BULS FABRICE: 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 FABRICE
Largest movements
- Cash +€44,859
up €44,859 (+27.5%), from €163,348 to €208,207
mainly Net result for the year (+€24,488) and Receivables within one year (+€22,481)
- Tangible fixed assets -€24,243
down €24,243 (-41.0%), from €59,147 to €34,904
of which Furniture and vehicles: -€16,902
- Receivables within one year -€22,481
down €22,481 (-30.0%), from €74,916 to €52,435
of which Trade receivables: -€30,904
- Stocks and contracts +€13,759
up €13,759 (+697%), from €1,973 to €15,732
of which Contracts in progress: +€13,732
- Reserves +€23,655
up €23,655 (+11.0%), from €215,732 to €239,387
- Trade debts -€7,843
down €7,843 (-46.6%), from €16,842 to €8,999
- Gross operating margin -€101,119
down €101,119 (-62.0%), from €163,200 to €62,081
- Staff costs -€52,553
down €52,553 (-96.4%), from €54,517 to €1,963
- Depreciation -€13,986
down €13,986 (-58.4%), from €23,935 to €9,949
- Taxes -€13,848
down €13,848 (-59.0%), from €23,467 to €9,619
- Other operating charges +€11,202
up €11,202 (+503%), from €2,228 to €13,430
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 | €300,490 | €313,652 | +€13,162 | +4.4% |
| Fixed assets | 21/28 | €60,253 | €35,717 | -€24,536 | -40.7% |
| Intangible fixed assets | 21 | €1,106 | €813 | -€292 | -26.4% |
| Tangible fixed assets | 22/27 | €59,147 | €34,904 | -€24,243 | -41.0% |
| Plant, machinery and equipment | 23 | €6,057 | €4,740 | -€1,317 | -21.7% |
| Furniture and vehicles | 24 | €47,066 | €30,163 | -€16,902 | -35.9% |
| Leasing and similar rights | 25 | €6,024 | €0 | -€6,024 | -100% |
| Current assets | 29/58 | €240,237 | €277,934 | +€37,697 | +15.7% |
| Stocks and contracts in progress | 3 | €1,973 | €15,732 | +€13,759 | +697% |
| Stocks | 30/36 | €1,973 | €2,000 | +€27 | +1.4% |
| Contracts in progress | 37 | - | €13,732 | +€13,732 | |
| Amounts receivable within one year | 40/41 | €74,916 | €52,435 | -€22,481 | -30.0% |
| Trade receivables | 40 | €73,094 | €42,189 | -€30,904 | -42.3% |
| Other amounts receivable | 41 | €1,823 | €10,246 | +€8,423 | +462% |
| Cash at bank and in hand | 54/58 | €163,348 | €208,207 | +€44,859 | +27.5% |
| Deferred charges and accrued income | 490/1 | - | €1,560 | +€1,560 | |
| Total equity and liabilities | 10/49 | €300,490 | €313,652 | +€13,162 | +4.4% |
| Equity | 10/15 | €221,932 | €245,587 | +€23,655 | +10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €215,732 | €239,387 | +€23,655 | +11.0% |
| Distributable reserves | 133 | €215,732 | €239,387 | +€23,655 | +11.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €78,558 | €68,064 | -€10,493 | -13.4% |
| Amounts payable after more than one year | 17 | €20,394 | €18,027 | -€2,368 | -11.6% |
| Financial debts | 170/4 | €20,394 | €18,027 | -€2,368 | -11.6% |
| Amounts payable within one year | 42/48 | €58,163 | €47,900 | -€10,263 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €16,778 | €13,800 | -€2,978 | -17.7% |
| Trade debts | 44 | €16,842 | €8,999 | -€7,843 | -46.6% |
| Suppliers | 440/4 | €16,842 | €8,999 | -€7,843 | -46.6% |
| Taxes, remuneration and social security | 45 | €15,361 | €18,176 | +€2,815 | +18.3% |
| Taxes | 450/3 | €11,351 | €15,453 | +€4,102 | +36.1% |
| Remuneration and social security | 454/9 | €4,010 | €2,723 | -€1,287 | -32.1% |
| Other amounts payable | 47/48 | €9,182 | €6,925 | -€2,257 | -24.6% |
| Accrued charges and deferred income | 492/3 | - | €2,137 | +€2,137 | |
| Remuneration, social security and pensions | 62 | €54,517 | €1,963 | -€52,553 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,935 | €9,949 | -€13,986 | -58.4% |
| Other operating charges | 640/8 | €2,228 | €13,430 | +€11,202 | +503% |
| Gross operating margin | 9900 | €163,200 | €62,081 | -€101,119 | -62.0% |
| Operating profit (loss) | 9901 | €82,521 | €36,739 | -€45,782 | -55.5% |
| Financial income | 75/76B | €657 | €213 | -€444 | -67.6% |
| Recurring financial income | 75 | €657 | €213 | -€444 | -67.6% |
| Financial charges | 65/66B | €1,674 | €2,845 | +€1,171 | +69.9% |
| Recurring financial charges | 65 | €1,674 | €2,845 | +€1,171 | +69.9% |
| Profit (loss) for the period before taxes | 9903 | €81,504 | €34,107 | -€47,396 | -58.2% |
| Income taxes | 67/77 | €23,467 | €9,619 | -€13,848 | -59.0% |
| Profit (loss) for the period | 9904 | €58,037 | €24,488 | -€33,549 | -57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,037 | €24,488 | -€33,549 | -57.8% |
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 26 October 2026 via checked.be.