BulP: 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.
BulP
Largest movements
- Receivables within one year +€9,304
up €9,304 (+73.7%), from €12,631 to €21,935
of which Trade receivables: +€9,215
- Cash -€9,043
down €9,043 (-31.8%), from €28,469 to €19,425
mainly Other debts (-€19,159) and Receivables within one year (-€9,304)
- Stocks and contracts +€1,180
up €1,180 (+424.1%), from €278 to €1,458
- Tangible fixed assets -€694
down €694 (-40.1%), from €1,731 to €1,037
- Reserves +€20,130
new in 2025: €20,130
- Other debts -€19,159
down €19,159 (-76.8%), from €24,940 to €5,781
- Tax, wage and social debts -€1,324
down €1,324 (-11.5%), from €11,500 to €10,176
of which Taxes: -€1,560
- Accrued charges and deferred income +€682
new in 2025: €682
- Gross operating margin +€44,310
up €44,310 (+96.7%), from €45,837 to €90,147
- Staff costs +€40,316
up €40,316 (+215.1%), from €18,741 to €59,057
- Financial charges +€2,894
up €2,894 (+1906.0%), from €152 to €3,046
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 | €45,961 | €46,450 | +€489 | +1.1% |
| Fixed assets | 21/28 | €1,731 | €1,037 | -€694 | -40.1% |
| Tangible fixed assets | 22/27 | €1,731 | €1,037 | -€694 | -40.1% |
| Furniture and vehicles | 24 | €1,731 | €1,037 | -€694 | -40.1% |
| Current assets | 29/58 | €44,229 | €45,413 | +€1,183 | +2.7% |
| Stocks and contracts in progress | 3 | €278 | €1,458 | +€1,180 | +424.1% |
| Stocks | 30/36 | €278 | €1,458 | +€1,180 | +424.1% |
| Amounts receivable within one year | 40/41 | €12,631 | €21,935 | +€9,304 | +73.7% |
| Trade receivables | 40 | €9,820 | €19,035 | +€9,215 | +93.8% |
| Other amounts receivable | 41 | €2,811 | €2,900 | +€89 | +3.2% |
| Cash at bank and in hand | 54/58 | €28,469 | €19,425 | -€9,043 | -31.8% |
| Deferred charges and accrued income | 490/1 | €2,851 | €2,594 | -€257 | -9.0% |
| Total equity and liabilities | 10/49 | €45,961 | €46,450 | +€489 | +1.1% |
| Equity | 10/15 | €1,000 | €21,130 | +€20,130 | +2013.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €20,130 | +€20,130 | |
| Distributable reserves | 133 | - | €20,130 | +€20,130 | |
| Amounts payable | 17/49 | €44,961 | €25,320 | -€19,641 | -43.7% |
| Amounts payable within one year | 42/48 | €44,961 | €24,638 | -€20,323 | -45.2% |
| Trade debts | 44 | €8,520 | €8,681 | +€160 | +1.9% |
| Suppliers | 440/4 | €8,520 | €8,681 | +€160 | +1.9% |
| Taxes, remuneration and social security | 45 | €11,500 | €10,176 | -€1,324 | -11.5% |
| Taxes | 450/3 | €6,808 | €5,247 | -€1,560 | -22.9% |
| Remuneration and social security | 454/9 | €4,692 | €4,929 | +€236 | +5.0% |
| Other amounts payable | 47/48 | €24,940 | €5,781 | -€19,159 | -76.8% |
| Accrued charges and deferred income | 492/3 | - | €682 | +€682 | |
| Remuneration, social security and pensions | 62 | €18,741 | €59,057 | +€40,316 | +215.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351 | €694 | +€343 | +97.8% |
| Other operating charges | 640/8 | €1,339 | €1,045 | -€294 | -21.9% |
| Gross operating margin | 9900 | €45,837 | €90,147 | +€44,310 | +96.7% |
| Operating profit (loss) | 9901 | €25,407 | €29,351 | +€3,945 | +15.5% |
| Financial income | 75/76B | €49 | €67 | +€18 | +35.7% |
| Recurring financial income | 75 | €49 | €67 | +€18 | +35.7% |
| Financial charges | 65/66B | €152 | €3,046 | +€2,894 | +1906.0% |
| Recurring financial charges | 65 | €152 | €3,046 | +€2,894 | +1906.0% |
| Profit (loss) for the period before taxes | 9903 | €25,304 | €26,372 | +€1,068 | +4.2% |
| Income taxes | 67/77 | €6,023 | €6,241 | +€218 | +3.6% |
| Profit (loss) for the period | 9904 | €19,281 | €20,130 | +€850 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,281 | €20,130 | +€850 | +4.4% |
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 12 October 2026 via checked.be.