BULL-TEC: 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-TEC
Largest movements
- Tangible fixed assets -€19,664
down €19,664 (-34.4%), from €57,105 to €37,441
of which Furniture and vehicles: -€18,837
- Cash +€12,077
up €12,077 (+37.5%), from €32,231 to €44,308
mainly Depreciation (+€28,443) and Net result for the year (+€27,929)
- Receivables within one year +€9,139
up €9,139 (+24.8%), from €36,829 to €45,968
of which Trade receivables: +€8,253
- Profit (loss) carried forward +€27,929
up €27,929 (+68.3%), from €40,869 to €68,798
- Other debts -€25,019
down €25,019 (-56.7%), from €44,095 to €19,076
- Trade debts -€2,535
down €2,535 (-50.5%), from €5,021 to €2,486
- Gross operating margin +€13,394
up €13,394 (+24.5%), from €54,708 to €68,102
- Taxes +€3,144
up €3,144 (+39.9%), from €7,887 to €11,030
- Depreciation +€1,535
up €1,535 (+5.7%), from €26,908 to €28,443
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 | €132,973 | €134,133 | +€1,160 | +0.9% |
| Fixed assets | 21/28 | €59,605 | €39,941 | -€19,664 | -33.0% |
| Tangible fixed assets | 22/27 | €57,105 | €37,441 | -€19,664 | -34.4% |
| Land and buildings | 22 | €2,475 | €2,117 | -€358 | -14.5% |
| Plant, machinery and equipment | 23 | €1,351 | €882 | -€469 | -34.7% |
| Furniture and vehicles | 24 | €53,279 | €34,442 | -€18,837 | -35.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €73,368 | €94,192 | +€20,824 | +28.4% |
| Stocks and contracts in progress | 3 | €1,749 | €1,749 | = | 0.0% |
| Stocks | 30/36 | €1,749 | €1,749 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,829 | €45,968 | +€9,139 | +24.8% |
| Trade receivables | 40 | €3,595 | €11,848 | +€8,253 | +230% |
| Other amounts receivable | 41 | €33,234 | €34,121 | +€887 | +2.7% |
| Cash at bank and in hand | 54/58 | €32,231 | €44,308 | +€12,077 | +37.5% |
| Deferred charges and accrued income | 490/1 | €2,560 | €2,167 | -€392 | -15.3% |
| Total equity and liabilities | 10/49 | €132,973 | €134,133 | +€1,160 | +0.9% |
| Equity | 10/15 | €76,098 | €104,027 | +€27,929 | +36.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,229 | €30,229 | = | 0.0% |
| Distributable reserves | 133 | €30,229 | €30,229 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,869 | €68,798 | +€27,929 | +68.3% |
| Amounts payable | 17/49 | €56,875 | €30,106 | -€26,768 | -47.1% |
| Amounts payable within one year | 42/48 | €56,875 | €30,106 | -€26,768 | -47.1% |
| Trade debts | 44 | €5,021 | €2,486 | -€2,535 | -50.5% |
| Suppliers | 440/4 | €5,021 | €2,486 | -€2,535 | -50.5% |
| Taxes, remuneration and social security | 45 | €7,758 | €8,544 | +€786 | +10.1% |
| Taxes | 450/3 | €7,758 | €8,544 | +€786 | +10.1% |
| Other amounts payable | 47/48 | €44,095 | €19,076 | -€25,019 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,908 | €28,443 | +€1,535 | +5.7% |
| Other operating charges | 640/8 | €704 | €535 | -€169 | -24.1% |
| Non-recurring operating charges | 66A | €719 | - | -€719 | |
| Gross operating margin | 9900 | €54,708 | €68,102 | +€13,394 | +24.5% |
| Operating profit (loss) | 9901 | €26,377 | €39,124 | +€12,747 | +48.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €137 | €165 | +€29 | +21.1% |
| Recurring financial charges | 65 | €137 | €165 | +€29 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €26,240 | €38,959 | +€12,718 | +48.5% |
| Income taxes | 67/77 | €7,887 | €11,030 | +€3,144 | +39.9% |
| Profit (loss) for the period | 9904 | €18,354 | €27,929 | +€9,575 | +52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,354 | €27,929 | +€9,575 | +52.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.