ULC: 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.
ULC
Largest movements
- Cash +€187,479
up €187,479 (+116.5%), from €160,927 to €348,407
mainly Net result for the year (+€329,383) and Receivables within one year (+€132,001)
- Receivables within one year -€132,001
down €132,001 (-87.3%), from €151,210 to €19,210
of which Trade receivables: -€143,950
- Tangible fixed assets +€96,341
up €96,341 (+237.7%), from €40,526 to €136,867
of which Leasing and similar rights: +€107,125
- Reserves +€329,807
up €329,807 (+203.8%), from €161,840 to €491,647
of which Distributable reserves: +€350,857
- Other debts -€255,389
down €255,389 (-57.5%), from €444,360 to €188,971
- Debts after one year +€71,448
up €71,448 (+1255.9%), from €5,689 to €77,137
- Current portion of long-term debt +€47,530
up €47,530 (+251.5%), from €18,898 to €66,428
- Tax, wage and social debts -€28,468
down €28,468 (-62.1%), from €45,834 to €17,366
- Gross operating margin -€41,774
down €41,774 (-8.3%), from €504,515 to €462,741
- Financial income +€28,103
up €28,103 (+594.8%), from €4,725 to €32,827
- Depreciation +€5,860
up €5,860 (+17.9%), from €32,777 to €38,638
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 | €717,085 | €864,205 | +€147,120 | +20.5% |
| Fixed assets | 21/28 | €40,526 | €136,867 | +€96,341 | +237.7% |
| Tangible fixed assets | 22/27 | €40,526 | €136,867 | +€96,341 | +237.7% |
| Plant, machinery and equipment | 23 | €901 | €340 | -€561 | -62.3% |
| Furniture and vehicles | 24 | €39,625 | €29,403 | -€10,223 | -25.8% |
| Leasing and similar rights | 25 | - | €107,125 | +€107,125 | |
| Current assets | 29/58 | €676,559 | €727,338 | +€50,779 | +7.5% |
| Amounts receivable within one year | 40/41 | €151,210 | €19,210 | -€132,001 | -87.3% |
| Trade receivables | 40 | €151,210 | €7,260 | -€143,950 | -95.2% |
| Other amounts receivable | 41 | - | €11,950 | +€11,950 | |
| Current investments | 50/53 | €355,749 | €351,399 | -€4,350 | -1.2% |
| Cash at bank and in hand | 54/58 | €160,927 | €348,407 | +€187,479 | +116.5% |
| Deferred charges and accrued income | 490/1 | €8,673 | €8,323 | -€350 | -4.0% |
| Total equity and liabilities | 10/49 | €717,085 | €864,205 | +€147,120 | +20.5% |
| Equity | 10/15 | €180,864 | €510,247 | +€329,383 | +182.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,840 | €491,647 | +€329,807 | +203.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €159,980 | €138,930 | -€21,050 | -13.2% |
| Distributable reserves | 133 | €1,860 | €352,717 | +€350,857 | +18863.3% |
| Profit (loss) carried forward | 14 | €424 | €0 | -€424 | -100.0% |
| Amounts payable | 17/49 | €536,221 | €353,958 | -€182,263 | -34.0% |
| Amounts payable after more than one year | 17 | €5,689 | €77,137 | +€71,448 | +1255.9% |
| Financial debts | 170/4 | €5,689 | €77,137 | +€71,448 | +1255.9% |
| Amounts payable within one year | 42/48 | €530,532 | €276,821 | -€253,711 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €18,898 | €66,428 | +€47,530 | +251.5% |
| Financial debts | 43 | €20,291 | €0 | -€20,291 | -100.0% |
| Credit institutions | 430/8 | €20,291 | €0 | -€20,291 | -100.0% |
| Trade debts | 44 | €1,150 | €4,057 | +€2,907 | +252.8% |
| Suppliers | 440/4 | €1,150 | €4,057 | +€2,907 | +252.8% |
| Taxes, remuneration and social security | 45 | €45,834 | €17,366 | -€28,468 | -62.1% |
| Taxes | 450/3 | €45,834 | €17,366 | -€28,468 | -62.1% |
| Other amounts payable | 47/48 | €444,360 | €188,971 | -€255,389 | -57.5% |
| Non-recurring operating income | 76A | - | €3,738 | +€3,738 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,777 | €38,638 | +€5,860 | +17.9% |
| Other operating charges | 640/8 | €2,844 | €3,606 | +€761 | +26.8% |
| Non-recurring operating charges | 66A | €721 | €0 | -€721 | -100.0% |
| Gross operating margin | 9900 | €504,515 | €462,741 | -€41,774 | -8.3% |
| Operating profit (loss) | 9901 | €468,172 | €420,497 | -€47,675 | -10.2% |
| Financial income | 75/76B | €4,725 | €32,827 | +€28,103 | +594.8% |
| Recurring financial income | 75 | €4,725 | €32,827 | +€28,103 | +594.8% |
| Financial charges | 65/66B | €2,811 | €6,060 | +€3,249 | +115.6% |
| Recurring financial charges | 65 | €2,811 | €6,060 | +€3,249 | +115.6% |
| Profit (loss) for the period before taxes | 9903 | €470,086 | €447,265 | -€22,821 | -4.9% |
| Income taxes | 67/77 | €118,022 | €117,882 | -€140 | -0.1% |
| Profit (loss) for the period | 9904 | €352,064 | €329,383 | -€22,681 | -6.4% |
| Transfer from tax-exempt reserves | 789 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €352,064 | €350,433 | -€1,631 | -0.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.