BULTECH: 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.
BULTECH
Largest movements
- Stocks and contracts +€299,631
up €299,631 (+15.5%), from €1.9m to €2.2m
- Tangible fixed assets +€148,521
up €148,521 (+19.4%), from €765,891 to €914,411
of which Leasing and similar rights: +€298,944
- Receivables within one year +€99,890
up €99,890 (+43.1%), from €231,577 to €331,466
of which Trade receivables: +€177,133
- Reserves +€453,461
up €453,461 (+31.5%), from €1.4m to €1.9m
- Debts after one year +€147,429
up €147,429 (+14.0%), from €1.1m to €1.2m
- Trade debts -€85,825
down €85,825 (-39.1%), from €219,339 to €133,513
- Other debts -€60,239
down €60,239 (-55.0%), from €109,555 to €49,316
- Accrued charges and deferred income +€38,514
up €38,514 (+1,926%), from €2,000 to €40,514
- Gross operating margin +€278,568
up €278,568 (+27.5%), from €1.0m to €1.3m
- Taxes +€44,000
up €44,000 (+45.7%), from €96,318 to €140,318
- Financial charges +€43,227
up €43,227 (+267%), from €16,193 to €59,420
- Depreciation +€37,091
up €37,091 (+16.9%), from €219,478 to €256,569
- Financial income -€19,726
down €19,726 (-83.3%), from €23,674 to €3,948
of which Non-recurring financial income: -€22,120
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 | €3,233,933 | €3,769,077 | +€535,144 | +16.5% |
| Fixed assets | 21/28 | €766,026 | €914,681 | +€148,656 | +19.4% |
| Tangible fixed assets | 22/27 | €765,891 | €914,411 | +€148,521 | +19.4% |
| Plant, machinery and equipment | 23 | €212,110 | €174,129 | -€37,981 | -17.9% |
| Furniture and vehicles | 24 | €457,425 | €323,677 | -€133,748 | -29.2% |
| Leasing and similar rights | 25 | €34,576 | €333,520 | +€298,944 | +865% |
| Other tangible fixed assets | 26 | €61,780 | €83,085 | +€21,305 | +34.5% |
| Financial fixed assets | 28 | €135 | €270 | +€135 | +100% |
| Current assets | 29/58 | €2,467,907 | €2,854,395 | +€386,488 | +15.7% |
| Stocks and contracts in progress | 3 | €1,938,963 | €2,238,593 | +€299,631 | +15.5% |
| Stocks | 30/36 | €1,938,963 | €2,238,593 | +€299,631 | +15.5% |
| Amounts receivable within one year | 40/41 | €231,577 | €331,466 | +€99,890 | +43.1% |
| Trade receivables | 40 | €123,812 | €300,945 | +€177,133 | +143% |
| Other amounts receivable | 41 | €107,765 | €30,521 | -€77,244 | -71.7% |
| Cash at bank and in hand | 54/58 | €285,396 | €263,040 | -€22,357 | -7.8% |
| Deferred charges and accrued income | 490/1 | €11,971 | €21,296 | +€9,324 | +77.9% |
| Total equity and liabilities | 10/49 | €3,233,933 | €3,769,077 | +€535,144 | +16.5% |
| Equity | 10/15 | €1,489,031 | €1,942,492 | +€453,461 | +30.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,439,031 | €1,892,492 | +€453,461 | +31.5% |
| Distributable reserves | 133 | €1,439,031 | €1,892,492 | +€453,461 | +31.5% |
| Amounts payable | 17/49 | €1,744,902 | €1,826,585 | +€81,683 | +4.7% |
| Amounts payable after more than one year | 17 | €1,054,548 | €1,201,978 | +€147,429 | +14.0% |
| Financial debts | 170/4 | €1,054,548 | €1,201,978 | +€147,429 | +14.0% |
| Amounts payable within one year | 42/48 | €688,353 | €584,093 | -€104,260 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €209,542 | €241,778 | +€32,236 | +15.4% |
| Financial debts | 43 | €70,000 | €70,000 | = | 0.0% |
| Credit institutions | 430/8 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €219,339 | €133,513 | -€85,825 | -39.1% |
| Suppliers | 440/4 | €219,339 | €133,513 | -€85,825 | -39.1% |
| Taxes, remuneration and social security | 45 | €79,917 | €89,486 | +€9,569 | +12.0% |
| Taxes | 450/3 | €10,219 | €46,787 | +€36,568 | +358% |
| Remuneration and social security | 454/9 | €69,698 | €42,699 | -€26,999 | -38.7% |
| Other amounts payable | 47/48 | €109,555 | €49,316 | -€60,239 | -55.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | €40,514 | +€38,514 | +1,926% |
| Remuneration, social security and pensions | 62 | €378,629 | €380,780 | +€2,150 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,478 | €256,569 | +€37,091 | +16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,420 | -€18,500 | -€16,080 | -664% |
| Other operating charges | 640/8 | €18,926 | €22,926 | +€4,000 | +21.1% |
| Gross operating margin | 9900 | €1,013,458 | €1,292,026 | +€278,568 | +27.5% |
| Operating profit (loss) | 9901 | €398,845 | €650,252 | +€251,407 | +63.0% |
| Financial income | 75/76B | €23,674 | €3,948 | -€19,726 | -83.3% |
| Recurring financial income | 75 | €1,554 | €3,948 | +€2,394 | +154% |
| Non-recurring financial income | 76B | €22,120 | - | -€22,120 | |
| Financial charges | 65/66B | €16,193 | €59,420 | +€43,227 | +267% |
| Recurring financial charges | 65 | €16,193 | €59,420 | +€43,227 | +267% |
| Profit (loss) for the period before taxes | 9903 | €406,326 | €594,779 | +€188,453 | +46.4% |
| Income taxes | 67/77 | €96,318 | €140,318 | +€44,000 | +45.7% |
| Profit (loss) for the period | 9904 | €310,008 | €454,461 | +€144,454 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €310,008 | €454,461 | +€144,454 | +46.6% |
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 16 October 2026 via checked.be.