Ursa Major Management Services: what changed
Ursa Major Management Services
Largest movements
- Cash -€3,416
down €3,416 (-8.2%), from €41,896 to €38,480
mainly Other debts (-€17,914) and Contributions, distributions and other (-€6,250)
- Deferred charges and accrued income -€1,107
down €1,107 (-62.6%), from €1,768 to €661
- Tangible fixed assets -€631
down €631 (-37.3%), from €1,692 to €1,061
- Other debts -€17,914
down €17,914 (-68.2%), from €26,266 to €8,351
- Reserves +€16,470
new in 2025: €16,470
- Tax, wage and social debts -€3,888
down €3,888 (-26.4%), from €14,745 to €10,857
- Trade debts +€1,379
up €1,379 (+126%), from €1,096 to €2,475
- Accrued charges and deferred income -€879
down €879 (-73.2%), from €1,200 to €321
- Taxes +€980
up €980 (+11.8%), from €8,291 to €9,271
- Financial charges +€809
up €809 (+40.8%), from €1,982 to €2,791
- Other operating charges -€498
down €498 (-51.8%), from €961 to €463
- Depreciation +€431
up €431 (+216%), from €200 to €631
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,806 | €40,975 | -€4,832 | -10.5% |
| Fixed assets | 21/28 | €2,142 | €1,511 | -€631 | -29.4% |
| Tangible fixed assets | 22/27 | €1,692 | €1,061 | -€631 | -37.3% |
| Furniture and vehicles | 24 | €1,692 | €1,061 | -€631 | -37.3% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €43,664 | €39,463 | -€4,201 | -9.6% |
| Amounts receivable within one year | 40/41 | - | €321 | +€321 | |
| Trade receivables | 40 | - | €321 | +€321 | |
| Cash at bank and in hand | 54/58 | €41,896 | €38,480 | -€3,416 | -8.2% |
| Deferred charges and accrued income | 490/1 | €1,768 | €661 | -€1,107 | -62.6% |
| Total equity and liabilities | 10/49 | €45,806 | €40,975 | -€4,832 | -10.5% |
| Equity | 10/15 | €2,500 | €18,970 | +€16,470 | +659% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €16,470 | +€16,470 | |
| Distributable reserves | 133 | - | €16,470 | +€16,470 | |
| Amounts payable | 17/49 | €43,306 | €22,004 | -€21,302 | -49.2% |
| Amounts payable within one year | 42/48 | €42,106 | €21,683 | -€20,423 | -48.5% |
| Trade debts | 44 | €1,096 | €2,475 | +€1,379 | +126% |
| Suppliers | 440/4 | €1,096 | €2,475 | +€1,379 | +126% |
| Taxes, remuneration and social security | 45 | €14,745 | €10,857 | -€3,888 | -26.4% |
| Taxes | 450/3 | €14,745 | €10,857 | -€3,888 | -26.4% |
| Other amounts payable | 47/48 | €26,266 | €8,351 | -€17,914 | -68.2% |
| Accrued charges and deferred income | 492/3 | €1,200 | €321 | -€879 | -73.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200 | €631 | +€431 | +216% |
| Other operating charges | 640/8 | €961 | €463 | -€498 | -51.8% |
| Gross operating margin | 9900 | €35,593 | €35,853 | +€260 | +0.7% |
| Operating profit (loss) | 9901 | €34,432 | €34,760 | +€328 | +1.0% |
| Financial income | 75/76B | €6 | €23 | +€18 | +315% |
| Recurring financial income | 75 | €6 | €23 | +€18 | +315% |
| Financial charges | 65/66B | €1,982 | €2,791 | +€809 | +40.8% |
| Recurring financial charges | 65 | €1,982 | €2,791 | +€809 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €32,455 | €31,992 | -€464 | -1.4% |
| Income taxes | 67/77 | €8,291 | €9,271 | +€980 | +11.8% |
| Profit (loss) for the period | 9904 | €24,164 | €22,720 | -€1,444 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,164 | €22,720 | -€1,444 | -6.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.