URSELIA: 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.
URSELIA
Largest movements
- Tangible fixed assets +€102,308
up €102,308 (+2.1%), from €4.8m to €4.9m
of which Land and buildings: +€60,356
- Receivables within one year +€73,232
up €73,232 (+45.7%), from €160,267 to €233,499
of which Trade receivables: +€65,786
- Debts after one year +€436,100
up €436,100 (+23.7%), from €1.8m to €2.3m
of which Financial debts: +€436,100
- Reserves -€219,208
down €219,208 (-7.3%), from €3.0m to €2.8m
- Trade debts -€65,345
down €65,345 (-36.2%), from €180,279 to €114,934
- Gross operating margin -€75,682
down €75,682 (-30.8%), from €245,948 to €170,265
- Staff costs +€8,429
up €8,429 (+3.9%), from €214,711 to €223,140
- Depreciation +€3,644
up €3,644 (+3.1%), from €117,248 to €120,892
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,239,292 | €5,383,244 | +€143,952 | +2.7% |
| Fixed assets | 21/28 | €4,798,881 | €4,901,189 | +€102,308 | +2.1% |
| Tangible fixed assets | 22/27 | €4,796,881 | €4,899,189 | +€102,308 | +2.1% |
| Land and buildings | 22 | €4,591,224 | €4,651,580 | +€60,356 | +1.3% |
| Plant, machinery and equipment | 23 | €139,705 | €192,337 | +€52,632 | +37.7% |
| Furniture and vehicles | 24 | €65,952 | €55,271 | -€10,681 | -16.2% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €440,411 | €482,055 | +€41,644 | +9.5% |
| Stocks and contracts in progress | 3 | €196,569 | €184,317 | -€12,252 | -6.2% |
| Stocks | 30/36 | €196,569 | €184,317 | -€12,252 | -6.2% |
| Amounts receivable within one year | 40/41 | €160,267 | €233,499 | +€73,232 | +45.7% |
| Trade receivables | 40 | €153,058 | €218,844 | +€65,786 | +43.0% |
| Other amounts receivable | 41 | €7,209 | €14,655 | +€7,446 | +103% |
| Current investments | 50/53 | €5,257 | €5,257 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,679 | €17,312 | -€14,367 | -45.4% |
| Deferred charges and accrued income | 490/1 | €46,638 | €41,670 | -€4,968 | -10.7% |
| Total equity and liabilities | 10/49 | €5,239,292 | €5,383,244 | +€143,952 | +2.7% |
| Equity | 10/15 | €3,188,890 | €2,969,461 | -€219,428 | -6.9% |
| Contributions | 10/11 | €62,200 | €62,200 | = | 0.0% |
| Reserves | 13 | €3,001,231 | €2,782,023 | -€219,208 | -7.3% |
| Distributable reserves | 133 | €3,001,231 | €2,782,023 | -€219,208 | -7.3% |
| Investment grants | 15 | €125,458 | €125,238 | -€220 | -0.2% |
| Amounts payable | 17/49 | €2,050,402 | €2,413,782 | +€363,380 | +17.7% |
| Amounts payable after more than one year | 17 | €1,840,008 | €2,276,108 | +€436,100 | +23.7% |
| Financial debts | 170/4 | €1,836,721 | €2,272,821 | +€436,100 | +23.7% |
| Other amounts payable | 178/9 | €3,287 | €3,287 | = | 0.0% |
| Amounts payable within one year | 42/48 | €208,437 | €134,764 | -€73,673 | -35.3% |
| Trade debts | 44 | €180,279 | €114,934 | -€65,345 | -36.2% |
| Suppliers | 440/4 | €180,279 | €114,934 | -€65,345 | -36.2% |
| Taxes, remuneration and social security | 45 | €28,158 | €19,830 | -€8,328 | -29.6% |
| Taxes | 450/3 | €404 | €430 | +€26 | +6.5% |
| Remuneration and social security | 454/9 | €27,754 | €19,400 | -€8,354 | -30.1% |
| Accrued charges and deferred income | 492/3 | €1,957 | €2,910 | +€954 | +48.7% |
| Remuneration, social security and pensions | 62 | €214,711 | €223,140 | +€8,429 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,248 | €120,892 | +€3,644 | +3.1% |
| Other operating charges | 640/8 | €51,033 | €51,216 | +€183 | +0.4% |
| Gross operating margin | 9900 | €245,948 | €170,265 | -€75,682 | -30.8% |
| Operating profit (loss) | 9901 | -€137,045 | -€224,983 | -€87,938 | -64.2% |
| Financial income | 75/76B | €6,745 | €6,830 | +€86 | +1.3% |
| Recurring financial income | 75 | €6,745 | €6,830 | +€86 | +1.3% |
| Financial charges | 65/66B | €892 | €1,034 | +€142 | +15.9% |
| Recurring financial charges | 65 | €892 | €1,034 | +€142 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | -€131,193 | -€219,187 | -€87,995 | -67.1% |
| Income taxes | 67/77 | €50 | €21 | -€30 | -58.8% |
| Profit (loss) for the period | 9904 | -€131,243 | -€219,208 | -€87,965 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€131,243 | -€219,208 | -€87,965 | -67.0% |
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 16 October 2026 via checked.be.