BULL: 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.
BULL
Largest movements
- Cash +€42,531
up €42,531 (+152%), from €28,023 to €70,554
mainly Trade debts (+€41,836) and Depreciation (+€20,585)
- Tangible fixed assets -€18,762
down €18,762 (-6.1%), from €306,216 to €287,454
- Deferred charges and accrued income +€13,396
up €13,396 (+2,228%), from €601 to €13,997
- Receivables within one year +€6,016
up €6,016 (+10.6%), from €56,958 to €62,974
of which Other amounts receivable: +€16,845
- Trade debts +€41,836
up €41,836 (+195%), from €21,485 to €63,321
- Debts after one year -€15,265
down €15,265 (-8.2%), from €185,766 to €170,501
- Reserves +€10,209
up €10,209 (+7.0%), from €146,597 to €156,806
- Tax, wage and social debts +€7,944
up €7,944 (+83.2%), from €9,545 to €17,488
of which Taxes: +€7,594
- Gross operating margin +€16,188
up €16,188 (+15.6%), from €103,645 to €119,833
- Taxes +€10,433
up €10,433 (+171%), from €6,112 to €16,544
- Other operating charges +€2,211
up €2,211 (+60.4%), from €3,659 to €5,870
- Depreciation -€1,819
down €1,819 (-8.1%), from €22,405 to €20,585
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 | €391,799 | €434,979 | +€43,181 | +11.0% |
| Fixed assets | 21/28 | €306,216 | €287,454 | -€18,762 | -6.1% |
| Tangible fixed assets | 22/27 | €306,216 | €287,454 | -€18,762 | -6.1% |
| Land and buildings | 22 | €271,217 | €262,084 | -€9,133 | -3.4% |
| Plant, machinery and equipment | 23 | €33,344 | €24,470 | -€8,874 | -26.6% |
| Furniture and vehicles | 24 | €455 | €0 | -€455 | -100% |
| Other tangible fixed assets | 26 | €1,200 | €900 | -€300 | -25.0% |
| Current assets | 29/58 | €85,583 | €147,525 | +€61,943 | +72.4% |
| Amounts receivable within one year | 40/41 | €56,958 | €62,974 | +€6,016 | +10.6% |
| Trade receivables | 40 | €47,676 | €36,848 | -€10,829 | -22.7% |
| Other amounts receivable | 41 | €9,282 | €26,126 | +€16,845 | +181% |
| Cash at bank and in hand | 54/58 | €28,023 | €70,554 | +€42,531 | +152% |
| Deferred charges and accrued income | 490/1 | €601 | €13,997 | +€13,396 | +2,228% |
| Total equity and liabilities | 10/49 | €391,799 | €434,979 | +€43,181 | +11.0% |
| Equity | 10/15 | €148,597 | €158,806 | +€10,209 | +6.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €146,597 | €156,806 | +€10,209 | +7.0% |
| Distributable reserves | 133 | €146,597 | €156,806 | +€10,209 | +7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €243,202 | €276,173 | +€32,971 | +13.6% |
| Amounts payable after more than one year | 17 | €185,766 | €170,501 | -€15,265 | -8.2% |
| Financial debts | 170/4 | €185,766 | €170,501 | -€15,265 | -8.2% |
| Amounts payable within one year | 42/48 | €57,436 | €105,672 | +€48,236 | +84.0% |
| Current portion of amounts payable after more than one year | 42 | €15,036 | €15,265 | +€229 | +1.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €21,485 | €63,321 | +€41,836 | +195% |
| Suppliers | 440/4 | €21,485 | €63,321 | +€41,836 | +195% |
| Taxes, remuneration and social security | 45 | €9,545 | €17,488 | +€7,944 | +83.2% |
| Taxes | 450/3 | €1,078 | €8,672 | +€7,594 | +704% |
| Remuneration and social security | 454/9 | €8,466 | €8,816 | +€349 | +4.1% |
| Other amounts payable | 47/48 | €11,370 | €9,598 | -€1,772 | -15.6% |
| Non-recurring operating income | 76A | - | €20,616 | +€20,616 | |
| Remuneration, social security and pensions | 62 | €56,796 | €56,807 | +€11 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,405 | €20,585 | -€1,819 | -8.1% |
| Other operating charges | 640/8 | €3,659 | €5,870 | +€2,211 | +60.4% |
| Gross operating margin | 9900 | €103,645 | €119,833 | +€16,188 | +15.6% |
| Operating profit (loss) | 9901 | €20,785 | €36,570 | +€15,785 | +75.9% |
| Financial income | 75/76B | €22 | €0 | -€22 | -100% |
| Recurring financial income | 75 | €22 | €0 | -€22 | -100% |
| Financial charges | 65/66B | €3,913 | €4,133 | +€220 | +5.6% |
| Recurring financial charges | 65 | €3,913 | €4,133 | +€220 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €16,894 | €32,438 | +€15,544 | +92.0% |
| Income taxes | 67/77 | €6,112 | €16,544 | +€10,433 | +171% |
| Profit (loss) for the period | 9904 | €10,782 | €15,893 | +€5,111 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,782 | €15,893 | +€5,111 | +47.4% |
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 22 October 2026 via checked.be.