GUY 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.
GUY BULTEEL
Largest movements
- Cash +€194,322
up €194,322 (+101%), from €192,453 to €386,775
mainly Current investments (+€150,000) and Net result for the year (+€118,966)
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Tangible fixed assets -€9,363
down €9,363 (-2.8%), from €330,164 to €320,801
of which Land and buildings: -€18,682
- Debts after one year -€34,004
down €34,004 (-34.0%), from €99,879 to €65,875
- Tax, wage and social debts +€28,720
up €28,720 (+40.9%), from €70,302 to €99,022
- Reserves +€20,106
up €20,106 (+7.1%), from €281,581 to €301,688
- Other debts +€18,945
up €18,945 (+22.8%), from €82,963 to €101,908
- Gross operating margin +€46,344
up €46,344 (+29.2%), from €158,574 to €204,918
- Taxes +€16,076
up €16,076 (+42.8%), from €37,597 to €53,673
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 | €675,785 | €710,663 | +€34,878 | +5.2% |
| Fixed assets | 21/28 | €330,164 | €320,801 | -€9,363 | -2.8% |
| Tangible fixed assets | 22/27 | €330,164 | €320,801 | -€9,363 | -2.8% |
| Land and buildings | 22 | €304,580 | €285,897 | -€18,682 | -6.1% |
| Furniture and vehicles | 24 | €25,585 | €34,904 | +€9,319 | +36.4% |
| Current assets | 29/58 | €345,621 | €389,862 | +€44,241 | +12.8% |
| Amounts receivable within one year | 40/41 | €287 | €752 | +€465 | +162% |
| Trade receivables | 40 | €287 | €752 | +€465 | +162% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €192,453 | €386,775 | +€194,322 | +101% |
| Deferred charges and accrued income | 490/1 | €2,881 | €2,335 | -€545 | -18.9% |
| Total equity and liabilities | 10/49 | €675,785 | €710,663 | +€34,878 | +5.2% |
| Equity | 10/15 | €388,803 | €408,909 | +€20,106 | +5.2% |
| Contributions | 10/11 | €15,200 | €15,200 | = | 0.0% |
| Reserves | 13 | €281,581 | €301,688 | +€20,106 | +7.1% |
| Distributable reserves | 133 | €281,581 | €301,688 | +€20,106 | +7.1% |
| Profit (loss) carried forward | 14 | €92,022 | €92,022 | = | 0.0% |
| Amounts payable | 17/49 | €286,982 | €301,754 | +€14,772 | +5.1% |
| Amounts payable after more than one year | 17 | €99,879 | €65,875 | -€34,004 | -34.0% |
| Financial debts | 170/4 | €99,879 | €65,875 | -€34,004 | -34.0% |
| Amounts payable within one year | 42/48 | €185,270 | €233,171 | +€47,901 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €31,189 | €32,171 | +€982 | +3.1% |
| Trade debts | 44 | €816 | €69 | -€747 | -91.5% |
| Suppliers | 440/4 | €816 | €69 | -€747 | -91.5% |
| Taxes, remuneration and social security | 45 | €70,302 | €99,022 | +€28,720 | +40.9% |
| Taxes | 450/3 | €70,302 | €99,022 | +€28,720 | +40.9% |
| Other amounts payable | 47/48 | €82,963 | €101,908 | +€18,945 | +22.8% |
| Accrued charges and deferred income | 492/3 | €1,833 | €2,708 | +€875 | +47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,078 | €27,966 | +€888 | +3.3% |
| Other operating charges | 640/8 | €3,137 | €3,296 | +€159 | +5.1% |
| Gross operating margin | 9900 | €158,574 | €204,918 | +€46,344 | +29.2% |
| Operating profit (loss) | 9901 | €128,359 | €173,655 | +€45,296 | +35.3% |
| Financial income | 75/76B | €3,133 | €2,399 | -€734 | -23.4% |
| Recurring financial income | 75 | €3,133 | €2,399 | -€734 | -23.4% |
| Financial charges | 65/66B | €4,665 | €3,416 | -€1,249 | -26.8% |
| Recurring financial charges | 65 | €4,665 | €3,416 | -€1,249 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €126,828 | €172,639 | +€45,811 | +36.1% |
| Income taxes | 67/77 | €37,597 | €53,673 | +€16,076 | +42.8% |
| Profit (loss) for the period | 9904 | €89,231 | €118,966 | +€29,735 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,231 | €118,966 | +€29,735 | +33.3% |
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 13 October 2026 via checked.be.