BULTIA OPTIC: 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.
BULTIA OPTIC
Largest movements
- Cash -€169,481
down €169,481 (-90.0%), from €188,300 to €18,819
mainly Receivables within one year (-€81,442) and Investment in fixed assets (net) (-€59,099)
- Receivables within one year +€81,442
up €81,442 (+232%), from €35,121 to €116,563
of which Trade receivables: +€68,819
- Tangible fixed assets +€31,559
up €31,559 (+128%), from €24,705 to €56,264
of which Furniture and vehicles: +€30,685
- Stocks and contracts +€19,497
up €19,497 (+20.1%), from €96,986 to €116,482
- Intangible fixed assets +€11,938
new in 2025: €11,938
- Other debts -€45,215
down €45,215 (-57.9%), from €78,026 to €32,811
- Trade debts +€27,387
up €27,387 (+39.8%), from €68,817 to €96,204
- Profit (loss) carried forward -€15,536
down €15,536 (-44.6%), from -€34,867 to -€50,403
- Current portion of long-term debt +€11,595
up €11,595 (+41.9%), from €27,697 to €39,292
- Tax, wage and social debts -€7,551
down €7,551 (-13.8%), from €54,787 to €47,236
of which Taxes: -€10,094
- Gross operating margin -€69,645
down €69,645 (-23.7%), from €294,180 to €224,535
- Financial charges -€55,635
down €55,635 (-76.1%), from €73,062 to €17,427
- Staff costs +€24,295
up €24,295 (+14.4%), from €168,524 to €192,819
- Taxes -€11,053
down €11,053 (-91.8%), from €12,038 to €985
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 | €353,141 | €328,516 | -€24,624 | -7.0% |
| Fixed assets | 21/28 | €24,705 | €68,202 | +€43,497 | +176% |
| Intangible fixed assets | 21 | - | €11,938 | +€11,938 | |
| Tangible fixed assets | 22/27 | €24,705 | €56,264 | +€31,559 | +128% |
| Plant, machinery and equipment | 23 | €698 | €2,263 | +€1,565 | +224% |
| Furniture and vehicles | 24 | €18,540 | €49,225 | +€30,685 | +166% |
| Other tangible fixed assets | 26 | €5,466 | €4,776 | -€691 | -12.6% |
| Current assets | 29/58 | €328,436 | €260,315 | -€68,121 | -20.7% |
| Stocks and contracts in progress | 3 | €96,986 | €116,482 | +€19,497 | +20.1% |
| Stocks | 30/36 | €96,986 | €116,482 | +€19,497 | +20.1% |
| Amounts receivable within one year | 40/41 | €35,121 | €116,563 | +€81,442 | +232% |
| Trade receivables | 40 | €34,894 | €103,713 | +€68,819 | +197% |
| Other amounts receivable | 41 | €227 | €12,850 | +€12,623 | +5,559% |
| Cash at bank and in hand | 54/58 | €188,300 | €18,819 | -€169,481 | -90.0% |
| Deferred charges and accrued income | 490/1 | €8,029 | €8,450 | +€421 | +5.2% |
| Total equity and liabilities | 10/49 | €353,141 | €328,516 | -€24,624 | -7.0% |
| Equity | 10/15 | €1,511 | -€14,026 | -€15,536 | |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €378 | €378 | = | 0.0% |
| Non-distributable reserves | 130/1 | €378 | €378 | = | 0.0% |
| Reserves not available under the articles | 1311 | €378 | €378 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,867 | -€50,403 | -€15,536 | -44.6% |
| Amounts payable | 17/49 | €351,630 | €342,542 | -€9,088 | -2.6% |
| Amounts payable after more than one year | 17 | €122,303 | €122,009 | -€294 | -0.2% |
| Financial debts | 170/4 | €122,303 | €122,009 | -€294 | -0.2% |
| Amounts payable within one year | 42/48 | €229,327 | €220,533 | -€8,794 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €27,697 | €39,292 | +€11,595 | +41.9% |
| Financial debts | 43 | - | €4,990 | +€4,990 | |
| Credit institutions | 430/8 | - | €4,990 | +€4,990 | |
| Trade debts | 44 | €68,817 | €96,204 | +€27,387 | +39.8% |
| Suppliers | 440/4 | €68,817 | €96,204 | +€27,387 | +39.8% |
| Taxes, remuneration and social security | 45 | €54,787 | €47,236 | -€7,551 | -13.8% |
| Taxes | 450/3 | €34,003 | €23,908 | -€10,094 | -29.7% |
| Remuneration and social security | 454/9 | €20,784 | €23,328 | +€2,544 | +12.2% |
| Other amounts payable | 47/48 | €78,026 | €32,811 | -€45,215 | -57.9% |
| Non-recurring operating income | 76A | - | €10,525 | +€10,525 | |
| Remuneration, social security and pensions | 62 | €168,524 | €192,819 | +€24,295 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,424 | €15,602 | +€2,178 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,291 | €13,554 | +€1,263 | +10.3% |
| Other operating charges | 640/8 | €3,039 | €5,163 | +€2,124 | +69.9% |
| Non-recurring operating charges | 66A | €581 | - | -€581 | |
| Gross operating margin | 9900 | €294,180 | €224,535 | -€69,645 | -23.7% |
| Operating profit (loss) | 9901 | €96,322 | -€2,604 | -€98,925 | |
| Financial income | 75/76B | €7,671 | €5,480 | -€2,191 | -28.6% |
| Recurring financial income | 75 | €7,671 | €5,480 | -€2,191 | -28.6% |
| Financial charges | 65/66B | €73,062 | €17,427 | -€55,635 | -76.1% |
| Recurring financial charges | 65 | €73,062 | €17,427 | -€55,635 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €30,930 | -€14,551 | -€45,482 | |
| Income taxes | 67/77 | €12,038 | €985 | -€11,053 | -91.8% |
| Profit (loss) for the period | 9904 | €18,893 | -€15,536 | -€34,429 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,893 | -€15,536 | -€34,429 |
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 15 October 2026 via checked.be.