30,997
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 | €616,669 | €546,769 | -€69,900 | -11.3% |
| Fixed assets | 21/28 | €402,503 | €371,506 | -€30,997 | -7.7% |
| Tangible fixed assets | 22/27 | €402,503 | €371,506 | -€30,997 | -7.7% |
| Land and buildings | 22 | €381,058 | €358,067 | -€22,991 | -6.0% |
| Plant, machinery and equipment | 23 | €21,445 | €13,439 | -€8,006 | -37.3% |
| Current assets | 29/58 | €214,166 | €175,263 | -€38,903 | -18.2% |
| Cash at bank and in hand | 54/58 | €206,237 | €173,833 | -€32,404 | -15.7% |
| Deferred charges and accrued income | 490/1 | €7,929 | €1,430 | -€6,499 | -82.0% |
| Total equity and liabilities | 10/49 | €616,669 | €546,769 | -€69,900 | -11.3% |
| Equity | 10/15 | €238,369 | €278,160 | +€39,791 | +16.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €66,530 | €102,561 | +€36,031 | +54.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,380 | €6,411 | -€3,969 | -38.2% |
| Distributable reserves | 133 | €50,000 | €90,000 | +€40,000 | +80.0% |
| Profit (loss) carried forward | 14 | €110,339 | €114,099 | +€3,760 | +3.4% |
| Provisions and deferred taxes | 16 | €2,395 | €774 | -€1,621 | -67.7% |
| Deferred taxes | 168 | €2,395 | €774 | -€1,621 | -67.7% |
| Amounts payable | 17/49 | €375,905 | €267,835 | -€108,070 | -28.7% |
| Amounts payable after more than one year | 17 | €211,582 | €193,603 | -€17,979 | -8.5% |
| Financial debts | 170/4 | €211,582 | €193,603 | -€17,979 | -8.5% |
| Amounts payable within one year | 42/48 | €164,323 | €74,232 | -€90,091 | -54.8% |
| Current portion of amounts payable after more than one year | 42 | €37,017 | €37,482 | +€465 | +1.3% |
| Trade debts | 44 | €8,833 | €4,613 | -€4,220 | -47.8% |
| Suppliers | 440/4 | €8,833 | €4,613 | -€4,220 | -47.8% |
| Taxes, remuneration and social security | 45 | €26,534 | €20,788 | -€5,746 | -21.7% |
| Taxes | 450/3 | €20,534 | €14,788 | -€5,746 | -28.0% |
| Remuneration and social security | 454/9 | €6,000 | €6,000 | = | 0.0% |
| Other amounts payable | 47/48 | €91,939 | €11,349 | -€80,590 | -87.7% |
| Non-recurring operating income | 76A | €49,800 | - | -€49,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,478 | €30,997 | -€4,481 | -12.6% |
| Other operating charges | 640/8 | €22,647 | €23,332 | +€685 | +3.0% |
| Gross operating margin | 9900 | €166,908 | €115,360 | -€51,548 | -30.9% |
| Operating profit (loss) | 9901 | €108,783 | €61,031 | -€47,752 | -43.9% |
| Financial income | 75/76B | - | €63 | +€63 | |
| Recurring financial income | 75 | - | €63 | +€63 | |
| Financial charges | 65/66B | €3,123 | €2,824 | -€299 | -9.6% |
| Recurring financial charges | 65 | €3,123 | €2,824 | -€299 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €105,660 | €58,270 | -€47,390 | -44.9% |
| Transfer from deferred taxes | 780 | €2,795 | €1,621 | -€1,174 | -42.0% |
| Income taxes | 67/77 | €34,688 | €20,100 | -€14,588 | -42.1% |
| Profit (loss) for the period | 9904 | €73,767 | €39,791 | -€33,976 | -46.1% |
| Transfer from tax-exempt reserves | 789 | €6,843 | €3,969 | -€2,874 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,610 | €43,760 | -€36,850 | -45.7% |
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 7 October 2026 via checked.be.