BULOPA: 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.
BULOPA
Largest movements
- Current investments +€1.4m
up €1.4m (+233%), from €600,000 to €2.0m
- Financial fixed assets +€1.3m
up €1.3m (+7.6%), from €17.4m to €18.8m
- Cash +€688,431
up €688,431 (+249%), from €276,636 to €965,067
mainly Net result for the year (+€4.0m) and Receivables within one year (+€173,153)
- Reserves +€4.0m
up €4.0m (+34.9%), from €11.5m to €15.4m
- Debts after one year -€669,389
down €669,389 (-30.1%), from €2.2m to €1.6m
- Financial income +€1.5m
up €1.5m (+52.6%), from €2.8m to €4.2m
- Gross operating margin -€44,516
down €44,516 (-70.2%), from €63,445 to €18,929
- Financial charges -€36,597
down €36,597 (-13.4%), from €272,108 to €235,511
- Taxes -€3,655
no longer reported in 2025 (was €3,655)
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 | €21,571,319 | €24,699,833 | +€3.1m | +14.5% |
| Fixed assets | 21/28 | €17,426,119 | €18,756,119 | +€1.3m | +7.6% |
| Financial fixed assets | 28 | €17,426,119 | €18,756,119 | +€1.3m | +7.6% |
| Current assets | 29/58 | €4,145,200 | €5,943,714 | +€1.8m | +43.4% |
| Amounts receivable after more than one year | 29 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Other amounts receivable | 291 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Amounts receivable within one year | 40/41 | €2,831,721 | €2,658,568 | -€173,153 | -6.1% |
| Trade receivables | 40 | €44,165 | €44,165 | = | 0.0% |
| Other amounts receivable | 41 | €2,787,556 | €2,614,403 | -€173,153 | -6.2% |
| Current investments | 50/53 | €600,000 | €2,000,000 | +€1.4m | +233% |
| Cash at bank and in hand | 54/58 | €276,636 | €965,067 | +€688,431 | +249% |
| Deferred charges and accrued income | 490/1 | €411,843 | €305,079 | -€106,764 | -25.9% |
| Total equity and liabilities | 10/49 | €21,571,319 | €24,699,833 | +€3.1m | +14.5% |
| Equity | 10/15 | €15,950,000 | €19,942,030 | +€4.0m | +25.0% |
| Contributions | 10/11 | €4,500,000 | €4,500,000 | = | 0.0% |
| Reserves | 13 | €11,450,000 | €15,442,030 | +€4.0m | +34.9% |
| Distributable reserves | 133 | €11,450,000 | €15,442,030 | +€4.0m | +34.9% |
| Amounts payable | 17/49 | €5,621,319 | €4,757,803 | -€863,516 | -15.4% |
| Amounts payable after more than one year | 17 | €2,223,411 | €1,554,022 | -€669,389 | -30.1% |
| Financial debts | 170/4 | €2,223,411 | €1,554,022 | -€669,389 | -30.1% |
| Amounts payable within one year | 42/48 | €3,197,019 | €3,032,453 | -€164,566 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €656,061 | €669,389 | +€13,328 | +2.0% |
| Trade debts | 44 | €9,869 | €3,131 | -€6,738 | -68.3% |
| Suppliers | 440/4 | €9,869 | €3,131 | -€6,738 | -68.3% |
| Taxes, remuneration and social security | 45 | €5,698 | - | -€5,698 | |
| Taxes | 450/3 | €5,698 | - | -€5,698 | |
| Other amounts payable | 47/48 | €2,525,391 | €2,359,933 | -€165,458 | -6.6% |
| Accrued charges and deferred income | 492/3 | €200,889 | €171,328 | -€29,561 | -14.7% |
| Non-recurring operating income | 76A | €3,981 | - | -€3,981 | |
| Other operating charges | 640/8 | €1,349 | €1,086 | -€263 | -19.5% |
| Gross operating margin | 9900 | €63,445 | €18,929 | -€44,516 | -70.2% |
| Operating profit (loss) | 9901 | €62,096 | €17,843 | -€44,253 | -71.3% |
| Financial income | 75/76B | €2,759,205 | €4,209,698 | +€1.5m | +52.6% |
| Recurring financial income | 75 | €2,759,205 | €4,209,698 | +€1.5m | +52.6% |
| Financial charges | 65/66B | €272,108 | €235,511 | -€36,597 | -13.4% |
| Recurring financial charges | 65 | €272,108 | €235,511 | -€36,597 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €2,549,193 | €3,992,030 | +€1.4m | +56.6% |
| Income taxes | 67/77 | €3,655 | - | -€3,655 | |
| Profit (loss) for the period | 9904 | €2,545,538 | €3,992,030 | +€1.4m | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,545,538 | €3,992,030 | +€1.4m | +56.8% |
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 24 October 2026 via checked.be.