Bulckaert Machine Vision: 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.
Bulckaert Machine Vision
Largest movements
- Receivables within one year -€54,580
down €54,580 (-43.7%), from €124,766 to €70,186
of which Trade receivables: -€61,359
- Stocks and contracts -€12,203
down €12,203 (-18.6%), from €65,735 to €53,532
of which Contracts in progress: -€14,203
- Tangible fixed assets -€9,117
down €9,117 (-29.9%), from €30,484 to €21,366
- Cash +€4,929
up €4,929 (+59.5%), from €8,289 to €13,218
mainly Receivables within one year (+€54,580) and Debts after one year (+€20,571)
- Profit (loss) carried forward -€54,297
down €54,297 (-64.5%), from -€84,147 to -€138,443
- Trade debts -€44,861
down €44,861 (-64.3%), from €69,751 to €24,889
- Debts after one year +€20,571
new in 2025: €20,571
- Current portion of long-term debt +€12,732
up €12,732 (+3,701%), from €344 to €13,076
- Tax, wage and social debts -€4,989
down €4,989 (-10.6%), from €47,146 to €42,157
of which Taxes: -€9,085
- Gross operating margin +€33,881
up €33,881 (+36.0%), from €94,105 to €127,986
- Staff costs +€19,505
up €19,505 (+13.8%), from €141,600 to €161,105
- Depreciation -€3,205
down €3,205 (-29.0%), from €11,070 to €7,865
- Financial charges +€3,004
up €3,004 (+64.5%), from €4,657 to €7,661
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 | €230,781 | €158,486 | -€72,295 | -31.3% |
| Fixed assets | 21/28 | €30,499 | €21,381 | -€9,117 | -29.9% |
| Tangible fixed assets | 22/27 | €30,484 | €21,366 | -€9,117 | -29.9% |
| Plant, machinery and equipment | 23 | €18,769 | €14,918 | -€3,851 | -20.5% |
| Furniture and vehicles | 24 | €4,494 | €1,177 | -€3,317 | -73.8% |
| Other tangible fixed assets | 26 | €7,220 | €5,272 | -€1,949 | -27.0% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €200,282 | €137,105 | -€63,177 | -31.5% |
| Stocks and contracts in progress | 3 | €65,735 | €53,532 | -€12,203 | -18.6% |
| Stocks | 30/36 | €38,000 | €40,000 | +€2,000 | +5.3% |
| Contracts in progress | 37 | €27,735 | €13,532 | -€14,203 | -51.2% |
| Amounts receivable within one year | 40/41 | €124,766 | €70,186 | -€54,580 | -43.7% |
| Trade receivables | 40 | €77,724 | €16,364 | -€61,359 | -78.9% |
| Other amounts receivable | 41 | €47,042 | €53,821 | +€6,779 | +14.4% |
| Cash at bank and in hand | 54/58 | €8,289 | €13,218 | +€4,929 | +59.5% |
| Deferred charges and accrued income | 490/1 | €1,492 | €169 | -€1,323 | -88.7% |
| Total equity and liabilities | 10/49 | €230,781 | €158,486 | -€72,295 | -31.3% |
| Equity | 10/15 | €62,090 | €7,794 | -€54,297 | -87.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,637 | €127,637 | = | 0.0% |
| Distributable reserves | 133 | €127,637 | €127,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,147 | -€138,443 | -€54,297 | -64.5% |
| Amounts payable | 17/49 | €168,691 | €150,693 | -€17,998 | -10.7% |
| Amounts payable after more than one year | 17 | - | €20,571 | +€20,571 | |
| Financial debts | 170/4 | - | €20,571 | +€20,571 | |
| Amounts payable within one year | 42/48 | €167,241 | €130,122 | -€37,119 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €344 | €13,076 | +€12,732 | +3,701% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €69,751 | €24,889 | -€44,861 | -64.3% |
| Suppliers | 440/4 | €69,751 | €24,889 | -€44,861 | -64.3% |
| Taxes, remuneration and social security | 45 | €47,146 | €42,157 | -€4,989 | -10.6% |
| Taxes | 450/3 | €16,842 | €7,758 | -€9,085 | -53.9% |
| Remuneration and social security | 454/9 | €30,304 | €34,399 | +€4,096 | +13.5% |
| Accrued charges and deferred income | 492/3 | €1,450 | - | -€1,450 | |
| Remuneration, social security and pensions | 62 | €141,600 | €161,105 | +€19,505 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,070 | €7,865 | -€3,205 | -29.0% |
| Other operating charges | 640/8 | €3,283 | €3,447 | +€164 | +5.0% |
| Non-recurring operating charges | 66A | - | €1,837 | +€1,837 | |
| Gross operating margin | 9900 | €94,105 | €127,986 | +€33,881 | +36.0% |
| Operating profit (loss) | 9901 | -€61,847 | -€46,268 | +€15,580 | +25.2% |
| Financial income | 75/76B | €3 | €13 | +€10 | +398% |
| Recurring financial income | 75 | €3 | €13 | +€10 | +398% |
| Financial charges | 65/66B | €4,657 | €7,661 | +€3,004 | +64.5% |
| Recurring financial charges | 65 | €4,657 | €7,661 | +€3,004 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | -€66,502 | -€53,916 | +€12,586 | +18.9% |
| Income taxes | 67/77 | €381 | €381 | -€0 | -0.1% |
| Profit (loss) for the period | 9904 | -€66,883 | -€54,297 | +€12,586 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,883 | -€54,297 | +€12,586 | +18.8% |
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 16 October 2026 via checked.be.