BUBALUS: what changed
Two fiscal 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.
BUBALUS
Largest movements
- Cash -€57,082
down €57,082 (-60.3%), from €94,611 to €37,530
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€17,133)
- Tangible fixed assets -€2,064
down €2,064 (-3.8%), from €54,848 to €52,784
of which Furniture and vehicles: -€4,064
- Reserves -€94,249
down €94,249 (-71.6%), from €131,561 to €37,312
- Other debts +€50,362
up €50,362 (+46068.8%), from €109 to €50,472
- Debts after one year -€10,284
down €10,284 (-43.4%), from €23,721 to €13,437
- Trade debts -€3,473
down €3,473 (-99.1%), from €3,503 to €30
- Gross operating margin +€11,485
up €11,485 (+14.1%), from €81,450 to €92,934
- Taxes +€1,949
up €1,949 (+14.7%), from €13,231 to €15,180
- Depreciation +€1,865
up €1,865 (+10.8%), from €17,333 to €19,198
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.
Cash bridge derived
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 | €182,540 | €125,221 | -€57,319 | -31.4% |
| Fixed assets | 21/28 | €54,848 | €52,784 | -€2,064 | -3.8% |
| Tangible fixed assets | 22/27 | €54,848 | €52,784 | -€2,064 | -3.8% |
| Furniture and vehicles | 24 | €54,848 | €50,784 | -€4,064 | -7.4% |
| Other tangible fixed assets | 26 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €127,691 | €72,437 | -€55,254 | -43.3% |
| Amounts receivable within one year | 40/41 | €32,286 | €33,270 | +€984 | +3.0% |
| Trade receivables | 40 | €31,214 | €31,150 | -€64 | -0.2% |
| Other amounts receivable | 41 | €1,072 | €2,120 | +€1,048 | +97.8% |
| Cash at bank and in hand | 54/58 | €94,611 | €37,530 | -€57,082 | -60.3% |
| Deferred charges and accrued income | 490/1 | €794 | €1,638 | +€844 | +106.3% |
| Total equity and liabilities | 10/49 | €182,540 | €125,221 | -€57,319 | -31.4% |
| Equity | 10/15 | €136,561 | €42,312 | -€94,249 | -69.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €131,561 | €37,312 | -€94,249 | -71.6% |
| Distributable reserves | 133 | €131,561 | €37,312 | -€94,249 | -71.6% |
| Amounts payable | 17/49 | €45,979 | €82,909 | +€36,930 | +80.3% |
| Amounts payable after more than one year | 17 | €23,721 | €13,437 | -€10,284 | -43.4% |
| Financial debts | 170/4 | €23,721 | €13,437 | -€10,284 | -43.4% |
| Amounts payable within one year | 42/48 | €22,258 | €69,472 | +€47,214 | +212.1% |
| Current portion of amounts payable after more than one year | 42 | €9,887 | €10,284 | +€397 | +4.0% |
| Trade debts | 44 | €3,503 | €30 | -€3,473 | -99.1% |
| Suppliers | 440/4 | €3,503 | €30 | -€3,473 | -99.1% |
| Taxes, remuneration and social security | 45 | €8,759 | €8,686 | -€72 | -0.8% |
| Taxes | 450/3 | €8,759 | €8,686 | -€72 | -0.8% |
| Other amounts payable | 47/48 | €109 | €50,472 | +€50,362 | +46068.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,333 | €19,198 | +€1,865 | +10.8% |
| Other operating charges | 640/8 | €1,299 | €1,580 | +€280 | +21.6% |
| Gross operating margin | 9900 | €81,450 | €92,934 | +€11,485 | +14.1% |
| Operating profit (loss) | 9901 | €62,817 | €72,157 | +€9,340 | +14.9% |
| Financial charges | 65/66B | €1,584 | €1,226 | -€358 | -22.6% |
| Recurring financial charges | 65 | €1,584 | €1,226 | -€358 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €61,233 | €70,931 | +€9,698 | +15.8% |
| Income taxes | 67/77 | €13,231 | €15,180 | +€1,949 | +14.7% |
| Profit (loss) for the period | 9904 | €48,002 | €55,751 | +€7,749 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,002 | €55,751 | +€7,749 | +16.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.