Dr. P. Bulteel: 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. P. Bulteel
Largest movements
- Cash +€77,776
up €77,776 (+51.5%), from €151,078 to €228,854
mainly Net result for the year (+€68,339) and Depreciation (+€30,014)
- Tangible fixed assets -€28,814
down €28,814 (-37.7%), from €76,487 to €47,673
of which Furniture and vehicles: -€24,646
- Deferred charges and accrued income +€11,871
up €11,871 (+441%), from €2,693 to €14,564
- Reserves +€68,339
up €68,339 (+39.1%), from €174,953 to €243,292
- Trade debts -€9,897
down €9,897 (-58.2%), from €17,017 to €7,120
- Tax, wage and social debts +€5,496
up €5,496 (+104%), from €5,301 to €10,797
of which Taxes: +€5,481
- Accrued charges and deferred income -€3,163
down €3,163 (-82.7%), from €3,823 to €660
- Gross operating margin +€35,898
up €35,898 (+37.2%), from €96,513 to €132,411
- Taxes +€10,648
up €10,648 (+46.7%), from €22,825 to €33,473
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 | €232,147 | €292,980 | +€60,833 | +26.2% |
| Fixed assets | 21/28 | €78,376 | €49,562 | -€28,814 | -36.8% |
| Tangible fixed assets | 22/27 | €76,487 | €47,673 | -€28,814 | -37.7% |
| Plant, machinery and equipment | 23 | €4,279 | €3,670 | -€609 | -14.2% |
| Furniture and vehicles | 24 | €65,745 | €41,099 | -€24,646 | -37.5% |
| Other tangible fixed assets | 26 | €6,463 | €2,904 | -€3,559 | -55.1% |
| Financial fixed assets | 28 | €1,889 | €1,889 | = | 0.0% |
| Current assets | 29/58 | €153,771 | €243,418 | +€89,647 | +58.3% |
| Cash at bank and in hand | 54/58 | €151,078 | €228,854 | +€77,776 | +51.5% |
| Deferred charges and accrued income | 490/1 | €2,693 | €14,564 | +€11,871 | +441% |
| Total equity and liabilities | 10/49 | €232,147 | €292,980 | +€60,833 | +26.2% |
| Equity | 10/15 | €187,350 | €255,690 | +€68,340 | +36.5% |
| Contributions | 10/11 | €12,397 | €12,398 | +€1 | 0.0% |
| Reserves | 13 | €174,953 | €243,292 | +€68,339 | +39.1% |
| Distributable reserves | 133 | €174,953 | €243,292 | +€68,339 | +39.1% |
| Amounts payable | 17/49 | €44,797 | €37,290 | -€7,507 | -16.8% |
| Amounts payable within one year | 42/48 | €40,974 | €36,630 | -€4,344 | -10.6% |
| Trade debts | 44 | €17,017 | €7,120 | -€9,897 | -58.2% |
| Suppliers | 440/4 | €17,017 | €7,120 | -€9,897 | -58.2% |
| Taxes, remuneration and social security | 45 | €5,301 | €10,797 | +€5,496 | +104% |
| Taxes | 450/3 | €2,735 | €8,216 | +€5,481 | +200% |
| Remuneration and social security | 454/9 | €2,566 | €2,581 | +€15 | +0.6% |
| Other amounts payable | 47/48 | €18,656 | €18,713 | +€57 | +0.3% |
| Accrued charges and deferred income | 492/3 | €3,823 | €660 | -€3,163 | -82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,394 | €30,014 | +€620 | +2.1% |
| Other operating charges | 640/8 | €1,275 | €1,388 | +€113 | +8.9% |
| Gross operating margin | 9900 | €96,513 | €132,411 | +€35,898 | +37.2% |
| Operating profit (loss) | 9901 | €65,844 | €101,009 | +€35,165 | +53.4% |
| Financial income | 75/76B | €300 | €856 | +€556 | +185% |
| Recurring financial income | 75 | €300 | €856 | +€556 | +185% |
| Financial charges | 65/66B | €145 | €53 | -€92 | -63.4% |
| Recurring financial charges | 65 | €145 | €53 | -€92 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €65,999 | €101,812 | +€35,813 | +54.3% |
| Income taxes | 67/77 | €22,825 | €33,473 | +€10,648 | +46.7% |
| Profit (loss) for the period | 9904 | €43,174 | €68,339 | +€25,165 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,174 | €68,339 | +€25,165 | +58.3% |
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.