URSUS: 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
URSUS
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€44,342
2024 · -€389,493+€433,835
Equity
€1.8m
2024 · €1.7m+€32,584
Cash
€233,963
2024 · €709,339-€475,375
Balance sheet total
€5.7m
2024 · €6.1m-€447,688
Largest movements
Assets
- Cash -€475,375
down €475,375 (-67.0%), from €709,339 to €233,963
mainly Debts after one year (-€525,055) and Investment in fixed assets (net) (-€356,251)
- Tangible fixed assets -€331,709
down €331,709 (-15.3%), from €2.2m to €1.8m
- Receivables within one year +€318,515
up €318,515 (+40.3%), from €789,987 to €1.1m
of which Trade receivables: +€198,804
- Intangible fixed assets +€76,460
up €76,460 (+8.4%), from €912,732 to €989,193
Equity and liabilities
- Debts after one year -€525,055
down €525,055 (-23.1%), from €2.3m to €1.7m
- Other debts +€249,985
up €249,985 (+273.3%), from €91,484 to €341,469
- Trade debts -€241,620
down €241,620 (-30.9%), from €782,111 to €540,491
Income statement
- Gross operating margin +€690,969
up €690,969 (+26.0%), from €2.7m to €3.3m
- Staff costs +€249,872
up €249,872 (+10.6%), from €2.3m to €2.6m
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
-€389,493
Gross operating margin
+€690,969
Staff costs
-€249,872
Depreciation
-€24,475
Write-downs
+€4,491
Other operating charges
+€1,291
Financial income
+€3,824
Financial charges
+€7,948
Taxes
-€340
Result 2025
€44,342
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
+€412,578
Investment
-€356,251
Financing
-€531,702
Cash 2024
€709,339
From operations (derived)
+€412,578
Net result for the year
+€44,342
Depreciation
+€611,499
Stocks and contracts
-€21,040
Receivables within one year
-€318,515
Deferred charges and accrued income
+€56,619
Trade debts
-€241,620
Tax, wage and social debts
+€22,005
Other debts
+€249,985
Accrued charges and deferred income
+€9,301
Investment (derived)
-€356,251
Investment in fixed assets (net)
-€356,251
Financing
-€531,702
Debts after one year
-€525,055
Current portion of long-term debt
-€24,244
Short-term financial debts
+€29,355
Contributions, distributions and other
-€11,758
Cash 2025
€233,963
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,102,799 | €5,655,110 | -€447,688 | -7.3% |
| Fixed assets | 21/28 | €3,090,599 | €2,835,351 | -€255,248 | -8.3% |
| Intangible fixed assets | 21 | €912,732 | €989,193 | +€76,460 | +8.4% |
| Tangible fixed assets | 22/27 | €2,174,777 | €1,843,068 | -€331,709 | -15.3% |
| Land and buildings | 22 | €442,312 | €404,320 | -€37,993 | -8.6% |
| Plant, machinery and equipment | 23 | €1,318,813 | €1,161,501 | -€157,312 | -11.9% |
| Furniture and vehicles | 24 | €192,068 | €161,664 | -€30,404 | -15.8% |
| Leasing and similar rights | 25 | €221,584 | €115,584 | -€106,000 | -47.8% |
| Financial fixed assets | 28 | €3,090 | €3,090 | = | 0.0% |
| Current assets | 29/58 | €3,012,199 | €2,819,759 | -€192,440 | -6.4% |
| Stocks and contracts in progress | 3 | €1,380,747 | €1,401,787 | +€21,040 | +1.5% |
| Stocks | 30/36 | €1,014,987 | €1,067,766 | +€52,779 | +5.2% |
| Contracts in progress | 37 | €365,760 | €334,021 | -€31,739 | -8.7% |
| Amounts receivable within one year | 40/41 | €789,987 | €1,108,502 | +€318,515 | +40.3% |
| Trade receivables | 40 | €746,630 | €945,433 | +€198,804 | +26.6% |
| Other amounts receivable | 41 | €43,358 | €163,068 | +€119,711 | +276.1% |
| Cash at bank and in hand | 54/58 | €709,339 | €233,963 | -€475,375 | -67.0% |
| Deferred charges and accrued income | 490/1 | €132,126 | €75,507 | -€56,619 | -42.9% |
| Total equity and liabilities | 10/49 | €6,102,799 | €5,655,110 | -€447,688 | -7.3% |
| Equity | 10/15 | €1,721,221 | €1,753,805 | +€32,584 | +1.9% |
| Contributions | 10/11 | €1,623,941 | €1,623,941 | = | 0.0% |
| Reserves | 13 | €38,488 | €82,830 | +€44,342 | +115.2% |
| Distributable reserves | 133 | €38,488 | €82,830 | +€44,342 | +115.2% |
| Investment grants | 15 | €58,792 | €47,033 | -€11,758 | -20.0% |
| Amounts payable | 17/49 | €4,381,577 | €3,901,305 | -€480,272 | -11.0% |
| Amounts payable after more than one year | 17 | €2,268,763 | €1,743,708 | -€525,055 | -23.1% |
| Financial debts | 170/4 | €2,268,763 | €1,743,708 | -€525,055 | -23.1% |
| Amounts payable within one year | 42/48 | €1,976,730 | €2,012,212 | +€35,482 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €529,284 | €505,040 | -€24,244 | -4.6% |
| Financial debts | 43 | €149,739 | €179,094 | +€29,355 | +19.6% |
| Credit institutions | 430/8 | €149,739 | €179,094 | +€29,355 | +19.6% |
| Trade debts | 44 | €782,111 | €540,491 | -€241,620 | -30.9% |
| Suppliers | 440/4 | €782,111 | €540,491 | -€241,620 | -30.9% |
| Taxes, remuneration and social security | 45 | €424,113 | €446,118 | +€22,005 | +5.2% |
| Taxes | 450/3 | €130,423 | €163,854 | +€33,431 | +25.6% |
| Remuneration and social security | 454/9 | €293,690 | €282,265 | -€11,425 | -3.9% |
| Other amounts payable | 47/48 | €91,484 | €341,469 | +€249,985 | +273.3% |
| Accrued charges and deferred income | 492/3 | €136,084 | €145,385 | +€9,301 | +6.8% |
| Remuneration, social security and pensions | 62 | €2,349,633 | €2,599,505 | +€249,872 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €587,025 | €611,499 | +€24,475 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,195 | €704 | -€4,491 | -86.5% |
| Other operating charges | 640/8 | €8,713 | €7,422 | -€1,291 | -14.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,657,038 | €3,348,007 | +€690,969 | +26.0% |
| Operating profit (loss) | 9901 | -€293,527 | €128,876 | +€422,404 | |
| Financial income | 75/76B | €13,056 | €16,879 | +€3,824 | +29.3% |
| Recurring financial income | 75 | €13,056 | €16,879 | +€3,824 | +29.3% |
| Financial charges | 65/66B | €108,784 | €100,836 | -€7,948 | -7.3% |
| Recurring financial charges | 65 | €108,784 | €100,836 | -€7,948 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | -€389,256 | €44,920 | +€434,175 | |
| Income taxes | 67/77 | €238 | €577 | +€340 | +143.0% |
| Profit (loss) for the period | 9904 | -€389,493 | €44,342 | +€433,835 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€389,493 | €44,342 | +€433,835 |
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.