BULLISH: 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.
BULLISH
Largest movements
- Tangible fixed assets +€61,524
up €61,524 (+332%), from €18,519 to €80,043
of which Land and buildings: +€70,756
- Receivables within one year +€19,260
up €19,260 (+18.9%), from €101,701 to €120,961
of which Trade receivables: +€19,257
- Cash -€10,089
down €10,089 (-2.9%), from €344,213 to €334,124
mainly Contributions, distributions and other (-€273,565) and Investment in fixed assets (net) (-€79,751)
- Other debts +€203,708
up €203,708 (+90.2%), from €225,733 to €429,441
- Reserves -€155,502
down €155,502 (-98.1%), from €158,565 to €3,062
- Debts after one year +€68,622
new in 2025: €68,622
- Tax, wage and social debts -€47,854
down €47,854 (-69.1%), from €69,273 to €21,419
- Accrued charges and deferred income +€8,162
up €8,162 (+18,139%), from €45 to €8,207
- Financial income -€39,844
no longer reported in 2025 (was €39,844)
- Depreciation +€9,613
up €9,613 (+112%), from €8,614 to €18,227
- Taxes -€6,487
down €6,487 (-13.4%), from €48,392 to €41,905
- Gross operating margin +€2,814
up €2,814 (+1.5%), from €186,393 to €189,207
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 | €467,199 | €537,747 | +€70,548 | +15.1% |
| Fixed assets | 21/28 | €18,519 | €80,043 | +€61,524 | +332% |
| Tangible fixed assets | 22/27 | €18,519 | €80,043 | +€61,524 | +332% |
| Land and buildings | 22 | - | €70,756 | +€70,756 | |
| Furniture and vehicles | 24 | €18,519 | €9,287 | -€9,232 | -49.9% |
| Current assets | 29/58 | €448,680 | €457,704 | +€9,024 | +2.0% |
| Amounts receivable within one year | 40/41 | €101,701 | €120,961 | +€19,260 | +18.9% |
| Trade receivables | 40 | €101,701 | €120,958 | +€19,257 | +18.9% |
| Other amounts receivable | 41 | €0 | €3 | +€2 | +2,067% |
| Cash at bank and in hand | 54/58 | €344,213 | €334,124 | -€10,089 | -2.9% |
| Deferred charges and accrued income | 490/1 | €2,765 | €2,619 | -€147 | -5.3% |
| Total equity and liabilities | 10/49 | €467,199 | €537,747 | +€70,548 | +15.1% |
| Equity | 10/15 | €161,565 | €6,062 | -€155,502 | -96.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €158,565 | €3,062 | -€155,502 | -98.1% |
| Distributable reserves | 133 | €158,565 | €3,062 | -€155,502 | -98.1% |
| Amounts payable | 17/49 | €305,634 | €531,684 | +€226,050 | +74.0% |
| Amounts payable after more than one year | 17 | - | €68,622 | +€68,622 | |
| Financial debts | 170/4 | - | €68,622 | +€68,622 | |
| Amounts payable within one year | 42/48 | €305,589 | €454,855 | +€149,266 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €9,893 | €2,614 | -€7,278 | -73.6% |
| Trade debts | 44 | €690 | €1,380 | +€690 | +99.9% |
| Suppliers | 440/4 | €690 | €1,380 | +€690 | +99.9% |
| Taxes, remuneration and social security | 45 | €69,273 | €21,419 | -€47,854 | -69.1% |
| Taxes | 450/3 | €69,273 | €21,419 | -€47,854 | -69.1% |
| Other amounts payable | 47/48 | €225,733 | €429,441 | +€203,708 | +90.2% |
| Accrued charges and deferred income | 492/3 | €45 | €8,207 | +€8,162 | +18,139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,614 | €18,227 | +€9,613 | +112% |
| Other operating charges | 640/8 | €505 | €853 | +€347 | +68.7% |
| Gross operating margin | 9900 | €186,393 | €189,207 | +€2,814 | +1.5% |
| Operating profit (loss) | 9901 | €177,274 | €170,127 | -€7,147 | -4.0% |
| Financial income | 75/76B | €39,844 | - | -€39,844 | |
| Recurring financial income | 75 | €39,844 | - | -€39,844 | |
| Financial charges | 65/66B | €10,162 | €10,160 | -€1 | 0.0% |
| Recurring financial charges | 65 | €10,162 | €10,160 | -€1 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €206,957 | €159,967 | -€46,990 | -22.7% |
| Income taxes | 67/77 | €48,392 | €41,905 | -€6,487 | -13.4% |
| Profit (loss) for the period | 9904 | €158,565 | €118,062 | -€40,502 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,565 | €118,062 | -€40,502 | -25.5% |
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 22 October 2026 via checked.be.