BULS: 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.
BULS
Largest movements
- Receivables within one year +€11,293
up €11,293 (+47.4%), from €23,837 to €35,130
- Cash -€5,721
down €5,721 (-10.0%), from €57,328 to €51,607
mainly Receivables within one year (-€11,293) and Tax, wage and social debts (-€9,685)
- Deferred charges and accrued income +€2,033
new in 2025: €2,033
- Reserves +€11,142
up €11,142 (+19.4%), from €57,290 to €68,432
- Tax, wage and social debts -€9,685
down €9,685 (-48.2%), from €20,103 to €10,418
- Other debts +€5,635
up €5,635 (+81.0%), from €6,959 to €12,594
- Gross operating margin +€3,916
up €3,916 (+25.5%), from €15,370 to €19,286
- Taxes +€921
up €921 (+21.6%), from €4,269 to €5,190
- Depreciation +€634
up €634 (+40.9%), from €1,550 to €2,184
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 | €87,103 | €94,177 | +€7,074 | +8.1% |
| Fixed assets | 21/28 | €5,939 | €5,406 | -€532 | -9.0% |
| Tangible fixed assets | 22/27 | €5,939 | €5,406 | -€532 | -9.0% |
| Furniture and vehicles | 24 | €5,939 | €5,406 | -€532 | -9.0% |
| Current assets | 29/58 | €81,164 | €88,770 | +€7,606 | +9.4% |
| Amounts receivable within one year | 40/41 | €23,837 | €35,130 | +€11,293 | +47.4% |
| Trade receivables | 40 | €23,837 | €35,130 | +€11,293 | +47.4% |
| Cash at bank and in hand | 54/58 | €57,328 | €51,607 | -€5,721 | -10.0% |
| Deferred charges and accrued income | 490/1 | - | €2,033 | +€2,033 | |
| Total equity and liabilities | 10/49 | €87,103 | €94,177 | +€7,074 | +8.1% |
| Equity | 10/15 | €59,290 | €70,432 | +€11,142 | +18.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €57,290 | €68,432 | +€11,142 | +19.4% |
| Distributable reserves | 133 | €57,290 | €68,432 | +€11,142 | +19.4% |
| Amounts payable | 17/49 | €27,813 | €23,744 | -€4,069 | -14.6% |
| Amounts payable within one year | 42/48 | €27,813 | €23,744 | -€4,069 | -14.6% |
| Trade debts | 44 | €751 | €732 | -€19 | -2.5% |
| Suppliers | 440/4 | €751 | €732 | -€19 | -2.5% |
| Taxes, remuneration and social security | 45 | €20,103 | €10,418 | -€9,685 | -48.2% |
| Taxes | 450/3 | €20,103 | €10,418 | -€9,685 | -48.2% |
| Other amounts payable | 47/48 | €6,959 | €12,594 | +€5,635 | +81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,550 | €2,184 | +€634 | +40.9% |
| Other operating charges | 640/8 | €387 | €531 | +€143 | +37.0% |
| Gross operating margin | 9900 | €15,370 | €19,286 | +€3,916 | +25.5% |
| Operating profit (loss) | 9901 | €13,433 | €16,571 | +€3,139 | +23.4% |
| Financial income | 75/76B | €3 | €1 | -€2 | -54.3% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -54.3% |
| Financial charges | 65/66B | €135 | €240 | +€105 | +78.1% |
| Recurring financial charges | 65 | €135 | €240 | +€105 | +78.1% |
| Profit (loss) for the period before taxes | 9903 | €13,301 | €16,332 | +€3,032 | +22.8% |
| Income taxes | 67/77 | €4,269 | €5,190 | +€921 | +21.6% |
| Profit (loss) for the period | 9904 | €9,032 | €11,142 | +€2,111 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,032 | €11,142 | +€2,111 | +23.4% |
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 10 October 2026 via checked.be.