ÜSTBOGA PROJECTS: 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.
ÜSTBOGA PROJECTS
Largest movements
- Stocks and contracts +€81,913
up €81,913 (+75.6%), from €108,335 to €190,248
- Receivables within one year -€66,155
down €66,155 (-56.2%), from €117,634 to €51,478
of which Other amounts receivable: -€47,236
- Cash -€14,173
down €14,173 (-49.6%), from €28,571 to €14,398
mainly Stocks and contracts (-€81,913) and Investment in fixed assets (net) (-€10,992)
- Tax, wage and social debts +€15,298
up €15,298 (+33.8%), from €45,322 to €60,620
of which Remuneration and social security: +€8,607
- Debts after one year -€9,022
down €9,022 (-92.2%), from €9,789 to €767
- Trade debts -€8,176
down €8,176 (-9.3%), from €88,280 to €80,104
- Staff costs +€71,597
up €71,597 (+46.6%), from €153,687 to €225,283
- Gross operating margin +€65,086
up €65,086 (+28.9%), from €225,427 to €290,513
- Other operating charges -€9,992
down €9,992 (-20.6%), from €48,410 to €38,418
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 | €298,601 | €298,894 | +€293 | +0.1% |
| Fixed assets | 21/28 | €27,380 | €25,900 | -€1,480 | -5.4% |
| Tangible fixed assets | 22/27 | €27,380 | €25,900 | -€1,480 | -5.4% |
| Plant, machinery and equipment | 23 | €1,987 | €441 | -€1,546 | -77.8% |
| Furniture and vehicles | 24 | €25,393 | €25,459 | +€66 | +0.3% |
| Current assets | 29/58 | €271,220 | €272,994 | +€1,774 | +0.7% |
| Amounts receivable after more than one year | 29 | €10,140 | €10,140 | = | 0.0% |
| Trade receivables | 290 | €10,140 | €10,140 | = | 0.0% |
| Stocks and contracts in progress | 3 | €108,335 | €190,248 | +€81,913 | +75.6% |
| Stocks | 30/36 | €108,335 | €190,248 | +€81,913 | +75.6% |
| Amounts receivable within one year | 40/41 | €117,634 | €51,478 | -€66,155 | -56.2% |
| Trade receivables | 40 | €50,223 | €31,304 | -€18,920 | -37.7% |
| Other amounts receivable | 41 | €67,410 | €20,175 | -€47,236 | -70.1% |
| Cash at bank and in hand | 54/58 | €28,571 | €14,398 | -€14,173 | -49.6% |
| Deferred charges and accrued income | 490/1 | €6,541 | €6,730 | +€189 | +2.9% |
| Total equity and liabilities | 10/49 | €298,601 | €298,894 | +€293 | +0.1% |
| Equity | 10/15 | €134,012 | €136,339 | +€2,326 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,552 | €115,879 | +€2,326 | +2.0% |
| Amounts payable | 17/49 | €164,588 | €162,556 | -€2,033 | -1.2% |
| Amounts payable after more than one year | 17 | €9,789 | €767 | -€9,022 | -92.2% |
| Financial debts | 170/4 | €9,789 | €767 | -€9,022 | -92.2% |
| Amounts payable within one year | 42/48 | €154,029 | €161,788 | +€7,759 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €8,685 | €9,022 | +€337 | +3.9% |
| Trade debts | 44 | €88,280 | €80,104 | -€8,176 | -9.3% |
| Suppliers | 440/4 | €88,280 | €80,104 | -€8,176 | -9.3% |
| Advances received on contracts in progress | 46 | - | €300 | +€300 | |
| Taxes, remuneration and social security | 45 | €45,322 | €60,620 | +€15,298 | +33.8% |
| Taxes | 450/3 | €8,436 | €15,127 | +€6,691 | +79.3% |
| Remuneration and social security | 454/9 | €36,886 | €45,493 | +€8,607 | +23.3% |
| Other amounts payable | 47/48 | €11,742 | €11,742 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €770 | - | -€770 | |
| Remuneration, social security and pensions | 62 | €153,687 | €225,283 | +€71,597 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,346 | €12,472 | +€1,126 | +9.9% |
| Other operating charges | 640/8 | €48,410 | €38,418 | -€9,992 | -20.6% |
| Gross operating margin | 9900 | €225,427 | €290,513 | +€65,086 | +28.9% |
| Operating profit (loss) | 9901 | €11,984 | €14,339 | +€2,355 | +19.7% |
| Financial income | 75/76B | €14 | €151 | +€137 | +1,001% |
| Recurring financial income | 75 | €14 | €151 | +€137 | +1,001% |
| Financial charges | 65/66B | €5,336 | €6,418 | +€1,081 | +20.3% |
| Recurring financial charges | 65 | €5,336 | €6,418 | +€1,081 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €6,662 | €8,073 | +€1,411 | +21.2% |
| Income taxes | 67/77 | €6,095 | €5,747 | -€348 | -5.7% |
| Profit (loss) for the period | 9904 | €567 | €2,326 | +€1,759 | +310% |
| Profit (loss) for the period to be appropriated | 9905 | €567 | €2,326 | +€1,759 | +310% |
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 18 October 2026 via checked.be.