BULL IMMO: 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 IMMO
Largest movements
- Receivables within one year +€150,661
new in 2025: €150,661
- Deferred charges and accrued income +€2,907
up €2,907 (+485%), from €600 to €3,507
- Tangible fixed assets -€2,868
down €2,868 (-7.7%), from €37,377 to €34,509
of which Land and buildings: -€2,868
- Debts after one year +€166,875
up €166,875 (+77.7%), from €214,746 to €381,621
- Profit (loss) carried forward -€30,047
down €30,047 (-15.0%), from -€200,900 to -€230,946
- Trade debts +€9,849
up €9,849 (+63.5%), from €15,500 to €25,349
- Other debts +€3,231
up €3,231, from €0 to €3,231
- Gross operating margin -€8,276
down €8,276 (-230%), from -€3,596 to -€11,873
- Financial charges +€2,777
up €2,777 (+28.7%), from €9,690 to €12,468
- Depreciation -€625
down €625 (-17.9%), from €3,493 to €2,868
- Other operating charges +€121
up €121 (+4.4%), from €2,718 to €2,838
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 | €39,726 | €189,873 | +€150,147 | +378% |
| Fixed assets | 21/28 | €37,377 | €34,509 | -€2,868 | -7.7% |
| Tangible fixed assets | 22/27 | €37,377 | €34,509 | -€2,868 | -7.7% |
| Land and buildings | 22 | €37,377 | €34,509 | -€2,868 | -7.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Current assets | 29/58 | €2,349 | €155,364 | +€153,015 | +6,514% |
| Amounts receivable within one year | 40/41 | - | €150,661 | +€150,661 | |
| Other amounts receivable | 41 | - | €150,661 | +€150,661 | |
| Cash at bank and in hand | 54/58 | €1,749 | €1,196 | -€553 | -31.6% |
| Deferred charges and accrued income | 490/1 | €600 | €3,507 | +€2,907 | +485% |
| Total equity and liabilities | 10/49 | €39,726 | €189,873 | +€150,147 | +378% |
| Equity | 10/15 | -€192,840 | -€222,886 | -€30,047 | -15.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€200,900 | -€230,946 | -€30,047 | -15.0% |
| Amounts payable | 17/49 | €232,566 | €412,760 | +€180,194 | +77.5% |
| Amounts payable after more than one year | 17 | €214,746 | €381,621 | +€166,875 | +77.7% |
| Other amounts payable | 178/9 | €214,746 | €381,621 | +€166,875 | +77.7% |
| Amounts payable within one year | 42/48 | €15,500 | €28,580 | +€13,080 | +84.4% |
| Trade debts | 44 | €15,500 | €25,349 | +€9,849 | +63.5% |
| Suppliers | 440/4 | €15,500 | €25,349 | +€9,849 | +63.5% |
| Other amounts payable | 47/48 | €0 | €3,231 | +€3,231 | |
| Accrued charges and deferred income | 492/3 | €2,320 | €2,559 | +€239 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,493 | €2,868 | -€625 | -17.9% |
| Other operating charges | 640/8 | €2,718 | €2,838 | +€121 | +4.4% |
| Gross operating margin | 9900 | -€3,596 | -€11,873 | -€8,276 | -230% |
| Operating profit (loss) | 9901 | -€9,807 | -€17,579 | -€7,772 | -79.3% |
| Financial charges | 65/66B | €9,690 | €12,468 | +€2,777 | +28.7% |
| Recurring financial charges | 65 | €9,690 | €12,468 | +€2,777 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,497 | -€30,047 | -€10,549 | -54.1% |
| Profit (loss) for the period | 9904 | -€19,497 | -€30,047 | -€10,549 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,497 | -€30,047 | -€10,549 | -54.1% |
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 16 October 2026 via checked.be.