Bull Logistic Solutions: 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 Logistic Solutions
Largest movements
- Receivables within one year +€52,836
up €52,836 (+43.5%), from €121,405 to €174,240
of which Trade receivables: +€51,031
- Tangible fixed assets -€33,914
down €33,914 (-27.2%), from €124,494 to €90,580
of which Furniture and vehicles: -€33,383
- Reserves +€177,034
up €177,034 (+9,518%), from €1,860 to €178,894
of which Distributable reserves: +€177,034
- Profit (loss) carried forward -€150,159
no longer reported in 2025 (was €150,159)
- Debts after one year -€26,877
down €26,877 (-36.3%), from €74,130 to €47,253
- Tax, wage and social debts +€18,720
up €18,720 (+75.9%), from €24,655 to €43,376
- Gross operating margin +€32,917
up €32,917 (+77.1%), from €42,684 to €75,601
- Taxes +€6,010
up €6,010 (+245%), from €2,456 to €8,467
- Other operating charges +€2,674
up €2,674 (+278%), from €963 to €3,637
- Financial charges -€1,315
down €1,315 (-20.6%), from €6,376 to €5,060
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 | €345,278 | €363,254 | +€17,976 | +5.2% |
| Fixed assets | 21/28 | €124,494 | €90,580 | -€33,914 | -27.2% |
| Tangible fixed assets | 22/27 | €124,494 | €90,580 | -€33,914 | -27.2% |
| Plant, machinery and equipment | 23 | €656 | €125 | -€531 | -80.9% |
| Furniture and vehicles | 24 | €116,338 | €82,955 | -€33,383 | -28.7% |
| Other tangible fixed assets | 26 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €220,784 | €272,674 | +€51,889 | +23.5% |
| Amounts receivable after more than one year | 29 | €89,977 | €89,977 | = | 0.0% |
| Other amounts receivable | 291 | €89,977 | €89,977 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €121,405 | €174,240 | +€52,836 | +43.5% |
| Trade receivables | 40 | €108,036 | €159,067 | +€51,031 | +47.2% |
| Other amounts receivable | 41 | €13,369 | €15,174 | +€1,805 | +13.5% |
| Cash at bank and in hand | 54/58 | €6,200 | €6,631 | +€432 | +7.0% |
| Deferred charges and accrued income | 490/1 | €3,204 | €1,826 | -€1,378 | -43.0% |
| Total equity and liabilities | 10/49 | €345,278 | €363,254 | +€17,976 | +5.2% |
| Equity | 10/15 | €164,419 | €191,294 | +€26,876 | +16.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €178,894 | +€177,034 | +9,518% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €177,034 | +€177,034 | |
| Profit (loss) carried forward | 14 | €150,159 | - | -€150,159 | |
| Amounts payable | 17/49 | €180,859 | €171,959 | -€8,900 | -4.9% |
| Amounts payable after more than one year | 17 | €74,130 | €47,253 | -€26,877 | -36.3% |
| Financial debts | 170/4 | €74,130 | €47,253 | -€26,877 | -36.3% |
| Amounts payable within one year | 42/48 | €106,729 | €122,535 | +€15,806 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €27,929 | €26,877 | -€1,052 | -3.8% |
| Financial debts | 43 | €4,000 | €4,055 | +€55 | +1.4% |
| Credit institutions | 430/8 | €4,000 | €4,055 | +€55 | +1.4% |
| Trade debts | 44 | €3,947 | €1,260 | -€2,688 | -68.1% |
| Suppliers | 440/4 | €3,947 | €1,260 | -€2,688 | -68.1% |
| Taxes, remuneration and social security | 45 | €24,655 | €43,376 | +€18,720 | +75.9% |
| Taxes | 450/3 | €24,655 | €43,376 | +€18,720 | +75.9% |
| Other amounts payable | 47/48 | €46,198 | €46,968 | +€771 | +1.7% |
| Accrued charges and deferred income | 492/3 | - | €2,171 | +€2,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,428 | €33,914 | -€515 | -1.5% |
| Other operating charges | 640/8 | €963 | €3,637 | +€2,674 | +278% |
| Gross operating margin | 9900 | €42,684 | €75,601 | +€32,917 | +77.1% |
| Operating profit (loss) | 9901 | €7,293 | €38,050 | +€30,757 | +422% |
| Financial income | 75/76B | €2,352 | €2,352 | +€0 | 0.0% |
| Recurring financial income | 75 | €2,352 | €2,352 | +€0 | 0.0% |
| Financial charges | 65/66B | €6,376 | €5,060 | -€1,315 | -20.6% |
| Recurring financial charges | 65 | €6,376 | €5,060 | -€1,315 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €3,269 | €35,342 | +€32,073 | +981% |
| Income taxes | 67/77 | €2,456 | €8,467 | +€6,010 | +245% |
| Profit (loss) for the period | 9904 | €813 | €26,876 | +€26,063 | +3,206% |
| Profit (loss) for the period to be appropriated | 9905 | €813 | €26,876 | +€26,063 | +3,206% |
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 26 October 2026 via checked.be.