UST: what changed
Two financial 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.
UST
Largest movements
- Receivables after one year +€16,724
up €16,724 (+7.1%), from €235,078 to €251,802
- Receivables within one year -€10,989
down €10,989 (-31.8%), from €34,591 to €23,602
of which Other amounts receivable: -€15,132
- Cash +€7,238
up €7,238 (+79.4%), from €9,113 to €16,351
mainly Other debts (+€102,878) and Net result for the year (+€98,775)
- Other debts +€102,878
new in 2025: €102,878
- Reserves -€86,225
down €86,225 (-31.5%), from €274,051 to €187,825
of which Distributable reserves: -€86,225
- Current portion of long-term debt -€29,116
down €29,116 (-58.2%), from €50,000 to €20,884
- Tax, wage and social debts +€17,548
up €17,548 (+71.6%), from €24,505 to €42,053
- Trade debts +€6,994
new in 2025: €6,994
- Gross operating margin +€18,791
up €18,791 (+19.8%), from €95,140 to €113,930
- Taxes +€8,423
up €8,423 (+44.0%), from €19,128 to €27,551
- Financial charges -€8,176
down €8,176 (-66.9%), from €12,218 to €4,042
- Financial income +€6,692
up €6,692 (+59.2%), from €11,298 to €17,990
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.
Derived cash bridge
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 | €367,156 | €379,235 | +€12,079 | +3.3% |
| Fixed assets | 21/28 | €76,605 | €75,701 | -€903 | -1.2% |
| Tangible fixed assets | 22/27 | €1,626 | €723 | -€903 | -55.6% |
| Furniture and vehicles | 24 | €1,626 | €723 | -€903 | -55.6% |
| Financial fixed assets | 28 | €74,979 | €74,979 | = | 0.0% |
| Current assets | 29/58 | €290,551 | €303,534 | +€12,982 | +4.5% |
| Amounts receivable after more than one year | 29 | €235,078 | €251,802 | +€16,724 | +7.1% |
| Trade receivables | 290 | €235,078 | €251,802 | +€16,724 | +7.1% |
| Amounts receivable within one year | 40/41 | €34,591 | €23,602 | -€10,989 | -31.8% |
| Trade receivables | 40 | €19,439 | €23,582 | +€4,143 | +21.3% |
| Other amounts receivable | 41 | €15,152 | €19 | -€15,132 | -99.9% |
| Cash at bank and in hand | 54/58 | €9,113 | €16,351 | +€7,238 | +79.4% |
| Deferred charges and accrued income | 490/1 | €11,770 | €11,780 | +€10 | +0.1% |
| Total equity and liabilities | 10/49 | €367,156 | €379,235 | +€12,079 | +3.3% |
| Equity | 10/15 | €292,651 | €206,425 | -€86,225 | -29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €274,051 | €187,825 | -€86,225 | -31.5% |
| Tax-exempt reserves | 132 | €17,728 | €17,728 | = | 0.0% |
| Distributable reserves | 133 | €256,323 | €170,098 | -€86,225 | -33.6% |
| Amounts payable | 17/49 | €74,505 | €172,810 | +€98,304 | +132% |
| Amounts payable within one year | 42/48 | €74,505 | €172,810 | +€98,304 | +132% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €20,884 | -€29,116 | -58.2% |
| Trade debts | 44 | - | €6,994 | +€6,994 | |
| Suppliers | 440/4 | - | €6,994 | +€6,994 | |
| Taxes, remuneration and social security | 45 | €24,505 | €42,053 | +€17,548 | +71.6% |
| Taxes | 450/3 | €24,505 | €42,053 | +€17,548 | +71.6% |
| Other amounts payable | 47/48 | - | €102,878 | +€102,878 | |
| Non-recurring operating income | 76A | €31,648 | - | -€31,648 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €903 | €903 | = | 0.0% |
| Other operating charges | 640/8 | €1,231 | €649 | -€582 | -47.3% |
| Gross operating margin | 9900 | €95,140 | €113,930 | +€18,791 | +19.8% |
| Operating profit (loss) | 9901 | €93,005 | €112,378 | +€19,373 | +20.8% |
| Financial income | 75/76B | €11,298 | €17,990 | +€6,692 | +59.2% |
| Recurring financial income | 75 | €11,298 | €17,990 | +€6,692 | +59.2% |
| Financial charges | 65/66B | €12,218 | €4,042 | -€8,176 | -66.9% |
| Recurring financial charges | 65 | €12,218 | €4,042 | -€8,176 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €92,085 | €126,325 | +€34,240 | +37.2% |
| Income taxes | 67/77 | €19,128 | €27,551 | +€8,423 | +44.0% |
| Profit (loss) for the period | 9904 | €72,957 | €98,775 | +€25,818 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,957 | €98,775 | +€25,818 | +35.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.