BULMAC: what changed
Two fiscal 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.
BULMAC
Largest movements
- Cash -€26,079
down €26,079 (-64.2%), from €40,619 to €14,540
mainly Net result for the year (-€43,726) and Contributions, distributions and other (-€6,400)
- Intangible fixed assets -€8,000
down €8,000 (-75.4%), from €10,608 to €2,608
- Receivables within one year -€3,349
down €3,349 (-12.8%), from €26,235 to €22,886
of which Trade receivables: -€3,925
- Profit (loss) carried forward -€43,726
down €43,726 (-16.1%), from -€270,894 to -€314,620
- Other debts +€12,118
up €12,118 (+381.2%), from €3,179 to €15,298
- Investment grants -€6,400
down €6,400 (-75.4%), from €8,487 to €2,087
- Trade debts +€874
up €874 (+23.9%), from €3,660 to €4,534
- Financial charges -€39,595
down €39,595 (-70.3%), from €56,333 to €16,738
- Other operating charges +€4,422
up €4,422 (+147.0%), from €3,008 to €7,430
- Staff costs +€2,366
up €2,366 (+4.5%), from €53,075 to €55,441
- Gross operating margin -€1,844
down €1,844 (-4.7%), from €39,241 to €37,397
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.
Cash bridge derived
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 | €77,690 | €40,309 | -€37,381 | -48.1% |
| Fixed assets | 21/28 | €10,608 | €2,608 | -€8,000 | -75.4% |
| Intangible fixed assets | 21 | €10,608 | €2,608 | -€8,000 | -75.4% |
| Current assets | 29/58 | €67,082 | €37,701 | -€29,381 | -43.8% |
| Amounts receivable within one year | 40/41 | €26,235 | €22,886 | -€3,349 | -12.8% |
| Trade receivables | 40 | €26,230 | €22,305 | -€3,925 | -15.0% |
| Other amounts receivable | 41 | €5 | €581 | +€576 | +11929.0% |
| Cash at bank and in hand | 54/58 | €40,619 | €14,540 | -€26,079 | -64.2% |
| Deferred charges and accrued income | 490/1 | €228 | €275 | +€47 | +20.7% |
| Total equity and liabilities | 10/49 | €77,690 | €40,309 | -€37,381 | -48.1% |
| Equity | 10/15 | -€194,207 | -€244,333 | -€50,126 | -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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,894 | -€314,620 | -€43,726 | -16.1% |
| Investment grants | 15 | €8,487 | €2,087 | -€6,400 | -75.4% |
| Amounts payable | 17/49 | €271,897 | €284,642 | +€12,745 | +4.7% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Financial debts | 170/4 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €21,897 | €34,642 | +€12,745 | +58.2% |
| Trade debts | 44 | €3,660 | €4,534 | +€874 | +23.9% |
| Suppliers | 440/4 | €3,660 | €4,534 | +€874 | +23.9% |
| Taxes, remuneration and social security | 45 | €15,057 | €14,811 | -€247 | -1.6% |
| Taxes | 450/3 | €2,477 | €1,788 | -€689 | -27.8% |
| Remuneration and social security | 454/9 | €12,581 | €13,023 | +€442 | +3.5% |
| Other amounts payable | 47/48 | €3,179 | €15,298 | +€12,118 | +381.2% |
| Remuneration, social security and pensions | 62 | €53,075 | €55,441 | +€2,366 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,000 | €8,000 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €200 | €0 | -€200 | -100.0% |
| Other operating charges | 640/8 | €3,008 | €7,430 | +€4,422 | +147.0% |
| Gross operating margin | 9900 | €39,241 | €37,397 | -€1,844 | -4.7% |
| Operating profit (loss) | 9901 | -€25,043 | -€33,475 | -€8,432 | -33.7% |
| Financial income | 75/76B | €6,400 | €6,487 | +€87 | +1.4% |
| Recurring financial income | 75 | €6,400 | €6,487 | +€87 | +1.4% |
| Financial charges | 65/66B | €56,333 | €16,738 | -€39,595 | -70.3% |
| Recurring financial charges | 65 | €56,333 | €16,738 | -€39,595 | -70.3% |
| Profit (loss) for the period before taxes | 9903 | -€74,976 | -€43,726 | +€31,250 | +41.7% |
| Profit (loss) for the period | 9904 | -€74,976 | -€43,726 | +€31,250 | +41.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,976 | -€43,726 | +€31,250 | +41.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.