UTEL: 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.
UTEL
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+190.2%), from €561,383 to €1.6m
of which Trade receivables: +€1.1m
- Cash -€522,480
down €522,480 (-41.9%), from €1.2m to €723,322
mainly Receivables within one year (-€1.1m) and Contributions, distributions and other (-€238,246)
- Tangible fixed assets -€106,435
down €106,435 (-11.2%), from €948,847 to €842,412
of which Land and buildings: -€69,004
- Current investments +€36,444
up €36,444 (+53.3%), from €68,349 to €104,793
- Profit (loss) carried forward +€324,313
up €324,313 (+66.0%), from €491,579 to €815,892
- Trade debts +€193,170
up €193,170 (+30.6%), from €632,238 to €825,409
- Debts after one year -€81,006
down €81,006 (-16.3%), from €498,293 to €417,287
- Other debts +€65,266
up €65,266 (+111.2%), from €58,686 to €123,952
- Tax, wage and social debts +€41,147
up €41,147 (+37.6%), from €109,505 to €150,651
of which Remuneration and social security: +€21,073
- Turnover -€998,560
down €998,560 (-17.5%), from €5.7m to €4.7m
- Purchases and services -€927,319
down €927,319 (-22.6%), from €4.1m to €3.2m
- Gross operating margin -€96,165
down €96,165 (-5.5%), from €1.8m to €1.7m
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 | €3,104,095 | €3,588,567 | +€484,472 | +15.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €948,847 | €842,412 | -€106,435 | -11.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €948,847 | €842,412 | -€106,435 | -11.2% |
| Land and buildings | 22 | €821,051 | €752,047 | -€69,004 | -8.4% |
| Plant, machinery and equipment | 23 | €42,911 | €32,130 | -€10,781 | -25.1% |
| Furniture and vehicles | 24 | €84,884 | €58,235 | -€26,650 | -31.4% |
| Current assets | 29/58 | €2,155,248 | €2,746,155 | +€590,907 | +27.4% |
| Stocks and contracts in progress | 3 | €277,286 | €278,971 | +€1,685 | +0.6% |
| Stocks | 30/36 | €277,286 | €278,971 | +€1,685 | +0.6% |
| Amounts receivable within one year | 40/41 | €561,383 | €1,629,149 | +€1.1m | +190.2% |
| Trade receivables | 40 | €459,675 | €1,571,135 | +€1.1m | +241.8% |
| Other amounts receivable | 41 | €101,708 | €58,014 | -€43,694 | -43.0% |
| Current investments | 50/53 | €68,349 | €104,793 | +€36,444 | +53.3% |
| Cash at bank and in hand | 54/58 | €1,245,802 | €723,322 | -€522,480 | -41.9% |
| Deferred charges and accrued income | 490/1 | €2,428 | €9,920 | +€7,491 | +308.5% |
| Total equity and liabilities | 10/49 | €3,104,095 | €3,588,567 | +€484,472 | +15.6% |
| Equity | 10/15 | €1,658,708 | €1,956,014 | +€297,306 | +17.9% |
| Contributions | 10/11 | €41,000 | €41,000 | = | 0.0% |
| Reserves | 13 | €1,126,129 | €1,099,121 | -€27,008 | -2.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €315,750 | €526,250 | +€210,500 | +66.7% |
| Distributable reserves | 133 | €808,520 | €571,012 | -€237,508 | -29.4% |
| Profit (loss) carried forward | 14 | €491,579 | €815,892 | +€324,313 | +66.0% |
| Amounts payable | 17/49 | €1,445,387 | €1,632,553 | +€187,167 | +12.9% |
| Amounts payable after more than one year | 17 | €498,293 | €417,287 | -€81,006 | -16.3% |
| Financial debts | 170/4 | €498,293 | €417,287 | -€81,006 | -16.3% |
| Amounts payable within one year | 42/48 | €947,094 | €1,215,267 | +€268,173 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €146,665 | €115,255 | -€31,410 | -21.4% |
| Trade debts | 44 | €632,238 | €825,409 | +€193,170 | +30.6% |
| Suppliers | 440/4 | €632,238 | €825,409 | +€193,170 | +30.6% |
| Taxes, remuneration and social security | 45 | €109,505 | €150,651 | +€41,147 | +37.6% |
| Taxes | 450/3 | €30,040 | €50,114 | +€20,074 | +66.8% |
| Remuneration and social security | 454/9 | €79,464 | €100,537 | +€21,073 | +26.5% |
| Other amounts payable | 47/48 | €58,686 | €123,952 | +€65,266 | +111.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €5,712,891 | €4,714,330 | -€998,560 | -17.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €4,099,403 | €3,172,084 | -€927,319 | -22.6% |
| Remuneration, social security and pensions | 62 | €782,131 | €798,145 | +€16,014 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,338 | €109,239 | -€10,099 | -8.5% |
| Other operating charges | 640/8 | €10,006 | €12,414 | +€2,408 | +24.1% |
| Gross operating margin | 9900 | €1,759,151 | €1,662,986 | -€96,165 | -5.5% |
| Operating profit (loss) | 9901 | €847,677 | €743,188 | -€104,489 | -12.3% |
| Financial income | 75/76B | €36,554 | €17,083 | -€19,472 | -53.3% |
| Recurring financial income | 75 | €36,554 | €17,083 | -€19,472 | -53.3% |
| Financial charges | 65/66B | €67,415 | €61,702 | -€5,713 | -8.5% |
| Recurring financial charges | 65 | €47,391 | €61,688 | +€14,297 | +30.2% |
| Non-recurring financial charges | 66B | €20,023 | €14 | -€20,009 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | €816,817 | €698,569 | -€118,248 | -14.5% |
| Income taxes | 67/77 | €210,078 | €163,017 | -€47,060 | -22.4% |
| Profit (loss) for the period | 9904 | €606,739 | €535,552 | -€71,187 | -11.7% |
| Transfer to tax-exempt reserves | 689 | €315,750 | €210,500 | -€105,250 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €290,989 | €325,052 | +€34,063 | +11.7% |
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.