BULO: 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.
What changed
BULO
NACE 46.500, Wholesale of information and communication equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.0m
2024 · €27,893-€1.0m
Equity
€4.9m
2024 · €5.9m-€1.0m
Cash
€942,498
2024 · €801,900+€140,598
Balance sheet total
€9.4m
2024 · €11.1m-€1.7m
Largest movements
Assets
- Receivables within one year -€933,288
down €933,288 (-24.7%), from €3.8m to €2.8m
of which Other amounts receivable: -€1.3m
- Stocks and contracts -€557,696
down €557,696 (-17.9%), from €3.1m to €2.6m
of which Stocks: -€454,796
- Intangible fixed assets -€221,131
down €221,131 (-97.2%), from €227,458 to €6,327
- Cash +€140,598
up €140,598 (+17.5%), from €801,900 to €942,498
mainly Receivables within one year (+€933,288) and Stocks and contracts (+€557,696)
- Tangible fixed assets -€115,729
down €115,729 (-10.5%), from €1.1m to €982,495
of which Plant, machinery and equipment: -€164,049
Equity and liabilities
- Profit (loss) carried forward -€1.0m
down €1.0m (-44.9%), from -€2.3m to -€3.3m
- Trade debts -€625,594
down €625,594 (-25.1%), from €2.5m to €1.9m
- Advances received -€357,040
down €357,040 (-38.4%), from €929,688 to €572,648
- Short-term financial debts +€167,395
up €167,395 (+17.9%), from €936,987 to €1.1m
- Debts after one year +€158,494
up €158,494 (+230.3%), from €68,831 to €227,325
of which Other amounts payable: +€86,339
Income statement
- Turnover -€3.9m
down €3.9m (-24.0%), from €16.2m to €12.3m
- Goods and materials -€2.2m
down €2.2m (-25.5%), from €8.7m to €6.4m
of which Purchases: -€3.0m
- Other operating income +€1.3m
up €1.3m (+719.9%), from €185,331 to €1.5m
- Write-downs +€1.1m
up €1.1m (+99.0%), from -€1.1m to -€11,025
- Other operating charges -€887,271
down €887,271 (-79.6%), from €1.1m to €227,949
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
€27,893
Turnover
-€3.9m
Other operating income
+€1.3m
Goods and materials
+€2.2m
Services and other goods
-€731,060
Staff costs
+€167,575
Depreciation
+€191,296
Write-downs
-€1.1m
Other operating charges
+€887,271
Other operating items
-€36,778
Financial income
-€49,202
Financial charges
-€45,257
Taxes
+€287
Result 2025
-€1.0m
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.
From operations
-€96,177
Investment
-€127,443
Financing
+€364,218
Cash 2024
€801,900
From operations (derived)
-€96,177
Net result for the year
-€1.0m
Depreciation
+€489,317
Receivables after one year
-€34,344
Stocks and contracts
+€557,696
Receivables within one year
+€933,288
Deferred charges and accrued income
-€387
Trade debts
-€625,594
Tax, wage and social debts
-€99,439
Advances received
-€357,040
Other debts
+€55,895
Investment (derived)
-€127,443
Investment in fixed assets (net)
-€127,443
Financing
+€364,218
Debts after one year
+€158,494
Current portion of long-term debt
+€38,329
Short-term financial debts
+€167,395
Cash 2025
€942,498
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,051,816 | €9,374,287 | -€1.7m | -15.2% |
| Fixed assets | 21/28 | €2,356,577 | €1,994,703 | -€361,874 | -15.4% |
| Intangible fixed assets | 21 | €227,458 | €6,327 | -€221,131 | -97.2% |
| Tangible fixed assets | 22/27 | €1,098,224 | €982,495 | -€115,729 | -10.5% |
| Plant, machinery and equipment | 23 | €874,783 | €710,734 | -€164,049 | -18.8% |
| Furniture and vehicles | 24 | €32,140 | €55,048 | +€22,907 | +71.3% |
| Leasing and similar rights | 25 | €143,747 | €95,320 | -€48,428 | -33.7% |
| Other tangible fixed assets | 26 | €39,138 | €27,083 | -€12,055 | -30.8% |
| Assets under construction and advance payments | 27 | €8,415 | €94,310 | +€85,895 | +1020.7% |
| Financial fixed assets | 28 | €1,030,895 | €1,005,881 | -€25,014 | -2.4% |
| Affiliated companies | 280/1 | €992,281 | €992,281 | = | 0.0% |
| Participating interests | 280 | €992,281 | €992,281 | = | 0.0% |
| Other financial fixed assets | 284/8 | €38,614 | €13,600 | -€25,014 | -64.8% |
| Amounts receivable and cash guarantees | 285/8 | €38,614 | €13,600 | -€25,014 | -64.8% |
| Current assets | 29/58 | €8,695,239 | €7,379,584 | -€1.3m | -15.1% |
| Amounts receivable after more than one year | 29 | €928,218 | €962,562 | +€34,344 | +3.7% |
| Other amounts receivable | 291 | €928,218 | €962,562 | +€34,344 | +3.7% |
| Stocks and contracts in progress | 3 | €3,122,143 | €2,564,447 | -€557,696 | -17.9% |
| Stocks | 30/36 | €2,737,018 | €2,282,222 | -€454,796 | -16.6% |
| Goods purchased for resale | 34 | €2,737,018 | €2,282,222 | -€454,796 | -16.6% |
| Contracts in progress | 37 | €385,125 | €282,225 | -€102,900 | -26.7% |
