BULOW BENNET: 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.
BULOW BENNET
Largest movements
- Cash -€189,431
down €189,431 (-24.4%), from €775,269 to €585,838
mainly Net result for the year (-€191,515) and Receivables within one year (-€36,018)
- Tangible fixed assets -€45,610
down €45,610 (-24.6%), from €185,167 to €139,557
of which Furniture and vehicles: -€45,610
- Receivables within one year +€36,018
up €36,018 (+505%), from €7,137 to €43,156
of which Other amounts receivable: +€23,420
- Profit (loss) carried forward -€191,515
down €191,515 (-26.4%), from €724,602 to €533,086
- Financial income -€70,230
down €70,230 (-91.4%), from €76,857 to €6,627
of which Non-recurring financial income: -€63,791
- Gross operating margin -€26,009
down €26,009 (-28.3%), from -€91,947 to -€117,955
- Other operating charges -€19,432
down €19,432 (-69.4%), from €28,019 to €8,587
- Staff costs -€8,505
down €8,505 (-25.3%), from €33,592 to €25,087
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 | €967,573 | €768,551 | -€199,022 | -20.6% |
| Fixed assets | 21/28 | €185,167 | €139,557 | -€45,610 | -24.6% |
| Tangible fixed assets | 22/27 | €185,167 | €139,557 | -€45,610 | -24.6% |
| Land and buildings | 22 | €84,094 | €84,094 | = | 0.0% |
| Furniture and vehicles | 24 | €101,073 | €55,463 | -€45,610 | -45.1% |
| Current assets | 29/58 | €782,406 | €628,994 | -€153,412 | -19.6% |
| Amounts receivable within one year | 40/41 | €7,137 | €43,156 | +€36,018 | +505% |
| Trade receivables | 40 | - | €12,598 | +€12,598 | |
| Other amounts receivable | 41 | €7,137 | €30,557 | +€23,420 | +328% |
| Cash at bank and in hand | 54/58 | €775,269 | €585,838 | -€189,431 | -24.4% |
| Total equity and liabilities | 10/49 | €967,573 | €768,551 | -€199,022 | -20.6% |
| Equity | 10/15 | €957,863 | €766,348 | -€191,515 | -20.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €83,261 | €83,261 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,195 | €18,195 | = | 0.0% |
| Distributable reserves | 133 | €50,066 | €50,066 | = | 0.0% |
| Profit (loss) carried forward | 14 | €724,602 | €533,086 | -€191,515 | -26.4% |
| Amounts payable | 17/49 | €9,710 | €2,203 | -€7,507 | -77.3% |
| Amounts payable within one year | 42/48 | €9,710 | €2,203 | -€7,507 | -77.3% |
| Trade debts | 44 | €9,101 | €2,203 | -€6,898 | -75.8% |
| Suppliers | 440/4 | €9,101 | €2,203 | -€6,898 | -75.8% |
| Taxes, remuneration and social security | 45 | €609 | - | -€609 | |
| Taxes | 450/3 | €609 | - | -€609 | |
| Remuneration, social security and pensions | 62 | €33,592 | €25,087 | -€8,505 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,980 | €45,610 | +€630 | +1.4% |
| Other operating charges | 640/8 | €28,019 | €8,587 | -€19,432 | -69.4% |
| Gross operating margin | 9900 | -€91,947 | -€117,955 | -€26,009 | -28.3% |
| Operating profit (loss) | 9901 | -€198,537 | -€197,239 | +€1,299 | +0.7% |
| Financial income | 75/76B | €76,857 | €6,627 | -€70,230 | -91.4% |
| Recurring financial income | 75 | €8,292 | €1,853 | -€6,439 | -77.7% |
| Non-recurring financial income | 76B | €68,566 | €4,774 | -€63,791 | -93.0% |
| Financial charges | 65/66B | €785 | €857 | +€72 | +9.2% |
| Recurring financial charges | 65 | €785 | €857 | +€72 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | -€122,465 | -€191,469 | -€69,003 | -56.3% |
| Income taxes | 67/77 | €48 | €47 | -€2 | -3.2% |
| Profit (loss) for the period | 9904 | -€122,513 | -€191,515 | -€69,002 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,513 | -€191,515 | -€69,002 | -56.3% |
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 27 October 2026 via checked.be.