URCALI: 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.
What changed
URCALI
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€560,816
2024 · €378,933+€181,883
Equity
€1.6m
2024 · €1.1m+€480,816
Cash
€417,912
2024 · €436,722-€18,809
Balance sheet total
€7.5m
2024 · €6.7m+€755,593
Largest movements
Assets
- Tangible fixed assets +€364,387
up €364,387 (+6.8%), from €5.4m to €5.7m
of which Assets under construction and advance payments: +€252,455
- Deferred charges and accrued income +€215,686
up €215,686 (+4579.7%), from €4,710 to €220,395
- Financial fixed assets +€100,000
up €100,000 (+123.3%), from €81,132 to €181,132
- Receivables within one year +€94,330
up €94,330 (+16.3%), from €579,292 to €673,622
of which Other amounts receivable: +€106,022
Equity and liabilities
- Reserves +€478,104
up €478,104 (+46.5%), from €1.0m to €1.5m
of which Distributable reserves: +€480,000
- Other debts +€167,733
up €167,733 (+41.6%), from €402,784 to €570,517
- Debts after one year -€138,934
down €138,934 (-3.3%), from €4.2m to €4.1m
of which Financial debts: -€234,809
- Current portion of long-term debt +€125,671
up €125,671 (+20.4%), from €616,057 to €741,728
Income statement
- Gross operating margin +€465,911
up €465,911 (+35.2%), from €1.3m to €1.8m
- Staff costs +€200,079
up €200,079 (+52.6%), from €380,427 to €580,506
- Other operating charges +€72,490
up €72,490 (+164.0%), from €44,192 to €116,682
- Taxes +€65,982
up €65,982 (+47.8%), from €138,067 to €204,049
- Provisions -€57,680
no longer reported in 2025 (was €57,680)
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.
Result 2024
€378,933
Gross operating margin
+€465,911
Staff costs
-€200,079
Depreciation
-€9,259
Provisions
+€57,680
Other operating charges
-€72,490
Financial income
+€8,543
Financial charges
-€2,440
Taxes
-€65,982
Result 2025
€560,816
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.
From operations
+€781,623
Investment
-€707,147
Financing
-€93,286
Cash 2024
€436,722
From operations (derived)
+€781,623
Net result for the year
+€560,816
Depreciation
+€242,760
Receivables within one year
-€94,330
Deferred charges and accrued income
-€215,686
Provisions
-€612
Trade debts
+€66,208
Tax, wage and social debts
+€52,354
Advances received
-€51,613
Other debts
+€167,733
Accrued charges and deferred income
+€53,991
Investment (derived)
-€707,147
Investment in fixed assets (net)
-€707,147
Financing
-€93,286
Debts after one year
-€138,934
Current portion of long-term debt
+€125,671
Short-term financial debts
-€23
Contributions, distributions and other
-€80,000
Cash 2025
€417,912
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,714,831 | €7,470,424 | +€755,593 | +11.3% |
| Fixed assets | 21/28 | €5,446,947 | €5,911,334 | +€464,387 | +8.5% |
| Tangible fixed assets | 22/27 | €5,365,816 | €5,730,203 | +€364,387 | +6.8% |
| Land and buildings | 22 | €5,135,710 | €5,248,168 | +€112,458 | +2.2% |
| Furniture and vehicles | 24 | €48,582 | €48,056 | -€526 | -1.1% |
| Assets under construction and advance payments | 27 | €181,524 | €433,979 | +€252,455 | +139.1% |
| Financial fixed assets | 28 | €81,132 | €181,132 | +€100,000 | +123.3% |
| Current assets | 29/58 | €1,267,883 | €1,559,089 | +€291,206 | +23.0% |
| Amounts receivable after more than one year | 29 | €247,160 | €247,160 | = | 0.0% |
| Other amounts receivable | 291 | €247,160 | €247,160 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €579,292 | €673,622 | +€94,330 | +16.3% |
| Trade receivables | 40 | €121,725 | €110,033 | -€11,692 | -9.6% |
| Other amounts receivable | 41 | €457,567 | €563,589 | +€106,022 | +23.2% |
