Bulut: 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.
Bulut
Largest movements
- Intangible fixed assets -€6,000
down €6,000 (-28.8%), from €20,827 to €14,827
- Tangible fixed assets +€3,279
new in 2025: €3,279
of which Furniture and vehicles: +€2,451
- Cash +€306
up €306 (+90.1%), from €339 to €645
mainly Depreciation (+€6,611) and Other debts (+€4,748)
- Debts after one year -€15,133
no longer reported in 2025 (was €15,133)
- Other debts +€4,748
up €4,748 (+55.1%), from €8,611 to €13,359
- Profit (loss) carried forward +€3,532
up €3,532 (+49.2%), from -€7,182 to -€3,650
- Tax, wage and social debts +€2,732
up €2,732 (+165.3%), from €1,653 to €4,385
- Trade debts +€1,706
up €1,706 (+377.7%), from €452 to €2,158
- Gross operating margin +€10,734
up €10,734 (+1140.3%), from €941 to €11,676
- Depreciation +€6,611
new in 2025: €6,611
- Other operating charges +€600
up €600 (+118.8%), from €505 to €1,105
- Financial charges +€428
new in 2025: €428
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 | €21,167 | €18,752 | -€2,415 | -11.4% |
| Fixed assets | 21/28 | €20,827 | €18,107 | -€2,721 | -13.1% |
| Intangible fixed assets | 21 | €20,827 | €14,827 | -€6,000 | -28.8% |
| Tangible fixed assets | 22/27 | - | €3,279 | +€3,279 | |
| Plant, machinery and equipment | 23 | - | €828 | +€828 | |
| Furniture and vehicles | 24 | - | €2,451 | +€2,451 | |
| Current assets | 29/58 | €339 | €645 | +€306 | +90.1% |
| Cash at bank and in hand | 54/58 | €339 | €645 | +€306 | +90.1% |
| Total equity and liabilities | 10/49 | €21,167 | €18,752 | -€2,415 | -11.4% |
| Equity | 10/15 | -€4,682 | -€1,150 | +€3,532 | +75.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,182 | -€3,650 | +€3,532 | +49.2% |
| Amounts payable | 17/49 | €25,849 | €19,902 | -€5,947 | -23.0% |
| Amounts payable after more than one year | 17 | €15,133 | - | -€15,133 | |
| Financial debts | 170/4 | €15,133 | - | -€15,133 | |
| Amounts payable within one year | 42/48 | €10,715 | €19,902 | +€9,187 | +85.7% |
| Trade debts | 44 | €452 | €2,158 | +€1,706 | +377.7% |
| Suppliers | 440/4 | €452 | €2,158 | +€1,706 | +377.7% |
| Taxes, remuneration and social security | 45 | €1,653 | €4,385 | +€2,732 | +165.3% |
| Taxes | 450/3 | €1,653 | €4,385 | +€2,732 | +165.3% |
| Other amounts payable | 47/48 | €8,611 | €13,359 | +€4,748 | +55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,611 | +€6,611 | |
| Other operating charges | 640/8 | €505 | €1,105 | +€600 | +118.8% |
| Gross operating margin | 9900 | €941 | €11,676 | +€10,734 | +1140.3% |
| Operating profit (loss) | 9901 | €436 | €3,960 | +€3,524 | +807.9% |
| Financial charges | 65/66B | - | €428 | +€428 | |
| Recurring financial charges | 65 | - | €428 | +€428 | |
| Profit (loss) for the period before taxes | 9903 | €436 | €3,532 | +€3,096 | +709.9% |
| Profit (loss) for the period | 9904 | €436 | €3,532 | +€3,096 | +709.9% |
| Profit (loss) for the period to be appropriated | 9905 | €436 | €3,532 | +€3,096 | +709.9% |
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.