URARTU: 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.
URARTU
Largest movements
- Receivables within one year -€37,924
down €37,924 (-75.6%), from €50,178 to €12,254
of which Trade receivables: -€30,757
- Cash +€7,433
up €7,433 (+92.7%), from €8,022 to €15,455
mainly Receivables within one year (+€37,924) and Depreciation (+€1,544)
- Tangible fixed assets +€1,946
up €1,946 (+378.6%), from €514 to €2,459
- Reserves -€24,097
down €24,097 (-44.5%), from €54,097 to €30,000
- Tax, wage and social debts -€3,359
down €3,359 (-81.1%), from €4,141 to €782
of which Taxes: -€4,141
- Profit (loss) carried forward -€1,476
new in 2025: -€1,476
- Gross operating margin -€36,932
down €36,932 (-92.3%), from €40,017 to €3,085
- Taxes -€11,902
down €11,902 (-92.5%), from €12,864 to €962
- Financial charges +€6,454
up €6,454 (+787.7%), from €819 to €7,274
- Depreciation +€1,140
up €1,140 (+282.1%), from €404 to €1,544
- Staff costs +€406
up €406 (+85.9%), from €473 to €879
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 | €58,714 | €30,169 | -€28,545 | -48.6% |
| Fixed assets | 21/28 | €514 | €2,459 | +€1,946 | +378.6% |
| Tangible fixed assets | 22/27 | €514 | €2,459 | +€1,946 | +378.6% |
| Plant, machinery and equipment | 23 | €514 | €2,459 | +€1,946 | +378.6% |
| Current assets | 29/58 | €58,200 | €27,710 | -€30,491 | -52.4% |
| Amounts receivable within one year | 40/41 | €50,178 | €12,254 | -€37,924 | -75.6% |
| Trade receivables | 40 | €35,294 | €4,538 | -€30,757 | -87.1% |
| Other amounts receivable | 41 | €14,884 | €7,717 | -€7,167 | -48.2% |
| Cash at bank and in hand | 54/58 | €8,022 | €15,455 | +€7,433 | +92.7% |
| Total equity and liabilities | 10/49 | €58,714 | €30,169 | -€28,545 | -48.6% |
| Equity | 10/15 | €54,097 | €28,524 | -€25,573 | -47.3% |
| Reserves | 13 | €54,097 | €30,000 | -€24,097 | -44.5% |
| Distributable reserves | 133 | €54,097 | €30,000 | -€24,097 | -44.5% |
| Profit (loss) carried forward | 14 | - | -€1,476 | -€1,476 | |
| Amounts payable | 17/49 | €4,617 | €1,645 | -€2,972 | -64.4% |
| Amounts payable within one year | 42/48 | €4,617 | €1,645 | -€2,972 | -64.4% |
| Trade debts | 44 | €476 | €764 | +€287 | +60.3% |
| Suppliers | 440/4 | €476 | €764 | +€287 | +60.3% |
| Taxes, remuneration and social security | 45 | €4,141 | €782 | -€3,359 | -81.1% |
| Taxes | 450/3 | €4,141 | - | -€4,141 | |
| Remuneration and social security | 454/9 | - | €782 | +€782 | |
| Other amounts payable | 47/48 | - | €100 | +€100 | |
| Remuneration, social security and pensions | 62 | €473 | €879 | +€406 | +85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €404 | €1,544 | +€1,140 | +282.1% |
| Non-recurring operating charges | 66A | €157 | - | -€157 | |
| Gross operating margin | 9900 | €40,017 | €3,085 | -€36,932 | -92.3% |
| Operating profit (loss) | 9901 | €38,983 | €663 | -€38,321 | -98.3% |
| Financial charges | 65/66B | €819 | €7,274 | +€6,454 | +787.7% |
| Recurring financial charges | 65 | €819 | €7,274 | +€6,454 | +787.7% |
| Profit (loss) for the period before taxes | 9903 | €38,164 | -€6,611 | -€44,775 | |
| Income taxes | 67/77 | €12,864 | €962 | -€11,902 | -92.5% |
| Profit (loss) for the period | 9904 | €25,300 | -€7,573 | -€32,873 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,300 | -€7,573 | -€32,873 |
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.