| Cash at bank and in hand | 54/58 | €436,722 | €417,912 | -€18,809 | -4.3% |
| Deferred charges and accrued income | 490/1 | €4,710 | €220,395 | +€215,686 | +4579.7% |
| Total equity and liabilities | 10/49 | €6,714,831 | €7,470,424 | +€755,593 | +11.3% |
| Equity | 10/15 | €1,135,870 | €1,616,686 | +€480,816 | +42.3% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €1,029,253 | €1,507,357 | +€478,104 | +46.5% |
| Non-distributable reserves | 130/1 | €11,860 | €11,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,860 | €11,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,393 | €15,497 | -€1,896 | -10.9% |
| Distributable reserves | 133 | €1,000,000 | €1,480,000 | +€480,000 | +48.0% |
| Profit (loss) carried forward | 14 | €418 | €3,130 | +€2,712 | +649.4% |
| Provisions and deferred taxes | 16 | €118,543 | €117,931 | -€612 | -0.5% |
| Provisions for liabilities and charges | 160/5 | €112,924 | €112,924 | = | 0.0% |
| Environmental obligations | 163 | - | €112,924 | +€112,924 | |
| Other liabilities and charges | 164/5 | €112,924 | - | -€112,924 | |
| Deferred taxes | 168 | €5,619 | €5,007 | -€612 | -10.9% |
| Amounts payable | 17/49 | €5,460,418 | €5,735,807 | +€275,389 | +5.0% |
| Amounts payable after more than one year | 17 | €4,218,024 | €4,079,090 | -€138,934 | -3.3% |
| Financial debts | 170/4 | €3,970,149 | €3,735,340 | -€234,809 | -5.9% |
| Other amounts payable | 178/9 | €247,875 | €343,750 | +€95,875 | +38.7% |
| Amounts payable within one year | 42/48 | €1,222,017 | €1,582,348 | +€360,332 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €616,057 | €741,728 | +€125,671 | +20.4% |
| Financial debts | 43 | €23 | - | -€23 | |
| Credit institutions | 430/8 | €23 | - | -€23 | |
| Trade debts | 44 | €47,352 | €113,561 | +€66,208 | +139.8% |
| Suppliers | 440/4 | €47,352 | €113,561 | +€66,208 | +139.8% |
| Advances received on contracts in progress | 46 | €51,613 | - | -€51,613 | |
| Taxes, remuneration and social security | 45 | €104,188 | €156,542 | +€52,354 | +50.3% |
| Taxes | 450/3 | €33,514 | €17,934 | -€15,580 | -46.5% |
| Remuneration and social security | 454/9 | €70,674 | €138,608 | +€67,934 | +96.1% |
| Other amounts payable | 47/48 | €402,784 | €570,517 | +€167,733 | +41.6% |
| Accrued charges and deferred income | 492/3 | €20,377 | €74,369 | +€53,991 | +265.0% |
| Remuneration, social security and pensions | 62 | €380,427 | €580,506 | +€200,079 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,501 | €242,760 | +€9,259 | +4.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €57,680 | - | -€57,680 | |
| Other operating charges | 640/8 | €44,192 | €116,682 | +€72,490 | +164.0% |
| Gross operating margin | 9900 | €1,324,467 | €1,790,378 | +€465,911 | +35.2% |
| Operating profit (loss) | 9901 | €608,667 | €850,430 | +€241,762 | +39.7% |
| Financial income | 75/76B | €8,305 | €16,847 | +€8,543 | +102.9% |
| Recurring financial income | 75 | €8,305 | €16,847 | +€8,543 | +102.9% |
| Financial charges | 65/66B | €100,585 | €103,024 | +€2,440 | +2.4% |
| Recurring financial charges | 65 | €100,585 | €103,024 | +€2,440 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €516,387 | €764,253 | +€247,865 | +48.0% |
| Transfer from deferred taxes | 780 | €612 | €612 | = | 0.0% |
| Income taxes | 67/77 | €138,067 | €204,049 | +€65,982 | +47.8% |
| Profit (loss) for the period | 9904 | €378,933 | €560,816 | +€181,883 | +48.0% |
| Transfer from tax-exempt reserves | 789 | €1,896 | €1,896 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €380,829 | €562,712 | +€181,883 | +47.8% |
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 12 October 2026 via checked.be.