Bulldog: 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.
Bulldog
Largest movements
- Cash -€100,370
down €100,370 (-62.5%), from €160,539 to €60,169
mainly Contributions, distributions and other (-€218,691)
- Receivables after one year -€5,681
down €5,681 (-19.2%), from €29,576 to €23,896
- Tangible fixed assets -€4,415
down €4,415 (-39.1%), from €11,297 to €6,882
- Profit (loss) carried forward -€146,646
down €146,646 (-69.8%), from €210,194 to €63,549
- Tax, wage and social debts +€35,550
up €35,550 (+545%), from €6,518 to €42,068
- Gross operating margin -€10,717
down €10,717 (-10.2%), from €105,156 to €94,439
- Taxes -€2,917
down €2,917 (-13.6%), from €21,442 to €18,524
- Financial income -€1,786
down €1,786 (-46.5%), from €3,844 to €2,058
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 | €218,991 | €108,190 | -€110,800 | -50.6% |
| Fixed assets | 21/28 | €11,297 | €6,882 | -€4,415 | -39.1% |
| Tangible fixed assets | 22/27 | €11,297 | €6,882 | -€4,415 | -39.1% |
| Plant, machinery and equipment | 23 | €5,332 | €3,173 | -€2,159 | -40.5% |
| Furniture and vehicles | 24 | €2,099 | €843 | -€1,257 | -59.9% |
| Other tangible fixed assets | 26 | €3,865 | €2,866 | -€999 | -25.9% |
| Current assets | 29/58 | €207,694 | €101,308 | -€106,385 | -51.2% |
| Amounts receivable after more than one year | 29 | €29,576 | €23,896 | -€5,681 | -19.2% |
| Other amounts receivable | 291 | €29,576 | €23,896 | -€5,681 | -19.2% |
| Amounts receivable within one year | 40/41 | €17,578 | €17,109 | -€469 | -2.7% |
| Trade receivables | 40 | €17,061 | €17,109 | +€48 | +0.3% |
| Other amounts receivable | 41 | €517 | €0 | -€517 | -100.0% |
| Cash at bank and in hand | 54/58 | €160,539 | €60,169 | -€100,370 | -62.5% |
| Deferred charges and accrued income | 490/1 | - | €134 | +€134 | |
| Total equity and liabilities | 10/49 | €218,991 | €108,190 | -€110,800 | -50.6% |
| Equity | 10/15 | €211,194 | €64,549 | -€146,646 | -69.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,194 | €63,549 | -€146,646 | -69.8% |
| Amounts payable | 17/49 | €7,797 | €43,642 | +€35,845 | +460% |
| Amounts payable within one year | 42/48 | €7,797 | €43,642 | +€35,845 | +460% |
| Trade debts | 44 | €1,112 | €1,574 | +€462 | +41.5% |
| Suppliers | 440/4 | €1,112 | €1,574 | +€462 | +41.5% |
| Taxes, remuneration and social security | 45 | €6,518 | €42,068 | +€35,550 | +545% |
| Taxes | 450/3 | €6,518 | €42,068 | +€35,550 | +545% |
| Other amounts payable | 47/48 | €166 | €0 | -€166 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,882 | €4,415 | +€533 | +13.7% |
| Other operating charges | 640/8 | €1,133 | €1,279 | +€146 | +12.9% |
| Gross operating margin | 9900 | €105,156 | €94,439 | -€10,717 | -10.2% |
| Operating profit (loss) | 9901 | €100,140 | €88,745 | -€11,395 | -11.4% |
| Financial income | 75/76B | €3,844 | €2,058 | -€1,786 | -46.5% |
| Recurring financial income | 75 | €3,844 | €2,058 | -€1,786 | -46.5% |
| Financial charges | 65/66B | €99 | €234 | +€135 | +136% |
| Recurring financial charges | 65 | €99 | €234 | +€135 | +136% |
| Profit (loss) for the period before taxes | 9903 | €103,885 | €90,569 | -€13,316 | -12.8% |
| Income taxes | 67/77 | €21,442 | €18,524 | -€2,917 | -13.6% |
| Profit (loss) for the period | 9904 | €82,443 | €72,045 | -€10,398 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,443 | €72,045 | -€10,398 | -12.6% |
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.