USTAM: 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.
USTAM
Largest movements
- Tangible fixed assets -€13,044
down €13,044 (-38.5%), from €33,847 to €20,803
of which Furniture and vehicles: -€8,893
- Cash -€11,397
down €11,397 (-60.2%), from €18,939 to €7,542
mainly Other debts (-€12,107) and Receivables within one year (-€8,979)
- Receivables within one year +€8,979
up €8,979 (+96.5%), from €9,306 to €18,286
of which Trade receivables: +€8,574
- Other debts -€12,107
down €12,107 (-96.6%), from €12,528 to €421
- Current portion of long-term debt -€3,458
no longer reported in 2025 (was €3,458)
- Trade debts -€1,756
down €1,756 (-56.8%), from €3,089 to €1,333
- Tax, wage and social debts +€1,498
up €1,498 (+47.3%), from €3,167 to €4,665
of which Taxes: +€2,181
- Gross operating margin -€4,297
down €4,297 (-21.2%), from €20,317 to €16,020
- Depreciation -€3,076
down €3,076 (-19.1%), from €16,120 to €13,044
- Financial income -€1,819
down €1,819 (-98.1%), from €1,854 to €35
- Taxes -€671
down €671 (-68.2%), from €983 to €313
- Financial charges -€400
down €400 (-35.5%), from €1,126 to €727
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,192 | €46,730 | -€15,463 | -24.9% |
| Fixed assets | 21/28 | €33,947 | €20,903 | -€13,044 | -38.4% |
| Tangible fixed assets | 22/27 | €33,847 | €20,803 | -€13,044 | -38.5% |
| Plant, machinery and equipment | 23 | €14,284 | €10,133 | -€4,151 | -29.1% |
| Furniture and vehicles | 24 | €19,563 | €10,670 | -€8,893 | -45.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €28,245 | €25,827 | -€2,418 | -8.6% |
| Amounts receivable within one year | 40/41 | €9,306 | €18,286 | +€8,979 | +96.5% |
| Trade receivables | 40 | €9,306 | €17,880 | +€8,574 | +92.1% |
| Other amounts receivable | 41 | - | €406 | +€406 | |
| Cash at bank and in hand | 54/58 | €18,939 | €7,542 | -€11,397 | -60.2% |
| Total equity and liabilities | 10/49 | €62,192 | €46,730 | -€15,463 | -24.9% |
| Equity | 10/15 | €39,951 | €40,311 | +€360 | +0.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,951 | €20,311 | +€360 | +1.8% |
| Amounts payable | 17/49 | €22,242 | €6,419 | -€15,822 | -71.1% |
| Amounts payable within one year | 42/48 | €22,242 | €6,419 | -€15,822 | -71.1% |
| Current portion of amounts payable after more than one year | 42 | €3,458 | - | -€3,458 | |
| Trade debts | 44 | €3,089 | €1,333 | -€1,756 | -56.8% |
| Suppliers | 440/4 | €3,089 | €1,333 | -€1,756 | -56.8% |
| Taxes, remuneration and social security | 45 | €3,167 | €4,665 | +€1,498 | +47.3% |
| Taxes | 450/3 | €2,485 | €4,665 | +€2,181 | +87.8% |
| Remuneration and social security | 454/9 | €682 | - | -€682 | |
| Other amounts payable | 47/48 | €12,528 | €421 | -€12,107 | -96.6% |
| Remuneration, social security and pensions | 62 | €639 | €797 | +€158 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,120 | €13,044 | -€3,076 | -19.1% |
| Other operating charges | 640/8 | €1,061 | €814 | -€247 | -23.3% |
| Gross operating margin | 9900 | €20,317 | €16,020 | -€4,297 | -21.2% |
| Operating profit (loss) | 9901 | €2,497 | €1,364 | -€1,133 | -45.4% |
| Financial income | 75/76B | €1,854 | €35 | -€1,819 | -98.1% |
| Recurring financial income | 75 | €1,854 | €35 | -€1,819 | -98.1% |
| Financial charges | 65/66B | €1,126 | €727 | -€400 | -35.5% |
| Recurring financial charges | 65 | €1,126 | €727 | -€400 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €3,225 | €672 | -€2,553 | -79.2% |
| Income taxes | 67/77 | €983 | €313 | -€671 | -68.2% |
| Profit (loss) for the period | 9904 | €2,242 | €360 | -€1,882 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,242 | €360 | -€1,882 | -83.9% |
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 9 October 2026 via checked.be.