BULBO JOFFREY: what changed
BULBO JOFFREY
Largest movements
- Cash -€53,665
down €53,665 (-13.1%), from €410,988 to €357,323
mainly Contributions, distributions and other (-€84,099) and Other debts (-€44,382)
- Receivables within one year +€40,818
up €40,818 (+112%), from €36,365 to €77,183
of which Trade receivables: +€45,621
- Tangible fixed assets -€9,219
down €9,219 (-3.8%), from €243,287 to €234,067
of which Furniture and vehicles: -€6,318
- Other debts -€44,382
down €44,382 (-32.4%), from €136,799 to €92,417
- Trade debts +€39,672
up €39,672 (+98.7%), from €40,195 to €79,866
- Tax, wage and social debts -€16,375
down €16,375 (-21.4%), from €76,458 to €60,083
of which Taxes: -€13,141
- Debts after one year -€9,999
down €9,999 (-25.5%), from €39,171 to €29,171
- Reserves +€7,949
up €7,949 (+2.2%), from €359,030 to €366,979
of which Distributable reserves: +€7,949
- Gross operating margin -€51,601
down €51,601 (-11.5%), from €448,941 to €397,340
- Staff costs +€33,752
up €33,752 (+15.8%), from €213,598 to €247,350
- Taxes -€27,892
down €27,892 (-41.3%), from €67,515 to €39,623
- Depreciation -€7,145
down €7,145 (-35.5%), from €20,138 to €12,993
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 | €700,991 | €675,522 | -€25,468 | -3.6% |
| Fixed assets | 21/28 | €243,287 | €234,067 | -€9,219 | -3.8% |
| Tangible fixed assets | 22/27 | €243,287 | €234,067 | -€9,219 | -3.8% |
| Land and buildings | 22 | €225,033 | €222,896 | -€2,137 | -0.9% |
| Plant, machinery and equipment | 23 | €8,925 | €8,161 | -€764 | -8.6% |
| Furniture and vehicles | 24 | €9,329 | €3,011 | -€6,318 | -67.7% |
| Current assets | 29/58 | €457,704 | €441,455 | -€16,249 | -3.6% |
| Amounts receivable within one year | 40/41 | €36,365 | €77,183 | +€40,818 | +112% |
| Trade receivables | 40 | €31,563 | €77,183 | +€45,621 | +145% |
| Other amounts receivable | 41 | €4,802 | €0 | -€4,802 | -100% |
| Current investments | 50/53 | €1,752 | €1,724 | -€28 | -1.6% |
| Cash at bank and in hand | 54/58 | €410,988 | €357,323 | -€53,665 | -13.1% |
| Deferred charges and accrued income | 490/1 | €8,599 | €5,224 | -€3,375 | -39.2% |
| Total equity and liabilities | 10/49 | €700,991 | €675,522 | -€25,468 | -3.6% |
| Equity | 10/15 | €396,036 | €403,985 | +€7,949 | +2.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €359,030 | €366,979 | +€7,949 | +2.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €340,280 | €348,229 | +€7,949 | +2.3% |
| Profit (loss) carried forward | 14 | €16,546 | €16,546 | = | 0.0% |
| Amounts payable | 17/49 | €304,955 | €271,538 | -€33,417 | -11.0% |
| Amounts payable after more than one year | 17 | €39,171 | €29,171 | -€9,999 | -25.5% |
| Financial debts | 170/4 | €39,171 | €29,171 | -€9,999 | -25.5% |
| Amounts payable within one year | 42/48 | €265,784 | €242,366 | -€23,418 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €12,332 | €9,999 | -€2,333 | -18.9% |
| Trade debts | 44 | €40,195 | €79,866 | +€39,672 | +98.7% |
| Suppliers | 440/4 | €40,195 | €79,866 | +€39,672 | +98.7% |
| Taxes, remuneration and social security | 45 | €76,458 | €60,083 | -€16,375 | -21.4% |
| Taxes | 450/3 | €56,949 | €43,808 | -€13,141 | -23.1% |
| Remuneration and social security | 454/9 | €19,510 | €16,276 | -€3,234 | -16.6% |
| Other amounts payable | 47/48 | €136,799 | €92,417 | -€44,382 | -32.4% |
| Remuneration, social security and pensions | 62 | €213,598 | €247,350 | +€33,752 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,138 | €12,993 | -€7,145 | -35.5% |
| Other operating charges | 640/8 | €1,291 | €4,661 | +€3,370 | +261% |
| Gross operating margin | 9900 | €448,941 | €397,340 | -€51,601 | -11.5% |
| Operating profit (loss) | 9901 | €213,914 | €132,335 | -€81,579 | -38.1% |
| Financial income | 75/76B | €443 | €450 | +€7 | +1.6% |
| Recurring financial income | 75 | €443 | €450 | +€7 | +1.6% |
| Financial charges | 65/66B | €1,096 | €1,114 | +€18 | +1.7% |
| Recurring financial charges | 65 | €1,096 | €1,114 | +€18 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €213,261 | €131,671 | -€81,590 | -38.3% |
| Income taxes | 67/77 | €67,515 | €39,623 | -€27,892 | -41.3% |
| Profit (loss) for the period | 9904 | €145,746 | €92,048 | -€53,698 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €145,746 | €92,048 | -€53,698 | -36.8% |
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 1 November 2026 via checked.be.