APOTHEEK BULTEEL: what changed
APOTHEEK BULTEEL
Largest movements
- Stocks and contracts +€33,099
up €33,099 (+23.8%), from €139,304 to €172,403
- Tangible fixed assets -€7,960
down €7,960 (-6.3%), from €127,082 to €119,122
of which Furniture and vehicles: -€4,225
- Cash -€5,718
down €5,718 (-42.9%), from €13,329 to €7,611
mainly Stocks and contracts (-€33,099) and Current portion of long-term debt (-€16,589)
- Reserves +€27,763
up €27,763 (+23.8%), from €116,707 to €144,470
- Current portion of long-term debt -€16,589
down €16,589 (-60.3%), from €27,521 to €10,932
- Trade debts +€16,445
up €16,445 (+13.0%), from €126,898 to €143,343
- Debts after one year -€10,932
down €10,932 (-22.1%), from €49,398 to €38,466
- Gross operating margin +€6,161
up €6,161 (+10.4%), from €59,090 to €65,251
- Taxes +€3,709
up €3,709 (+53.3%), from €6,957 to €10,667
- Write-downs +€1,164
up €1,164 (+18.9%), from €6,151 to €7,316
- Depreciation +€1,065
up €1,065 (+11.3%), from €9,395 to €10,460
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €363,575 | €380,923 | +€17,348 | +4.8% |
| Fixed assets | 21/28 | €127,082 | €119,122 | -€7,960 | -6.3% |
| Tangible fixed assets | 22/27 | €127,082 | €119,122 | -€7,960 | -6.3% |
| Land and buildings | 22 | €110,863 | €108,722 | -€2,141 | -1.9% |
| Plant, machinery and equipment | 23 | €4,776 | €3,181 | -€1,595 | -33.4% |
| Furniture and vehicles | 24 | €11,443 | €7,219 | -€4,225 | -36.9% |
| Current assets | 29/58 | €236,493 | €261,801 | +€25,308 | +10.7% |
| Stocks and contracts in progress | 3 | €139,304 | €172,403 | +€33,099 | +23.8% |
| Stocks | 30/36 | €139,304 | €172,403 | +€33,099 | +23.8% |
| Amounts receivable within one year | 40/41 | €83,860 | €81,787 | -€2,073 | -2.5% |
| Trade receivables | 40 | €51,143 | €59,248 | +€8,105 | +15.8% |
| Other amounts receivable | 41 | €32,717 | €22,539 | -€10,178 | -31.1% |
| Cash at bank and in hand | 54/58 | €13,329 | €7,611 | -€5,718 | -42.9% |
| Total equity and liabilities | 10/49 | €363,575 | €380,923 | +€17,348 | +4.8% |
| Equity | 10/15 | €129,207 | €156,970 | +€27,763 | +21.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €116,707 | €144,470 | +€27,763 | +23.8% |
| Distributable reserves | 133 | €116,707 | €144,470 | +€27,763 | +23.8% |
| Amounts payable | 17/49 | €234,368 | €223,953 | -€10,416 | -4.4% |
| Amounts payable after more than one year | 17 | €49,398 | €38,466 | -€10,932 | -22.1% |
| Financial debts | 170/4 | €49,398 | €38,466 | -€10,932 | -22.1% |
| Amounts payable within one year | 42/48 | €184,970 | €185,487 | +€517 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €27,521 | €10,932 | -€16,589 | -60.3% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €126,898 | €143,343 | +€16,445 | +13.0% |
| Suppliers | 440/4 | €126,898 | €143,343 | +€16,445 | +13.0% |
| Taxes, remuneration and social security | 45 | €5,551 | €6,212 | +€661 | +11.9% |
| Taxes | 450/3 | €5,551 | €6,212 | +€661 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,395 | €10,460 | +€1,065 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,151 | €7,316 | +€1,164 | +18.9% |
| Other operating charges | 640/8 | €3,576 | €3,038 | -€539 | -15.1% |
| Gross operating margin | 9900 | €59,090 | €65,251 | +€6,161 | +10.4% |
| Operating profit (loss) | 9901 | €39,967 | €44,437 | +€4,470 | +11.2% |
| Financial income | 75/76B | €21 | €71 | +€51 | +244% |
| Recurring financial income | 75 | €21 | €71 | +€51 | +244% |
| Financial charges | 65/66B | €6,199 | €6,079 | -€120 | -1.9% |
| Recurring financial charges | 65 | €6,199 | €6,079 | -€120 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €33,789 | €38,430 | +€4,642 | +13.7% |
| Income taxes | 67/77 | €6,957 | €10,667 | +€3,709 | +53.3% |
| Profit (loss) for the period | 9904 | €26,831 | €27,763 | +€932 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,831 | €27,763 | +€932 | +3.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.