D EN D BULKMANS: 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.
D EN D BULKMANS
Largest movements
- Receivables within one year +€41,426
up €41,426 (+2.6%), from €1.6m to €1.6m
of which Other amounts receivable: +€32,174
- Cash -€26,999
down €26,999 (-25.8%), from €104,636 to €77,637
mainly Receivables within one year (-€41,426) and Investment in fixed assets (net) (-€16,946)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€36,811
down €36,811 (-49.1%), from €74,943 to €38,132
- Gross operating margin -€23,159
down €23,159, from €7,341 to -€15,818
- Depreciation +€13,697
up €13,697 (+569%), from €2,409 to €16,105
- Taxes +€5,898
up €5,898 (+229%), from €2,577 to €8,475
- Other operating charges -€206
down €206 (-9.8%), from €2,106 to €1,900
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 | €2,227,913 | €2,230,668 | +€2,755 | +0.1% |
| Fixed assets | 21/28 | €77,929 | €78,769 | +€840 | +1.1% |
| Tangible fixed assets | 22/27 | €77,929 | €78,769 | +€840 | +1.1% |
| Plant, machinery and equipment | 23 | - | €16,204 | +€16,204 | |
| Furniture and vehicles | 24 | €77,929 | €62,565 | -€15,364 | -19.7% |
| Current assets | 29/58 | €2,149,984 | €2,151,899 | +€1,914 | +0.1% |
| Stocks and contracts in progress | 3 | €12,746 | €2,115 | -€10,631 | -83.4% |
| Stocks | 30/36 | €12,746 | €2,115 | -€10,631 | -83.4% |
| Amounts receivable within one year | 40/41 | €1,590,537 | €1,631,963 | +€41,426 | +2.6% |
| Trade receivables | 40 | - | €9,252 | +€9,252 | |
| Other amounts receivable | 41 | €1,590,537 | €1,622,711 | +€32,174 | +2.0% |
| Current investments | 50/53 | €429,641 | €438,780 | +€9,139 | +2.1% |
| Cash at bank and in hand | 54/58 | €104,636 | €77,637 | -€26,999 | -25.8% |
| Deferred charges and accrued income | 490/1 | €12,423 | €1,404 | -€11,019 | -88.7% |
| Total equity and liabilities | 10/49 | €2,227,913 | €2,230,668 | +€2,755 | +0.1% |
| Equity | 10/15 | €2,111,180 | €2,106,941 | -€4,239 | -0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,049,180 | €2,044,941 | -€4,239 | -0.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €2,042,980 | €2,038,741 | -€4,239 | -0.2% |
| Amounts payable | 17/49 | €116,732 | €123,726 | +€6,994 | +6.0% |
| Amounts payable within one year | 42/48 | €2,202 | €3,387 | +€1,185 | +53.8% |
| Trade debts | 44 | €2,166 | €1,140 | -€1,026 | -47.4% |
| Suppliers | 440/4 | €2,166 | €1,140 | -€1,026 | -47.4% |
| Taxes, remuneration and social security | 45 | €36 | €2,247 | +€2,211 | +6,146% |
| Taxes | 450/3 | €36 | €2,247 | +€2,211 | +6,146% |
| Accrued charges and deferred income | 492/3 | €114,530 | €120,339 | +€5,809 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,409 | €16,105 | +€13,697 | +569% |
| Other operating charges | 640/8 | €2,106 | €1,900 | -€206 | -9.8% |
| Gross operating margin | 9900 | €7,341 | -€15,818 | -€23,159 | |
| Operating profit (loss) | 9901 | €2,826 | -€33,824 | -€36,650 | |
| Financial income | 75/76B | €74,943 | €38,132 | -€36,811 | -49.1% |
| Recurring financial income | 75 | €74,943 | €38,132 | -€36,811 | -49.1% |
| Financial charges | 65/66B | €53 | €73 | +€20 | +38.1% |
| Recurring financial charges | 65 | €53 | €73 | +€20 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €77,716 | €4,236 | -€73,480 | -94.5% |
| Income taxes | 67/77 | €2,577 | €8,475 | +€5,898 | +229% |
| Profit (loss) for the period | 9904 | €75,139 | -€4,239 | -€79,378 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,139 | -€4,239 | -€79,378 |
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 26 October 2026 via checked.be.