DR. J. BULWICK: 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.
DR. J. BULWICK
Largest movements
- Cash +€77,765
up €77,765 (+107%), from €72,423 to €150,188
mainly Net result for the year (+€77,808) and Depreciation (+€1,648)
- Tangible fixed assets -€1,648
down €1,648 (-41.4%), from €3,981 to €2,333
of which Plant, machinery and equipment: -€1,288
- Reserves +€77,808
up €77,808 (+114%), from €68,503 to €146,311
- Tax, wage and social debts -€1,693
no longer reported in 2025 (was €1,693)
- Gross operating margin +€11,534
up €11,534 (+13.1%), from €88,332 to €99,866
- Taxes +€2,401
up €2,401 (+13.7%), from €17,504 to €19,905
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 | €76,404 | €152,616 | +€76,212 | +99.7% |
| Fixed assets | 21/28 | €3,981 | €2,333 | -€1,648 | -41.4% |
| Tangible fixed assets | 22/27 | €3,981 | €2,333 | -€1,648 | -41.4% |
| Plant, machinery and equipment | 23 | €2,518 | €1,230 | -€1,288 | -51.2% |
| Furniture and vehicles | 24 | €1,463 | €1,103 | -€360 | -24.6% |
| Current assets | 29/58 | €72,423 | €150,283 | +€77,860 | +108% |
| Amounts receivable within one year | 40/41 | - | €95 | +€95 | |
| Other amounts receivable | 41 | - | €95 | +€95 | |
| Cash at bank and in hand | 54/58 | €72,423 | €150,188 | +€77,765 | +107% |
| Total equity and liabilities | 10/49 | €76,404 | €152,616 | +€76,212 | +99.7% |
| Equity | 10/15 | €73,503 | €151,311 | +€77,808 | +106% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €68,503 | €146,311 | +€77,808 | +114% |
| Distributable reserves | 133 | €68,503 | €146,311 | +€77,808 | +114% |
| Amounts payable | 17/49 | €2,901 | €1,305 | -€1,596 | -55.0% |
| Amounts payable within one year | 42/48 | €2,351 | €1,305 | -€1,046 | -44.5% |
| Trade debts | 44 | €459 | €1,071 | +€612 | +133% |
| Suppliers | 440/4 | €459 | €1,071 | +€612 | +133% |
| Taxes, remuneration and social security | 45 | €1,693 | - | -€1,693 | |
| Taxes | 450/3 | €1,693 | - | -€1,693 | |
| Other amounts payable | 47/48 | €199 | €234 | +€35 | +17.6% |
| Accrued charges and deferred income | 492/3 | €550 | - | -€550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,685 | €1,648 | -€37 | -2.2% |
| Other operating charges | 640/8 | €363 | €120 | -€243 | -66.9% |
| Gross operating margin | 9900 | €88,332 | €99,866 | +€11,534 | +13.1% |
| Operating profit (loss) | 9901 | €86,284 | €98,098 | +€11,814 | +13.7% |
| Financial charges | 65/66B | €277 | €385 | +€108 | +39.0% |
| Recurring financial charges | 65 | €277 | €385 | +€108 | +39.0% |
| Profit (loss) for the period before taxes | 9903 | €86,007 | €97,713 | +€11,706 | +13.6% |
| Income taxes | 67/77 | €17,504 | €19,905 | +€2,401 | +13.7% |
| Profit (loss) for the period | 9904 | €68,503 | €77,808 | +€9,305 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,503 | €77,808 | +€9,305 | +13.6% |
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.