BUNDERVEE: 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.
BUNDERVEE
Largest movements
- Tangible fixed assets +€367,855
up €367,855 (+92.0%), from €399,815 to €767,670
of which Land and buildings: +€370,355
- Stocks and contracts +€116,250
up €116,250 (+96.9%), from €120,000 to €236,250
- Cash -€15,964
down €15,964 (-52.9%), from €30,190 to €14,226
mainly Investment in fixed assets (net) (-€380,408) and Stocks and contracts (-€116,250)
- Debts after one year +€357,775
up €357,775 (+224.3%), from €159,492 to €517,266
- Profit (loss) carried forward +€48,677
up €48,677 (+29.0%), from €167,994 to €216,671
- Other debts +€41,306
up €41,306 (+167.0%), from €24,738 to €66,044
- Trade debts +€16,671
up €16,671 (+104.3%), from €15,990 to €32,661
- Gross operating margin +€79,760
up €79,760 (+334.0%), from €23,883 to €103,643
- Taxes +€15,280
up €15,280 (+1952.9%), from €782 to €16,062
- Financial charges +€9,089
up €9,089 (+96.0%), from €9,466 to €18,555
- Depreciation +€2,296
up €2,296 (+22.4%), from €10,257 to €12,553
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 | €561,228 | €1,023,864 | +€462,635 | +82.4% |
| Fixed assets | 21/28 | €399,990 | €767,845 | +€367,855 | +92.0% |
| Tangible fixed assets | 22/27 | €399,815 | €767,670 | +€367,855 | +92.0% |
| Land and buildings | 22 | €394,474 | €764,830 | +€370,355 | +93.9% |
| Plant, machinery and equipment | 23 | €4,769 | €2,841 | -€1,928 | -40.4% |
| Furniture and vehicles | 24 | €572 | - | -€572 | |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €161,238 | €256,018 | +€94,780 | +58.8% |
| Stocks and contracts in progress | 3 | €120,000 | €236,250 | +€116,250 | +96.9% |
| Stocks | 30/36 | €120,000 | €236,250 | +€116,250 | +96.9% |
| Amounts receivable within one year | 40/41 | €11,048 | €5,204 | -€5,844 | -52.9% |
| Trade receivables | 40 | €9,000 | - | -€9,000 | |
| Other amounts receivable | 41 | €2,048 | €5,204 | +€3,156 | +154.1% |
| Cash at bank and in hand | 54/58 | €30,190 | €14,226 | -€15,964 | -52.9% |
| Deferred charges and accrued income | 490/1 | - | €339 | +€339 | |
| Total equity and liabilities | 10/49 | €561,228 | €1,023,864 | +€462,635 | +82.4% |
| Equity | 10/15 | €235,644 | €284,321 | +€48,677 | +20.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,994 | €216,671 | +€48,677 | +29.0% |
| Amounts payable | 17/49 | €325,584 | €739,543 | +€413,958 | +127.1% |
| Amounts payable after more than one year | 17 | €159,492 | €517,266 | +€357,775 | +224.3% |
| Financial debts | 170/4 | €159,492 | €517,266 | +€357,775 | +224.3% |
| Amounts payable within one year | 42/48 | €166,093 | €222,276 | +€56,184 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €115,486 | €111,267 | -€4,219 | -3.7% |
| Trade debts | 44 | €15,990 | €32,661 | +€16,671 | +104.3% |
| Suppliers | 440/4 | €15,990 | €32,661 | +€16,671 | +104.3% |
| Taxes, remuneration and social security | 45 | €9,880 | €12,305 | +€2,425 | +24.5% |
| Taxes | 450/3 | €9,880 | €12,305 | +€2,425 | +24.5% |
| Other amounts payable | 47/48 | €24,738 | €66,044 | +€41,306 | +167.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,257 | €12,553 | +€2,296 | +22.4% |
| Other operating charges | 640/8 | €8,392 | €7,796 | -€597 | -7.1% |
| Gross operating margin | 9900 | €23,883 | €103,643 | +€79,760 | +334.0% |
| Operating profit (loss) | 9901 | €5,234 | €83,294 | +€78,061 | +1491.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -96.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -96.5% |
| Financial charges | 65/66B | €9,466 | €18,555 | +€9,089 | +96.0% |
| Recurring financial charges | 65 | €9,466 | €18,555 | +€9,089 | +96.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,231 | €64,739 | +€68,971 | |
| Income taxes | 67/77 | €782 | €16,062 | +€15,280 | +1952.9% |
| Profit (loss) for the period | 9904 | -€5,014 | €48,677 | +€53,691 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,014 | €48,677 | +€53,691 |
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 8 October 2026 via checked.be.