BULTHEZ: 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.
BULTHEZ
Largest movements
- Tangible fixed assets -€31,324
down €31,324 (-9.2%), from €342,147 to €310,824
of which Land and buildings: -€23,921
- Cash -€6,454
down €6,454 (-36.8%), from €17,558 to €11,104
mainly Debts after one year (-€13,671) and Trade debts (-€11,950)
- Debts after one year -€13,671
down €13,671 (-10.8%), from €126,083 to €112,412
- Trade debts -€11,950
down €11,950 (-98.8%), from €12,100 to €150
- Profit (loss) carried forward -€6,976
down €6,976 (-2.9%), from €237,573 to €230,596
- Gross operating margin +€21,073
up €21,073 (+62.5%), from €33,697 to €54,771
- Depreciation +€12,490
up €12,490 (+61.8%), from €20,213 to €32,702
- Staff costs +€9,822
new in 2025: €9,822
- Other operating charges -€928
down €928 (-6.3%), from €14,769 to €13,841
- Financial charges -€757
down €757 (-12.3%), from €6,138 to €5,381
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 | €442,236 | €405,805 | -€36,432 | -8.2% |
| Fixed assets | 21/28 | €342,147 | €311,034 | -€31,114 | -9.1% |
| Tangible fixed assets | 22/27 | €342,147 | €310,824 | -€31,324 | -9.2% |
| Land and buildings | 22 | €293,176 | €269,256 | -€23,921 | -8.2% |
| Plant, machinery and equipment | 23 | €48,971 | €41,568 | -€7,403 | -15.1% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €100,089 | €94,771 | -€5,318 | -5.3% |
| Amounts receivable within one year | 40/41 | €79,342 | €79,818 | +€476 | +0.6% |
| Trade receivables | 40 | €7,830 | €5,881 | -€1,949 | -24.9% |
| Other amounts receivable | 41 | €71,512 | €73,937 | +€2,425 | +3.4% |
| Cash at bank and in hand | 54/58 | €17,558 | €11,104 | -€6,454 | -36.8% |
| Deferred charges and accrued income | 490/1 | €3,189 | €3,850 | +€660 | +20.7% |
| Total equity and liabilities | 10/49 | €442,236 | €405,805 | -€36,432 | -8.2% |
| Equity | 10/15 | €258,033 | €251,056 | -€6,976 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,573 | €230,596 | -€6,976 | -2.9% |
| Amounts payable | 17/49 | €184,204 | €154,749 | -€29,455 | -16.0% |
| Amounts payable after more than one year | 17 | €126,083 | €112,412 | -€13,671 | -10.8% |
| Financial debts | 170/4 | €126,083 | €112,412 | -€13,671 | -10.8% |
| Amounts payable within one year | 42/48 | €30,526 | €18,036 | -€12,490 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €13,225 | €13,671 | +€445 | +3.4% |
| Financial debts | 43 | €2,564 | - | -€2,564 | |
| Credit institutions | 430/8 | €2,564 | - | -€2,564 | |
| Trade debts | 44 | €12,100 | €150 | -€11,950 | -98.8% |
| Suppliers | 440/4 | €12,100 | €150 | -€11,950 | -98.8% |
| Taxes, remuneration and social security | 45 | €637 | €1,716 | +€1,079 | +169% |
| Taxes | 450/3 | €637 | €849 | +€212 | +33.3% |
| Remuneration and social security | 454/9 | - | €866 | +€866 | |
| Other amounts payable | 47/48 | €2,000 | €2,500 | +€500 | +25.0% |
| Accrued charges and deferred income | 492/3 | €27,594 | €24,300 | -€3,294 | -11.9% |
| Remuneration, social security and pensions | 62 | - | €9,822 | +€9,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,213 | €32,702 | +€12,490 | +61.8% |
| Other operating charges | 640/8 | €14,769 | €13,841 | -€928 | -6.3% |
| Gross operating margin | 9900 | €33,697 | €54,771 | +€21,073 | +62.5% |
| Operating profit (loss) | 9901 | -€1,285 | -€1,595 | -€310 | -24.1% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €6,138 | €5,381 | -€757 | -12.3% |
| Recurring financial charges | 65 | €6,138 | €5,381 | -€757 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,406 | -€6,976 | +€429 | +5.8% |
| Profit (loss) for the period | 9904 | -€7,406 | -€6,976 | +€429 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,406 | -€6,976 | +€429 | +5.8% |
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 27 October 2026 via checked.be.