ELS 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.
ELS BULTEEL
Largest movements
- Tangible fixed assets +€14,586
up €14,586 (+40.2%), from €36,254 to €50,840
of which Furniture and vehicles: +€17,847
- Cash -€8,393
down €8,393 (-25.1%), from €33,495 to €25,103
mainly Contributions, distributions and other (-€45,000) and Investment in fixed assets (net) (-€26,094)
- Debts after one year -€9,539
down €9,539 (-37.6%), from €25,346 to €15,807
- Other debts +€8,250
up €8,250 (+27.5%), from €30,039 to €38,289
- Profit (loss) carried forward +€7,512
up €7,512 (+162%), from €4,648 to €12,160
- Gross operating margin +€20,591
up €20,591 (+35.0%), from €58,860 to €79,451
- Taxes +€3,847
up €3,847 (+40.0%), from €9,629 to €13,476
- Depreciation -€1,094
down €1,094 (-8.7%), from €12,601 to €11,507
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 | €91,951 | €98,480 | +€6,529 | +7.1% |
| Fixed assets | 21/28 | €36,254 | €50,840 | +€14,586 | +40.2% |
| Tangible fixed assets | 22/27 | €36,254 | €50,840 | +€14,586 | +40.2% |
| Furniture and vehicles | 24 | €1,099 | €18,946 | +€17,847 | +1,625% |
| Leasing and similar rights | 25 | €34,422 | €25,010 | -€9,411 | -27.3% |
| Other tangible fixed assets | 26 | €734 | €6,884 | +€6,150 | +838% |
| Current assets | 29/58 | €55,697 | €47,639 | -€8,058 | -14.5% |
| Amounts receivable within one year | 40/41 | €21,072 | €21,367 | +€294 | +1.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €21,072 | €21,367 | +€294 | +1.4% |
| Cash at bank and in hand | 54/58 | €33,495 | €25,103 | -€8,393 | -25.1% |
| Deferred charges and accrued income | 490/1 | €1,130 | €1,170 | +€40 | +3.6% |
| Total equity and liabilities | 10/49 | €91,951 | €98,480 | +€6,529 | +7.1% |
| Equity | 10/15 | €23,248 | €30,760 | +€7,512 | +32.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €4,648 | €12,160 | +€7,512 | +162% |
| Amounts payable | 17/49 | €68,704 | €67,720 | -€984 | -1.4% |
| Amounts payable after more than one year | 17 | €25,346 | €15,807 | -€9,539 | -37.6% |
| Financial debts | 170/4 | €25,346 | €15,807 | -€9,539 | -37.6% |
| Amounts payable within one year | 42/48 | €43,358 | €51,912 | +€8,555 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €9,208 | €9,539 | +€330 | +3.6% |
| Trade debts | 44 | €2,134 | €2,108 | -€26 | -1.2% |
| Suppliers | 440/4 | €2,134 | €2,108 | -€26 | -1.2% |
| Taxes, remuneration and social security | 45 | €1,977 | €1,977 | = | 0.0% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €1,977 | €1,977 | = | 0.0% |
| Other amounts payable | 47/48 | €30,039 | €38,289 | +€8,250 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,601 | €11,507 | -€1,094 | -8.7% |
| Other operating charges | 640/8 | €709 | €746 | +€37 | +5.3% |
| Gross operating margin | 9900 | €58,860 | €79,451 | +€20,591 | +35.0% |
| Operating profit (loss) | 9901 | €45,550 | €67,198 | +€21,648 | +47.5% |
| Financial income | 75/76B | €231 | €0 | -€231 | -100% |
| Recurring financial income | 75 | €231 | €0 | -€231 | -100% |
| Financial charges | 65/66B | €1,504 | €1,210 | -€295 | -19.6% |
| Recurring financial charges | 65 | €1,504 | €1,210 | -€295 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €44,276 | €65,988 | +€21,712 | +49.0% |
| Income taxes | 67/77 | €9,629 | €13,476 | +€3,847 | +40.0% |
| Profit (loss) for the period | 9904 | €34,648 | €52,512 | +€17,865 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,648 | €52,512 | +€17,865 | +51.6% |
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 15 October 2026 via checked.be.