BOULLET: 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.
BOULLET
Largest movements
- Tangible fixed assets +€506,497
new in 2025: €506,497
- Cash +€14,736
up €14,736 (+52.5%), from €28,080 to €42,816
mainly Debts after one year (+€431,023) and Depreciation (+€70,247)
- Current investments -€14,691
down €14,691 (-24.5%), from €60,000 to €45,309
- Debts after one year +€431,023
new in 2025: €431,023
- Current portion of long-term debt +€63,390
new in 2025: €63,390
- Tax, wage and social debts +€7,770
up €7,770 (+39.6%), from €19,646 to €27,416
of which Taxes: +€7,770
- Depreciation +€70,247
up €70,247, from €0 to €70,247
- Taxes -€14,564
down €14,564 (-82.7%), from €17,615 to €3,051
- Financial charges +€7,790
up €7,790 (+4,623%), from €169 to €7,958
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 | €117,502 | €625,295 | +€507,794 | +432% |
| Fixed assets | 21/28 | - | €506,497 | +€506,497 | |
| Tangible fixed assets | 22/27 | - | €506,497 | +€506,497 | |
| Land and buildings | 22 | - | €506,497 | +€506,497 | |
| Current assets | 29/58 | €117,502 | €118,799 | +€1,297 | +1.1% |
| Amounts receivable within one year | 40/41 | €20,551 | €25,973 | +€5,422 | +26.4% |
| Trade receivables | 40 | €20,551 | €25,854 | +€5,303 | +25.8% |
| Other amounts receivable | 41 | - | €118 | +€118 | |
| Current investments | 50/53 | €60,000 | €45,309 | -€14,691 | -24.5% |
| Cash at bank and in hand | 54/58 | €28,080 | €42,816 | +€14,736 | +52.5% |
| Deferred charges and accrued income | 490/1 | €8,870 | €4,701 | -€4,169 | -47.0% |
| Total equity and liabilities | 10/49 | €117,502 | €625,295 | +€507,794 | +432% |
| Equity | 10/15 | €97,272 | €102,508 | +€5,237 | +5.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €97,172 | €102,408 | +€5,237 | +5.4% |
| Distributable reserves | 133 | €97,172 | €102,408 | +€5,237 | +5.4% |
| Amounts payable | 17/49 | €20,230 | €522,787 | +€502,557 | +2,484% |
| Amounts payable after more than one year | 17 | - | €431,023 | +€431,023 | |
| Financial debts | 170/4 | - | €431,023 | +€431,023 | |
| Amounts payable within one year | 42/48 | €20,230 | €91,764 | +€71,534 | +354% |
| Current portion of amounts payable after more than one year | 42 | - | €63,390 | +€63,390 | |
| Trade debts | 44 | €517 | €958 | +€441 | +85.4% |
| Suppliers | 440/4 | €517 | €958 | +€441 | +85.4% |
| Taxes, remuneration and social security | 45 | €19,646 | €27,416 | +€7,770 | +39.6% |
| Taxes | 450/3 | €19,646 | €27,416 | +€7,770 | +39.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €67 | €0 | -€67 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €70,247 | +€70,247 | |
| Other operating charges | 640/8 | €799 | €1,595 | +€796 | +99.7% |
| Gross operating margin | 9900 | €87,032 | €87,646 | +€614 | +0.7% |
| Operating profit (loss) | 9901 | €86,234 | €15,804 | -€70,430 | -81.7% |
| Financial income | 75/76B | - | €442 | +€442 | |
| Recurring financial income | 75 | - | €442 | +€442 | |
| Financial charges | 65/66B | €169 | €7,958 | +€7,790 | +4,623% |
| Recurring financial charges | 65 | €169 | €7,958 | +€7,790 | +4,623% |
| Profit (loss) for the period before taxes | 9903 | €86,065 | €8,288 | -€77,777 | -90.4% |
| Income taxes | 67/77 | €17,615 | €3,051 | -€14,564 | -82.7% |
| Profit (loss) for the period | 9904 | €68,450 | €5,237 | -€63,213 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,450 | €5,237 | -€63,213 | -92.3% |
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 29 October 2026 via checked.be.