Bulinco: 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.
Bulinco
Largest movements
- Current investments +€230,236
up €230,236 (+25.6%), from €900,000 to €1.1m
- Tangible fixed assets -€62,058
down €62,058 (-2.5%), from €2.5m to €2.4m
of which Land and buildings: -€106,793
- Cash -€57,935
down €57,935 (-62.3%), from €92,989 to €35,054
mainly Current investments (-€230,236) and Debts after one year (-€50,679)
- Reserves +€101,271
up €101,271 (+11.4%), from €886,491 to €987,762
of which Distributable reserves: +€102,330
- Other debts +€83,926
up €83,926 (+6.7%), from €1.3m to €1.3m
- Debts after one year -€50,679
down €50,679 (-24.7%), from €205,550 to €154,871
- Financial charges +€65,394
up €65,394 (+89.9%), from €72,776 to €138,170
- Financial income +€18,442
up €18,442 (+132.9%), from €13,878 to €32,320
- Taxes -€8,782
down €8,782 (-13.3%), from €65,954 to €57,172
- Gross operating margin +€7,653
up €7,653 (+1.9%), from €403,162 to €410,815
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 | €3,543,233 | €3,634,931 | +€91,697 | +2.6% |
| Fixed assets | 21/28 | €2,498,189 | €2,429,006 | -€69,183 | -2.8% |
| Tangible fixed assets | 22/27 | €2,488,689 | €2,426,631 | -€62,058 | -2.5% |
| Land and buildings | 22 | €2,485,675 | €2,378,882 | -€106,793 | -4.3% |
| Plant, machinery and equipment | 23 | - | €1,636 | +€1,636 | |
| Furniture and vehicles | 24 | €3,014 | €46,113 | +€43,099 | +1429.8% |
| Financial fixed assets | 28 | €9,500 | €2,375 | -€7,125 | -75.0% |
| Current assets | 29/58 | €1,045,044 | €1,205,924 | +€160,880 | +15.4% |
| Amounts receivable within one year | 40/41 | €47,382 | €12,899 | -€34,483 | -72.8% |
| Trade receivables | 40 | €28,591 | €3,588 | -€25,003 | -87.5% |
| Other amounts receivable | 41 | €18,791 | €9,311 | -€9,480 | -50.5% |
| Current investments | 50/53 | €900,000 | €1,130,236 | +€230,236 | +25.6% |
| Cash at bank and in hand | 54/58 | €92,989 | €35,054 | -€57,935 | -62.3% |
| Deferred charges and accrued income | 490/1 | €4,674 | €27,736 | +€23,062 | +493.5% |
| Total equity and liabilities | 10/49 | €3,543,233 | €3,634,931 | +€91,697 | +2.6% |
| Equity | 10/15 | €1,886,491 | €1,987,762 | +€101,271 | +5.4% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €886,491 | €987,762 | +€101,271 | +11.4% |
| Non-distributable reserves | 130/1 | €50,150 | €55,535 | +€5,386 | +10.7% |
| Legal reserve | 130 | €50,150 | €55,535 | +€5,386 | +10.7% |
| Tax-exempt reserves | 132 | €85,293 | €78,849 | -€6,445 | -7.6% |
| Distributable reserves | 133 | €751,048 | €853,379 | +€102,330 | +13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €43,920 | €40,601 | -€3,319 | -7.6% |
| Deferred taxes | 168 | €43,920 | €40,601 | -€3,319 | -7.6% |
| Amounts payable | 17/49 | €1,612,823 | €1,606,567 | -€6,255 | -0.4% |
| Amounts payable after more than one year | 17 | €205,550 | €154,871 | -€50,679 | -24.7% |
| Financial debts | 170/4 | €205,550 | €154,871 | -€50,679 | -24.7% |
| Amounts payable within one year | 42/48 | €1,379,397 | €1,423,099 | +€43,703 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €50,398 | €50,679 | +€280 | +0.6% |
| Trade debts | 44 | €2,536 | €1,825 | -€711 | -28.0% |
| Suppliers | 440/4 | €2,536 | €1,825 | -€711 | -28.0% |
| Advances received on contracts in progress | 46 | €31,299 | €0 | -€31,299 | -100.0% |
| Taxes, remuneration and social security | 45 | €40,737 | €32,243 | -€8,494 | -20.8% |
| Taxes | 450/3 | €40,737 | €32,243 | -€8,494 | -20.8% |
| Other amounts payable | 47/48 | €1,254,426 | €1,338,353 | +€83,926 | +6.7% |
| Accrued charges and deferred income | 492/3 | €27,876 | €28,597 | +€720 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,994 | €114,356 | -€1,638 | -1.4% |
| Other operating charges | 640/8 | €34,223 | €35,484 | +€1,261 | +3.7% |
| Gross operating margin | 9900 | €403,162 | €410,815 | +€7,653 | +1.9% |
| Operating profit (loss) | 9901 | €252,945 | €260,975 | +€8,030 | +3.2% |
| Financial income | 75/76B | €13,878 | €32,320 | +€18,442 | +132.9% |
| Recurring financial income | 75 | €13,878 | €32,320 | +€18,442 | +132.9% |
| Financial charges | 65/66B | €72,776 | €138,170 | +€65,394 | +89.9% |
| Recurring financial charges | 65 | €72,776 | €138,170 | +€65,394 | +89.9% |
| Profit (loss) for the period before taxes | 9903 | €194,047 | €155,125 | -€38,922 | -20.1% |
| Transfer from deferred taxes | 780 | €3,319 | €3,319 | = | 0.0% |
| Income taxes | 67/77 | €65,954 | €57,172 | -€8,782 | -13.3% |
| Profit (loss) for the period | 9904 | €131,411 | €101,271 | -€30,140 | -22.9% |
| Transfer from tax-exempt reserves | 789 | €6,445 | €6,445 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,856 | €107,716 | -€30,140 | -21.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.