UTIL: 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.
UTIL
Largest movements
- Receivables within one year -€390,415
down €390,415 (-48.1%), from €811,967 to €421,552
of which Trade receivables: -€340,437
- Tangible fixed assets +€372,383
up €372,383 (+44.2%), from €841,689 to €1.2m
of which Land and buildings: +€368,002
- Cash +€338,290
up €338,290 (+129.2%), from €261,925 to €600,215
mainly Debts after one year (+€558,213) and Receivables within one year (+€390,415)
- Intangible fixed assets +€38,463
up €38,463 (+38.7%), from €99,292 to €137,756
- Debts after one year +€558,213
up €558,213 (+127.1%), from €439,150 to €997,362
- Accrued charges and deferred income -€120,618
down €120,618 (-99.3%), from €121,515 to €897
- Trade debts -€107,303
down €107,303 (-64.0%), from €167,788 to €60,485
- Reserves +€39,882
up €39,882 (+9.1%), from €439,055 to €478,937
- Tax, wage and social debts -€35,309
down €35,309 (-15.6%), from €225,830 to €190,521
of which Remuneration and social security: -€18,202
- Gross operating margin +€109,809
up €109,809 (+10.7%), from €1.0m to €1.1m
- Depreciation +€45,042
up €45,042 (+56.7%), from €79,492 to €124,534
- Staff costs +€12,593
up €12,593 (+1.4%), from €912,362 to €924,955
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 | €2,054,655 | €2,393,957 | +€339,302 | +16.5% |
| Fixed assets | 21/28 | €941,771 | €1,352,617 | +€410,847 | +43.6% |
| Intangible fixed assets | 21 | €99,292 | €137,756 | +€38,463 | +38.7% |
| Tangible fixed assets | 22/27 | €841,689 | €1,214,072 | +€372,383 | +44.2% |
| Land and buildings | 22 | €817,121 | €1,185,123 | +€368,002 | +45.0% |
| Plant, machinery and equipment | 23 | €21,768 | €24,963 | +€3,195 | +14.7% |
| Furniture and vehicles | 24 | €2,800 | €3,987 | +€1,187 | +42.4% |
| Financial fixed assets | 28 | €790 | €790 | = | 0.0% |
| Current assets | 29/58 | €1,112,884 | €1,041,339 | -€71,545 | -6.4% |
| Amounts receivable within one year | 40/41 | €811,967 | €421,552 | -€390,415 | -48.1% |
| Trade receivables | 40 | €761,489 | €421,052 | -€340,437 | -44.7% |
| Other amounts receivable | 41 | €50,477 | €500 | -€49,977 | -99.0% |
| Cash at bank and in hand | 54/58 | €261,925 | €600,215 | +€338,290 | +129.2% |
| Deferred charges and accrued income | 490/1 | €38,993 | €19,572 | -€19,421 | -49.8% |
| Total equity and liabilities | 10/49 | €2,054,655 | €2,393,957 | +€339,302 | +16.5% |
| Equity | 10/15 | €787,342 | €827,225 | +€39,882 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €439,055 | €478,937 | +€39,882 | +9.1% |
| Distributable reserves | 133 | €439,055 | €478,937 | +€39,882 | +9.1% |
| Profit (loss) carried forward | 14 | €329,688 | €329,688 | = | 0.0% |
| Amounts payable | 17/49 | €1,267,313 | €1,566,732 | +€299,420 | +23.6% |
| Amounts payable after more than one year | 17 | €439,150 | €997,362 | +€558,213 | +127.1% |
| Financial debts | 170/4 | €439,150 | €997,362 | +€558,213 | +127.1% |
| Amounts payable within one year | 42/48 | €706,647 | €568,473 | -€138,175 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €174,952 | €186,299 | +€11,347 | +6.5% |
| Financial debts | 43 | €157 | €157 | = | 0.0% |
| Credit institutions | 430/8 | €157 | €157 | = | 0.0% |
| Trade debts | 44 | €167,788 | €60,485 | -€107,303 | -64.0% |
| Suppliers | 440/4 | €167,788 | €60,485 | -€107,303 | -64.0% |
| Taxes, remuneration and social security | 45 | €225,830 | €190,521 | -€35,309 | -15.6% |
| Taxes | 450/3 | €76,320 | €59,213 | -€17,107 | -22.4% |
| Remuneration and social security | 454/9 | €149,510 | €131,308 | -€18,202 | -12.2% |
| Other amounts payable | 47/48 | €137,919 | €131,009 | -€6,910 | -5.0% |
| Accrued charges and deferred income | 492/3 | €121,515 | €897 | -€120,618 | -99.3% |
| Remuneration, social security and pensions | 62 | €912,362 | €924,955 | +€12,593 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,492 | €124,534 | +€45,042 | +56.7% |
| Other operating charges | 640/8 | €15,929 | €16,561 | +€632 | +4.0% |
| Gross operating margin | 9900 | €1,029,525 | €1,139,334 | +€109,809 | +10.7% |
| Operating profit (loss) | 9901 | €21,742 | €73,285 | +€51,543 | +237.1% |
| Financial income | 75/76B | €6 | €1,322 | +€1,316 | +21684.2% |
| Recurring financial income | 75 | €6 | €1,322 | +€1,316 | +21684.2% |
| Financial charges | 65/66B | €11,968 | €20,533 | +€8,565 | +71.6% |
| Recurring financial charges | 65 | €11,968 | €20,533 | +€8,565 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €9,780 | €54,074 | +€44,294 | +452.9% |
| Income taxes | 67/77 | €6,445 | €14,192 | +€7,746 | +120.2% |
| Profit (loss) for the period | 9904 | €3,335 | €39,882 | +€36,547 | +1095.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,335 | €39,882 | +€36,547 | +1095.9% |
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 2 October 2026 via checked.be.