9 BULLES: 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.
9 BULLES
Largest movements
- Stocks and contracts -€12,305
down €12,305 (-22.4%), from €54,816 to €42,511
- Tangible fixed assets -€647
down €647 (-21.6%), from €3,001 to €2,354
of which Furniture and vehicles: -€500
- Profit (loss) carried forward -€10,645
down €10,645 (-41.1%), from -€25,887 to -€36,532
- Current portion of long-term debt -€4,791
down €4,791 (-100%), from €4,791 to €0
- Accrued charges and deferred income +€4,000
up €4,000, from €0 to €4,000
- Other debts -€2,139
down €2,139 (-10.5%), from €20,389 to €18,250
- Short-term financial debts +€1,791
up €1,791 (+24.4%), from €7,347 to €9,138
- Gross operating margin -€2,561
down €2,561 (-131%), from -€1,954 to -€4,515
- Depreciation -€820
down €820 (-55.9%), from €1,467 to €647
- Other operating charges -€547
down €547 (-31.7%), from €1,725 to €1,179
- Financial charges -€369
down €369 (-8.1%), from €4,558 to €4,190
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 | €58,678 | €46,534 | -€12,145 | -20.7% |
| Fixed assets | 21/28 | €3,001 | €2,354 | -€647 | -21.6% |
| Tangible fixed assets | 22/27 | €3,001 | €2,354 | -€647 | -21.6% |
| Plant, machinery and equipment | 23 | €147 | €0 | -€147 | -100% |
| Furniture and vehicles | 24 | €2,854 | €2,354 | -€500 | -17.5% |
| Current assets | 29/58 | €55,677 | €44,180 | -€11,497 | -20.6% |
| Stocks and contracts in progress | 3 | €54,816 | €42,511 | -€12,305 | -22.4% |
| Stocks | 30/36 | €54,816 | €42,511 | -€12,305 | -22.4% |
| Amounts receivable within one year | 40/41 | €508 | €957 | +€450 | +88.5% |
| Trade receivables | 40 | €508 | €957 | +€450 | +88.5% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €28 | €458 | +€430 | +1,554% |
| Deferred charges and accrued income | 490/1 | €326 | €254 | -€72 | -22.0% |
| Total equity and liabilities | 10/49 | €58,678 | €46,534 | -€12,145 | -20.7% |
| Equity | 10/15 | -€7,287 | -€17,932 | -€10,645 | -146% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,887 | -€36,532 | -€10,645 | -41.1% |
| Amounts payable | 17/49 | €65,965 | €64,466 | -€1,499 | -2.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €65,965 | €60,466 | -€5,499 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €4,791 | €0 | -€4,791 | -100% |
| Financial debts | 43 | €7,347 | €9,138 | +€1,791 | +24.4% |
| Credit institutions | 430/8 | €7,347 | €9,138 | +€1,791 | +24.4% |
| Trade debts | 44 | €22,693 | €22,123 | -€570 | -2.5% |
| Suppliers | 440/4 | €22,693 | €22,123 | -€570 | -2.5% |
| Taxes, remuneration and social security | 45 | €10,746 | €10,955 | +€209 | +1.9% |
| Taxes | 450/3 | €10,746 | €10,955 | +€209 | +1.9% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €20,389 | €18,250 | -€2,139 | -10.5% |
| Accrued charges and deferred income | 492/3 | €0 | €4,000 | +€4,000 | |
| Remuneration, social security and pensions | 62 | €115 | €115 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,467 | €647 | -€820 | -55.9% |
| Other operating charges | 640/8 | €1,725 | €1,179 | -€547 | -31.7% |
| Gross operating margin | 9900 | -€1,954 | -€4,515 | -€2,561 | -131% |
| Operating profit (loss) | 9901 | -€5,262 | -€6,456 | -€1,194 | -22.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -66.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €4,558 | €4,190 | -€369 | -8.1% |
| Recurring financial charges | 65 | €4,558 | €4,190 | -€369 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,820 | -€10,645 | -€826 | -8.4% |
| Profit (loss) for the period | 9904 | -€9,820 | -€10,645 | -€826 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,820 | -€10,645 | -€826 | -8.4% |
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 1 November 2026 via checked.be.