BUNDING: 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.
BUNDING
Largest movements
- Tangible fixed assets -€81,837
down €81,837 (-14.5%), from €564,473 to €482,636
of which Land and buildings: -€66,907
- Receivables within one year +€26,144
up €26,144 (+235.6%), from €11,096 to €37,241
of which Other amounts receivable: +€29,370
- Debts after one year -€42,481
no longer reported in 2025 (was €42,481)
- Trade debts -€15,575
down €15,575 (-33.4%), from €46,672 to €31,097
- Current portion of long-term debt -€14,187
down €14,187 (-25.0%), from €56,668 to €42,481
- Profit (loss) carried forward +€10,806
up €10,806 (+20.7%), from €52,314 to €63,120
- Gross operating margin -€70,555
down €70,555 (-37.7%), from €187,374 to €116,819
- Depreciation -€35,906
down €35,906 (-30.1%), from €119,348 to €83,441
- Financial charges -€9,541
down €9,541 (-65.6%), from €14,541 to €5,000
- Taxes +€3,438
new in 2025: €3,438
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €587,639 | €526,245 | -€61,394 | -10.4% |
| Fixed assets | 21/28 | €571,107 | €487,665 | -€83,441 | -14.6% |
| Intangible fixed assets | 21 | €6,633 | €5,029 | -€1,604 | -24.2% |
| Tangible fixed assets | 22/27 | €564,473 | €482,636 | -€81,837 | -14.5% |
| Land and buildings | 22 | €529,963 | €463,056 | -€66,907 | -12.6% |
| Plant, machinery and equipment | 23 | €34,510 | €19,580 | -€14,930 | -43.3% |
| Current assets | 29/58 | €16,533 | €38,580 | +€22,047 | +133.4% |
| Amounts receivable within one year | 40/41 | €11,096 | €37,241 | +€26,144 | +235.6% |
| Trade receivables | 40 | €4,883 | €1,658 | -€3,225 | -66.0% |
| Other amounts receivable | 41 | €6,213 | €35,583 | +€29,370 | +472.7% |
| Deferred charges and accrued income | 490/1 | €5,436 | €1,339 | -€4,097 | -75.4% |
| Total equity and liabilities | 10/49 | €587,639 | €526,245 | -€61,394 | -10.4% |
| Equity | 10/15 | €437,314 | €448,120 | +€10,806 | +2.5% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,314 | €63,120 | +€10,806 | +20.7% |
| Amounts payable | 17/49 | €150,325 | €78,125 | -€72,200 | -48.0% |
| Amounts payable after more than one year | 17 | €42,481 | - | -€42,481 | |
| Financial debts | 170/4 | €42,481 | - | -€42,481 | |
| Amounts payable within one year | 42/48 | €105,505 | €77,899 | -€27,606 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €56,668 | €42,481 | -€14,187 | -25.0% |
| Trade debts | 44 | €46,672 | €31,097 | -€15,575 | -33.4% |
| Suppliers | 440/4 | €46,672 | €31,097 | -€15,575 | -33.4% |
| Taxes, remuneration and social security | 45 | €2,165 | €4,322 | +€2,157 | +99.6% |
| Taxes | 450/3 | €2,165 | €4,322 | +€2,157 | +99.6% |
| Accrued charges and deferred income | 492/3 | €2,339 | €226 | -€2,113 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,348 | €83,441 | -€35,906 | -30.1% |
| Other operating charges | 640/8 | €13,115 | €14,133 | +€1,018 | +7.8% |
| Gross operating margin | 9900 | €187,374 | €116,819 | -€70,555 | -37.7% |
| Operating profit (loss) | 9901 | €54,911 | €19,244 | -€35,667 | -65.0% |
| Financial charges | 65/66B | €14,541 | €5,000 | -€9,541 | -65.6% |
| Recurring financial charges | 65 | €14,541 | €5,000 | -€9,541 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | €40,370 | €14,244 | -€26,126 | -64.7% |
| Income taxes | 67/77 | - | €3,438 | +€3,438 | |
| Profit (loss) for the period | 9904 | €40,370 | €10,806 | -€29,565 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,370 | €10,806 | -€29,565 | -73.2% |
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 11 October 2026 via checked.be.