BUBBA: what changed
BUBBA
Largest movements
- Tangible fixed assets +€295,395
up €295,395 (+114%), from €259,915 to €555,310
of which Other tangible fixed assets: +€189,543
- Receivables within one year -€154,676
down €154,676 (-18.3%), from €843,931 to €689,255
of which Trade receivables: -€179,672
- Stocks and contracts -€125,013
down €125,013 (-32.2%), from €388,706 to €263,693
- Cash -€62,732
down €62,732 (-11.1%), from €567,292 to €504,560
mainly Investment in fixed assets (net) (-€412,667) and Other debts (-€235,000)
- Deferred charges and accrued income -€24,956
down €24,956 (-100%), from €24,956 to €0
- Other debts -€235,000
down €235,000 (-67.1%), from €350,000 to €115,000
- Debts after one year +€220,773
up €220,773 (+120%), from €183,953 to €404,725
- Trade debts -€67,774
down €67,774 (-10.4%), from €650,458 to €582,684
- Reserves -€60,000
down €60,000 (-5.2%), from €1.2m to €1.1m
- Current portion of long-term debt +€50,128
up €50,128 (+58.5%), from €85,684 to €135,813
- Gross operating margin -€167,713
down €167,713 (-18.5%), from €904,596 to €736,883
- Write-downs +€151,999
up €151,999 (+1,555%), from €9,772 to €161,772
- Staff costs +€49,801
up €49,801 (+15.8%), from €315,304 to €365,104
- Taxes -€24,729
down €24,729 (-77.5%), from €31,893 to €7,164
- Depreciation +€23,563
up €23,563 (+25.1%), from €93,709 to €117,272
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 | €2,486,562 | €2,391,080 | -€95,482 | -3.8% |
| Fixed assets | 21/28 | €260,678 | €556,073 | +€295,395 | +113% |
| Tangible fixed assets | 22/27 | €259,915 | €555,310 | +€295,395 | +114% |
| Plant, machinery and equipment | 23 | - | €2,720 | +€2,720 | |
| Furniture and vehicles | 24 | €259,868 | €363,000 | +€103,132 | +39.7% |
| Other tangible fixed assets | 26 | €46 | €189,589 | +€189,543 | +408,057% |
| Financial fixed assets | 28 | €763 | €763 | = | 0.0% |
| Current assets | 29/58 | €2,225,884 | €1,835,008 | -€390,877 | -17.6% |
| Amounts receivable after more than one year | 29 | €401,000 | €377,500 | -€23,500 | -5.9% |
| Other amounts receivable | 291 | €401,000 | €377,500 | -€23,500 | -5.9% |
| Stocks and contracts in progress | 3 | €388,706 | €263,693 | -€125,013 | -32.2% |
| Stocks | 30/36 | €388,706 | €263,693 | -€125,013 | -32.2% |
| Amounts receivable within one year | 40/41 | €843,931 | €689,255 | -€154,676 | -18.3% |
| Trade receivables | 40 | €813,017 | €633,344 | -€179,672 | -22.1% |
| Other amounts receivable | 41 | €30,914 | €55,911 | +€24,996 | +80.9% |
| Cash at bank and in hand | 54/58 | €567,292 | €504,560 | -€62,732 | -11.1% |
| Deferred charges and accrued income | 490/1 | €24,956 | €0 | -€24,956 | -100% |
| Total equity and liabilities | 10/49 | €2,486,562 | €2,391,080 | -€95,482 | -3.8% |
| Equity | 10/15 | €1,191,395 | €1,130,102 | -€61,294 | -5.1% |
| Contributions | 10/11 | €26,200 | €26,200 | = | 0.0% |
| Reserves | 13 | €1,160,000 | €1,100,000 | -€60,000 | -5.2% |
| Distributable reserves | 133 | €1,160,000 | €1,100,000 | -€60,000 | -5.2% |
| Profit (loss) carried forward | 14 | €5,195 | €3,902 | -€1,294 | -24.9% |
| Amounts payable | 17/49 | €1,295,167 | €1,260,979 | -€34,188 | -2.6% |
| Amounts payable after more than one year | 17 | €183,953 | €404,725 | +€220,773 | +120% |
| Financial debts | 170/4 | €183,953 | €404,725 | +€220,773 | +120% |
| Amounts payable within one year | 42/48 | €1,111,214 | €856,253 | -€254,960 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €85,684 | €135,813 | +€50,128 | +58.5% |
| Trade debts | 44 | €650,458 | €582,684 | -€67,774 | -10.4% |
| Suppliers | 440/4 | €650,458 | €582,684 | -€67,774 | -10.4% |
| Taxes, remuneration and social security | 45 | €25,071 | €22,757 | -€2,314 | -9.2% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €25,071 | €22,757 | -€2,314 | -9.2% |
| Other amounts payable | 47/48 | €350,000 | €115,000 | -€235,000 | -67.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €315,304 | €365,104 | +€49,801 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,709 | €117,272 | +€23,563 | +25.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,772 | €161,772 | +€151,999 | +1,555% |
| Other operating charges | 640/8 | €6,308 | €12,883 | +€6,575 | +104% |
| Gross operating margin | 9900 | €904,596 | €736,883 | -€167,713 | -18.5% |
| Operating profit (loss) | 9901 | €479,504 | €79,853 | -€399,651 | -83.3% |
| Financial income | 75/76B | €2,487 | €1,097 | -€1,390 | -55.9% |
| Recurring financial income | 75 | €2,487 | €1,097 | -€1,390 | -55.9% |
| Financial charges | 65/66B | €16,347 | €20,079 | +€3,732 | +22.8% |
| Recurring financial charges | 65 | €16,347 | €20,079 | +€3,732 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €465,644 | €60,870 | -€404,774 | -86.9% |
| Income taxes | 67/77 | €31,893 | €7,164 | -€24,729 | -77.5% |
| Profit (loss) for the period | 9904 | €433,751 | €53,706 | -€380,045 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €433,751 | €53,706 | -€380,045 | -87.6% |
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 6 November 2026 via checked.be.