URSA: 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
URSA
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€763,251
2024 · €1.2m-€432,275
Equity
€6.6m
2024 · €5.8m+€772,148
Cash
€531,813
2024 · €520,372+€11,441
Balance sheet total
€29.2m
2024 · €18.3m+€10.9m
Largest movements
Assets
- Financial fixed assets -€8.3m
down €8.3m (-75.5%), from €11.0m to €2.7m
- Current investments +€8.2m
new in 2025: €8.2m
- Receivables within one year +€6.1m
up €6.1m (+1,053%), from €578,723 to €6.7m
of which Other amounts receivable: +€6.1m
- Tangible fixed assets +€3.2m
up €3.2m (+84.8%), from €3.8m to €7.0m
of which Land and buildings: +€3.2m
- Intangible fixed assets +€1.7m
new in 2025: €1.7m
Equity and liabilities
- Other debts +€8.3m
up €8.3m (+244%), from €3.4m to €11.6m
- Debts after one year +€1.2m
up €1.2m (+14.6%), from €8.5m to €9.7m
of which Financial debts: +€1.2m
- Reserves +€772,148
up €772,148 (+13.4%), from €5.8m to €6.5m
of which Distributable reserves: +€772,148
- Current portion of long-term debt +€312,707
up €312,707 (+76.0%), from €411,681 to €724,388
Income statement
- Depreciation +€613,665
up €613,665 (+182%), from €337,710 to €951,375
- Financial income +€558,588
up €558,588 (+271%), from €206,180 to €764,768
- Financial charges +€436,432
up €436,432 (+118%), from €368,832 to €805,264
- Gross operating margin +€179,756
up €179,756 (+8.7%), from €2.1m to €2.2m
- Other operating charges +€77,385
up €77,385 (+363%), from €21,328 to €98,713
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
€1.2m
Gross operating margin
+€179,756
Staff costs
-€4,825
Depreciation
-€613,665
Provisions
-€75,000
Other operating charges
-€77,385
Financial income
+€558,588
Financial charges
-€436,432
Taxes
+€22,675
Deferred taxes and other
+€14,015
Result 2025
€763,251
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€4.1m
Investment
-€5.7m
Financing
+€1.6m
Cash 2024
€520,372
From operations (derived)
+€4.1m
Net result for the year
+€763,251
Depreciation
+€951,375
Stocks and contracts
-€45,452
Receivables within one year
-€6.1m
Smaller working-capital items
-€19,955
Provisions
+€171,752
Trade debts
+€75,095
Other debts
+€8.3m
Accrued charges and deferred income
+€93,029
Investment (derived)
-€5.7m
Investment in fixed assets (net)
+€2.5m
Current investments
-€8.2m
Financing
+€1.6m
Debts after one year
+€1.2m
Current portion of long-term debt
+€312,707
Contributions, distributions and other
+€8,897
Cash 2025
€531,813
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,263,197 | €29,176,863 | +€10.9m | +59.8% |
| Fixed assets | 21/28 | €14,831,936 | €11,357,718 | -€3.5m | -23.4% |
| Intangible fixed assets | 21 | - | €1,650,386 | +€1.7m | |
| Tangible fixed assets | 22/27 | €3,791,779 | €7,006,105 | +€3.2m | +84.8% |
| Land and buildings | 22 | €3,790,426 | €7,005,667 | +€3.2m | +84.8% |
| Plant, machinery and equipment | 23 | €774 | €336 | -€438 | -56.6% |
| Furniture and vehicles | 24 | €580 | €103 | -€477 | -82.3% |
| Financial fixed assets | 28 | €11,040,157 | €2,701,227 | -€8.3m | -75.5% |
| Current assets | 29/58 | €3,431,261 | €17,819,145 | +€14.4m | +419% |
| Stocks and contracts in progress | 3 | €2,235,539 | €2,280,990 | +€45,452 | +2.0% |
| Stocks | 30/36 | €2,235,539 | €2,280,990 | +€45,452 | +2.0% |
| Amounts receivable within one year | 40/41 | €578,723 | €6,671,638 | +€6.1m | +1,053% |
