BULTIM: what changed
Two fiscal 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.
BULTIM
Largest movements
- Receivables within one year -€78,783
down €78,783 (-80.9%), from €97,396 to €18,614
of which Other amounts receivable: -€97,382
- Cash +€18,054
up €18,054 (+165.2%), from €10,927 to €28,982
mainly Receivables within one year (+€78,783) and Net result for the year (+€20,920)
- Intangible fixed assets -€10,000
down €10,000 (-13.8%), from €72,466 to €62,466
- Other debts -€77,902
down €77,902 (-86.9%), from €89,613 to €11,712
- Tax, wage and social debts +€11,963
up €11,963 (+136.7%), from €8,754 to €20,717
of which Taxes: +€11,963
- Profit (loss) carried forward -€4,080
down €4,080 (-5.2%), from €78,842 to €74,762
- Trade debts -€2,486
down €2,486 (-36.9%), from €6,729 to €4,243
- Gross operating margin +€31,215
up €31,215 (+324.9%), from €9,608 to €40,823
- Taxes +€6,184
up €6,184 (+4596.8%), from €135 to €6,318
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 | €184,039 | €111,533 | -€72,505 | -39.4% |
| Fixed assets | 21/28 | €75,137 | €63,348 | -€11,789 | -15.7% |
| Intangible fixed assets | 21 | €72,466 | €62,466 | -€10,000 | -13.8% |
| Tangible fixed assets | 22/27 | €2,672 | €883 | -€1,789 | -67.0% |
| Furniture and vehicles | 24 | €2,672 | €883 | -€1,789 | -67.0% |
| Current assets | 29/58 | €108,901 | €48,185 | -€60,716 | -55.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €97,396 | €18,614 | -€78,783 | -80.9% |
| Trade receivables | 40 | €0 | €18,599 | +€18,599 | |
| Other amounts receivable | 41 | €97,396 | €14 | -€97,382 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,927 | €28,982 | +€18,054 | +165.2% |
| Deferred charges and accrued income | 490/1 | €578 | €590 | +€12 | +2.1% |
| Total equity and liabilities | 10/49 | €184,039 | €111,533 | -€72,505 | -39.4% |
| Equity | 10/15 | €78,942 | €74,862 | -€4,080 | -5.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,842 | €74,762 | -€4,080 | -5.2% |
| Amounts payable | 17/49 | €105,097 | €36,672 | -€68,425 | -65.1% |
| Amounts payable within one year | 42/48 | €105,097 | €36,672 | -€68,425 | -65.1% |
| Trade debts | 44 | €6,729 | €4,243 | -€2,486 | -36.9% |
| Suppliers | 440/4 | €6,729 | €4,243 | -€2,486 | -36.9% |
| Taxes, remuneration and social security | 45 | €8,754 | €20,717 | +€11,963 | +136.7% |
| Taxes | 450/3 | €8,754 | €20,717 | +€11,963 | +136.7% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €89,613 | €11,712 | -€77,902 | -86.9% |
| Non-recurring operating income | 76A | €6,296 | - | -€6,296 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,789 | €11,789 | = | 0.0% |
| Other operating charges | 640/8 | €1,325 | €1,174 | -€152 | -11.4% |
| Non-recurring operating charges | 66A | €100 | €127 | +€27 | +26.8% |
| Gross operating margin | 9900 | €9,608 | €40,823 | +€31,215 | +324.9% |
| Operating profit (loss) | 9901 | -€3,606 | €27,733 | +€31,340 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +7800.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +7800.0% |
| Financial charges | 65/66B | €171 | €496 | +€325 | +189.9% |
| Recurring financial charges | 65 | €171 | €496 | +€325 | +189.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,777 | €27,238 | +€31,015 | |
| Income taxes | 67/77 | €135 | €6,318 | +€6,184 | +4596.8% |
| Profit (loss) for the period | 9904 | -€3,912 | €20,920 | +€24,832 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,912 | €20,920 | +€24,832 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.