Den Bulcken: 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.
Den Bulcken
Largest movements
- Tangible fixed assets -€80,587
down €80,587 (-13.7%), from €588,457 to €507,870
of which Land and buildings: -€46,792
- Cash +€46,115
up €46,115 (+25.0%), from €184,680 to €230,796
mainly Depreciation (+€89,625) and Trade debts (+€58,851)
- Other debts -€99,937
down €99,937 (-37.8%), from €264,099 to €164,162
- Trade debts +€58,851
up €58,851 (+51.3%), from €114,705 to €173,556
- Reserves +€43,114
up €43,114 (+37.5%), from €114,921 to €158,035
- Debts after one year -€19,000
down €19,000 (-34.5%), from €55,082 to €36,082
- Tax, wage and social debts -€12,983
down €12,983 (-37.9%), from €34,287 to €21,305
- Gross operating margin -€105,697
down €105,697 (-37.5%), from €282,032 to €176,336
- Depreciation +€10,645
up €10,645 (+13.5%), from €78,980 to €89,625
- Taxes -€9,456
down €9,456 (-29.0%), from €32,661 to €23,205
- Financial charges +€7,416
up €7,416 (+57.0%), from €13,020 to €20,437
- Financial income -€4,688
down €4,688 (-59.4%), from €7,892 to €3,204
of which Non-recurring financial income: -€6,389
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 | €912,498 | €883,142 | -€29,356 | -3.2% |
| Fixed assets | 21/28 | €588,457 | €507,870 | -€80,587 | -13.7% |
| Tangible fixed assets | 22/27 | €588,457 | €507,870 | -€80,587 | -13.7% |
| Land and buildings | 22 | €455,012 | €408,221 | -€46,792 | -10.3% |
| Furniture and vehicles | 24 | €113,012 | €83,763 | -€29,249 | -25.9% |
| Leasing and similar rights | 25 | €20,432 | €15,886 | -€4,546 | -22.2% |
| Current assets | 29/58 | €324,041 | €375,271 | +€51,231 | +15.8% |
| Amounts receivable within one year | 40/41 | €136,808 | €141,833 | +€5,025 | +3.7% |
| Trade receivables | 40 | €74,200 | - | -€74,200 | |
| Other amounts receivable | 41 | €62,608 | €141,833 | +€79,225 | +127% |
| Cash at bank and in hand | 54/58 | €184,680 | €230,796 | +€46,115 | +25.0% |
| Deferred charges and accrued income | 490/1 | €2,553 | €2,643 | +€91 | +3.6% |
| Total equity and liabilities | 10/49 | €912,498 | €883,142 | -€29,356 | -3.2% |
| Equity | 10/15 | €425,923 | €469,037 | +€43,114 | +10.1% |
| Contributions | 10/11 | €343,000 | €343,000 | = | 0.0% |
| Reserves | 13 | €114,921 | €158,035 | +€43,114 | +37.5% |
| Distributable reserves | 133 | €114,921 | €158,035 | +€43,114 | +37.5% |
| Profit (loss) carried forward | 14 | -€31,998 | -€31,998 | = | 0.0% |
| Amounts payable | 17/49 | €486,575 | €414,105 | -€72,470 | -14.9% |
| Amounts payable after more than one year | 17 | €55,082 | €36,082 | -€19,000 | -34.5% |
| Financial debts | 170/4 | €55,082 | €36,082 | -€19,000 | -34.5% |
| Amounts payable within one year | 42/48 | €431,493 | €378,023 | -€53,470 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €18,402 | €19,000 | +€598 | +3.3% |
| Trade debts | 44 | €114,705 | €173,556 | +€58,851 | +51.3% |
| Suppliers | 440/4 | €114,705 | €173,556 | +€58,851 | +51.3% |
| Taxes, remuneration and social security | 45 | €34,287 | €21,305 | -€12,983 | -37.9% |
| Taxes | 450/3 | €34,287 | €21,305 | -€12,983 | -37.9% |
| Other amounts payable | 47/48 | €264,099 | €164,162 | -€99,937 | -37.8% |
| Non-recurring operating income | 76A | €4,132 | - | -€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,980 | €89,625 | +€10,645 | +13.5% |
| Other operating charges | 640/8 | €4,368 | €3,160 | -€1,208 | -27.7% |
| Gross operating margin | 9900 | €282,032 | €176,336 | -€105,697 | -37.5% |
| Operating profit (loss) | 9901 | €198,684 | €83,551 | -€115,133 | -57.9% |
| Financial income | 75/76B | €7,892 | €3,204 | -€4,688 | -59.4% |
| Recurring financial income | 75 | €1,503 | €3,204 | +€1,701 | +113% |
| Non-recurring financial income | 76B | €6,389 | - | -€6,389 | |
| Financial charges | 65/66B | €13,020 | €20,437 | +€7,416 | +57.0% |
| Recurring financial charges | 65 | €13,020 | €20,437 | +€7,416 | +57.0% |
| Profit (loss) for the period before taxes | 9903 | €193,556 | €66,319 | -€127,237 | -65.7% |
| Income taxes | 67/77 | €32,661 | €23,205 | -€9,456 | -29.0% |
| Profit (loss) for the period | 9904 | €160,896 | €43,114 | -€117,781 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €160,896 | €43,114 | -€117,781 | -73.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.