BULLES: 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.
BULLES
Largest movements
- Tangible fixed assets -€130,624
down €130,624 (-5.0%), from €2.6m to €2.5m
of which Land and buildings: -€127,189
- Cash +€95,681
up €95,681 (+104%), from €91,755 to €187,435
mainly Depreciation (+€130,624) and Receivables within one year (+€14,819)
- Profit (loss) carried forward -€44,031
down €44,031 (-3.1%), from -€1.4m to -€1.5m
- Other operating charges +€12,023
up €12,023 (+87.0%), from €13,817 to €25,840
- Gross operating margin +€9,452
up €9,452 (+9.2%), from €103,127 to €112,579
- Depreciation +€3,290
up €3,290 (+2.6%), from €127,334 to €130,624
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 | €2,798,749 | €2,749,988 | -€48,761 | -1.7% |
| Fixed assets | 21/28 | €2,608,650 | €2,478,026 | -€130,624 | -5.0% |
| Tangible fixed assets | 22/27 | €2,608,100 | €2,477,476 | -€130,624 | -5.0% |
| Land and buildings | 22 | €2,594,437 | €2,467,248 | -€127,189 | -4.9% |
| Plant, machinery and equipment | 23 | €12,163 | €9,149 | -€3,014 | -24.8% |
| Furniture and vehicles | 24 | €1,499 | €1,079 | -€420 | -28.0% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €190,100 | €271,962 | +€81,862 | +43.1% |
| Amounts receivable within one year | 40/41 | €98,345 | €83,527 | -€14,819 | -15.1% |
| Trade receivables | 40 | €36,560 | €36,375 | -€185 | -0.5% |
| Other amounts receivable | 41 | €61,786 | €47,152 | -€14,634 | -23.7% |
| Cash at bank and in hand | 54/58 | €91,755 | €187,435 | +€95,681 | +104% |
| Deferred charges and accrued income | 490/1 | - | €1,000 | +€1,000 | |
| Total equity and liabilities | 10/49 | €2,798,749 | €2,749,988 | -€48,761 | -1.7% |
| Equity | 10/15 | €1,577,483 | €1,533,452 | -€44,031 | -2.8% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,422,517 | -€1,466,548 | -€44,031 | -3.1% |
| Amounts payable | 17/49 | €1,221,266 | €1,216,536 | -€4,730 | -0.4% |
| Amounts payable after more than one year | 17 | €3,750 | €3,750 | = | 0.0% |
| Other amounts payable | 178/9 | €3,750 | €3,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,211,358 | €1,207,792 | -€3,566 | -0.3% |
| Trade debts | 44 | €3,651 | €85 | -€3,566 | -97.7% |
| Suppliers | 440/4 | €3,651 | €85 | -€3,566 | -97.7% |
| Other amounts payable | 47/48 | €1,207,707 | €1,207,707 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,158 | €4,994 | -€1,164 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,334 | €130,624 | +€3,290 | +2.6% |
| Other operating charges | 640/8 | €13,817 | €25,840 | +€12,023 | +87.0% |
| Gross operating margin | 9900 | €103,127 | €112,579 | +€9,452 | +9.2% |
| Operating profit (loss) | 9901 | -€38,025 | -€43,885 | -€5,860 | -15.4% |
| Financial income | 75/76B | €7 | €18 | +€11 | +151% |
| Recurring financial income | 75 | €7 | €18 | +€11 | +151% |
| Financial charges | 65/66B | €45 | €164 | +€119 | +264% |
| Recurring financial charges | 65 | €45 | €164 | +€119 | +264% |
| Profit (loss) for the period before taxes | 9903 | -€38,062 | -€44,031 | -€5,969 | -15.7% |
| Profit (loss) for the period | 9904 | -€38,062 | -€44,031 | -€5,969 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,062 | -€44,031 | -€5,969 | -15.7% |
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 27 October 2026 via checked.be.