BULINVEST: 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.
BULINVEST
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+56.5%), from €1.8m to €2.9m
- Tangible fixed assets -€44,818
down €44,818 (-3.6%), from €1.2m to €1.2m
of which Land and buildings: -€54,065
- Debts after one year +€506,947
up €506,947 (+31.4%), from €1.6m to €2.1m
- Profit (loss) carried forward +€190,509
up €190,509 (+81.0%), from -€235,207 to -€44,697
- Other debts +€177,968
up €177,968 (+37.5%), from €474,445 to €652,414
- Short-term financial debts +€80,000
up €80,000 (+7.2%), from €1.1m to €1.2m
- Gross operating margin +€227,914
up €227,914 (+165.6%), from €137,644 to €365,559
- Taxes +€28,232
new in 2025: €28,232
- Financial charges +€18,530
up €18,530 (+35.4%), from €52,289 to €70,819
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 | €3,100,332 | €4,089,396 | +€989,064 | +31.9% |
| Fixed assets | 21/28 | €1,233,550 | €1,185,631 | -€47,918 | -3.9% |
| Tangible fixed assets | 22/27 | €1,228,450 | €1,183,631 | -€44,818 | -3.6% |
| Land and buildings | 22 | €1,225,737 | €1,171,672 | -€54,065 | -4.4% |
| Furniture and vehicles | 24 | €2,713 | €11,959 | +€9,246 | +340.8% |
| Financial fixed assets | 28 | €5,100 | €2,000 | -€3,100 | -60.8% |
| Current assets | 29/58 | €1,866,782 | €2,903,765 | +€1.0m | +55.5% |
| Stocks and contracts in progress | 3 | €1,834,387 | €2,871,359 | +€1.0m | +56.5% |
| Stocks | 30/36 | €1,834,387 | €2,871,359 | +€1.0m | +56.5% |
| Amounts receivable within one year | 40/41 | €2,500 | - | -€2,500 | |
| Trade receivables | 40 | €2,500 | - | -€2,500 | |
| Cash at bank and in hand | 54/58 | €26,270 | €29,054 | +€2,784 | +10.6% |
| Deferred charges and accrued income | 490/1 | €3,625 | €3,352 | -€273 | -7.5% |
| Total equity and liabilities | 10/49 | €3,100,332 | €4,089,396 | +€989,064 | +31.9% |
| Equity | 10/15 | -€216,657 | -€26,147 | +€190,509 | +87.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€235,207 | -€44,697 | +€190,509 | +81.0% |
| Amounts payable | 17/49 | €3,316,988 | €4,115,543 | +€798,555 | +24.1% |
| Amounts payable after more than one year | 17 | €1,615,593 | €2,122,540 | +€506,947 | +31.4% |
| Financial debts | 170/4 | €1,615,593 | €2,122,540 | +€506,947 | +31.4% |
| Amounts payable within one year | 42/48 | €1,686,282 | €1,976,997 | +€290,714 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €85,514 | €87,053 | +€1,539 | +1.8% |
| Financial debts | 43 | €1,105,000 | €1,185,000 | +€80,000 | +7.2% |
| Credit institutions | 430/8 | €1,105,000 | €1,185,000 | +€80,000 | +7.2% |
| Trade debts | 44 | €21,323 | €24,298 | +€2,975 | +13.9% |
| Suppliers | 440/4 | €21,323 | €24,298 | +€2,975 | +13.9% |
| Taxes, remuneration and social security | 45 | - | €28,232 | +€28,232 | |
| Taxes | 450/3 | - | €28,232 | +€28,232 | |
| Other amounts payable | 47/48 | €474,445 | €652,414 | +€177,968 | +37.5% |
| Accrued charges and deferred income | 492/3 | €15,113 | €16,007 | +€893 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,182 | €58,405 | +€224 | +0.4% |
| Other operating charges | 640/8 | €14,132 | €17,596 | +€3,464 | +24.5% |
| Gross operating margin | 9900 | €137,644 | €365,559 | +€227,914 | +165.6% |
| Operating profit (loss) | 9901 | €65,331 | €289,557 | +€224,226 | +343.2% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €52,289 | €70,819 | +€18,530 | +35.4% |
| Recurring financial charges | 65 | €52,289 | €70,819 | +€18,530 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €13,042 | €218,742 | +€205,699 | +1577.2% |
| Income taxes | 67/77 | - | €28,232 | +€28,232 | |
| Profit (loss) for the period | 9904 | €13,042 | €190,509 | +€177,467 | +1360.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,042 | €190,509 | +€177,467 | +1360.7% |
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 1 October 2026 via checked.be.