BULLSEYET: 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.
BULLSEYET
Largest movements
- Tangible fixed assets -€92,904
down €92,904 (-52.0%), from €178,696 to €85,792
of which Leasing and similar rights: -€60,388
- Receivables within one year -€26,089
down €26,089 (-51.3%), from €50,825 to €24,736
of which Other amounts receivable: -€20,860
- Cash +€4,458
up €4,458 (+20.5%), from €21,721 to €26,179
mainly Investment in fixed assets (net) (+€60,427) and Depreciation (+€32,517)
- Deferred charges and accrued income +€2,999
up €2,999 (+1,463%), from €205 to €3,204
- Accrued charges and deferred income -€57,082
down €57,082 (-96.9%), from €58,932 to €1,850
- Debts after one year -€40,429
down €40,429 (-45.0%), from €89,755 to €49,326
- Profit (loss) carried forward -€12,074
down €12,074 (-41.3%), from -€29,235 to -€41,309
- Tax, wage and social debts -€7,432
down €7,432 (-22.6%), from €32,918 to €25,486
of which Remuneration and social security: -€4,212
- Current portion of long-term debt +€3,568
up €3,568 (+10.7%), from €33,418 to €36,986
- Gross operating margin +€35,588
up €35,588 (+185%), from €19,240 to €54,828
- Staff costs +€6,680
up €6,680 (+84.6%), from €7,892 to €14,572
- Other operating charges +€4,292
up €4,292 (+123%), from €3,495 to €7,787
- Financial charges -€2,021
down €2,021 (-40.2%), from €5,029 to €3,008
- Financial income +€980
up €980 (+980%), from €100 to €1,080
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 | €251,487 | €139,910 | -€111,577 | -44.4% |
| Fixed assets | 21/28 | €178,736 | €85,792 | -€92,944 | -52.0% |
| Tangible fixed assets | 22/27 | €178,696 | €85,792 | -€92,904 | -52.0% |
| Plant, machinery and equipment | 23 | €9,407 | €5,800 | -€3,607 | -38.3% |
| Furniture and vehicles | 24 | €104,093 | €76,563 | -€27,530 | -26.4% |
| Leasing and similar rights | 25 | €60,388 | €0 | -€60,388 | -100% |
| Other tangible fixed assets | 26 | €4,808 | €3,429 | -€1,379 | -28.7% |
| Financial fixed assets | 28 | €40 | €0 | -€40 | -100% |
| Current assets | 29/58 | €72,751 | €54,118 | -€18,633 | -25.6% |
| Amounts receivable within one year | 40/41 | €50,825 | €24,736 | -€26,089 | -51.3% |
| Trade receivables | 40 | €20,393 | €15,164 | -€5,229 | -25.6% |
| Other amounts receivable | 41 | €30,432 | €9,572 | -€20,860 | -68.5% |
| Cash at bank and in hand | 54/58 | €21,721 | €26,179 | +€4,458 | +20.5% |
| Deferred charges and accrued income | 490/1 | €205 | €3,204 | +€2,999 | +1,463% |
| Total equity and liabilities | 10/49 | €251,487 | €139,910 | -€111,577 | -44.4% |
| Equity | 10/15 | €36,464 | €24,390 | -€12,074 | -33.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €45,699 | €45,699 | -€0 | 0.0% |
| Distributable reserves | 133 | €45,699 | €45,699 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€29,235 | -€41,309 | -€12,074 | -41.3% |
| Amounts payable | 17/49 | €215,023 | €115,521 | -€99,502 | -46.3% |
| Amounts payable after more than one year | 17 | €89,755 | €49,326 | -€40,429 | -45.0% |
| Financial debts | 170/4 | €89,755 | €49,326 | -€40,429 | -45.0% |
| Amounts payable within one year | 42/48 | €66,336 | €64,345 | -€1,991 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €33,418 | €36,986 | +€3,568 | +10.7% |
| Trade debts | 44 | - | €1,873 | +€1,873 | |
| Suppliers | 440/4 | - | €1,873 | +€1,873 | |
| Taxes, remuneration and social security | 45 | €32,918 | €25,486 | -€7,432 | -22.6% |
| Taxes | 450/3 | €10,198 | €6,978 | -€3,220 | -31.6% |
| Remuneration and social security | 454/9 | €22,720 | €18,508 | -€4,212 | -18.5% |
| Accrued charges and deferred income | 492/3 | €58,932 | €1,850 | -€57,082 | -96.9% |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100% |
| Remuneration, social security and pensions | 62 | €7,892 | €14,572 | +€6,680 | +84.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,923 | €32,517 | +€594 | +1.9% |
| Other operating charges | 640/8 | €3,495 | €7,787 | +€4,292 | +123% |
| Non-recurring operating charges | 66A | - | €10,040 | +€10,040 | |
| Gross operating margin | 9900 | €19,240 | €54,828 | +€35,588 | +185% |
| Operating profit (loss) | 9901 | -€24,070 | -€10,087 | +€13,983 | +58.1% |
| Financial income | 75/76B | €100 | €1,080 | +€980 | +980% |
| Recurring financial income | 75 | €100 | €1,080 | +€980 | +980% |
| Financial charges | 65/66B | €5,029 | €3,008 | -€2,021 | -40.2% |
| Recurring financial charges | 65 | €5,029 | €3,008 | -€2,021 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | -€28,999 | -€12,016 | +€16,983 | +58.6% |
| Income taxes | 67/77 | €236 | €58 | -€178 | -75.5% |
| Profit (loss) for the period | 9904 | -€29,235 | -€12,073 | +€17,162 | +58.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,235 | -€12,073 | +€17,162 | +58.7% |
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 23 October 2026 via checked.be.