Bulima: 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.
Bulima
Largest movements
- Tangible fixed assets +€2.6m
up €2.6m (+222%), from €1.2m to €3.8m
of which Land and buildings: +€2.6m
- Cash -€1.5m
down €1.5m (-98.1%), from €1.5m to €27,945
mainly Investment in fixed assets (net) (-€3.1m) and Net result for the year (-€219,113)
- Current investments -€99,667
down €99,667 (-75.5%), from €132,042 to €32,375
- Debts after one year +€1.3m
new in 2025: €1.3m
- Profit (loss) carried forward -€188,275
new in 2025: -€188,275
- Depreciation +€311,426
up €311,426 (+343%), from €90,714 to €402,140
- Financial income +€88,745
up €88,745 (+391%), from €22,679 to €111,424
- Gross operating margin +€55,039
up €55,039 (+203%), from €27,067 to €82,105
- Taxes -€12,048
no longer reported in 2025 (was €12,048)
- Financial charges +€7,352
up €7,352 (+1,018%), from €722 to €8,075
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 | €2,857,873 | €3,935,556 | +€1.1m | +37.7% |
| Fixed assets | 21/28 | €1,195,896 | €3,844,492 | +€2.6m | +221% |
| Tangible fixed assets | 22/27 | €1,192,614 | €3,841,210 | +€2.6m | +222% |
| Land and buildings | 22 | €1,192,614 | €3,840,874 | +€2.6m | +222% |
| Furniture and vehicles | 24 | - | €336 | +€336 | |
| Financial fixed assets | 28 | €3,282 | €3,282 | = | 0.0% |
| Current assets | 29/58 | €1,661,977 | €91,065 | -€1.6m | -94.5% |
| Amounts receivable within one year | 40/41 | €27,583 | €30,377 | +€2,794 | +10.1% |
| Trade receivables | 40 | €12,466 | €13,737 | +€1,271 | +10.2% |
| Other amounts receivable | 41 | €15,118 | €16,640 | +€1,522 | +10.1% |
| Current investments | 50/53 | €132,042 | €32,375 | -€99,667 | -75.5% |
| Cash at bank and in hand | 54/58 | €1,501,504 | €27,945 | -€1.5m | -98.1% |
| Deferred charges and accrued income | 490/1 | €847 | €368 | -€479 | -56.6% |
| Total equity and liabilities | 10/49 | €2,857,873 | €3,935,556 | +€1.1m | +37.7% |
| Equity | 10/15 | €2,015,085 | €1,795,973 | -€219,113 | -10.9% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €1,845,085 | €1,814,248 | -€30,837 | -1.7% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Legal reserve | 130 | €17,000 | €17,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,605,548 | €1,574,711 | -€30,837 | -1.9% |
| Distributable reserves | 133 | €222,537 | €222,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€188,275 | -€188,275 | |
| Provisions and deferred taxes | 16 | €535,183 | €524,904 | -€10,279 | -1.9% |
| Deferred taxes | 168 | €535,183 | €524,904 | -€10,279 | -1.9% |
| Amounts payable | 17/49 | €307,605 | €1,614,680 | +€1.3m | +425% |
| Amounts payable after more than one year | 17 | - | €1,300,000 | +€1.3m | |
| Financial debts | 170/4 | - | €1,300,000 | +€1.3m | |
| Amounts payable within one year | 42/48 | €302,281 | €310,532 | +€8,250 | +2.7% |
| Trade debts | 44 | €8,910 | €10,410 | +€1,500 | +16.8% |
| Suppliers | 440/4 | €8,910 | €10,410 | +€1,500 | +16.8% |
| Advances received on contracts in progress | 46 | €5,371 | €5,371 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €2,025 | +€2,025 | |
| Taxes | 450/3 | - | €2,025 | +€2,025 | |
| Other amounts payable | 47/48 | €288,000 | €292,725 | +€4,725 | +1.6% |
| Accrued charges and deferred income | 492/3 | €5,323 | €4,148 | -€1,175 | -22.1% |
| Non-recurring operating income | 76A | - | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,714 | €402,140 | +€311,426 | +343% |
| Other operating charges | 640/8 | €8,948 | €12,707 | +€3,759 | +42.0% |
| Gross operating margin | 9900 | €27,067 | €82,105 | +€55,039 | +203% |
| Operating profit (loss) | 9901 | -€72,595 | -€332,741 | -€260,147 | -358% |
| Financial income | 75/76B | €22,679 | €111,424 | +€88,745 | +391% |
| Recurring financial income | 75 | €22,679 | €111,424 | +€88,745 | +391% |
| Financial charges | 65/66B | €722 | €8,075 | +€7,352 | +1,018% |
| Recurring financial charges | 65 | €722 | €8,075 | +€7,352 | +1,018% |
| Profit (loss) for the period before taxes | 9903 | -€50,638 | -€229,392 | -€178,754 | -353% |
| Transfer from deferred taxes | 780 | €25,651 | €10,279 | -€15,372 | -59.9% |
| Income taxes | 67/77 | €12,048 | - | -€12,048 | |
| Profit (loss) for the period | 9904 | -€37,036 | -€219,113 | -€182,077 | -492% |
| Transfer from tax-exempt reserves | 789 | €76,952 | €30,837 | -€46,115 | -59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,916 | -€188,275 | -€228,192 |
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 18 October 2026 via checked.be.