BULTEEL EN CO: what changed
What changed
BULTEEL EN CO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€3,955
2024 · €2,349+€1,606
Equity
€753,142
2024 · €749,187+€3,955
Cash
€100,460
2024 · €130,588-€30,128
Balance sheet total
€1.0m
2024 · €1.0m-€14,337
Largest movements
Assets
- Cash -€30,128
down €30,128 (-23.1%), from €130,588 to €100,460
mainly Investment in fixed assets (net) (-€70,610) and Receivables within one year (-€27,026)
- Receivables within one year +€27,026
up €27,026 (+38.9%), from €69,525 to €96,551
of which Trade receivables: +€28,204
- Tangible fixed assets -€11,732
down €11,732 (-1.5%), from €806,102 to €794,370
of which Land and buildings: -€35,959
Equity and liabilities
- Other debts -€23,043
down €23,043 (-8.2%), from €279,822 to €256,778
Income statement
- Gross operating margin +€7,015
up €7,015 (+7.3%), from €95,809 to €102,824
- Depreciation +€4,889
up €4,889 (+6.3%), from €77,452 to €82,341
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2,349
Gross operating margin
+€7,015
Depreciation
-€4,889
Other operating charges
-€369
Financial income
-€680
Financial charges
+€530
Taxes
-€0
Result 2025
€3,955
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€43,607
Investment
-€70,610
Financing
-€3,125
Cash 2024
€130,588
From operations (derived)
+€43,607
Net result for the year
+€3,955
Depreciation
+€82,341
Receivables within one year
-€27,026
Deferred charges and accrued income
-€497
Trade debts
+€9,760
Tax, wage and social debts
-€2,636
Other debts
-€23,043
Accrued charges and deferred income
+€753
Investment (derived)
-€70,610
Investment in fixed assets (net)
-€70,610
Financing
-€3,125
Current portion of long-term debt
-€3,125
Cash 2025
€100,460
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,043,024 | €1,028,688 | -€14,337 | -1.4% |
| Fixed assets | 21/28 | €807,487 | €795,755 | -€11,732 | -1.5% |
| Tangible fixed assets | 22/27 | €806,102 | €794,370 | -€11,732 | -1.5% |
| Land and buildings | 22 | €775,899 | €739,940 | -€35,959 | -4.6% |
| Plant, machinery and equipment | 23 | €18,165 | €15,447 | -€2,719 | -15.0% |
| Furniture and vehicles | 24 | €12,038 | €38,984 | +€26,946 | +224% |
| Financial fixed assets | 28 | €1,385 | €1,385 | = | 0.0% |
| Current assets | 29/58 | €235,537 | €232,932 | -€2,605 | -1.1% |
| Amounts receivable within one year | 40/41 | €69,525 | €96,551 | +€27,026 | +38.9% |
| Trade receivables | 40 | €29,084 | €57,287 | +€28,204 | +97.0% |
| Other amounts receivable | 41 | €40,441 | €39,264 | -€1,177 | -2.9% |
| Current investments | 50/53 | €31,110 | €31,110 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €130,588 | €100,460 | -€30,128 | -23.1% |
| Deferred charges and accrued income | 490/1 | €4,314 | €4,811 | +€497 | +11.5% |
| Total equity and liabilities | 10/49 | €1,043,024 | €1,028,688 | -€14,337 | -1.4% |
| Equity | 10/15 | €749,187 | €753,142 | +€3,955 | +0.5% |
| Contributions | 10/11 | €159,657 | €159,657 | = | 0.0% |
| Reserves | 13 | €589,530 | €593,485 | +€3,955 | +0.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €570,780 | €574,735 | +€3,955 | +0.7% |
| Amounts payable | 17/49 | €293,837 | €275,546 | -€18,292 | -6.2% |
| Amounts payable within one year | 42/48 | €288,792 | €269,748 | -€19,044 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €3,125 | - | -€3,125 | |
| Trade debts | 44 | €2,502 | €12,262 | +€9,760 | +390% |
| Suppliers | 440/4 | €2,502 | €12,262 | +€9,760 | +390% |
| Taxes, remuneration and social security | 45 | €3,343 | €707 | -€2,636 | -78.8% |
| Taxes | 450/3 | €3,343 | €707 | -€2,636 | -78.8% |
| Other amounts payable | 47/48 | €279,822 | €256,778 | -€23,043 | -8.2% |
| Accrued charges and deferred income | 492/3 | €5,045 | €5,798 | +€753 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,452 | €82,341 | +€4,889 | +6.3% |
| Other operating charges | 640/8 | €13,659 | €14,029 | +€369 | +2.7% |
| Gross operating margin | 9900 | €95,809 | €102,824 | +€7,015 | +7.3% |
| Operating profit (loss) | 9901 | €4,698 | €6,454 | +€1,757 | +37.4% |
| Financial income | 75/76B | €1,079 | €399 | -€680 | -63.1% |
| Recurring financial income | 75 | €1,079 | €399 | -€680 | -63.1% |
| Financial charges | 65/66B | €3,428 | €2,898 | -€530 | -15.5% |
| Recurring financial charges | 65 | €3,428 | €2,898 | -€530 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €2,349 | €3,955 | +€1,606 | +68.4% |
| Income taxes | 67/77 | -€0 | - | +€0 | |
| Profit (loss) for the period | 9904 | €2,349 | €3,955 | +€1,606 | +68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,349 | €3,955 | +€1,606 | +68.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.