BULLIE: what changed
What changed
BULLIE
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · -€928,947+€4.9m
Equity
€13.2m
2024 · €8.7m+€4.5m
Cash
€5.7m
2024 · €931,903+€4.8m
Balance sheet total
€88.8m
2024 · €46.8m+€42.0m
Largest movements
Assets
- Receivables within one year +€25.7m
up €25.7m (+543%), from €4.7m to €30.5m
of which Trade receivables: +€26.2m
- Fixed assets +€10.4m
up €10.4m (+25.5%), from €40.8m to €51.2m
of which Tangible fixed assets: +€13.7m
- Cash +€4.8m
up €4.8m (+513%), from €931,903 to €5.7m
mainly Trade debts (+€22.8m) and Debts after one year (+€10.9m)
Equity and liabilities
- Trade debts +€22.8m
up €22.8m (+7,202%), from €315,950 to €23.1m
- Debts after one year +€10.9m
up €10.9m (+42.5%), from €25.6m to €36.4m
- Current portion of long-term debt +€7.6m
up €7.6m (+201%), from €3.8m to €11.4m
- Other debts -€4.6m
down €4.6m (-89.0%), from €5.2m to €571,000
- Equity +€4.5m
up €4.5m (+52.0%), from €8.7m to €13.2m
Income statement
- Turnover +€171.2m
up €171.2m (+8,160%), from €2.1m to €173.3m
- Goods and materials +€110.2m
new in 2025: €110.2m
- Services and other goods +€35.6m
up €35.6m (+3,149%), from €1.1m to €36.8m
- Staff costs +€9.0m
up €9.0m (+2,411%), from €371,784 to €9.3m
- Financial charges +€5.3m
up €5.3m (+292%), from €1.8m to €7.1m
of which Financial charges: +€5.2m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€928,947
Turnover
+€171.2m
Other operating income
+€676,983
Goods and materials
-€110.2m
Services and other goods
-€35.6m
Staff costs
-€9.0m
Depreciation
-€3.2m
Write-downs
-€19,000
Other operating charges
-€461,601
Other operating items
+€70,000
Financial income
-€277,396
Financial charges
-€5.3m
Other financial items
+€257,000
Taxes
-€3.1m
Deferred taxes and other
+€6,000
Result 2025
€4.0m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.0m
Investment
-€13.7m
Financing
+€16.5m
Cash 2024
€931,903
From operations (derived)
+€2.0m
Net result for the year
+€4.0m
Depreciation
+€3.2m
Receivables after one year
-€350,000
Receivables within one year
-€25.7m
Deferred charges and accrued income
-€689,883
Provisions
+€520,000
Trade debts
+€22.8m
Tax, wage and social debts
+€2.8m
Advances received
+€109,000
Other debts
-€4.6m
Accrued charges and deferred income
-€71,293
Investment (derived)
-€13.7m
Investment in fixed assets (net)
-€13.7m
Financing
+€16.5m
Debts after one year
+€10.9m
Current portion of long-term debt
+€7.6m
Short-term financial debts
-€2.5m
Contributions, distributions and other
+€500,146
Cash 2025
€5.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,800,483 | €88,766,000 | +€42.0m | +89.7% |
| Fixed assets | 21/28 | €40,799,305 | €51,218,000 | +€10.4m | +25.5% |
| Intangible fixed assets | 21 | - | €3,392,000 | +€3.4m | |
| Tangible fixed assets | 22/27 | €998 | €13,710,000 | +€13.7m | +1,373,882% |
| Land and buildings | 22 | - | €9,643,000 | +€9.6m | |
| Plant, machinery and equipment | 23 | €998 | €824,000 | +€823,002 | +82,479% |
| Furniture and vehicles | 24 | - | €1,215,000 | +€1.2m | |
| Other tangible fixed assets | 26 | - | €2,028,000 | +€2.0m | |
| Financial fixed assets | 28 | €40,798,308 | €643,000 | -€40.2m | -98.4% |
| Affiliated companies | 280/1 | €40,798,208 | - | -€40.8m | |
| Participating interests | 280 | €39,190,000 | - | -€39.2m | |
| Amounts receivable | 281 | €1,608,208 | - | -€1.6m | |
| Other financial fixed assets | 284/8 | €100 | €643,000 | +€642,900 | +642,900% |
| Shares | 284 | - | €27,000 | +€27,000 | |
| Amounts receivable and cash guarantees | 285/8 | €100 | €616,000 | +€615,900 | +615,900% |
| Current assets | 29/58 | €6,001,177 | €37,548,000 | +€31.5m | +526% |
| Amounts receivable after more than one year | 29 | - | €350,000 | +€350,000 | |
| Other amounts receivable | 291 | - | €350,000 | +€350,000 | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €4,741,157 | €30,466,000 | +€25.7m | +543% |
| Trade receivables | 40 | €599,772 | €26,770,000 | +€26.2m | +4,363% |
| Other amounts receivable | 41 | €4,141,385 | €3,696,000 | -€445,385 | -10.8% |
| Cash at bank and in hand | 54/58 | €931,903 | €5,714,000 | +€4.8m | +513% |
| Deferred charges and accrued income | 490/1 | €328,117 | €1,018,000 | +€689,883 | +210% |
| Total equity and liabilities | 10/49 | €46,800,483 | €88,766,000 | +€42.0m | +89.7% |
| Equity | 10/15 | €8,689,855 | €13,211,000 | +€4.5m | +52.0% |
