URGA: 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.
URGA
Largest movements
- Tangible fixed assets +€241,361
up €241,361 (+334.0%), from €72,269 to €313,629
of which Land and buildings: +€243,337
- Cash -€80,069
down €80,069 (-51.3%), from €155,965 to €75,896
mainly Investment in fixed assets (net) (-€261,369) and Tax, wage and social debts (-€10,767)
- Debts after one year +€157,616
new in 2025: €157,616
- Current portion of long-term debt +€14,944
new in 2025: €14,944
- Tax, wage and social debts -€10,767
down €10,767 (-88.3%), from €12,200 to €1,433
of which Taxes: -€6,705
- Other debts +€8,991
up €8,991 (+14.0%), from €64,428 to €73,418
- Advances received +€5,838
up €5,838 (+843.4%), from €692 to €6,531
- Gross operating margin -€25,748
down €25,748 (-27.0%), from €95,387 to €69,639
- Taxes -€7,715
no longer reported in 2025 (was €7,715)
- Depreciation +€4,003
up €4,003 (+25.0%), from €16,006 to €20,009
- Financial charges +€2,833
up €2,833 (+105.3%), from €2,690 to €5,523
- Other operating charges +€2,295
up €2,295 (+61.9%), from €3,705 to €6,000
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 | €262,327 | €430,168 | +€167,841 | +64.0% |
| Fixed assets | 21/28 | €72,304 | €313,664 | +€241,361 | +333.8% |
| Tangible fixed assets | 22/27 | €72,269 | €313,629 | +€241,361 | +334.0% |
| Land and buildings | 22 | €27,115 | €270,451 | +€243,337 | +897.4% |
| Plant, machinery and equipment | 23 | €38,923 | €38,940 | +€17 | 0.0% |
| Furniture and vehicles | 24 | €6,231 | €4,238 | -€1,993 | -32.0% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €190,023 | €116,504 | -€73,519 | -38.7% |
| Stocks and contracts in progress | 3 | €1,225 | €1,835 | +€610 | +49.8% |
| Stocks | 30/36 | €1,225 | €1,835 | +€610 | +49.8% |
| Amounts receivable within one year | 40/41 | €30,268 | €34,485 | +€4,217 | +13.9% |
| Trade receivables | 40 | €30,268 | €28,735 | -€1,533 | -5.1% |
| Other amounts receivable | 41 | - | €5,750 | +€5,750 | |
| Cash at bank and in hand | 54/58 | €155,965 | €75,896 | -€80,069 | -51.3% |
| Deferred charges and accrued income | 490/1 | €2,565 | €4,288 | +€1,723 | +67.2% |
| Total equity and liabilities | 10/49 | €262,327 | €430,168 | +€167,841 | +64.0% |
| Equity | 10/15 | €179,534 | €170,687 | -€8,847 | -4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,787 | €85,287 | -€3,500 | -3.9% |
| Distributable reserves | 133 | €88,787 | €85,287 | -€3,500 | -3.9% |
| Profit (loss) carried forward | 14 | €72,148 | €66,801 | -€5,347 | -7.4% |
| Amounts payable | 17/49 | €82,793 | €259,481 | +€176,688 | +213.4% |
| Amounts payable after more than one year | 17 | - | €157,616 | +€157,616 | |
| Financial debts | 170/4 | - | €157,616 | +€157,616 | |
| Amounts payable within one year | 42/48 | €78,073 | €101,277 | +€23,204 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | - | €14,944 | +€14,944 | |
| Trade debts | 44 | €753 | €4,951 | +€4,197 | +557.2% |
| Suppliers | 440/4 | €753 | €4,951 | +€4,197 | +557.2% |
| Advances received on contracts in progress | 46 | €692 | €6,531 | +€5,838 | +843.4% |
| Taxes, remuneration and social security | 45 | €12,200 | €1,433 | -€10,767 | -88.3% |
| Taxes | 450/3 | €8,138 | €1,433 | -€6,705 | -82.4% |
| Remuneration and social security | 454/9 | €4,062 | - | -€4,062 | |
| Other amounts payable | 47/48 | €64,428 | €73,418 | +€8,991 | +14.0% |
| Accrued charges and deferred income | 492/3 | €4,720 | €588 | -€4,132 | -87.5% |
| Remuneration, social security and pensions | 62 | €44,908 | €44,372 | -€536 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,006 | €20,009 | +€4,003 | +25.0% |
| Other operating charges | 640/8 | €3,705 | €6,000 | +€2,295 | +61.9% |
| Gross operating margin | 9900 | €95,387 | €69,639 | -€25,748 | -27.0% |
| Operating profit (loss) | 9901 | €30,767 | -€742 | -€31,510 | |
| Financial income | 75/76B | €364 | €918 | +€555 | +152.5% |
| Recurring financial income | 75 | €364 | €918 | +€555 | +152.5% |
| Financial charges | 65/66B | €2,690 | €5,523 | +€2,833 | +105.3% |
| Recurring financial charges | 65 | €2,690 | €5,523 | +€2,833 | +105.3% |
| Profit (loss) for the period before taxes | 9903 | €28,441 | -€5,347 | -€33,788 | |
| Income taxes | 67/77 | €7,715 | - | -€7,715 | |
| Profit (loss) for the period | 9904 | €20,726 | -€5,347 | -€26,073 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,726 | -€5,347 | -€26,073 |
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 29 September 2026 via checked.be.