BULEU: 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.
BULEU
Largest movements
- Receivables within one year -€42,204
down €42,204 (-76.5%), from €55,198 to €12,994
of which Other amounts receivable: -€35,686
- Deferred charges and accrued income +€9,603
new in 2025: €9,603
- Cash +€3,423
up €3,423 (+125.2%), from €2,733 to €6,157
- Profit (loss) carried forward -€13,351
down €13,351 (-39.5%), from €33,812 to €20,461
- Trade debts -€11,987
down €11,987 (-88.6%), from €13,526 to €1,540
- Tax, wage and social debts -€2,545
down €2,545 (-63.7%), from €3,996 to €1,452
- Debts after one year -€1,740
no longer reported in 2025 (was €1,740)
- Turnover -€63,196
down €63,196 (-36.7%), from €172,318 to €109,122
- Purchases and services -€49,815
down €49,815 (-32.3%), from €154,169 to €104,354
- Gross operating margin -€13,381
down €13,381 (-73.7%), from €18,149 to €4,769
- Depreciation -€4,291
down €4,291 (-82.1%), from €5,224 to €933
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €61,134 | €31,512 | -€29,622 | -48.5% |
| Fixed assets | 21/28 | €2,443 | €2,508 | +€65 | +2.7% |
| Tangible fixed assets | 22/27 | €2,443 | €2,508 | +€65 | +2.7% |
| Furniture and vehicles | 24 | €2,443 | €2,508 | +€65 | +2.7% |
| Current assets | 29/58 | €58,691 | €29,004 | -€29,687 | -50.6% |
| Stocks and contracts in progress | 3 | €760 | €250 | -€510 | -67.1% |
| Stocks | 30/36 | €760 | €250 | -€510 | -67.1% |
| Amounts receivable within one year | 40/41 | €55,198 | €12,994 | -€42,204 | -76.5% |
| Trade receivables | 40 | €6,517 | - | -€6,517 | |
| Other amounts receivable | 41 | €48,680 | €12,994 | -€35,686 | -73.3% |
| Cash at bank and in hand | 54/58 | €2,733 | €6,157 | +€3,423 | +125.2% |
| Deferred charges and accrued income | 490/1 | - | €9,603 | +€9,603 | |
| Total equity and liabilities | 10/49 | €61,134 | €31,512 | -€29,622 | -48.5% |
| Equity | 10/15 | €41,872 | €28,521 | -€13,351 | -31.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €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% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,812 | €20,461 | -€13,351 | -39.5% |
| Amounts payable | 17/49 | €19,263 | €2,991 | -€16,272 | -84.5% |
| Amounts payable after more than one year | 17 | €1,740 | - | -€1,740 | |
| Financial debts | 170/4 | €1,740 | - | -€1,740 | |
| Amounts payable within one year | 42/48 | €17,523 | €2,991 | -€14,532 | -82.9% |
| Trade debts | 44 | €13,526 | €1,540 | -€11,987 | -88.6% |
| Suppliers | 440/4 | €13,526 | €1,540 | -€11,987 | -88.6% |
| Taxes, remuneration and social security | 45 | €3,996 | €1,452 | -€2,545 | -63.7% |
| Taxes | 450/3 | €3,996 | €1,452 | -€2,545 | -63.7% |
| Turnover | 70 | €172,318 | €109,122 | -€63,196 | -36.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €154,169 | €104,354 | -€49,815 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,224 | €933 | -€4,291 | -82.1% |
| Other operating charges | 640/8 | €4,611 | €4,494 | -€117 | -2.5% |
| Gross operating margin | 9900 | €18,149 | €4,769 | -€13,381 | -73.7% |
| Operating profit (loss) | 9901 | €8,314 | -€658 | -€8,973 | |
| Financial income | 75/76B | €1,450 | €1,465 | +€15 | +1.0% |
| Recurring financial income | 75 | €1,450 | €1,465 | +€15 | +1.0% |
| Financial charges | 65/66B | €859 | €551 | -€308 | -35.9% |
| Recurring financial charges | 65 | €859 | €551 | -€308 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €8,905 | €256 | -€8,649 | -97.1% |
| Profit (loss) for the period | 9904 | €8,905 | €256 | -€8,649 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,905 | €256 | -€8,649 | -97.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.