BUBBELS: 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.
BUBBELS
Largest movements
- Tangible fixed assets +€81,673
up €81,673 (+10.9%), from €752,091 to €833,764
of which Furniture and vehicles: +€75,035
- Debts after one year +€84,190
up €84,190 (+18.7%), from €450,130 to €534,320
- Other debts -€63,643
down €63,643 (-51.2%), from €124,280 to €60,637
- Reserves +€37,426
up €37,426 (+28.0%), from €133,728 to €171,154
of which Distributable reserves: +€40,268
- Current portion of long-term debt +€32,240
up €32,240 (+51.7%), from €62,399 to €94,639
- Gross operating margin +€31,599
up €31,599 (+19.0%), from €166,633 to €198,231
- Taxes +€9,996
up €9,996 (+368.6%), from €2,712 to €12,707
- Depreciation +€3,773
up €3,773 (+4.6%), from €81,461 to €85,235
- Staff costs +€2,221
up €2,221 (+5.4%), from €40,791 to €43,013
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 | €829,306 | €915,261 | +€85,955 | +10.4% |
| Fixed assets | 21/28 | €757,991 | €833,764 | +€75,773 | +10.0% |
| Intangible fixed assets | 21 | €5,900 | - | -€5,900 | |
| Tangible fixed assets | 22/27 | €752,091 | €833,764 | +€81,673 | +10.9% |
| Land and buildings | 22 | €376,750 | €373,919 | -€2,830 | -0.8% |
| Plant, machinery and equipment | 23 | €375,342 | €316,169 | -€59,172 | -15.8% |
| Furniture and vehicles | 24 | - | €75,035 | +€75,035 | |
| Leasing and similar rights | 25 | - | €68,640 | +€68,640 | |
| Current assets | 29/58 | €71,314 | €81,497 | +€10,182 | +14.3% |
| Stocks and contracts in progress | 3 | €17,330 | €20,326 | +€2,996 | +17.3% |
| Stocks | 30/36 | €17,330 | €20,326 | +€2,996 | +17.3% |
| Amounts receivable within one year | 40/41 | €30,327 | €31,156 | +€830 | +2.7% |
| Trade receivables | 40 | €30,270 | €31,087 | +€817 | +2.7% |
| Other amounts receivable | 41 | €57 | €69 | +€12 | +21.9% |
| Cash at bank and in hand | 54/58 | €19,272 | €23,710 | +€4,438 | +23.0% |
| Deferred charges and accrued income | 490/1 | €4,385 | €6,305 | +€1,919 | +43.8% |
| Total equity and liabilities | 10/49 | €829,306 | €915,261 | +€85,955 | +10.4% |
| Equity | 10/15 | €152,320 | €189,746 | +€37,426 | +24.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €133,728 | €171,154 | +€37,426 | +28.0% |
| Tax-exempt reserves | 132 | €10,532 | €7,689 | -€2,842 | -27.0% |
| Distributable reserves | 133 | €123,197 | €163,465 | +€40,268 | +32.7% |
| Provisions and deferred taxes | 16 | €5,423 | €3,959 | -€1,463 | -27.0% |
| Deferred taxes | 168 | €5,423 | €3,959 | -€1,463 | -27.0% |
| Amounts payable | 17/49 | €671,562 | €721,555 | +€49,993 | +7.4% |
| Amounts payable after more than one year | 17 | €450,130 | €534,320 | +€84,190 | +18.7% |
| Financial debts | 170/4 | €450,130 | €534,320 | +€84,190 | +18.7% |
| Amounts payable within one year | 42/48 | €221,432 | €187,235 | -€34,197 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €62,399 | €94,639 | +€32,240 | +51.7% |
| Trade debts | 44 | €16,562 | €11,007 | -€5,556 | -33.5% |
| Suppliers | 440/4 | €16,562 | €11,007 | -€5,556 | -33.5% |
| Taxes, remuneration and social security | 45 | €18,191 | €20,953 | +€2,762 | +15.2% |
| Taxes | 450/3 | €8,444 | €7,327 | -€1,117 | -13.2% |
| Remuneration and social security | 454/9 | €9,747 | €13,626 | +€3,879 | +39.8% |
| Other amounts payable | 47/48 | €124,280 | €60,637 | -€63,643 | -51.2% |
| Remuneration, social security and pensions | 62 | €40,791 | €43,013 | +€2,221 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,461 | €85,235 | +€3,773 | +4.6% |
| Other operating charges | 640/8 | €3,017 | €2,689 | -€329 | -10.9% |
| Gross operating margin | 9900 | €166,633 | €198,231 | +€31,599 | +19.0% |
| Operating profit (loss) | 9901 | €41,363 | €67,295 | +€25,933 | +62.7% |
| Financial income | 75/76B | €25 | €177 | +€152 | +607.1% |
| Recurring financial income | 75 | €25 | €177 | +€152 | +607.1% |
| Financial charges | 65/66B | €17,213 | €17,136 | -€76 | -0.4% |
| Recurring financial charges | 65 | €17,213 | €17,136 | -€76 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €24,175 | €50,336 | +€26,161 | +108.2% |
| Transfer from deferred taxes | 780 | €1,463 | €1,463 | = | 0.0% |
| Income taxes | 67/77 | €2,712 | €12,707 | +€9,996 | +368.6% |
| Profit (loss) for the period | 9904 | €22,927 | €39,092 | +€16,165 | +70.5% |
| Transfer from tax-exempt reserves | 789 | €2,842 | €2,842 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,769 | €41,934 | +€16,165 | +62.7% |
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 11 October 2026 via checked.be.