Joris Bulens: 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.
Joris Bulens
Largest movements
- Receivables after one year +€111,700
up €111,700 (+17.6%), from €636,300 to €748,000
- Cash -€40,752
down €40,752 (-48.2%), from €84,607 to €43,855
mainly Contributions, distributions and other (-€358,810) and Receivables after one year (-€111,700)
- Tangible fixed assets -€18,892
down €18,892 (-23.3%), from €81,149 to €62,257
- Short-term financial debts +€37,374
up €37,374 (+9.3%), from €403,667 to €441,041
- Other debts +€9,550
up €9,550 (+2.7%), from €359,961 to €369,511
- Gross operating margin +€9,742
up €9,742 (+2.0%), from €491,822 to €501,564
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 | €823,994 | €872,743 | +€48,749 | +5.9% |
| Fixed assets | 21/28 | €81,149 | €62,257 | -€18,892 | -23.3% |
| Tangible fixed assets | 22/27 | €81,149 | €62,257 | -€18,892 | -23.3% |
| Furniture and vehicles | 24 | €81,149 | €62,257 | -€18,892 | -23.3% |
| Current assets | 29/58 | €742,845 | €810,486 | +€67,641 | +9.1% |
| Amounts receivable after more than one year | 29 | €636,300 | €748,000 | +€111,700 | +17.6% |
| Other amounts receivable | 291 | €636,300 | €748,000 | +€111,700 | +17.6% |
| Amounts receivable within one year | 40/41 | €5,671 | €244 | -€5,427 | -95.7% |
| Other amounts receivable | 41 | €5,671 | €244 | -€5,427 | -95.7% |
| Cash at bank and in hand | 54/58 | €84,607 | €43,855 | -€40,752 | -48.2% |
| Deferred charges and accrued income | 490/1 | €16,267 | €18,387 | +€2,120 | +13.0% |
| Total equity and liabilities | 10/49 | €823,994 | €872,743 | +€48,749 | +5.9% |
| Equity | 10/15 | €33,000 | €33,000 | = | 0.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €790,994 | €839,743 | +€48,749 | +6.2% |
| Amounts payable within one year | 42/48 | €769,151 | €816,927 | +€47,776 | +6.2% |
| Financial debts | 43 | €403,667 | €441,041 | +€37,374 | +9.3% |
| Other loans | 439 | €403,667 | €441,041 | +€37,374 | +9.3% |
| Trade debts | 44 | €5,523 | €5,527 | +€4 | +0.1% |
| Suppliers | 440/4 | €5,523 | €5,527 | +€4 | +0.1% |
| Taxes, remuneration and social security | 45 | - | €848 | +€848 | |
| Taxes | 450/3 | - | €848 | +€848 | |
| Other amounts payable | 47/48 | €359,961 | €369,511 | +€9,550 | +2.7% |
| Accrued charges and deferred income | 492/3 | €21,843 | €22,816 | +€973 | +4.5% |
| Non-recurring operating income | 76A | €8,877 | - | -€8,877 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,155 | €18,891 | +€3,736 | +24.7% |
| Other operating charges | 640/8 | €1,048 | €1,194 | +€146 | +13.9% |
| Gross operating margin | 9900 | €491,822 | €501,564 | +€9,742 | +2.0% |
| Operating profit (loss) | 9901 | €475,619 | €481,479 | +€5,860 | +1.2% |
| Financial income | 75/76B | €15,041 | €17,874 | +€2,833 | +18.8% |
| Recurring financial income | 75 | €15,041 | €17,874 | +€2,833 | +18.8% |
| Financial charges | 65/66B | €22,885 | €24,643 | +€1,758 | +7.7% |
| Recurring financial charges | 65 | €22,885 | €24,643 | +€1,758 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €467,775 | €474,710 | +€6,935 | +1.5% |
| Income taxes | 67/77 | €114,977 | €115,900 | +€923 | +0.8% |
| Profit (loss) for the period | 9904 | €352,798 | €358,810 | +€6,012 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €352,798 | €358,810 | +€6,012 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.