BART HULLAK: 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.
BART HULLAK
Largest movements
- Cash +€67,275
up €67,275 (+147%), from €45,880 to €113,154
mainly Other debts (+€99,344) and Net result for the year (+€57,294)
- Stocks and contracts +€14,483
up €14,483 (+102%), from €14,216 to €28,698
- Tangible fixed assets -€7,506
down €7,506 (-51.9%), from €14,468 to €6,961
of which Furniture and vehicles: -€6,183
- Receivables within one year -€6,339
down €6,339 (-7.9%), from €80,097 to €73,758
of which Trade receivables: -€9,900
- Other debts +€99,344
up €99,344 (+631%), from €15,740 to €115,084
- Reserves -€42,706
down €42,706 (-35.9%), from €119,001 to €76,295
- Trade debts +€18,076
up €18,076 (+211%), from €8,549 to €26,624
- Tax, wage and social debts -€4,142
down €4,142 (-90.3%), from €4,587 to €445
- Current portion of long-term debt -€3,207
no longer reported in 2025 (was €3,207)
- Gross operating margin -€21,578
down €21,578 (-19.9%), from €108,585 to €87,007
- Taxes -€4,070
down €4,070 (-16.8%), from €24,205 to €20,135
- Depreciation -€3,056
down €3,056 (-28.9%), from €10,563 to €7,506
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 | €157,084 | €224,449 | +€67,365 | +42.9% |
| Fixed assets | 21/28 | €14,468 | €6,961 | -€7,506 | -51.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €14,468 | €6,961 | -€7,506 | -51.9% |
| Land and buildings | 22 | €236 | €0 | -€236 | -100% |
| Plant, machinery and equipment | 23 | €1,863 | €776 | -€1,087 | -58.4% |
| Furniture and vehicles | 24 | €12,369 | €6,186 | -€6,183 | -50.0% |
| Current assets | 29/58 | €142,616 | €217,487 | +€74,871 | +52.5% |
| Stocks and contracts in progress | 3 | €14,216 | €28,698 | +€14,483 | +102% |
| Stocks | 30/36 | €14,216 | €28,698 | +€14,483 | +102% |
| Amounts receivable within one year | 40/41 | €80,097 | €73,758 | -€6,339 | -7.9% |
| Trade receivables | 40 | €74,034 | €64,134 | -€9,900 | -13.4% |
| Other amounts receivable | 41 | €6,063 | €9,624 | +€3,561 | +58.7% |
| Cash at bank and in hand | 54/58 | €45,880 | €113,154 | +€67,275 | +147% |
| Deferred charges and accrued income | 490/1 | €2,424 | €1,877 | -€547 | -22.6% |
| Total equity and liabilities | 10/49 | €157,084 | €224,449 | +€67,365 | +42.9% |
| Equity | 10/15 | €125,001 | €82,295 | -€42,706 | -34.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €119,001 | €76,295 | -€42,706 | -35.9% |
| Distributable reserves | 133 | €119,001 | €76,295 | -€42,706 | -35.9% |
| Amounts payable | 17/49 | €32,083 | €142,153 | +€110,071 | +343% |
| Amounts payable within one year | 42/48 | €32,083 | €142,153 | +€110,071 | +343% |
| Current portion of amounts payable after more than one year | 42 | €3,207 | - | -€3,207 | |
| Trade debts | 44 | €8,549 | €26,624 | +€18,076 | +211% |
| Suppliers | 440/4 | €8,549 | €26,624 | +€18,076 | +211% |
| Taxes, remuneration and social security | 45 | €4,587 | €445 | -€4,142 | -90.3% |
| Taxes | 450/3 | €4,587 | €445 | -€4,142 | -90.3% |
| Other amounts payable | 47/48 | €15,740 | €115,084 | +€99,344 | +631% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,563 | €7,506 | -€3,056 | -28.9% |
| Other operating charges | 640/8 | €462 | €474 | +€12 | +2.5% |
| Gross operating margin | 9900 | €108,585 | €87,007 | -€21,578 | -19.9% |
| Operating profit (loss) | 9901 | €97,560 | €79,027 | -€18,534 | -19.0% |
| Financial income | 75/76B | €155 | €542 | +€386 | +249% |
| Recurring financial income | 75 | €155 | €542 | +€386 | +249% |
| Financial charges | 65/66B | €2,488 | €2,139 | -€349 | -14.0% |
| Recurring financial charges | 65 | €2,488 | €2,139 | -€349 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €95,228 | €77,429 | -€17,798 | -18.7% |
| Income taxes | 67/77 | €24,205 | €20,135 | -€4,070 | -16.8% |
| Profit (loss) for the period | 9904 | €71,023 | €57,294 | -€13,728 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,023 | €57,294 | -€13,728 | -19.3% |
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 16 October 2026 via checked.be.