BULLION: 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.
BULLION
Largest movements
- Tangible fixed assets +€200,074
up €200,074 (+13.9%), from €1.4m to €1.6m
of which Land and buildings: +€200,519
- Deferred charges and accrued income -€27,309
down €27,309 (-96.6%), from €28,267 to €959
- Debts after one year +€74,923
up €74,923 (+8.3%), from €897,589 to €972,512
of which Financial debts: +€74,923
- Other debts +€74,732
up €74,732 (+42.9%), from €174,006 to €248,738
- Short-term financial debts +€25,505
up €25,505 (+45.3%), from €56,297 to €81,802
- Financial charges -€4,853
down €4,853 (-9.7%), from €49,945 to €45,092
of which Financial charges: -€4,853
- Depreciation +€3,396
up €3,396 (+6.8%), from €49,703 to €53,099
- Other operating charges +€2,820
up €2,820 (+29.6%), from €9,518 to €12,338
- Gross operating margin +€2,276
up €2,276 (+1.7%), from €135,921 to €138,196
- Taxes +€1,811
up €1,811 (+45.3%), from €3,999 to €5,810
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 | €1,471,322 | €1,648,293 | +€176,972 | +12.0% |
| Fixed assets | 21/28 | €1,436,835 | €1,636,909 | +€200,074 | +13.9% |
| Tangible fixed assets | 22/27 | €1,436,760 | €1,636,834 | +€200,074 | +13.9% |
| Land and buildings | 22 | €1,434,640 | €1,635,159 | +€200,519 | +14.0% |
| Plant, machinery and equipment | 23 | €1,031 | €53 | -€978 | -94.8% |
| Furniture and vehicles | 24 | €1,089 | €1,622 | +€533 | +48.9% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €34,487 | €11,385 | -€23,103 | -67.0% |
| Amounts receivable within one year | 40/41 | €3,790 | €7,996 | +€4,206 | +111% |
| Trade receivables | 40 | €291 | €0 | -€291 | -100% |
| Other amounts receivable | 41 | €3,500 | €7,996 | +€4,497 | +128% |
| Cash at bank and in hand | 54/58 | €2,430 | €2,430 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €28,267 | €959 | -€27,309 | -96.6% |
| Total equity and liabilities | 10/49 | €1,471,322 | €1,648,293 | +€176,972 | +12.0% |
| Equity | 10/15 | €271,472 | €266,332 | -€5,141 | -1.9% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €169,755 | €169,755 | = | 0.0% |
| Distributable reserves | 133 | €169,755 | €169,755 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,718 | €74,577 | -€5,141 | -6.4% |
| Amounts payable | 17/49 | €1,199,850 | €1,381,962 | +€182,112 | +15.2% |
| Amounts payable after more than one year | 17 | €897,589 | €972,512 | +€74,923 | +8.3% |
| Financial debts | 170/4 | €892,294 | €967,217 | +€74,923 | +8.4% |
| Other amounts payable | 178/9 | €5,295 | €5,295 | = | 0.0% |
| Amounts payable within one year | 42/48 | €300,911 | €409,450 | +€108,538 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €56,333 | €58,077 | +€1,744 | +3.1% |
| Financial debts | 43 | €56,297 | €81,802 | +€25,505 | +45.3% |
| Credit institutions | 430/8 | €56,297 | €81,802 | +€25,505 | +45.3% |
| Trade debts | 44 | €10,276 | €12,949 | +€2,673 | +26.0% |
| Suppliers | 440/4 | €10,276 | €12,949 | +€2,673 | +26.0% |
| Taxes, remuneration and social security | 45 | €3,999 | €7,884 | +€3,885 | +97.2% |
| Taxes | 450/3 | €3,999 | €7,884 | +€3,885 | +97.2% |
| Other amounts payable | 47/48 | €174,006 | €248,738 | +€74,732 | +42.9% |
| Accrued charges and deferred income | 492/3 | €1,349 | €0 | -€1,349 | -100% |
| Non-recurring operating income | 76A | - | €340 | +€340 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,703 | €53,099 | +€3,396 | +6.8% |
| Other operating charges | 640/8 | €9,518 | €12,338 | +€2,820 | +29.6% |
| Non-recurring operating charges | 66A | €18,843 | €27,000 | +€8,157 | +43.3% |
| Gross operating margin | 9900 | €135,921 | €138,196 | +€2,276 | +1.7% |
| Operating profit (loss) | 9901 | €57,856 | €45,759 | -€12,097 | -20.9% |
| Financial income | 75/76B | €37 | €2 | -€35 | -94.7% |
| Recurring financial income | 75 | €37 | €2 | -€35 | -94.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €49,945 | €45,092 | -€4,853 | -9.7% |
| Recurring financial charges | 65 | €49,945 | €45,092 | -€4,853 | -9.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €7,949 | €669 | -€7,279 | -91.6% |
| Income taxes | 67/77 | €3,999 | €5,810 | +€1,811 | +45.3% |
| Profit (loss) for the period | 9904 | €3,950 | -€5,141 | -€9,091 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,950 | -€5,141 | -€9,091 |
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 30 October 2026 via checked.be.