BULB14: 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.
BULB14
Largest movements
- Receivables after one year -€37,151
down €37,151 (-87.1%), from €42,643 to €5,492
- Cash -€20,972
down €20,972 (-88.6%), from €23,672 to €2,699
mainly Other debts (-€44,426) and Trade debts (-€22,338)
- Receivables within one year +€9,899
up €9,899 (+72.4%), from €13,669 to €23,568
of which Trade receivables: +€9,286
- Deferred charges and accrued income -€6,559
down €6,559 (-76.0%), from €8,635 to €2,077
- Tangible fixed assets +€5,533
up €5,533 (+221.2%), from €2,502 to €8,035
of which Furniture and vehicles: +€6,212
- Other debts -€44,426
no longer reported in 2025 (was €44,426)
- Trade debts -€22,338
down €22,338 (-86.2%), from €25,916 to €3,578
- Reserves +€9,920
new in 2025: €9,920
- Current portion of long-term debt +€3,820
new in 2025: €3,820
- Debts after one year +€2,621
new in 2025: €2,621
- Gross operating margin +€6,783
up €6,783 (+69.0%), from €9,827 to €16,610
- Taxes +€3,338
new in 2025: €3,338
- Depreciation +€1,259
up €1,259 (+140.5%), from €896 to €2,155
- Other operating charges -€382
down €382 (-58.6%), from €652 to €270
- Financial charges -€184
down €184 (-16.5%), from €1,115 to €930
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 | €91,121 | €42,426 | -€48,695 | -53.4% |
| Fixed assets | 21/28 | €2,502 | €8,590 | +€6,088 | +243.4% |
| Tangible fixed assets | 22/27 | €2,502 | €8,035 | +€5,533 | +221.2% |
| Furniture and vehicles | 24 | €571 | €6,783 | +€6,212 | +1088.2% |
| Other tangible fixed assets | 26 | €1,931 | €1,252 | -€679 | -35.1% |
| Financial fixed assets | 28 | - | €555 | +€555 | |
| Current assets | 29/58 | €88,619 | €33,836 | -€54,783 | -61.8% |
| Amounts receivable after more than one year | 29 | €42,643 | €5,492 | -€37,151 | -87.1% |
| Other amounts receivable | 291 | €42,643 | €5,492 | -€37,151 | -87.1% |
| Amounts receivable within one year | 40/41 | €13,669 | €23,568 | +€9,899 | +72.4% |
| Trade receivables | 40 | €9,641 | €18,927 | +€9,286 | +96.3% |
| Other amounts receivable | 41 | €4,028 | €4,642 | +€613 | +15.2% |
| Cash at bank and in hand | 54/58 | €23,672 | €2,699 | -€20,972 | -88.6% |
| Deferred charges and accrued income | 490/1 | €8,635 | €2,077 | -€6,559 | -76.0% |
| Total equity and liabilities | 10/49 | €91,121 | €42,426 | -€48,695 | -53.4% |
| Equity | 10/15 | €18,600 | €28,520 | +€9,920 | +53.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €9,920 | +€9,920 | |
| Distributable reserves | 133 | - | €9,920 | +€9,920 | |
| Amounts payable | 17/49 | €72,521 | €13,906 | -€58,615 | -80.8% |
| Amounts payable after more than one year | 17 | - | €2,621 | +€2,621 | |
| Financial debts | 170/4 | - | €2,621 | +€2,621 | |
| Amounts payable within one year | 42/48 | €72,521 | €11,284 | -€61,237 | -84.4% |
| Current portion of amounts payable after more than one year | 42 | - | €3,820 | +€3,820 | |
| Trade debts | 44 | €25,916 | €3,578 | -€22,338 | -86.2% |
| Suppliers | 440/4 | €25,916 | €3,578 | -€22,338 | -86.2% |
| Taxes, remuneration and social security | 45 | €2,179 | €3,887 | +€1,708 | +78.4% |
| Taxes | 450/3 | €2,179 | €3,887 | +€1,708 | +78.4% |
| Other amounts payable | 47/48 | €44,426 | - | -€44,426 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €896 | €2,155 | +€1,259 | +140.5% |
| Other operating charges | 640/8 | €652 | €270 | -€382 | -58.6% |
| Gross operating margin | 9900 | €9,827 | €16,610 | +€6,783 | +69.0% |
| Operating profit (loss) | 9901 | €8,278 | €14,185 | +€5,907 | +71.3% |
| Financial income | 75/76B | €37 | €4 | -€33 | -89.9% |
| Recurring financial income | 75 | €37 | €4 | -€33 | -89.9% |
| Financial charges | 65/66B | €1,115 | €930 | -€184 | -16.5% |
| Recurring financial charges | 65 | €1,115 | €930 | -€184 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €7,200 | €13,258 | +€6,058 | +84.1% |
| Income taxes | 67/77 | - | €3,338 | +€3,338 | |
| Profit (loss) for the period | 9904 | €7,200 | €9,920 | +€2,720 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,200 | €9,920 | +€2,720 | +37.8% |
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 9 October 2026 via checked.be.