BULCO: 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.
BULCO
Largest movements
- Current investments -€63,240
down €63,240 (-38.9%), from €162,515 to €99,275
- Cash +€13,884
up €13,884 (+19.8%), from €70,102 to €83,985
mainly Current investments (+€63,240) and Net result for the year (+€16,184)
- Tangible fixed assets -€7,722
down €7,722 (-55.0%), from €14,036 to €6,315
- Receivables within one year -€6,957
down €6,957 (-25.8%), from €26,990 to €20,034
of which Trade receivables: -€3,693
- Reserves -€65,097
down €65,097 (-33.7%), from €192,930 to €127,833
- Financial charges +€23,233
up €23,233, from -€17,679 to €5,554
- Gross operating margin -€8,285
down €8,285 (-18.7%), from €44,341 to €36,056
- Taxes -€4,719
down €4,719 (-37.3%), from €12,666 to €7,947
- Financial income +€2,808
up €2,808 (+64.5%), from €4,353 to €7,161
- Depreciation +€615
up €615 (+5.1%), from €12,055 to €12,669
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 | €273,643 | €209,609 | -€64,034 | -23.4% |
| Fixed assets | 21/28 | €14,036 | €6,315 | -€7,722 | -55.0% |
| Tangible fixed assets | 22/27 | €14,036 | €6,315 | -€7,722 | -55.0% |
| Furniture and vehicles | 24 | €14,036 | €6,315 | -€7,722 | -55.0% |
| Current assets | 29/58 | €259,607 | €203,295 | -€56,313 | -21.7% |
| Amounts receivable within one year | 40/41 | €26,990 | €20,034 | -€6,957 | -25.8% |
| Trade receivables | 40 | €5,647 | €1,954 | -€3,693 | -65.4% |
| Other amounts receivable | 41 | €21,343 | €18,079 | -€3,264 | -15.3% |
| Current investments | 50/53 | €162,515 | €99,275 | -€63,240 | -38.9% |
| Cash at bank and in hand | 54/58 | €70,102 | €83,985 | +€13,884 | +19.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €273,643 | €209,609 | -€64,034 | -23.4% |
| Equity | 10/15 | €211,480 | €146,383 | -€65,097 | -30.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €192,930 | €127,833 | -€65,097 | -33.7% |
| Distributable reserves | 133 | €192,930 | €127,833 | -€65,097 | -33.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €62,163 | €63,226 | +€1,063 | +1.7% |
| Amounts payable within one year | 42/48 | €58,215 | €59,259 | +€1,044 | +1.8% |
| Trade debts | 44 | €453 | €464 | +€12 | +2.5% |
| Suppliers | 440/4 | €453 | €464 | +€12 | +2.5% |
| Taxes, remuneration and social security | 45 | €3,065 | €4,224 | +€1,159 | +37.8% |
| Taxes | 450/3 | €3,065 | €4,224 | +€1,159 | +37.8% |
| Other amounts payable | 47/48 | €54,697 | €54,571 | -€126 | -0.2% |
| Accrued charges and deferred income | 492/3 | €3,948 | €3,967 | +€19 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,055 | €12,669 | +€615 | +5.1% |
| Other operating charges | 640/8 | €1,141 | €863 | -€278 | -24.4% |
| Gross operating margin | 9900 | €44,341 | €36,056 | -€8,285 | -18.7% |
| Operating profit (loss) | 9901 | €31,146 | €22,524 | -€8,622 | -27.7% |
| Financial income | 75/76B | €4,353 | €7,161 | +€2,808 | +64.5% |
| Recurring financial income | 75 | €4,353 | €7,161 | +€2,808 | +64.5% |
| Financial charges | 65/66B | -€17,679 | €5,554 | +€23,233 | |
| Recurring financial charges | 65 | -€17,679 | €5,554 | +€23,233 | |
| Profit (loss) for the period before taxes | 9903 | €53,178 | €24,131 | -€29,047 | -54.6% |
| Income taxes | 67/77 | €12,666 | €7,947 | -€4,719 | -37.3% |
| Profit (loss) for the period | 9904 | €40,512 | €16,184 | -€24,328 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,512 | €16,184 | -€24,328 | -60.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.