| Trade receivables | 40 | €130,321 | €97,942 | -€32,379 | -24.8% |
| Other amounts receivable | 41 | €448,402 | €6,573,696 | +€6.1m | +1,366% |
| Current investments | 50/53 | - | €8,220,000 | +€8.2m | |
| Cash at bank and in hand | 54/58 | €520,372 | €531,813 | +€11,441 | +2.2% |
| Deferred charges and accrued income | 490/1 | €96,627 | €114,704 | +€18,077 | +18.7% |
| Total equity and liabilities | 10/49 | €18,263,197 | €29,176,863 | +€10.9m | +59.8% |
| Equity | 10/15 | €5,812,989 | €6,585,138 | +€772,148 | +13.3% |
| Contributions | 10/11 | €62,400 | €62,400 | = | 0.0% |
| Capital | 10 | €62,400 | €62,400 | = | 0.0% |
| Issued capital | 100 | €62,400 | €62,400 | = | 0.0% |
| Reserves | 13 | €5,750,589 | €6,522,738 | +€772,148 | +13.4% |
| Non-distributable reserves | 130/1 | €6,240 | €6,240 | = | 0.0% |
| Legal reserve | 130 | €6,240 | €6,240 | = | 0.0% |
| Distributable reserves | 133 | €5,744,349 | €6,516,498 | +€772,148 | +13.4% |
| Provisions and deferred taxes | 16 | - | €171,752 | +€171,752 | |
| Deferred taxes | 168 | - | €171,752 | +€171,752 | |
| Amounts payable | 17/49 | €12,450,208 | €22,419,973 | +€10.0m | +80.1% |
| Amounts payable after more than one year | 17 | €8,484,521 | €9,722,757 | +€1.2m | +14.6% |
| Financial debts | 170/4 | €3,467,521 | €4,705,757 | +€1.2m | +35.7% |
| Other amounts payable | 178/9 | €5,017,000 | €5,017,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,820,873 | €12,459,373 | +€8.6m | +226% |
| Current portion of amounts payable after more than one year | 42 | €411,681 | €724,388 | +€312,707 | +76.0% |
| Trade debts | 44 | €24,970 | €100,065 | +€75,095 | +301% |
| Suppliers | 440/4 | €24,970 | €100,065 | +€75,095 | +301% |
| Taxes, remuneration and social security | 45 | €6,595 | €4,717 | -€1,878 | -28.5% |
| Taxes | 450/3 | €305 | €1,371 | +€1,067 | +350% |
| Remuneration and social security | 454/9 | €6,290 | €3,346 | -€2,944 | -46.8% |
| Other amounts payable | 47/48 | €3,377,627 | €11,630,203 | +€8.3m | +244% |
| Accrued charges and deferred income | 492/3 | €144,814 | €237,843 | +€93,029 | +64.2% |
| Non-recurring operating income | 76A | €4,959 | - | -€4,959 | |
| Remuneration, social security and pensions | 62 | €43,929 | €48,754 | +€4,825 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,710 | €951,375 | +€613,665 | +182% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€75,000 | - | +€75,000 | |
| Other operating charges | 640/8 | €21,328 | €98,713 | +€77,385 | +363% |
| Gross operating margin | 9900 | €2,063,729 | €2,243,485 | +€179,756 | +8.7% |
| Operating profit (loss) | 9901 | €1,735,763 | €1,144,642 | -€591,120 | -34.1% |
| Financial income | 75/76B | €206,180 | €764,768 | +€558,588 | +271% |
| Recurring financial income | 75 | €206,180 | €764,768 | +€558,588 | +271% |
| Financial charges | 65/66B | €368,832 | €805,264 | +€436,432 | +118% |
| Recurring financial charges | 65 | €368,832 | €805,264 | +€436,432 | +118% |
| Profit (loss) for the period before taxes | 9903 | €1,573,110 | €1,104,146 | -€468,965 | -29.8% |
| Transfer from deferred taxes | 780 | - | €14,015 | +€14,015 | |
| Income taxes | 67/77 | €377,584 | €354,909 | -€22,675 | -6.0% |
| Profit (loss) for the period | 9904 | €1,195,526 | €763,251 | -€432,275 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,195,526 | €763,251 | -€432,275 | -36.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.