BUNDL: 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.
BUNDL
Largest movements
- Cash +€312,654
up €312,654 (+558%), from €56,001 to €368,655
mainly Net result for the year (+€235,144) and Accrued charges and deferred income (+€210,449)
- Receivables within one year +€286,703
up €286,703 (+53.2%), from €538,767 to €825,470
of which Trade receivables: +€205,757
- Accrued charges and deferred income +€210,449
new in 2025: €210,449
- Short-term financial debts +€173,420
up €173,420 (+293%), from €59,227 to €232,647
- Profit (loss) carried forward +€135,144
up €135,144, from -€126,736 to €8,407
- Other debts +€60,000
new in 2025: €60,000
- Reserves +€40,000
up €40,000 (+25.0%), from €160,000 to €200,000
- Staff costs -€142,897
down €142,897 (-11.0%), from €1.3m to €1.2m
- Taxes +€51,984
up €51,984 (+18,954%), from €274 to €52,258
- Write-downs -€45,250
new in 2025: -€45,250
- Gross operating margin -€33,840
down €33,840 (-2.3%), from €1.5m to €1.5m
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 | €657,932 | €1,256,327 | +€598,395 | +91.0% |
| Fixed assets | 21/28 | €53,219 | €61,221 | +€8,002 | +15.0% |
| Tangible fixed assets | 22/27 | €25,319 | €33,321 | +€8,002 | +31.6% |
| Furniture and vehicles | 24 | €14,837 | €26,329 | +€11,492 | +77.5% |
| Other tangible fixed assets | 26 | €10,483 | €6,992 | -€3,490 | -33.3% |
| Financial fixed assets | 28 | €27,900 | €27,900 | = | 0.0% |
| Current assets | 29/58 | €604,713 | €1,195,106 | +€590,393 | +97.6% |
| Amounts receivable within one year | 40/41 | €538,767 | €825,470 | +€286,703 | +53.2% |
| Trade receivables | 40 | €506,757 | €712,513 | +€205,757 | +40.6% |
| Other amounts receivable | 41 | €32,010 | €112,957 | +€80,946 | +253% |
| Cash at bank and in hand | 54/58 | €56,001 | €368,655 | +€312,654 | +558% |
| Deferred charges and accrued income | 490/1 | €9,945 | €981 | -€8,964 | -90.1% |
| Total equity and liabilities | 10/49 | €657,932 | €1,256,327 | +€598,395 | +91.0% |
| Equity | 10/15 | €278,689 | €453,832 | +€175,144 | +62.8% |
| Contributions | 10/11 | €245,425 | €245,425 | = | 0.0% |
| Reserves | 13 | €160,000 | €200,000 | +€40,000 | +25.0% |
| Distributable reserves | 133 | €160,000 | €200,000 | +€40,000 | +25.0% |
| Profit (loss) carried forward | 14 | -€126,736 | €8,407 | +€135,144 | |
| Amounts payable | 17/49 | €379,243 | €802,495 | +€423,252 | +112% |
| Amounts payable within one year | 42/48 | €379,243 | €592,046 | +€212,802 | +56.1% |
| Financial debts | 43 | €59,227 | €232,647 | +€173,420 | +293% |
| Credit institutions | 430/8 | €59,227 | €232,647 | +€173,420 | +293% |
| Trade debts | 44 | €194,536 | €195,836 | +€1,300 | +0.7% |
| Suppliers | 440/4 | €194,536 | €195,836 | +€1,300 | +0.7% |
| Taxes, remuneration and social security | 45 | €125,480 | €103,562 | -€21,918 | -17.5% |
| Taxes | 450/3 | €385 | €2,394 | +€2,009 | +522% |
| Remuneration and social security | 454/9 | €125,095 | €101,168 | -€23,927 | -19.1% |
| Other amounts payable | 47/48 | - | €60,000 | +€60,000 | |
| Accrued charges and deferred income | 492/3 | - | €210,449 | +€210,449 | |
| Remuneration, social security and pensions | 62 | €1,301,900 | €1,159,003 | -€142,897 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,475 | €16,218 | -€3,257 | -16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€45,250 | -€45,250 | |
| Other operating charges | 640/8 | €20,019 | €22,690 | +€2,670 | +13.3% |
| Non-recurring operating charges | 66A | - | €550 | +€550 | |
| Gross operating margin | 9900 | €1,487,405 | €1,453,565 | -€33,840 | -2.3% |
| Operating profit (loss) | 9901 | €146,011 | €300,354 | +€154,343 | +106% |
| Financial income | 75/76B | €1,618 | €4,894 | +€3,276 | +202% |
| Recurring financial income | 75 | €1,618 | €4,894 | +€3,276 | +202% |
| Financial charges | 65/66B | €25,355 | €17,846 | -€7,509 | -29.6% |
| Recurring financial charges | 65 | €25,355 | €17,846 | -€7,509 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €122,274 | €287,402 | +€165,128 | +135% |
| Income taxes | 67/77 | €274 | €52,258 | +€51,984 | +18,954% |
| Profit (loss) for the period | 9904 | €121,999 | €235,144 | +€113,144 | +92.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,999 | €235,144 | +€113,144 | +92.7% |
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 15 October 2026 via checked.be.