Bulls-i: 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.
What changed
Bulls-i
NACE 62.200, Computer consultancy and computer facilities management
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€116,051
2024 · €85,600+€30,451
Equity
€565,648
2024 · €449,597+€116,051
Cash
€8,880
2024 · €7,556+€1,324
Balance sheet total
€840,933
2024 · €821,323+€19,610
Largest movements
Assets
- Receivables within one year +€16,616
up €16,616 (+2.1%), from €774,351 to €790,967
of which Trade receivables: +€363,773
Equity and liabilities
- Reserves +€116,600
up €116,600 (+30.1%), from €386,950 to €503,550
of which Distributable reserves: +€74,500
- Tax, wage and social debts -€62,652
down €62,652 (-37.0%), from €169,320 to €106,669
of which Taxes: -€68,099
- Trade debts -€43,711
down €43,711 (-21.6%), from €201,954 to €158,243
- Other debts +€10,000
new in 2025: €10,000
Income statement
- Purchases and services +€311,785
up €311,785 (+32.8%), from €949,310 to €1.3m
- Turnover +€272,463
up €272,463 (+14.9%), from €1.8m to €2.1m
- Staff costs +€65,734
up €65,734 (+10.6%), from €621,440 to €687,174
- Depreciation -€55,339
down €55,339 (-80.0%), from €69,162 to €13,823
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.
Result 2024
€85,600
Gross operating margin
-€16,020
Staff costs
-€65,734
Depreciation
+€55,339
Write-downs
+€250
Other operating charges
-€584
Other operating items
+€74,959
Financial income
-€2,577
Financial charges
-€5,938
Taxes
-€9,244
Result 2025
€116,051
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€14,702
Investment
-€13,377
Financing
€0
Cash 2024
€7,556
From operations (derived)
+€14,702
Net result for the year
+€116,051
Depreciation
+€13,823
Receivables within one year
-€16,616
Deferred charges and accrued income
-€2,116
Provisions
-€78
Trade debts
-€43,711
Tax, wage and social debts
-€62,652
Other debts
+€10,000
Investment (derived)
-€13,377
Investment in fixed assets (net)
-€13,377
Cash 2025
€8,880
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €821,323 | €840,933 | +€19,610 | +2.4% |
| Fixed assets | 21/28 | €30,045 | €29,599 | -€445 | -1.5% |
| Tangible fixed assets | 22/27 | €30,045 | €29,599 | -€445 | -1.5% |
| Plant, machinery and equipment | 23 | €28,271 | €24,807 | -€3,464 | -12.3% |
| Furniture and vehicles | 24 | - | €3,044 | +€3,044 | |
| Leasing and similar rights | 25 | - | €350 | +€350 | |
| Other tangible fixed assets | 26 | €1,774 | €1,399 | -€375 | -21.2% |
| Current assets | 29/58 | €791,278 | €811,334 | +€20,056 | +2.5% |
| Amounts receivable within one year | 40/41 | €774,351 | €790,967 | +€16,616 | +2.1% |
| Trade receivables | 40 | €238,038 | €601,811 | +€363,773 | +153% |
| Other amounts receivable | 41 | €536,313 | €189,156 | -€347,157 | -64.7% |
| Cash at bank and in hand | 54/58 | €7,556 | €8,880 | +€1,324 | +17.5% |
| Deferred charges and accrued income | 490/1 | €9,371 | €11,487 | +€2,116 | +22.6% |
| Total equity and liabilities | 10/49 | €821,323 | €840,933 | +€19,610 | +2.4% |
| Equity | 10/15 | €449,597 | €565,648 | +€116,051 | +25.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €386,950 | €503,550 | +€116,600 | +30.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,050 | €63,150 | +€42,100 | +200% |
| Distributable reserves | 133 | €359,700 | €434,200 | +€74,500 | +20.7% |
| Profit (loss) carried forward | 14 | €647 | €98 | -€549 | -84.9% |
| Provisions and deferred taxes | 16 | €451 | €373 | -€78 | -17.3% |
| Provisions for liabilities and charges | 160/5 | €451 | €373 | -€78 | -17.3% |
| Pensions and similar obligations | 160 | €451 | €373 | -€78 | -17.3% |
| Amounts payable | 17/49 | €371,274 | €274,912 | -€96,362 | -26.0% |
| Amounts payable within one year | 42/48 | €371,274 | €274,912 | -€96,362 | -26.0% |
| Trade debts | 44 | €201,954 | €158,243 | -€43,711 | -21.6% |
| Suppliers | 440/4 | €201,954 | €158,243 | -€43,711 | -21.6% |
| Taxes, remuneration and social security | 45 | €169,320 | €106,669 | -€62,652 | -37.0% |
| Taxes | 450/3 | €112,033 | €43,934 | -€68,099 | -60.8% |
| Remuneration and social security | 454/9 | €57,288 | €62,735 | +€5,447 | +9.5% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Turnover | 70 | €1,828,779 | €2,101,242 | +€272,463 | +14.9% |
| Non-recurring operating income | 76A | €219 | - | -€219 | |
| Goods, raw materials, services and sundry goods | 60/61 | €949,310 | €1,261,095 | +€311,785 | +32.8% |
| Remuneration, social security and pensions | 62 | €621,440 | €687,174 | +€65,734 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,162 | €13,823 | -€55,339 | -80.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €172 | -€78 | -€250 | |
| Other operating charges | 640/8 | €2,832 | €3,416 | +€584 | +20.6% |
| Non-recurring operating charges | 66A | €74,959 | - | -€74,959 | |
| Gross operating margin | 9900 | €901,748 | €885,728 | -€16,020 | -1.8% |
| Operating profit (loss) | 9901 | €133,184 | €181,393 | +€48,209 | +36.2% |
| Financial income | 75/76B | €3,928 | €1,351 | -€2,577 | -65.6% |
| Recurring financial income | 75 | €3,928 | €1,351 | -€2,577 | -65.6% |
| Financial charges | 65/66B | €15,492 | €21,430 | +€5,938 | +38.3% |
| Recurring financial charges | 65 | €15,492 | €21,430 | +€5,938 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €121,620 | €161,314 | +€39,694 | +32.6% |
| Income taxes | 67/77 | €36,020 | €45,264 | +€9,244 | +25.7% |
| Profit (loss) for the period | 9904 | €85,600 | €116,051 | +€30,451 | +35.6% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,600 | €73,951 | -€11,649 | -13.6% |
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.