BULTYNCK: 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.
BULTYNCK
Largest movements
- Tangible fixed assets -€18,021
down €18,021 (-2.6%), from €683,975 to €665,954
of which Land and buildings: -€41,307
- Debts after one year -€39,165
down €39,165 (-8.3%), from €470,475 to €431,310
- Other debts +€27,055
up €27,055 (+86.5%), from €31,283 to €58,338
- Reserves +€12,402
up €12,402 (+12.3%), from €101,063 to €113,465
of which Distributable reserves: +€12,402
- Trade debts -€10,001
down €10,001 (-54.5%), from €18,343 to €8,342
- Gross operating margin -€19,485
down €19,485 (-11.6%), from €167,764 to €148,279
- Staff costs -€6,781
down €6,781 (-19.9%), from €34,003 to €27,221
- Taxes +€4,816
up €4,816 (+40.2%), from €11,987 to €16,803
- Depreciation -€3,131
down €3,131 (-6.2%), from €50,754 to €47,623
- Financial charges +€2,401
up €2,401 (+17.1%), from €14,030 to €16,431
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 | €774,163 | €756,440 | -€17,724 | -2.3% |
| Fixed assets | 21/28 | €691,683 | €671,162 | -€20,521 | -3.0% |
| Intangible fixed assets | 21 | €7,708 | €5,208 | -€2,500 | -32.4% |
| Tangible fixed assets | 22/27 | €683,975 | €665,954 | -€18,021 | -2.6% |
| Land and buildings | 22 | €677,729 | €636,423 | -€41,307 | -6.1% |
| Plant, machinery and equipment | 23 | €6,230 | €7,174 | +€944 | +15.2% |
| Furniture and vehicles | 24 | €16 | €22,357 | +€22,341 | +142756.3% |
| Current assets | 29/58 | €82,480 | €85,278 | +€2,798 | +3.4% |
| Stocks and contracts in progress | 3 | €8,790 | €4,990 | -€3,800 | -43.2% |
| Stocks | 30/36 | €8,790 | €4,990 | -€3,800 | -43.2% |
| Amounts receivable within one year | 40/41 | €18,977 | €26,228 | +€7,251 | +38.2% |
| Trade receivables | 40 | €13,027 | €16,360 | +€3,333 | +25.6% |
| Other amounts receivable | 41 | €5,950 | €9,869 | +€3,919 | +65.9% |
| Cash at bank and in hand | 54/58 | €51,896 | €53,069 | +€1,173 | +2.3% |
| Deferred charges and accrued income | 490/1 | €2,817 | €991 | -€1,826 | -64.8% |
| Total equity and liabilities | 10/49 | €774,163 | €756,440 | -€17,724 | -2.3% |
| Equity | 10/15 | €201,063 | €213,465 | +€12,402 | +6.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Contributions outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €101,063 | €113,465 | +€12,402 | +12.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €91,063 | €103,465 | +€12,402 | +13.6% |
| Amounts payable | 17/49 | €573,100 | €542,975 | -€30,125 | -5.3% |
| Amounts payable after more than one year | 17 | €470,475 | €431,310 | -€39,165 | -8.3% |
| Financial debts | 170/4 | €470,475 | €431,310 | -€39,165 | -8.3% |
| Amounts payable within one year | 42/48 | €102,626 | €111,666 | +€9,040 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €38,247 | €39,165 | +€918 | +2.4% |
| Financial debts | 43 | €4,021 | - | -€4,021 | |
| Credit institutions | 430/8 | €4,021 | - | -€4,021 | |
| Trade debts | 44 | €18,343 | €8,342 | -€10,001 | -54.5% |
| Suppliers | 440/4 | €18,343 | €8,342 | -€10,001 | -54.5% |
| Taxes, remuneration and social security | 45 | €10,731 | €5,820 | -€4,911 | -45.8% |
| Taxes | 450/3 | €6,317 | €4,714 | -€1,603 | -25.4% |
| Remuneration and social security | 454/9 | €4,414 | €1,106 | -€3,308 | -74.9% |
| Other amounts payable | 47/48 | €31,283 | €58,338 | +€27,055 | +86.5% |
| Non-recurring operating income | 76A | - | €1,060 | +€1,060 | |
| Remuneration, social security and pensions | 62 | €34,003 | €27,221 | -€6,781 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,754 | €47,623 | -€3,131 | -6.2% |
| Other operating charges | 640/8 | €6,459 | €6,925 | +€466 | +7.2% |
| Non-recurring operating charges | 66A | €17,900 | - | -€17,900 | |
| Gross operating margin | 9900 | €167,764 | €148,279 | -€19,485 | -11.6% |
| Operating profit (loss) | 9901 | €58,648 | €66,509 | +€7,861 | +13.4% |
| Financial income | 75/76B | €13 | €363 | +€350 | +2783.4% |
| Recurring financial income | 75 | €13 | €363 | +€350 | +2783.4% |
| Financial charges | 65/66B | €14,030 | €16,431 | +€2,401 | +17.1% |
| Recurring financial charges | 65 | €14,030 | €16,431 | +€2,401 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €44,630 | €50,441 | +€5,811 | +13.0% |
| Income taxes | 67/77 | €11,987 | €16,803 | +€4,816 | +40.2% |
| Profit (loss) for the period | 9904 | €32,643 | €33,638 | +€995 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,643 | €33,638 | +€995 | +3.0% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.