URSULL: 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.
What changed
URSULL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€159,490
2024 · €56,188+€103,302
Equity
€4.2m
2024 · €4.6m-€385,944
Cash
€126,363
2024 · €104,012+€22,352
Balance sheet total
€5.1m
2024 · €5.1m-€72,177
Largest movements
Assets
- Tangible fixed assets -€64,771
down €64,771 (-2.4%), from €2.7m to €2.6m
of which Land and buildings: -€77,556
Equity and liabilities
- Reserves -€385,944
down €385,944 (-11.9%), from €3.2m to €2.9m
of which Distributable reserves: -€342,310
- Other debts +€317,225
up €317,225 (+188.2%), from €168,525 to €485,750
Income statement
- Financial income +€155,091
up €155,091 (+192.8%), from €80,429 to €235,519
- Taxes +€29,984
up €29,984 (+80.1%), from €37,444 to €67,427
- Financial charges +€26,499
up €26,499 (+139.2%), from €19,033 to €45,533
- Gross operating margin +€6,753
up €6,753 (+4.6%), from €146,906 to €153,659
- Other operating charges +€2,266
up €2,266 (+11.5%), from €19,724 to €21,990
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
€56,188
Gross operating margin
+€6,753
Depreciation
+€207
Other operating charges
-€2,266
Financial income
+€155,091
Financial charges
-€26,499
Taxes
-€29,984
Result 2025
€159,490
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
+€586,927
Investment
-€19,142
Financing
-€545,433
Cash 2024
€104,012
From operations (derived)
+€586,927
Net result for the year
+€159,490
Depreciation
+€109,284
Receivables within one year
-€53
Deferred charges and accrued income
+€4,440
Provisions
-€14,545
Trade debts
-€1,378
Tax, wage and social debts
+€31,901
Other debts
+€317,225
Accrued charges and deferred income
-€19,436
Investment (derived)
-€19,142
Investment in fixed assets (net)
-€44,512
Current investments
+€25,370
Financing
-€545,433
Contributions, distributions and other
-€545,433
Cash 2025
€126,363
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,149,598 | €5,077,421 | -€72,177 | -1.4% |
| Fixed assets | 21/28 | €2,692,319 | €2,627,548 | -€64,771 | -2.4% |
| Tangible fixed assets | 22/27 | €2,692,319 | €2,627,548 | -€64,771 | -2.4% |
| Land and buildings | 22 | €2,649,230 | €2,571,674 | -€77,556 | -2.9% |
| Plant, machinery and equipment | 23 | €42,857 | €55,717 | +€12,860 | +30.0% |
| Furniture and vehicles | 24 | €233 | €157 | -€76 | -32.7% |
| Current assets | 29/58 | €2,457,279 | €2,449,873 | -€7,406 | -0.3% |
| Amounts receivable after more than one year | 29 | €31,782 | €31,782 | = | 0.0% |
| Other amounts receivable | 291 | €31,782 | €31,782 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,665 | €26,718 | +€53 | +0.2% |
| Trade receivables | 40 | €26,665 | €26,665 | = | 0.0% |
| Other amounts receivable | 41 | - | €53 | +€53 | |
| Current investments | 50/53 | €2,285,998 | €2,260,628 | -€25,370 | -1.1% |
| Cash at bank and in hand | 54/58 | €104,012 | €126,363 | +€22,352 | +21.5% |
| Deferred charges and accrued income | 490/1 | €8,823 | €4,383 | -€4,440 | -50.3% |
| Total equity and liabilities | 10/49 | €5,149,598 | €5,077,421 | -€72,177 | -1.4% |
| Equity | 10/15 | €4,601,467 | €4,215,523 | -€385,944 | -8.4% |
| Contributions | 10/11 | €1,351,772 | €1,351,772 | = | 0.0% |
| Capital | 10 | €1,351,772 | €1,351,772 | = | 0.0% |
| Issued capital | 100 | €1,351,772 | €1,351,772 | = | 0.0% |
| Reserves | 13 | €3,249,695 | €2,863,751 | -€385,944 | -11.9% |
| Non-distributable reserves | 130/1 | €135,177 | €135,177 | = | 0.0% |
| Legal reserve | 130 | €135,177 | €135,177 | = | 0.0% |
| Tax-exempt reserves | 132 | €957,811 | €914,177 | -€43,634 | -4.6% |
| Distributable reserves | 133 | €2,156,707 | €1,814,397 | -€342,310 | -15.9% |
| Provisions and deferred taxes | 16 | €319,270 | €304,726 | -€14,545 | -4.6% |
| Deferred taxes | 168 | €319,270 | €304,726 | -€14,545 | -4.6% |
| Amounts payable | 17/49 | €228,861 | €557,173 | +€328,311 | +143.5% |
| Amounts payable within one year | 42/48 | €198,609 | €546,357 | +€347,747 | +175.1% |
| Trade debts | 44 | €11,415 | €10,037 | -€1,378 | -12.1% |
| Suppliers | 440/4 | €11,415 | €10,037 | -€1,378 | -12.1% |
| Taxes, remuneration and social security | 45 | €18,668 | €50,569 | +€31,901 | +170.9% |
| Taxes | 450/3 | €18,668 | €50,569 | +€31,901 | +170.9% |
| Other amounts payable | 47/48 | €168,525 | €485,750 | +€317,225 | +188.2% |
| Accrued charges and deferred income | 492/3 | €30,252 | €10,816 | -€19,436 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,491 | €109,284 | -€207 | -0.2% |
| Other operating charges | 640/8 | €19,724 | €21,990 | +€2,266 | +11.5% |
| Gross operating margin | 9900 | €146,906 | €153,659 | +€6,753 | +4.6% |
| Operating profit (loss) | 9901 | €17,691 | €22,385 | +€4,695 | +26.5% |
| Financial income | 75/76B | €80,429 | €235,519 | +€155,091 | +192.8% |
| Recurring financial income | 75 | €80,429 | €235,519 | +€155,091 | +192.8% |
| Financial charges | 65/66B | €19,033 | €45,533 | +€26,499 | +139.2% |
| Recurring financial charges | 65 | €19,033 | €45,533 | +€26,499 | +139.2% |
| Profit (loss) for the period before taxes | 9903 | €79,086 | €212,372 | +€133,286 | +168.5% |
| Transfer from deferred taxes | 780 | €14,545 | €14,545 | = | 0.0% |
| Income taxes | 67/77 | €37,444 | €67,427 | +€29,984 | +80.1% |
| Profit (loss) for the period | 9904 | €56,188 | €159,490 | +€103,302 | +183.9% |
| Transfer from tax-exempt reserves | 789 | €43,634 | €43,634 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,822 | €203,124 | +€103,302 | +103.5% |
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 28 September 2026 via checked.be.