Bulsmann: 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.
Bulsmann
Largest movements
- Tangible fixed assets +€113,006
up €113,006 (+2,039%), from €5,541 to €118,547
of which Leasing and similar rights: +€109,081
- Receivables after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Receivables within one year +€4,734
up €4,734 (+32.2%), from €14,702 to €19,436
of which Other amounts receivable: +€4,571
- Debts after one year +€69,870
new in 2025: €69,870
- Current portion of long-term debt +€36,241
new in 2025: €36,241
- Reserves -€32,789
down €32,789 (-24.5%), from €133,967 to €101,178
- Other debts +€14,199
up €14,199, from €0 to €14,199
- Tax, wage and social debts -€10,058
down €10,058 (-48.5%), from €20,739 to €10,681
- Gross operating margin -€15,814
down €15,814 (-22.4%), from €70,467 to €54,653
- Taxes -€6,382
down €6,382 (-44.7%), from €14,267 to €7,885
- Depreciation +€2,198
up €2,198 (+99.3%), from €2,214 to €4,411
- Financial income -€1,213
down €1,213 (-45.9%), from €2,643 to €1,430
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 | €163,549 | €245,583 | +€82,034 | +50.2% |
| Fixed assets | 21/28 | €5,541 | €118,547 | +€113,006 | +2,039% |
| Tangible fixed assets | 22/27 | €5,541 | €118,547 | +€113,006 | +2,039% |
| Plant, machinery and equipment | 23 | €2,118 | €1,651 | -€466 | -22.0% |
| Furniture and vehicles | 24 | €493 | €17 | -€475 | -96.5% |
| Leasing and similar rights | 25 | - | €109,081 | +€109,081 | |
| Other tangible fixed assets | 26 | €2,931 | €2,408 | -€523 | -17.9% |
| Assets under construction and advance payments | 27 | - | €5,390 | +€5,390 | |
| Current assets | 29/58 | €158,008 | €127,036 | -€30,972 | -19.6% |
| Amounts receivable after more than one year | 29 | €40,000 | €0 | -€40,000 | -100% |
| Other amounts receivable | 291 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | €14,702 | €19,436 | +€4,734 | +32.2% |
| Trade receivables | 40 | €12,159 | €12,322 | +€163 | +1.3% |
| Other amounts receivable | 41 | €2,544 | €7,115 | +€4,571 | +180% |
| Cash at bank and in hand | 54/58 | €98,679 | €100,855 | +€2,176 | +2.2% |
| Deferred charges and accrued income | 490/1 | €4,627 | €6,745 | +€2,118 | +45.8% |
| Total equity and liabilities | 10/49 | €163,549 | €245,583 | +€82,034 | +50.2% |
| Equity | 10/15 | €138,967 | €106,178 | -€32,789 | -23.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €133,967 | €101,178 | -€32,789 | -24.5% |
| Distributable reserves | 133 | €133,967 | €101,178 | -€32,789 | -24.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,582 | €139,405 | +€114,823 | +467% |
| Amounts payable after more than one year | 17 | - | €69,870 | +€69,870 | |
| Financial debts | 170/4 | - | €69,870 | +€69,870 | |
| Amounts payable within one year | 42/48 | €24,561 | €69,513 | +€44,952 | +183% |
| Current portion of amounts payable after more than one year | 42 | - | €36,241 | +€36,241 | |
| Trade debts | 44 | €3,821 | €8,392 | +€4,570 | +120% |
| Suppliers | 440/4 | €3,821 | €8,392 | +€4,570 | +120% |
| Taxes, remuneration and social security | 45 | €20,739 | €10,681 | -€10,058 | -48.5% |
| Taxes | 450/3 | €20,739 | €10,681 | -€10,058 | -48.5% |
| Other amounts payable | 47/48 | €0 | €14,199 | +€14,199 | |
| Accrued charges and deferred income | 492/3 | €21 | €22 | +€0 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,214 | €4,411 | +€2,198 | +99.3% |
| Other operating charges | 640/8 | €244 | €715 | +€471 | +193% |
| Gross operating margin | 9900 | €70,467 | €54,653 | -€15,814 | -22.4% |
| Operating profit (loss) | 9901 | €68,010 | €49,528 | -€18,483 | -27.2% |
| Financial income | 75/76B | €2,643 | €1,430 | -€1,213 | -45.9% |
| Recurring financial income | 75 | €2,643 | €1,430 | -€1,213 | -45.9% |
| Financial charges | 65/66B | €1,646 | €1,861 | +€215 | +13.1% |
| Recurring financial charges | 65 | €1,646 | €1,861 | +€215 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €69,007 | €49,096 | -€19,911 | -28.9% |
| Income taxes | 67/77 | €14,267 | €7,885 | -€6,382 | -44.7% |
| Profit (loss) for the period | 9904 | €54,740 | €41,211 | -€13,529 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,740 | €41,211 | -€13,529 | -24.7% |
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 29 October 2026 via checked.be.