BULLINGER: 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.
BULLINGER
Largest movements
- Receivables within one year +€5,989
up €5,989 (+432%), from €1,388 to €7,377
of which Trade receivables: +€6,475
- Tangible fixed assets -€580
down €580 (-39.9%), from €1,454 to €874
of which Furniture and vehicles: -€494
- Cash +€452
up €452 (+201%), from €225 to €677
mainly Net result for the year (+€228,122) and Other debts (+€26,801)
- Deferred charges and accrued income -€247
down €247 (-64.8%), from €381 to €134
- Profit (loss) carried forward +€228,122
up €228,122 (+5.4%), from -€4.2m to -€4.0m
- Trade debts -€126,766
down €126,766 (-95.5%), from €132,803 to €6,037
- Debts after one year -€84,733
down €84,733 (-33.1%), from €255,900 to €171,167
- Current portion of long-term debt -€31,089
down €31,089 (-100%), from €31,089 to €0
- Other debts +€26,801
up €26,801 (+538%), from €4,986 to €31,786
- Gross operating margin -€116,534
down €116,534 (-33.5%), from €347,510 to €230,976
- Financial charges -€12,280
down €12,280 (-98.5%), from €12,469 to €189
- Staff costs -€9,779
down €9,779 (-100%), from €9,779 to €0
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 | €3,523 | €9,062 | +€5,540 | +157% |
| Fixed assets | 21/28 | €1,529 | €874 | -€654 | -42.8% |
| Tangible fixed assets | 22/27 | €1,454 | €874 | -€580 | -39.9% |
| Plant, machinery and equipment | 23 | €86 | €0 | -€86 | -100% |
| Furniture and vehicles | 24 | €1,368 | €874 | -€494 | -36.1% |
| Financial fixed assets | 28 | €74 | €0 | -€74 | -100% |
| Current assets | 29/58 | €1,994 | €8,188 | +€6,194 | +311% |
| Amounts receivable within one year | 40/41 | €1,388 | €7,377 | +€5,989 | +432% |
| Trade receivables | 40 | - | €6,475 | +€6,475 | |
| Other amounts receivable | 41 | €1,388 | €902 | -€485 | -35.0% |
| Cash at bank and in hand | 54/58 | €225 | €677 | +€452 | +201% |
| Deferred charges and accrued income | 490/1 | €381 | €134 | -€247 | -64.8% |
| Total equity and liabilities | 10/49 | €3,523 | €9,062 | +€5,540 | +157% |
| Equity | 10/15 | -€428,359 | -€200,237 | +€228,122 | +53.3% |
| Contributions | 10/11 | €3,803,608 | €3,803,608 | = | 0.0% |
| Capital | 10 | €3,803,608 | €3,803,608 | = | 0.0% |
| Issued capital | 100 | €3,803,608 | €3,803,608 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,231,967 | -€4,003,845 | +€228,122 | +5.4% |
| Amounts payable | 17/49 | €431,882 | €209,299 | -€222,583 | -51.5% |
| Amounts payable after more than one year | 17 | €255,900 | €171,167 | -€84,733 | -33.1% |
| Financial debts | 170/4 | €255,900 | €171,167 | -€84,733 | -33.1% |
| Amounts payable within one year | 42/48 | €169,200 | €38,132 | -€131,068 | -77.5% |
| Current portion of amounts payable after more than one year | 42 | €31,089 | €0 | -€31,089 | -100% |
| Trade debts | 44 | €132,803 | €6,037 | -€126,766 | -95.5% |
| Suppliers | 440/4 | €132,803 | €6,037 | -€126,766 | -95.5% |
| Taxes, remuneration and social security | 45 | €323 | €308 | -€14 | -4.5% |
| Taxes | 450/3 | €323 | €308 | -€14 | -4.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €4,986 | €31,786 | +€26,801 | +538% |
| Accrued charges and deferred income | 492/3 | €6,782 | €0 | -€6,782 | -100% |
| Non-recurring operating income | 76A | €358,680 | €243,546 | -€115,134 | -32.1% |
| Remuneration, social security and pensions | 62 | €9,779 | €0 | -€9,779 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,524 | €494 | -€1,030 | -67.6% |
| Other operating charges | 640/8 | €1,189 | €2,164 | +€975 | +82.0% |
| Non-recurring operating charges | 66A | - | €86 | +€86 | |
| Gross operating margin | 9900 | €347,510 | €230,976 | -€116,534 | -33.5% |
| Operating profit (loss) | 9901 | €335,018 | €228,232 | -€106,786 | -31.9% |
| Financial income | 75/76B | €89 | €184 | +€95 | +107% |
| Recurring financial income | 75 | €89 | €184 | +€95 | +107% |
| Financial charges | 65/66B | €12,469 | €189 | -€12,280 | -98.5% |
| Recurring financial charges | 65 | €12,469 | €189 | -€12,280 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €322,639 | €228,228 | -€94,411 | -29.3% |
| Income taxes | 67/77 | €124 | €106 | -€19 | -15.1% |
| Profit (loss) for the period | 9904 | €322,514 | €228,122 | -€94,392 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €322,514 | €228,122 | -€94,392 | -29.3% |
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 14 October 2026 via checked.be.