BULTOT: 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.
BULTOT
Largest movements
- Receivables within one year -€46,155
down €46,155 (-50.9%), from €90,663 to €44,509
of which Other amounts receivable: -€54,420
- Cash -€9,604
down €9,604 (-50.6%), from €18,998 to €9,394
mainly Contributions, distributions and other (-€60,740) and Investment in fixed assets (net) (-€4,438)
- Tangible fixed assets +€2,167
up €2,167 (+69.9%), from €3,099 to €5,266
of which Plant, machinery and equipment: +€2,706
- Reserves -€54,760
down €54,760 (-62.3%), from €87,949 to €33,189
- Trade debts +€2,196
new in 2025: €2,196
- Gross operating margin +€4,164
up €4,164 (+52.2%), from €7,980 to €12,144
- Taxes +€1,226
up €1,226 (+68.9%), from €1,779 to €3,005
- Depreciation +€354
up €354 (+18.5%), from €1,917 to €2,271
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 | €112,807 | €59,216 | -€53,591 | -47.5% |
| Fixed assets | 21/28 | €3,099 | €5,266 | +€2,167 | +69.9% |
| Tangible fixed assets | 22/27 | €3,099 | €5,266 | +€2,167 | +69.9% |
| Plant, machinery and equipment | 23 | €2,560 | €5,266 | +€2,706 | +105.7% |
| Furniture and vehicles | 24 | €539 | - | -€539 | |
| Current assets | 29/58 | €109,708 | €53,951 | -€55,758 | -50.8% |
| Amounts receivable within one year | 40/41 | €90,663 | €44,509 | -€46,155 | -50.9% |
| Trade receivables | 40 | €183 | €8,448 | +€8,265 | +4522.7% |
| Other amounts receivable | 41 | €90,481 | €36,061 | -€54,420 | -60.1% |
| Cash at bank and in hand | 54/58 | €18,998 | €9,394 | -€9,604 | -50.6% |
| Deferred charges and accrued income | 490/1 | €47 | €48 | +€1 | +1.9% |
| Total equity and liabilities | 10/49 | €112,807 | €59,216 | -€53,591 | -47.5% |
| Equity | 10/15 | €106,650 | €51,900 | -€54,750 | -51.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €87,949 | €33,189 | -€54,760 | -62.3% |
| Non-distributable reserves | 130/1 | €87,949 | €33,189 | -€54,760 | -62.3% |
| Reserves not available under the articles | 1311 | €87,949 | €33,189 | -€54,760 | -62.3% |
| Profit (loss) carried forward | 14 | €109 | €119 | +€10 | +9.5% |
| Amounts payable | 17/49 | €6,157 | €7,316 | +€1,159 | +18.8% |
| Amounts payable within one year | 42/48 | €6,157 | €7,316 | +€1,159 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €6,157 | €5,120 | -€1,038 | -16.9% |
| Trade debts | 44 | - | €2,196 | +€2,196 | |
| Suppliers | 440/4 | - | €2,196 | +€2,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,917 | €2,271 | +€354 | +18.5% |
| Other operating charges | 640/8 | €645 | €665 | +€20 | +3.2% |
| Gross operating margin | 9900 | €7,980 | €12,144 | +€4,164 | +52.2% |
| Operating profit (loss) | 9901 | €5,418 | €9,207 | +€3,789 | +69.9% |
| Financial charges | 65/66B | €279 | €212 | -€67 | -24.1% |
| Recurring financial charges | 65 | €279 | €212 | -€67 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €5,139 | €8,996 | +€3,856 | +75.0% |
| Income taxes | 67/77 | €1,779 | €3,005 | +€1,226 | +68.9% |
| Profit (loss) for the period | 9904 | €3,360 | €5,990 | +€2,630 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,360 | €5,990 | +€2,630 | +78.3% |
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 3 October 2026 via checked.be.