| Contributions | 10/11 | €9,595,000 | €10,870,000 | +€1.3m | +13.3% |
| Capital | 10 | - | €1,275,000 | +€1.3m | |
| Issued capital | 100 | - | €1,275,000 | +€1.3m | |
| Contributions outside capital | 11 | - | €9,595,000 | +€9.6m | |
| Share premium | 1100/10 | - | €9,595,000 | +€9.6m | |
| Profit (loss) carried forward | 14 | -€905,146 | - | +€905,146 | |
| Provisions and deferred taxes | 16 | - | €520,000 | +€520,000 | |
| Provisions for liabilities and charges | 160/5 | - | €417,000 | +€417,000 | |
| Other liabilities and charges | 164/5 | - | €417,000 | +€417,000 | |
| Deferred taxes | 168 | - | €103,000 | +€103,000 | |
| Amounts payable | 17/49 | €38,110,628 | €75,035,000 | +€36.9m | +96.9% |
| Amounts payable after more than one year | 17 | €25,567,857 | €36,423,000 | +€10.9m | +42.5% |
| Financial debts | 170/4 | €25,567,857 | €36,423,000 | +€10.9m | +42.5% |
| Subordinated loans | 170 | €12,175,000 | €9,175,000 | -€3.0m | -24.6% |
| Credit institutions | 173 | €13,392,857 | €23,022,000 | +€9.6m | +71.9% |
| Other loans | 174 | €0 | €4,226,000 | +€4.2m | |
| Amounts payable within one year | 42/48 | €11,857,478 | €37,998,000 | +€26.1m | +220% |
| Current portion of amounts payable after more than one year | 42 | €3,783,430 | €11,394,000 | +€7.6m | +201% |
| Financial debts | 43 | €2,500,000 | - | -€2.5m | |
| Other loans | 439 | €2,500,000 | - | -€2.5m | |
| Trade debts | 44 | €315,950 | €23,072,000 | +€22.8m | +7,202% |
| Suppliers | 440/4 | €315,950 | €23,072,000 | +€22.8m | +7,202% |
| Advances received on contracts in progress | 46 | - | €109,000 | +€109,000 | |
| Taxes, remuneration and social security | 45 | €60,098 | €2,852,000 | +€2.8m | +4,646% |
| Taxes | 450/3 | €32,116 | €1,718,000 | +€1.7m | +5,249% |
| Remuneration and social security | 454/9 | €27,982 | €1,134,000 | +€1.1m | +3,953% |
| Other amounts payable | 47/48 | €5,198,000 | €571,000 | -€4.6m | -89.0% |
| Accrued charges and deferred income | 492/3 | €685,293 | €614,000 | -€71,293 | -10.4% |
| Operating income | 70/76A | €2,131,925 | €174,090,000 | +€172.0m | +8,066% |
| Turnover | 70 | €2,097,908 | €173,288,000 | +€171.2m | +8,160% |
| Other operating income | 74 | €34,017 | €711,000 | +€676,983 | +1,990% |
| Non-recurring operating income | 76A | - | €91,000 | +€91,000 | |
| Operating charges | 60/66A | €1,513,366 | €160,100,000 | +€158.6m | +10,479% |
| Goods for resale, raw materials and consumables | 60 | - | €110,240,000 | +€110.2m | |
| Change in stocks: decrease (increase) | 609 | - | €301,000 | +€301,000 | |
| Services and other goods | 61 | €1,132,051 | €36,777,000 | +€35.6m | +3,149% |
| Remuneration, social security and pensions | 62 | €371,784 | €9,337,000 | +€9.0m | +2,411% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132 | €3,235,000 | +€3.2m | +2,449,173% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,000 | +€19,000 | |
| Other operating charges | 640/8 | €9,399 | €471,000 | +€461,601 | +4,911% |
| Non-recurring operating charges | 66A | - | €21,000 | +€21,000 | |
| Operating profit (loss) | 9901 | €618,559 | €13,990,000 | +€13.4m | +2,162% |
| Financial income | 75/76B | €277,396 | - | -€277,396 | |
| Recurring financial income | 75 | €277,396 | €257,000 | -€20,396 | -7.4% |
| Income from financial fixed assets | 750 | - | €43,000 | +€43,000 | |
| Income from current assets | 751 | €274,654 | €156,000 | -€118,654 | -43.2% |
| Other financial income | 752/9 | €2,742 | €58,000 | +€55,258 | +2,015% |
| Financial charges | 65/66B | €1,824,902 | €7,147,000 | +€5.3m | +292% |
| Recurring financial charges | 65 | €1,824,902 | €7,067,000 | +€5.2m | +287% |
| Debt charges | 650 | €1,821,168 | €2,478,000 | +€656,832 | +36.1% |
| Other financial charges | 652/9 | €3,734 | €183,000 | +€179,266 | +4,800% |
| Non-recurring financial charges | 66B | - | €80,000 | +€80,000 | |
| Profit (loss) for the period before taxes | 9903 | -€928,947 | €7,100,000 | +€8.0m | |
| Transfer from deferred taxes | 780 | - | €6,000 | +€6,000 | |
| Income taxes | 67/77 | €0 | €3,085,000 | +€3.1m | |
| Taxes | 670/3 | €0 | €3,085,000 | +€3.1m | |
| Profit (loss) for the period | 9904 | -€928,947 | €4,021,000 | +€4.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€928,947 | - | +€928,947 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.