BULDOTHERM: 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.
BULDOTHERM
Largest movements
- Current investments +€180,058
new in 2025: €180,058
- Cash -€165,515
down €165,515 (-63.8%), from €259,564 to €94,049
mainly Current investments (-€180,058) and Other debts (-€7,346)
- Tangible fixed assets -€9,615
down €9,615 (-50.2%), from €19,159 to €9,544
of which Furniture and vehicles: -€9,117
- Profit (loss) carried forward +€9,962
up €9,962 (+3.0%), from €327,311 to €337,273
- Other debts -€7,346
down €7,346 (-28.4%), from €25,846 to €18,500
- Gross operating margin -€35,646
down €35,646 (-62.2%), from €57,314 to €21,668
- Taxes -€7,845
down €7,845 (-75.8%), from €10,345 to €2,501
- Financial income -€1,195
down €1,195 (-43.1%), from €2,776 to €1,580
of which Financial income: -€1,617
- Depreciation +€916
up €916 (+10.5%), from €8,699 to €9,615
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 | €369,859 | €374,061 | +€4,202 | +1.1% |
| Fixed assets | 21/28 | €19,795 | €10,304 | -€9,491 | -47.9% |
| Tangible fixed assets | 22/27 | €19,159 | €9,544 | -€9,615 | -50.2% |
| Plant, machinery and equipment | 23 | €1,185 | €687 | -€498 | -42.0% |
| Furniture and vehicles | 24 | €17,974 | €8,857 | -€9,117 | -50.7% |
| Financial fixed assets | 28 | €635 | €759 | +€124 | +19.5% |
| Current assets | 29/58 | €350,065 | €363,757 | +€13,693 | +3.9% |
| Stocks and contracts in progress | 3 | €846 | €1,040 | +€194 | +22.9% |
| Stocks | 30/36 | €846 | €1,040 | +€194 | +22.9% |
| Amounts receivable within one year | 40/41 | €87,077 | €86,355 | -€722 | -0.8% |
| Trade receivables | 40 | €86,313 | €79,259 | -€7,054 | -8.2% |
| Other amounts receivable | 41 | €764 | €7,096 | +€6,331 | +829% |
| Current investments | 50/53 | - | €180,058 | +€180,058 | |
| Cash at bank and in hand | 54/58 | €259,564 | €94,049 | -€165,515 | -63.8% |
| Deferred charges and accrued income | 490/1 | €2,577 | €2,256 | -€321 | -12.5% |
| Total equity and liabilities | 10/49 | €369,859 | €374,061 | +€4,202 | +1.1% |
| Equity | 10/15 | €341,571 | €351,533 | +€9,962 | +2.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €327,311 | €337,273 | +€9,962 | +3.0% |
| Amounts payable | 17/49 | €28,288 | €22,528 | -€5,760 | -20.4% |
| Amounts payable within one year | 42/48 | €28,288 | €22,528 | -€5,760 | -20.4% |
| Trade debts | 44 | €1,876 | €3,840 | +€1,964 | +105% |
| Suppliers | 440/4 | €1,876 | €3,840 | +€1,964 | +105% |
| Taxes, remuneration and social security | 45 | €566 | €188 | -€378 | -66.8% |
| Taxes | 450/3 | €566 | €188 | -€378 | -66.8% |
| Other amounts payable | 47/48 | €25,846 | €18,500 | -€7,346 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,699 | €9,615 | +€916 | +10.5% |
| Other operating charges | 640/8 | €817 | €997 | +€180 | +22.0% |
| Gross operating margin | 9900 | €57,314 | €21,668 | -€35,646 | -62.2% |
| Operating profit (loss) | 9901 | €47,797 | €11,056 | -€36,742 | -76.9% |
| Financial income | 75/76B | €2,776 | €1,580 | -€1,195 | -43.1% |
| Recurring financial income | 75 | €2,776 | €1,159 | -€1,617 | -58.3% |
| Non-recurring financial income | 76B | - | €422 | +€422 | |
| Financial charges | 65/66B | €402 | €173 | -€229 | -56.9% |
| Recurring financial charges | 65 | €402 | €173 | -€229 | -56.9% |
| Profit (loss) for the period before taxes | 9903 | €50,171 | €12,463 | -€37,708 | -75.2% |
| Income taxes | 67/77 | €10,345 | €2,501 | -€7,845 | -75.8% |
| Profit (loss) for the period | 9904 | €39,825 | €9,962 | -€29,863 | -75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,825 | €9,962 | -€29,863 | -75.0% |
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 27 October 2026 via checked.be.