BULDUK: 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.
BULDUK
Largest movements
- Receivables after one year +€66,580
new in 2025: €66,580
- Tangible fixed assets -€30,524
down €30,524 (-21.2%), from €143,717 to €113,193
of which Furniture and vehicles: -€18,858
- Deferred charges and accrued income +€22,952
up €22,952 (+25.5%), from €90,121 to €113,073
- Cash -€16,254
down €16,254 (-47.4%), from €34,261 to €18,007
mainly Receivables after one year (-€66,580) and Trade debts (-€35,305)
- Receivables within one year -€10,591
down €10,591 (-5.5%), from €192,419 to €181,828
of which Other amounts receivable: -€6,081
- Tax, wage and social debts +€38,296
up €38,296 (+232%), from €16,529 to €54,825
of which Taxes: +€26,096
- Trade debts -€35,305
down €35,305 (-28.4%), from €124,418 to €89,113
- Debts after one year +€27,109
up €27,109 (+26.6%), from €101,952 to €129,061
- Staff costs +€80,195
up €80,195 (+37.4%), from €214,323 to €294,518
- Gross operating margin +€73,644
up €73,644 (+26.0%), from €283,167 to €356,811
- Financial charges +€6,566
up €6,566 (+43.6%), from €15,068 to €21,634
- Other operating charges -€4,021
down €4,021 (-48.3%), from €8,325 to €4,304
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 | €483,591 | €512,387 | +€28,796 | +6.0% |
| Fixed assets | 21/28 | €144,667 | €114,143 | -€30,524 | -21.1% |
| Tangible fixed assets | 22/27 | €143,717 | €113,193 | -€30,524 | -21.2% |
| Plant, machinery and equipment | 23 | €52,695 | €41,029 | -€11,666 | -22.1% |
| Furniture and vehicles | 24 | €91,022 | €72,164 | -€18,858 | -20.7% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €338,924 | €398,244 | +€59,320 | +17.5% |
| Amounts receivable after more than one year | 29 | - | €66,580 | +€66,580 | |
| Other amounts receivable | 291 | - | €66,580 | +€66,580 | |
| Stocks and contracts in progress | 3 | €22,123 | €18,756 | -€3,367 | -15.2% |
| Stocks | 30/36 | €22,123 | €18,756 | -€3,367 | -15.2% |
| Amounts receivable within one year | 40/41 | €192,419 | €181,828 | -€10,591 | -5.5% |
| Trade receivables | 40 | €4,510 | - | -€4,510 | |
| Other amounts receivable | 41 | €187,909 | €181,828 | -€6,081 | -3.2% |
| Cash at bank and in hand | 54/58 | €34,261 | €18,007 | -€16,254 | -47.4% |
| Deferred charges and accrued income | 490/1 | €90,121 | €113,073 | +€22,952 | +25.5% |
| Total equity and liabilities | 10/49 | €483,591 | €512,387 | +€28,796 | +6.0% |
| Equity | 10/15 | €175,921 | €172,644 | -€3,277 | -1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 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 | €155,461 | €152,184 | -€3,277 | -2.1% |
| Amounts payable | 17/49 | €307,670 | €339,743 | +€32,073 | +10.4% |
| Amounts payable after more than one year | 17 | €101,952 | €129,061 | +€27,109 | +26.6% |
| Financial debts | 170/4 | €101,952 | €129,061 | +€27,109 | +26.6% |
| Amounts payable within one year | 42/48 | €205,718 | €209,876 | +€4,158 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €64,771 | €65,937 | +€1,166 | +1.8% |
| Trade debts | 44 | €124,418 | €89,113 | -€35,305 | -28.4% |
| Suppliers | 440/4 | €124,418 | €89,113 | -€35,305 | -28.4% |
| Taxes, remuneration and social security | 45 | €16,529 | €54,825 | +€38,296 | +232% |
| Taxes | 450/3 | €6,288 | €32,384 | +€26,096 | +415% |
| Remuneration and social security | 454/9 | €10,241 | €22,441 | +€12,200 | +119% |
| Accrued charges and deferred income | 492/3 | - | €805 | +€805 | |
| Remuneration, social security and pensions | 62 | €214,323 | €294,518 | +€80,195 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,980 | €47,847 | +€2,867 | +6.4% |
| Other operating charges | 640/8 | €8,325 | €4,304 | -€4,021 | -48.3% |
| Gross operating margin | 9900 | €283,167 | €356,811 | +€73,644 | +26.0% |
| Operating profit (loss) | 9901 | €15,539 | €10,142 | -€5,397 | -34.7% |
| Financial income | 75/76B | €8,427 | €9,991 | +€1,564 | +18.6% |
| Recurring financial income | 75 | €8,427 | €9,991 | +€1,564 | +18.6% |
| Financial charges | 65/66B | €15,068 | €21,634 | +€6,566 | +43.6% |
| Recurring financial charges | 65 | €15,068 | €21,634 | +€6,566 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €8,898 | -€1,501 | -€10,399 | |
| Income taxes | 67/77 | €3,036 | €1,776 | -€1,260 | -41.5% |
| Profit (loss) for the period | 9904 | €5,862 | -€3,277 | -€9,139 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,862 | -€3,277 | -€9,139 |
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 17 October 2026 via checked.be.