| Amounts receivable within one year | 40/41 | €3,783,269 | €2,849,980 | -€933,288 | -24.7% |
| Trade receivables | 40 | €1,672,335 | €2,013,647 | +€341,312 | +20.4% |
| Other amounts receivable | 41 | €2,110,933 | €836,333 | -€1.3m | -60.4% |
| Cash at bank and in hand | 54/58 | €801,900 | €942,498 | +€140,598 | +17.5% |
| Deferred charges and accrued income | 490/1 | €59,709 | €60,096 | +€387 | +0.6% |
| Total equity and liabilities | 10/49 | €11,051,816 | €9,374,287 | -€1.7m | -15.2% |
| Equity | 10/15 | €5,933,766 | €4,918,196 | -€1.0m | -17.1% |
| Contributions | 10/11 | €7,474,512 | €7,474,512 | = | 0.0% |
| Capital | 10 | €7,474,512 | €7,474,512 | = | 0.0% |
| Issued capital | 100 | €7,474,512 | €7,474,512 | = | 0.0% |
| Reserves | 13 | €722,451 | €722,451 | = | 0.0% |
| Non-distributable reserves | 130/1 | €722,451 | €722,451 | = | 0.0% |
| Legal reserve | 130 | €722,451 | €722,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,263,198 | -€3,278,767 | -€1.0m | -44.9% |
| Amounts payable | 17/49 | €5,118,051 | €4,456,091 | -€661,960 | -12.9% |
| Amounts payable after more than one year | 17 | €68,831 | €227,325 | +€158,494 | +230.3% |
| Financial debts | 170/4 | €68,831 | €140,986 | +€72,154 | +104.8% |
| Leasing and similar obligations | 172 | €68,831 | €27,807 | -€41,024 | -59.6% |
| Credit institutions | 173 | - | €113,179 | +€113,179 | |
| Other amounts payable | 178/9 | - | €86,339 | +€86,339 | |
| Amounts payable within one year | 42/48 | €5,049,220 | €4,228,766 | -€820,454 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €39,387 | €77,716 | +€38,329 | +97.3% |
| Financial debts | 43 | €936,987 | €1,104,383 | +€167,395 | +17.9% |
| Credit institutions | 430/8 | €936,987 | €1,104,383 | +€167,395 | +17.9% |
| Trade debts | 44 | €2,492,206 | €1,866,612 | -€625,594 | -25.1% |
| Suppliers | 440/4 | €2,492,206 | €1,866,612 | -€625,594 | -25.1% |
| Advances received on contracts in progress | 46 | €929,688 | €572,648 | -€357,040 | -38.4% |
| Taxes, remuneration and social security | 45 | €462,958 | €363,518 | -€99,439 | -21.5% |
| Taxes | 450/3 | €216,509 | €158,929 | -€57,580 | -26.6% |
| Remuneration and social security | 454/9 | €246,449 | €204,589 | -€41,859 | -17.0% |
| Other amounts payable | 47/48 | €187,994 | €243,889 | +€55,895 | +29.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €16,315,975 | €13,729,049 | -€2.6m | -15.9% |
| Turnover | 70 | €16,190,827 | €12,306,413 | -€3.9m | -24.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€60,184 | -€102,900 | -€42,716 | -71.0% |
| Other operating income | 74 | €185,331 | €1,519,598 | +€1.3m | +719.9% |
| Non-recurring operating income | 76A | €0 | €5,938 | +€5,938 | |
| Operating charges | 60/66A | €16,282,053 | €14,644,418 | -€1.6m | -10.1% |
| Goods for resale, raw materials and consumables | 60 | €8,662,139 | €6,449,052 | -€2.2m | -25.5% |
| Purchases | 600/8 | €8,957,057 | €5,994,256 | -€3.0m | -33.1% |
| Change in stocks: decrease (increase) | 609 | -€294,917 | €454,796 | +€749,714 | |
| Services and other goods | 61 | €4,431,349 | €5,162,409 | +€731,060 | +16.5% |
| Remuneration, social security and pensions | 62 | €2,494,290 | €2,326,715 | -€167,575 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €680,613 | €489,317 | -€191,296 | -28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,101,559 | -€11,025 | +€1.1m | +99.0% |
| Other operating charges | 640/8 | €1,115,221 | €227,949 | -€887,271 | -79.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €33,922 | -€915,369 | -€949,291 | |
| Financial income | 75/76B | €106,397 | €57,195 | -€49,202 | -46.2% |
| Recurring financial income | 75 | €106,397 | €57,195 | -€49,202 | -46.2% |
| Income from current assets | 751 | €68,336 | €34,344 | -€33,992 | -49.7% |
| Other financial income | 752/9 | €38,061 | €22,851 | -€15,210 | -40.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €109,426 | €154,682 | +€45,257 | +41.4% |
| Recurring financial charges | 65 | €109,426 | €154,682 | +€45,257 | +41.4% |
| Debt charges | 650 | €59,187 | €70,239 | +€11,052 | +18.7% |
| Other financial charges | 652/9 | €50,239 | €84,443 | +€34,204 | +68.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €30,893 | -€1,012,856 | -€1.0m | |
| Income taxes | 67/77 | €3,000 | €2,713 | -€287 | -9.6% |
| Taxes | 670/3 | €3,000 | €2,713 | -€287 | -9.6% |
| Profit (loss) for the period | 9904 | €27,893 | -€1,015,570 | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €27,893 | -€1,015,570 | -€1.0m |
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 8 October 2026 via checked.be.