USTEL: 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.
USTEL
Largest movements
- Intangible fixed assets +€1.3m
up €1.3m (+13.4%), from €10.1m to €11.4m
- Receivables within one year -€858,507
down €858,507 (-6.6%), from €12.9m to €12.1m
of which Trade receivables: -€2.5m
- Cash +€610,063
up €610,063 (+116.1%), from €525,316 to €1.1m
mainly Debts after one year (+€2.0m) and Receivables within one year (+€858,507)
- Other debts -€2.0m
down €2.0m (-41.4%), from €4.9m to €2.9m
- Debts after one year +€2.0m
up €2.0m (+10.6%), from €18.7m to €20.7m
of which Trade debts: +€1.6m
- Profit (loss) carried forward +€800,638
up €800,638 (+21.3%), from -€3.8m to -€3.0m
- Revaluation surpluses -€253,260
down €253,260 (-100.0%), from €253,260 to €0
- Reserves +€253,260
up €253,260 (+39.3%), from €644,280 to €897,540
- Financial income -€185,823
down €185,823 (-52.3%), from €355,229 to €169,406
of which Financial income: -€185,823
- Financial charges +€127,956
up €127,956 (+20.3%), from €629,952 to €757,907
- Staff costs -€61,123
down €61,123 (-11.3%), from €541,810 to €480,686
- Gross operating margin -€56,477
down €56,477 (-2.2%), from €2.5m to €2.5m
- Depreciation +€50,388
up €50,388 (+12.5%), from €401,915 to €452,303
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,795,253 | €24,692,464 | +€897,212 | +3.8% |
| Fixed assets | 21/28 | €10,213,219 | €11,449,363 | +€1.2m | +12.1% |
| Intangible fixed assets | 21 | €10,088,129 | €11,435,155 | +€1.3m | +13.4% |
| Tangible fixed assets | 22/27 | €113,069 | €2,187 | -€110,882 | -98.1% |
| Land and buildings | 22 | €102,312 | €0 | -€102,312 | -100.0% |
| Plant, machinery and equipment | 23 | €2,673 | €0 | -€2,673 | -100.0% |
| Furniture and vehicles | 24 | €8,084 | €2,187 | -€5,897 | -72.9% |
| Financial fixed assets | 28 | €12,021 | €12,021 | = | 0.0% |
| Current assets | 29/58 | €13,582,033 | €13,243,102 | -€338,932 | -2.5% |
| Stocks and contracts in progress | 3 | €90,011 | €0 | -€90,011 | -100.0% |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €90,011 | €0 | -€90,011 | -100.0% |
| Amounts receivable within one year | 40/41 | €12,942,203 | €12,083,696 | -€858,507 | -6.6% |
| Trade receivables | 40 | €4,860,973 | €2,407,494 | -€2.5m | -50.5% |
| Other amounts receivable | 41 | €8,081,230 | €9,676,201 | +€1.6m | +19.7% |
| Cash at bank and in hand | 54/58 | €525,316 | €1,135,379 | +€610,063 | +116.1% |
| Deferred charges and accrued income | 490/1 | €24,503 | €24,027 | -€476 | -1.9% |
| Total equity and liabilities | 10/49 | €23,795,253 | €24,692,464 | +€897,212 | +3.8% |
| Equity | 10/15 | -€2,024,368 | -€1,223,730 | +€800,638 | +39.6% |
| Contributions | 10/11 | €829,213 | €829,213 | = | 0.0% |
| Capital | 10 | €743,681 | €743,681 | = | 0.0% |
| Issued capital | 100 | €743,681 | €743,681 | = | 0.0% |
| Outside capital | 11 | €85,532 | €85,532 | = | 0.0% |
| Share premium | 1100/10 | €85,532 | €85,532 | = | 0.0% |
| Revaluation surpluses | 12 | €253,260 | €0 | -€253,260 | -100.0% |
| Reserves | 13 | €644,280 | €897,540 | +€253,260 | +39.3% |
| Distributable reserves | 133 | €644,280 | €897,540 | +€253,260 | +39.3% |
| Profit (loss) carried forward | 14 | -€3,751,121 | -€2,950,483 | +€800,638 | +21.3% |
| Amounts payable | 17/49 | €25,819,621 | €25,916,195 | +€96,573 | +0.4% |
| Amounts payable after more than one year | 17 | €18,712,508 | €20,703,812 | +€2.0m | +10.6% |
| Financial debts | 170/4 | €230,629 | €112,252 | -€118,376 | -51.3% |
| Trade debts | 175 | €9,642,661 | €11,206,208 | +€1.6m | +16.2% |
| Other amounts payable | 178/9 | €8,839,219 | €9,385,352 | +€546,133 | +6.2% |
| Amounts payable within one year | 42/48 | €7,103,013 | €5,199,283 | -€1.9m | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €547,207 | €628,092 | +€80,885 | +14.8% |
| Trade debts | 44 | €689,305 | €756,343 | +€67,038 | +9.7% |
| Suppliers | 440/4 | €689,305 | €756,343 | +€67,038 | +9.7% |
| Advances received on contracts in progress | 46 | €58,424 | €64,284 | +€5,860 | +10.0% |
| Taxes, remuneration and social security | 45 | €911,654 | €879,726 | -€31,928 | -3.5% |
| Taxes | 450/3 | €810,637 | €792,756 | -€17,880 | -2.2% |
| Remuneration and social security | 454/9 | €101,017 | €86,970 | -€14,047 | -13.9% |
| Other amounts payable | 47/48 | €4,896,423 | €2,870,837 | -€2.0m | -41.4% |
| Accrued charges and deferred income | 492/3 | €4,100 | €13,100 | +€9,000 | +219.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €541,810 | €480,686 | -€61,123 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €401,915 | €452,303 | +€50,388 | +12.5% |
| Other operating charges | 640/8 | €191,824 | €164,390 | -€27,434 | -14.3% |
| Operating charges capitalised as restructuring costs | 649 | - | -€0 | -€0 | |
| Non-recurring operating charges | 66A | €0 | €253 | +€253 | |
| Gross operating margin | 9900 | €2,539,633 | €2,483,156 | -€56,477 | -2.2% |
| Operating profit (loss) | 9901 | €1,404,084 | €1,385,524 | -€18,561 | -1.3% |
| Financial income | 75/76B | €355,229 | €169,406 | -€185,823 | -52.3% |
| Recurring financial income | 75 | €355,229 | €169,406 | -€185,823 | -52.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €629,952 | €757,907 | +€127,956 | +20.3% |
| Recurring financial charges | 65 | €629,952 | €757,907 | +€127,956 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €1,129,362 | €797,023 | -€332,339 | -29.4% |
| Income taxes | 67/77 | €37,368 | -€3,616 | -€40,984 | |
| Profit (loss) for the period | 9904 | €1,091,993 | €800,638 | -€291,355 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,091,993 | €800,638 | -€291,355 | -26.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.