UT CURO: 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.
UT CURO
Largest movements
- Tangible fixed assets -€48,674
down €48,674 (-7.9%), from €618,014 to €569,340
of which Assets under construction and advance payments: -€500,722
- Receivables within one year -€38,714
down €38,714 (-54.3%), from €71,361 to €32,647
of which Trade receivables: -€30,250
- Deferred charges and accrued income +€25,208
up €25,208 (+1026.0%), from €2,457 to €27,665
- Cash -€10,924
down €10,924 (-11.4%), from €95,738 to €84,814
mainly Contributions, distributions and other (-€294,118) and Deferred charges and accrued income (-€25,208)
- Reserves -€149,336
down €149,336 (-29.3%), from €508,848 to €359,512
- Other debts +€99,067
new in 2025: €99,067
- Debts after one year -€18,145
down €18,145 (-10.5%), from €172,451 to €154,306
- Depreciation +€56,150
up €56,150 (+8117.2%), from €692 to €56,841
- Taxes -€17,711
down €17,711 (-29.4%), from €60,319 to €42,608
- Financial income -€10,776
down €10,776 (-99.9%), from €10,792 to €16
- Gross operating margin -€4,048
down €4,048 (-1.6%), from €254,480 to €250,432
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 | €787,570 | €714,466 | -€73,104 | -9.3% |
| Fixed assets | 21/28 | €618,014 | €569,340 | -€48,674 | -7.9% |
| Tangible fixed assets | 22/27 | €618,014 | €569,340 | -€48,674 | -7.9% |
| Land and buildings | 22 | €111,236 | €556,850 | +€445,613 | +400.6% |
| Plant, machinery and equipment | 23 | €1,417 | €1,234 | -€183 | -12.9% |
| Furniture and vehicles | 24 | €4,639 | €11,256 | +€6,616 | +142.6% |
| Assets under construction and advance payments | 27 | €500,722 | €0 | -€500,722 | -100.0% |
| Current assets | 29/58 | €169,556 | €145,127 | -€24,429 | -14.4% |
| Amounts receivable within one year | 40/41 | €71,361 | €32,647 | -€38,714 | -54.3% |
| Trade receivables | 40 | €60,500 | €30,250 | -€30,250 | -50.0% |
| Other amounts receivable | 41 | €10,861 | €2,397 | -€8,464 | -77.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €95,738 | €84,814 | -€10,924 | -11.4% |
| Deferred charges and accrued income | 490/1 | €2,457 | €27,665 | +€25,208 | +1026.0% |
| Total equity and liabilities | 10/49 | €787,570 | €714,466 | -€73,104 | -9.3% |
| Equity | 10/15 | €518,448 | €369,112 | -€149,336 | -28.8% |
| Contributions | 10/11 | €9,600 | €9,600 | = | 0.0% |
| Reserves | 13 | €508,848 | €359,512 | -€149,336 | -29.3% |
| Distributable reserves | 133 | €508,848 | €359,512 | -€149,336 | -29.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €269,122 | €345,354 | +€76,232 | +28.3% |
| Amounts payable after more than one year | 17 | €172,451 | €154,306 | -€18,145 | -10.5% |
| Financial debts | 170/4 | €172,451 | €154,306 | -€18,145 | -10.5% |
| Amounts payable within one year | 42/48 | €96,671 | €191,048 | +€94,377 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €17,573 | €18,145 | +€571 | +3.3% |
| Trade debts | 44 | €2,049 | €616 | -€1,433 | -69.9% |
| Suppliers | 440/4 | €2,049 | €616 | -€1,433 | -69.9% |
| Taxes, remuneration and social security | 45 | €77,048 | €73,220 | -€3,829 | -5.0% |
| Taxes | 450/3 | €77,048 | €73,220 | -€3,829 | -5.0% |
| Other amounts payable | 47/48 | - | €99,067 | +€99,067 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €692 | €56,841 | +€56,150 | +8117.2% |
| Other operating charges | 640/8 | €1,341 | €191 | -€1,150 | -85.7% |
| Gross operating margin | 9900 | €254,480 | €250,432 | -€4,048 | -1.6% |
| Operating profit (loss) | 9901 | €252,448 | €193,400 | -€59,048 | -23.4% |
| Financial income | 75/76B | €10,792 | €16 | -€10,776 | -99.9% |
| Recurring financial income | 75 | €10,792 | €16 | -€10,776 | -99.9% |
| Financial charges | 65/66B | €4,673 | €6,026 | +€1,353 | +28.9% |
| Recurring financial charges | 65 | €4,673 | €6,026 | +€1,353 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €258,566 | €187,390 | -€71,177 | -27.5% |
| Income taxes | 67/77 | €60,319 | €42,608 | -€17,711 | -29.4% |
| Profit (loss) for the period | 9904 | €198,248 | €144,782 | -€53,466 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €198,248 | €144,782 | -€53,466 | -27.0% |
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 6 October 2026 via checked.be.