Bulbs & Bubbles: 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.
Bulbs & Bubbles
Largest movements
- Receivables within one year +€93,704
up €93,704 (+151%), from €61,919 to €155,623
of which Trade receivables: +€87,277
- Cash -€54,946
down €54,946 (-73.5%), from €74,732 to €19,786
mainly Receivables within one year (-€93,704) and Stocks and contracts (-€15,070)
- Tangible fixed assets -€17,854
down €17,854 (-58.8%), from €30,378 to €12,524
of which Furniture and vehicles: -€15,164
- Stocks and contracts +€15,070
up €15,070 (+24.4%), from €61,790 to €76,860
of which Stocks: +€15,070
- Financial fixed assets +€2,760
up €2,760 (+91.4%), from €3,021 to €5,781
- Reserves +€18,765
up €18,765 (+36.5%), from €51,373 to €70,138
- Trade debts +€13,494
up €13,494 (+7.5%), from €179,256 to €192,750
- Current portion of long-term debt +€3,629
up €3,629 (+256%), from €1,417 to €5,046
- Depreciation -€8,495
down €8,495 (-57.4%), from €14,789 to €6,293
- Taxes +€2,909
up €2,909 (+70.0%), from €4,155 to €7,063
- Financial charges +€1,640
up €1,640 (+239%), from €685 to €2,326
- Gross operating margin -€1,362
down €1,362 (-3.9%), from €35,288 to €33,926
- Financial income +€713
up €713 (+58.3%), from €1,222 to €1,935
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.
Derived cash bridge
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 | €234,110 | €272,406 | +€38,297 | +16.4% |
| Fixed assets | 21/28 | €33,399 | €18,305 | -€15,094 | -45.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €30,378 | €12,524 | -€17,854 | -58.8% |
| Plant, machinery and equipment | 23 | €7,964 | €6,166 | -€1,797 | -22.6% |
| Furniture and vehicles | 24 | €18,597 | €3,432 | -€15,164 | -81.5% |
| Other tangible fixed assets | 26 | €3,818 | €2,925 | -€893 | -23.4% |
| Financial fixed assets | 28 | €3,021 | €5,781 | +€2,760 | +91.4% |
| Current assets | 29/58 | €200,711 | €254,101 | +€53,391 | +26.6% |
| Stocks and contracts in progress | 3 | €61,790 | €76,860 | +€15,070 | +24.4% |
| Stocks | 30/36 | €36,268 | €51,338 | +€15,070 | +41.6% |
| Contracts in progress | 37 | €25,522 | €25,522 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €61,919 | €155,623 | +€93,704 | +151% |
| Trade receivables | 40 | €36,398 | €123,675 | +€87,277 | +240% |
| Other amounts receivable | 41 | €25,522 | €31,948 | +€6,427 | +25.2% |
| Cash at bank and in hand | 54/58 | €74,732 | €19,786 | -€54,946 | -73.5% |
| Deferred charges and accrued income | 490/1 | €2,269 | €1,832 | -€437 | -19.3% |
| Total equity and liabilities | 10/49 | €234,110 | €272,406 | +€38,297 | +16.4% |
| Equity | 10/15 | €53,373 | €72,138 | +€18,765 | +35.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €51,373 | €70,138 | +€18,765 | +36.5% |
| Distributable reserves | 133 | €51,373 | €70,138 | +€18,765 | +36.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €180,737 | €200,268 | +€19,531 | +10.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €180,737 | €200,268 | +€19,531 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €1,417 | €5,046 | +€3,629 | +256% |
| Trade debts | 44 | €179,256 | €192,750 | +€13,494 | +7.5% |
| Suppliers | 440/4 | €179,256 | €192,750 | +€13,494 | +7.5% |
| Taxes, remuneration and social security | 45 | - | €2,063 | +€2,063 | |
| Taxes | 450/3 | - | €2,063 | +€2,063 | |
| Other amounts payable | 47/48 | €64 | €408 | +€345 | +539% |
| Non-recurring operating income | 76A | - | €19,373 | +€19,373 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,789 | €6,293 | -€8,495 | -57.4% |
| Other operating charges | 640/8 | €1,874 | €1,413 | -€461 | -24.6% |
| Gross operating margin | 9900 | €35,288 | €33,926 | -€1,362 | -3.9% |
| Operating profit (loss) | 9901 | €18,625 | €26,219 | +€7,594 | +40.8% |
| Financial income | 75/76B | €1,222 | €1,935 | +€713 | +58.3% |
| Recurring financial income | 75 | €1,222 | €1,935 | +€713 | +58.3% |
| Financial charges | 65/66B | €685 | €2,326 | +€1,640 | +239% |
| Recurring financial charges | 65 | €685 | €2,326 | +€1,640 | +239% |
| Profit (loss) for the period before taxes | 9903 | €19,162 | €25,829 | +€6,667 | +34.8% |
| Income taxes | 67/77 | €4,155 | €7,063 | +€2,909 | +70.0% |
| Profit (loss) for the period | 9904 | €15,007 | €18,765 | +€3,758 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,007 | €18,765 | +€3,758 | +25.0% |
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 14 October 2026 via checked.be.