Bunders: 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.
Bunders
Largest movements
- Stocks and contracts -€295,350
down €295,350 (-36.7%), from €804,950 to €509,600
- Cash +€36,062
up €36,062 (+334%), from €10,786 to €46,847
mainly Stocks and contracts (+€295,350) and Net result for the year (+€26,318)
- Debts after one year -€283,485
down €283,485 (-35.4%), from €800,549 to €517,064
of which Financial debts: -€283,485
- Profit (loss) carried forward +€26,318
up €26,318 (+20.5%), from -€128,534 to -€102,216
- Gross operating margin +€50,110
up €50,110 (+171%), from €29,304 to €79,415
- Financial charges -€19,100
down €19,100 (-32.9%), from €58,025 to €38,925
- Other operating charges -€1,194
down €1,194 (-40.5%), from €2,949 to €1,755
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 | €1,287,567 | €1,017,514 | -€270,053 | -21.0% |
| Formation expenses | 20 | €137 | €0 | -€137 | -100% |
| Fixed assets | 21/28 | €466,611 | €454,331 | -€12,280 | -2.6% |
| Tangible fixed assets | 22/27 | €466,611 | €454,331 | -€12,280 | -2.6% |
| Land and buildings | 22 | €466,611 | €454,331 | -€12,280 | -2.6% |
| Current assets | 29/58 | €820,819 | €563,183 | -€257,636 | -31.4% |
| Stocks and contracts in progress | 3 | €804,950 | €509,600 | -€295,350 | -36.7% |
| Stocks | 30/36 | €804,950 | €509,600 | -€295,350 | -36.7% |
| Amounts receivable within one year | 40/41 | €4,601 | €6,229 | +€1,628 | +35.4% |
| Trade receivables | 40 | €2,725 | €6,229 | +€3,504 | +129% |
| Other amounts receivable | 41 | €1,876 | €0 | -€1,876 | -100% |
| Cash at bank and in hand | 54/58 | €10,786 | €46,847 | +€36,062 | +334% |
| Deferred charges and accrued income | 490/1 | €483 | €508 | +€25 | +5.2% |
| Total equity and liabilities | 10/49 | €1,287,567 | €1,017,514 | -€270,053 | -21.0% |
| Equity | 10/15 | €396,466 | €422,784 | +€26,318 | +6.6% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,534 | -€102,216 | +€26,318 | +20.5% |
| Amounts payable | 17/49 | €891,101 | €594,730 | -€296,371 | -33.3% |
| Amounts payable after more than one year | 17 | €800,549 | €517,064 | -€283,485 | -35.4% |
| Financial debts | 170/4 | €791,999 | €508,514 | -€283,485 | -35.8% |
| Other amounts payable | 178/9 | €8,550 | €8,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €58,896 | €53,707 | -€5,189 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €12,931 | €13,485 | +€553 | +4.3% |
| Trade debts | 44 | €2,500 | €1,671 | -€829 | -33.1% |
| Suppliers | 440/4 | €2,500 | €1,671 | -€829 | -33.1% |
| Taxes, remuneration and social security | 45 | €14,278 | €11,022 | -€3,255 | -22.8% |
| Taxes | 450/3 | €14,278 | €11,022 | -€3,255 | -22.8% |
| Other amounts payable | 47/48 | €29,187 | €27,529 | -€1,658 | -5.7% |
| Accrued charges and deferred income | 492/3 | €31,656 | €23,959 | -€7,697 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,232 | €12,417 | +€185 | +1.5% |
| Other operating charges | 640/8 | €2,949 | €1,755 | -€1,194 | -40.5% |
| Gross operating margin | 9900 | €29,304 | €79,415 | +€50,110 | +171% |
| Operating profit (loss) | 9901 | €14,123 | €65,242 | +€51,119 | +362% |
| Financial charges | 65/66B | €58,025 | €38,925 | -€19,100 | -32.9% |
| Recurring financial charges | 65 | €58,025 | €38,925 | -€19,100 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | -€43,902 | €26,318 | +€70,220 | |
| Profit (loss) for the period | 9904 | -€43,902 | €26,318 | +€70,220 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,902 | €26,318 | +€70,220 |
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 13 October 2026 via checked.be.