BULCON: 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.
BULCON
Largest movements
- Tangible fixed assets +€665,140
up €665,140 (+155.2%), from €428,512 to €1.1m
of which Land and buildings: +€647,090
- Receivables within one year -€129,723
down €129,723 (-64.7%), from €200,427 to €70,704
of which Trade receivables: -€125,969
- Cash -€47,629
down €47,629 (-55.4%), from €85,918 to €38,288
mainly Investment in fixed assets (net) (-€700,857) and Trade debts (-€119,052)
- Debts after one year +€536,276
up €536,276 (+223.1%), from €240,411 to €776,687
- Trade debts -€119,052
down €119,052 (-77.0%), from €154,608 to €35,556
- Reserves +€56,065
up €56,065 (+25.0%), from €224,320 to €280,385
- Gross operating margin +€56,649
up €56,649 (+41.2%), from €137,404 to €194,054
- Depreciation +€26,825
up €26,825 (+301.7%), from €8,891 to €35,717
- Financial charges +€20,175
up €20,175 (+306.3%), from €6,586 to €26,761
- Taxes +€3,522
up €3,522 (+12.1%), from €29,203 to €32,725
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 | €715,742 | €1,205,790 | +€490,048 | +68.5% |
| Fixed assets | 21/28 | €428,512 | €1,093,652 | +€665,140 | +155.2% |
| Tangible fixed assets | 22/27 | €428,512 | €1,093,652 | +€665,140 | +155.2% |
| Land and buildings | 22 | €414,324 | €1,061,414 | +€647,090 | +156.2% |
| Plant, machinery and equipment | 23 | €3,432 | €15,796 | +€12,364 | +360.3% |
| Furniture and vehicles | 24 | €1,551 | €9,448 | +€7,897 | +509.1% |
| Other tangible fixed assets | 26 | €9,205 | €6,994 | -€2,211 | -24.0% |
| Current assets | 29/58 | €287,230 | €112,138 | -€175,092 | -61.0% |
| Amounts receivable within one year | 40/41 | €200,427 | €70,704 | -€129,723 | -64.7% |
| Trade receivables | 40 | €159,215 | €33,246 | -€125,969 | -79.1% |
| Other amounts receivable | 41 | €41,212 | €37,457 | -€3,754 | -9.1% |
| Cash at bank and in hand | 54/58 | €85,918 | €38,288 | -€47,629 | -55.4% |
| Deferred charges and accrued income | 490/1 | €886 | €3,146 | +€2,261 | +255.2% |
| Total equity and liabilities | 10/49 | €715,742 | €1,205,790 | +€490,048 | +68.5% |
| Equity | 10/15 | €227,320 | €283,385 | +€56,065 | +24.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €224,320 | €280,385 | +€56,065 | +25.0% |
| Distributable reserves | 133 | €224,320 | €280,385 | +€56,065 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €488,422 | €922,405 | +€433,983 | +88.9% |
| Amounts payable after more than one year | 17 | €240,411 | €776,687 | +€536,276 | +223.1% |
| Financial debts | 170/4 | €240,411 | €776,687 | +€536,276 | +223.1% |
| Amounts payable within one year | 42/48 | €247,853 | €140,214 | -€107,639 | -43.4% |
| Current portion of amounts payable after more than one year | 42 | €30,012 | €31,111 | +€1,098 | +3.7% |
| Trade debts | 44 | €154,608 | €35,556 | -€119,052 | -77.0% |
| Suppliers | 440/4 | €154,608 | €35,556 | -€119,052 | -77.0% |
| Taxes, remuneration and social security | 45 | €29,233 | €38,697 | +€9,464 | +32.4% |
| Taxes | 450/3 | €29,233 | €38,697 | +€9,464 | +32.4% |
| Other amounts payable | 47/48 | €34,000 | €34,850 | +€850 | +2.5% |
| Accrued charges and deferred income | 492/3 | €158 | €5,504 | +€5,346 | +3387.2% |
| Remuneration, social security and pensions | 62 | €1,145 | - | -€1,145 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,891 | €35,717 | +€26,825 | +301.7% |
| Other operating charges | 640/8 | €3,078 | €2,450 | -€629 | -20.4% |
| Gross operating margin | 9900 | €137,404 | €194,054 | +€56,649 | +41.2% |
| Operating profit (loss) | 9901 | €124,289 | €155,887 | +€31,598 | +25.4% |
| Financial income | 75/76B | €2,473 | €2,164 | -€309 | -12.5% |
| Recurring financial income | 75 | €2,473 | €2,164 | -€309 | -12.5% |
| Financial charges | 65/66B | €6,586 | €26,761 | +€20,175 | +306.3% |
| Recurring financial charges | 65 | €6,586 | €26,761 | +€20,175 | +306.3% |
| Profit (loss) for the period before taxes | 9903 | €120,176 | €131,290 | +€11,114 | +9.2% |
| Income taxes | 67/77 | €29,203 | €32,725 | +€3,522 | +12.1% |
| Profit (loss) for the period | 9904 | €90,974 | €98,565 | +€7,592 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,974 | €98,565 | +€7,592 | +8.3% |
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 10 October 2026 via checked.be.