Bureau Bultot: 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.
Bureau Bultot
Largest movements
- Cash +€29,058
up €29,058 (+47.3%), from €61,459 to €90,516
mainly Other debts (+€77,557) and Net result for the year (+€28,618)
- Tangible fixed assets -€12,245
down €12,245 (-71.8%), from €17,045 to €4,801
of which Furniture and vehicles: -€11,226
- Other debts +€77,557
up €77,557 (+1,510%), from €5,135 to €82,692
- Reserves -€52,383
down €52,383 (-48.2%), from €108,761 to €56,378
of which Distributable reserves: -€50,025
- Current portion of long-term debt -€9,374
no longer reported in 2025 (was €9,374)
- Tax, wage and social debts +€3,228
up €3,228 (+22.0%), from €14,700 to €17,928
of which Taxes: +€3,228
- Gross operating margin +€10,727
up €10,727 (+24.1%), from €44,553 to €55,280
- Taxes +€3,564
up €3,564 (+36.3%), from €9,825 to €13,389
- Depreciation -€773
down €773 (-5.9%), from €13,167 to €12,394
- Other operating charges +€722
up €722 (+58.7%), from €1,230 to €1,952
- Financial income +€594
up €594 (+174,615%), from €0 to €594
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 | €148,782 | €168,030 | +€19,248 | +12.9% |
| Fixed assets | 21/28 | €17,045 | €4,801 | -€12,245 | -71.8% |
| Tangible fixed assets | 22/27 | €17,045 | €4,801 | -€12,245 | -71.8% |
| Plant, machinery and equipment | 23 | €4,458 | €3,440 | -€1,019 | -22.8% |
| Furniture and vehicles | 24 | €12,587 | €1,361 | -€11,226 | -89.2% |
| Current assets | 29/58 | €131,737 | €163,229 | +€31,493 | +23.9% |
| Amounts receivable within one year | 40/41 | €16,319 | €17,684 | +€1,366 | +8.4% |
| Trade receivables | 40 | €16,319 | €17,684 | +€1,366 | +8.4% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,459 | €90,516 | +€29,058 | +47.3% |
| Deferred charges and accrued income | 490/1 | €3,960 | €5,028 | +€1,069 | +27.0% |
| Total equity and liabilities | 10/49 | €148,782 | €168,030 | +€19,248 | +12.9% |
| Equity | 10/15 | €117,798 | €65,417 | -€52,382 | -44.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,761 | €56,378 | -€52,383 | -48.2% |
| Tax-exempt reserves | 132 | €2,862 | €504 | -€2,358 | -82.4% |
| Distributable reserves | 133 | €105,899 | €55,874 | -€50,025 | -47.2% |
| Profit (loss) carried forward | 14 | €2,838 | €2,839 | +€1 | 0.0% |
| Provisions and deferred taxes | 16 | €597 | - | -€597 | |
| Deferred taxes | 168 | €597 | - | -€597 | |
| Amounts payable | 17/49 | €30,386 | €102,613 | +€72,227 | +238% |
| Amounts payable within one year | 42/48 | €30,386 | €102,613 | +€72,227 | +238% |
| Current portion of amounts payable after more than one year | 42 | €9,374 | - | -€9,374 | |
| Trade debts | 44 | €1,178 | €1,994 | +€816 | +69.3% |
| Suppliers | 440/4 | €1,178 | €1,994 | +€816 | +69.3% |
| Taxes, remuneration and social security | 45 | €14,700 | €17,928 | +€3,228 | +22.0% |
| Taxes | 450/3 | €11,240 | €14,468 | +€3,228 | +28.7% |
| Remuneration and social security | 454/9 | €3,460 | €3,460 | = | 0.0% |
| Other amounts payable | 47/48 | €5,135 | €82,692 | +€77,557 | +1,510% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,167 | €12,394 | -€773 | -5.9% |
| Other operating charges | 640/8 | €1,230 | €1,952 | +€722 | +58.7% |
| Non-recurring operating charges | 66A | €242 | - | -€242 | |
| Gross operating margin | 9900 | €44,553 | €55,280 | +€10,727 | +24.1% |
| Operating profit (loss) | 9901 | €29,914 | €40,934 | +€11,020 | +36.8% |
| Financial income | 75/76B | €0 | €594 | +€594 | +174,615% |
| Recurring financial income | 75 | €0 | €594 | +€594 | +174,615% |
| Financial charges | 65/66B | €239 | €118 | -€121 | -50.7% |
| Recurring financial charges | 65 | €239 | €118 | -€121 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €29,675 | €41,410 | +€11,735 | +39.5% |
| Transfer from deferred taxes | 780 | €636 | €597 | -€39 | -6.1% |
| Income taxes | 67/77 | €9,825 | €13,389 | +€3,564 | +36.3% |
| Profit (loss) for the period | 9904 | €20,487 | €28,618 | +€8,132 | +39.7% |
| Transfer from tax-exempt reserves | 789 | €2,553 | €2,358 | -€195 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,040 | €30,976 | +€7,936 | +34.4% |
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 22 October 2026 via checked.be.