BUL-IT: what changed
BUL-IT
Largest movements
- Current investments +€81,947
up €81,947 (+51.5%), from €159,133 to €241,080
- Receivables after one year -€40,000
no longer reported in 2026 (was €40,000)
- Cash -€30,319
down €30,319 (-23.2%), from €130,601 to €100,282
mainly Current investments (-€81,947) and Contributions, distributions and other (-€66,800)
- Tangible fixed assets -€22,488
down €22,488 (-25.6%), from €87,926 to €65,438
of which Furniture and vehicles: -€20,995
- Receivables within one year +€12,876
up €12,876 (+44.8%), from €28,743 to €41,619
of which Trade receivables: +€9,018
- Reserves -€5,042
down €5,042 (-1.3%), from €395,050 to €390,008
- Depreciation +€10,477
up €10,477 (+81.5%), from €12,854 to €23,331
- Gross operating margin -€4,077
down €4,077 (-3.8%), from €108,231 to €104,154
- Taxes -€3,987
down €3,987 (-15.2%), from €26,155 to €22,168
- Financial income +€3,013
up €3,013 (+63.6%), from €4,741 to €7,754
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €472,484 | €466,311 | -€6,173 | -1.3% |
| Fixed assets | 21/28 | €87,926 | €65,438 | -€22,488 | -25.6% |
| Tangible fixed assets | 22/27 | €87,926 | €65,438 | -€22,488 | -25.6% |
| Plant, machinery and equipment | 23 | €4,354 | €2,861 | -€1,493 | -34.3% |
| Furniture and vehicles | 24 | €83,572 | €62,577 | -€20,995 | -25.1% |
| Current assets | 29/58 | €384,558 | €400,872 | +€16,315 | +4.2% |
| Amounts receivable after more than one year | 29 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 291 | €40,000 | - | -€40,000 | |
| Amounts receivable within one year | 40/41 | €28,743 | €41,619 | +€12,876 | +44.8% |
| Trade receivables | 40 | €26,943 | €35,960 | +€9,018 | +33.5% |
| Other amounts receivable | 41 | €1,800 | €5,658 | +€3,858 | +214% |
| Current investments | 50/53 | €159,133 | €241,080 | +€81,947 | +51.5% |
| Cash at bank and in hand | 54/58 | €130,601 | €100,282 | -€30,319 | -23.2% |
| Deferred charges and accrued income | 490/1 | €26,081 | €17,891 | -€8,189 | -31.4% |
| Total equity and liabilities | 10/49 | €472,484 | €466,311 | -€6,173 | -1.3% |
| Equity | 10/15 | €396,223 | €391,181 | -€5,042 | -1.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €395,050 | €390,008 | -€5,042 | -1.3% |
| Distributable reserves | 133 | €395,050 | €390,008 | -€5,042 | -1.3% |
| Profit (loss) carried forward | 14 | €173 | €173 | = | 0.0% |
| Amounts payable | 17/49 | €76,261 | €75,129 | -€1,131 | -1.5% |
| Amounts payable within one year | 42/48 | €73,566 | €71,685 | -€1,881 | -2.6% |
| Trade debts | 44 | €2,349 | €1,096 | -€1,253 | -53.3% |
| Suppliers | 440/4 | €2,349 | €1,096 | -€1,253 | -53.3% |
| Taxes, remuneration and social security | 45 | €20,509 | €20,886 | +€377 | +1.8% |
| Taxes | 450/3 | €20,509 | €20,886 | +€377 | +1.8% |
| Other amounts payable | 47/48 | €50,708 | €49,703 | -€1,005 | -2.0% |
| Accrued charges and deferred income | 492/3 | €2,695 | €3,444 | +€750 | +27.8% |
| Non-recurring operating income | 76A | €5,377 | - | -€5,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,854 | €23,331 | +€10,477 | +81.5% |
| Other operating charges | 640/8 | €737 | €760 | +€23 | +3.1% |
| Gross operating margin | 9900 | €108,231 | €104,154 | -€4,077 | -3.8% |
| Operating profit (loss) | 9901 | €94,640 | €80,063 | -€14,577 | -15.4% |
| Financial income | 75/76B | €4,741 | €7,754 | +€3,013 | +63.6% |
| Recurring financial income | 75 | €4,741 | €7,754 | +€3,013 | +63.6% |
| Financial charges | 65/66B | €3,647 | €3,891 | +€244 | +6.7% |
| Recurring financial charges | 65 | €3,647 | €3,891 | +€244 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €95,734 | €83,926 | -€11,808 | -12.3% |
| Income taxes | 67/77 | €26,155 | €22,168 | -€3,987 | -15.2% |
| Profit (loss) for the period | 9904 | €69,579 | €61,758 | -€7,821 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,579 | €61,758 | -€7,821 | -11.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.