BULTERYS: 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.
BULTERYS
Largest movements
- Cash -€815,106
down €815,106 (-68.0%), from €1.2m to €383,763
mainly Contributions, distributions and other (-€1.5m) and Investment in fixed assets (net) (-€1.0m)
- Receivables within one year +€197,498
up €197,498 (+23.7%), from €833,494 to €1.0m
of which Trade receivables: +€197,583
- Tangible fixed assets +€59,540
up €59,540 (+2.3%), from €2.5m to €2.6m
of which Leasing and similar rights: +€525,770
- Reserves -€741,430
down €741,430 (-20.2%), from €3.7m to €2.9m
of which Distributable reserves: -€741,430
- Debts after one year +€274,417
up €274,417 (+82.7%), from €331,879 to €606,296
- Trade debts -€151,030
down €151,030 (-56.7%), from €266,331 to €115,300
- Tax, wage and social debts +€60,594
up €60,594 (+83.5%), from €72,561 to €133,154
of which Taxes: +€54,295
- Gross operating margin +€498,754
up €498,754 (+22.9%), from €2.2m to €2.7m
- Depreciation +€155,028
up €155,028 (+18.8%), from €825,824 to €980,851
- Taxes +€78,182
up €78,182 (+44.7%), from €174,956 to €253,137
- Staff costs +€74,340
up €74,340 (+13.9%), from €535,318 to €609,658
- Other operating charges -€48,283
down €48,283 (-52.3%), from €92,253 to €43,970
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 | €4,667,879 | €4,136,558 | -€531,321 | -11.4% |
| Fixed assets | 21/28 | €2,572,655 | €2,638,452 | +€65,797 | +2.6% |
| Intangible fixed assets | 21 | - | €6,122 | +€6,122 | |
| Tangible fixed assets | 22/27 | €2,549,692 | €2,609,231 | +€59,540 | +2.3% |
| Land and buildings | 22 | €7,840 | €9,743 | +€1,903 | +24.3% |
| Plant, machinery and equipment | 23 | €2,152,844 | €1,645,370 | -€507,475 | -23.6% |
| Furniture and vehicles | 24 | €389,007 | €428,349 | +€39,342 | +10.1% |
| Leasing and similar rights | 25 | - | €525,770 | +€525,770 | |
| Financial fixed assets | 28 | €22,963 | €23,098 | +€135 | +0.6% |
| Current assets | 29/58 | €2,095,224 | €1,498,106 | -€597,118 | -28.5% |
| Stocks and contracts in progress | 3 | €15,338 | €37,336 | +€21,998 | +143.4% |
| Stocks | 30/36 | €15,338 | €37,336 | +€21,998 | +143.4% |
| Amounts receivable within one year | 40/41 | €833,494 | €1,030,991 | +€197,498 | +23.7% |
| Trade receivables | 40 | €805,829 | €1,003,412 | +€197,583 | +24.5% |
| Other amounts receivable | 41 | €27,665 | €27,580 | -€85 | -0.3% |
| Cash at bank and in hand | 54/58 | €1,198,869 | €383,763 | -€815,106 | -68.0% |
| Deferred charges and accrued income | 490/1 | €47,523 | €46,015 | -€1,507 | -3.2% |
| Total equity and liabilities | 10/49 | €4,667,879 | €4,136,558 | -€531,321 | -11.4% |
| Equity | 10/15 | €3,764,795 | €3,023,366 | -€741,430 | -19.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,664,795 | €2,923,366 | -€741,430 | -20.2% |
| Non-distributable reserves | 130/1 | €11,316 | €11,316 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,316 | €1,316 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,180 | €31,180 | = | 0.0% |
| Distributable reserves | 133 | €3,622,300 | €2,880,871 | -€741,430 | -20.5% |
| Amounts payable | 17/49 | €903,083 | €1,113,192 | +€210,109 | +23.3% |
| Amounts payable after more than one year | 17 | €331,879 | €606,296 | +€274,417 | +82.7% |
| Financial debts | 170/4 | €331,879 | €606,296 | +€274,417 | +82.7% |
| Amounts payable within one year | 42/48 | €557,912 | €497,404 | -€60,508 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €218,726 | €248,949 | +€30,223 | +13.8% |
| Trade debts | 44 | €266,331 | €115,300 | -€151,030 | -56.7% |
| Suppliers | 440/4 | €266,331 | €115,300 | -€151,030 | -56.7% |
| Advances received on contracts in progress | 46 | €294 | - | -€294 | |
| Taxes, remuneration and social security | 45 | €72,561 | €133,154 | +€60,594 | +83.5% |
| Taxes | 450/3 | €20,563 | €74,858 | +€54,295 | +264.0% |
| Remuneration and social security | 454/9 | €51,998 | €58,296 | +€6,298 | +12.1% |
| Accrued charges and deferred income | 492/3 | €13,293 | €9,492 | -€3,800 | -28.6% |
| Remuneration, social security and pensions | 62 | €535,318 | €609,658 | +€74,340 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €825,824 | €980,851 | +€155,028 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,555 | €10,087 | +€4,532 | +81.6% |
| Other operating charges | 640/8 | €92,253 | €43,970 | -€48,283 | -52.3% |
| Gross operating margin | 9900 | €2,173,255 | €2,672,009 | +€498,754 | +22.9% |
| Operating profit (loss) | 9901 | €714,305 | €1,027,443 | +€313,137 | +43.8% |
| Financial income | 75/76B | €2,895 | €19,216 | +€16,321 | +563.9% |
| Recurring financial income | 75 | €2,895 | €19,216 | +€16,321 | +563.9% |
| Financial charges | 65/66B | €27,153 | €34,951 | +€7,798 | +28.7% |
| Recurring financial charges | 65 | €27,153 | €34,951 | +€7,798 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €690,047 | €1,011,708 | +€321,660 | +46.6% |
| Income taxes | 67/77 | €174,956 | €253,137 | +€78,182 | +44.7% |
| Profit (loss) for the period | 9904 | €515,092 | €758,570 | +€243,479 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €515,092 | €758,570 | +€243,479 | +47.3% |
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 9 October 2026 via checked.be.