BULA: 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.
BULA
Largest movements
- Cash -€129,162
down €129,162 (-93.3%), from €138,481 to €9,318
mainly Contributions, distributions and other (-€104,663) and Receivables within one year (-€61,340)
- Receivables within one year +€61,340
up €61,340 (+844.5%), from €7,264 to €68,603
of which Other amounts receivable: +€55,485
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Tangible fixed assets +€39,378
up €39,378 (+56.7%), from €69,509 to €108,886
of which Furniture and vehicles: +€48,968
- Reserves -€76,074
down €76,074 (-26.1%), from €291,662 to €215,589
of which Distributable reserves: -€54,504
- Other debts -€7,531
down €7,531 (-100.0%), from €7,531 to €0
- Tax, wage and social debts +€5,814
up €5,814 (+13.7%), from €42,503 to €48,317
of which Taxes: +€5,814
- Gross operating margin -€67,604
down €67,604 (-52.2%), from €129,572 to €61,968
- Depreciation -€16,592
down €16,592 (-52.3%), from €31,721 to €15,129
- Financial charges -€6,769
down €6,769 (-96.8%), from €6,996 to €227
- Financial income +€5,479
up €5,479 (+3248.1%), from €169 to €5,648
- Taxes -€4,852
down €4,852 (-18.6%), from €26,154 to €21,302
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 | €365,253 | €286,808 | -€78,445 | -21.5% |
| Fixed assets | 21/28 | €69,509 | €108,886 | +€39,378 | +56.7% |
| Tangible fixed assets | 22/27 | €69,509 | €108,886 | +€39,378 | +56.7% |
| Land and buildings | 22 | €47,330 | €44,000 | -€3,330 | -7.0% |
| Plant, machinery and equipment | 23 | €18,049 | €11,789 | -€6,260 | -34.7% |
| Furniture and vehicles | 24 | €4,130 | €53,098 | +€48,968 | +1185.8% |
| Current assets | 29/58 | €295,744 | €177,922 | -€117,823 | -39.8% |
| Amounts receivable within one year | 40/41 | €7,264 | €68,603 | +€61,340 | +844.5% |
| Trade receivables | 40 | €7,264 | €13,119 | +€5,855 | +80.6% |
| Other amounts receivable | 41 | - | €55,485 | +€55,485 | |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €138,481 | €9,318 | -€129,162 | -93.3% |
| Total equity and liabilities | 10/49 | €365,253 | €286,808 | -€78,445 | -21.5% |
| Equity | 10/15 | €312,634 | €236,560 | -€76,074 | -24.3% |
| Contributions | 10/11 | €20,971 | €20,971 | = | 0.0% |
| Reserves | 13 | €291,662 | €215,589 | -€76,074 | -26.1% |
| Tax-exempt reserves | 132 | €21,570 | €0 | -€21,570 | -100.0% |
| Distributable reserves | 133 | €270,092 | €215,589 | -€54,504 | -20.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,619 | €50,248 | -€2,371 | -4.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €52,619 | €50,248 | -€2,371 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €1,000 | €1,513 | +€513 | +51.3% |
| Trade debts | 44 | €1,585 | €418 | -€1,166 | -73.6% |
| Suppliers | 440/4 | €1,585 | €418 | -€1,166 | -73.6% |
| Taxes, remuneration and social security | 45 | €42,503 | €48,317 | +€5,814 | +13.7% |
| Taxes | 450/3 | €40,253 | €46,067 | +€5,814 | +14.4% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €7,531 | €0 | -€7,531 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,721 | €15,129 | -€16,592 | -52.3% |
| Other operating charges | 640/8 | €1,971 | €2,368 | +€397 | +20.1% |
| Non-recurring operating charges | 66A | €206 | €0 | -€206 | -100.0% |
| Gross operating margin | 9900 | €129,572 | €61,968 | -€67,604 | -52.2% |
| Operating profit (loss) | 9901 | €95,673 | €44,470 | -€51,202 | -53.5% |
| Financial income | 75/76B | €169 | €5,648 | +€5,479 | +3248.1% |
| Recurring financial income | 75 | €169 | €5,648 | +€5,479 | +3248.1% |
| Financial charges | 65/66B | €6,996 | €227 | -€6,769 | -96.8% |
| Recurring financial charges | 65 | €6,996 | €227 | -€6,769 | -96.8% |
| Profit (loss) for the period before taxes | 9903 | €88,845 | €49,891 | -€38,954 | -43.8% |
| Income taxes | 67/77 | €26,154 | €21,302 | -€4,852 | -18.6% |
| Profit (loss) for the period | 9904 | €62,691 | €28,589 | -€34,102 | -54.4% |
| Transfer from tax-exempt reserves | 789 | - | €21,570 | +€21,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,691 | €50,159 | -€12,532 | -20.0% |
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 7 October 2026 via checked.be.