Kevin BULKMANS: 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.
Kevin BULKMANS
Largest movements
- Receivables within one year +€75,794
up €75,794 (+35.0%), from €216,617 to €292,410
of which Other amounts receivable: +€75,556
- Cash -€33,148
down €33,148 (-34.2%), from €96,910 to €63,761
mainly Debts after one year (-€81,956) and Receivables within one year (-€75,794)
- Current investments +€24,000
up €24,000 (+85.6%), from €28,036 to €52,036
- Reserves +€188,239
up €188,239 (+22.5%), from €835,867 to €1.0m
- Debts after one year -€81,956
down €81,956 (-12.3%), from €668,379 to €586,423
- Tax, wage and social debts -€27,444
down €27,444 (-32.8%), from €83,568 to €56,124
of which Taxes: -€27,644
- Gross operating margin +€49,073
up €49,073 (+16.8%), from €292,238 to €341,311
- Taxes +€15,379
up €15,379 (+19.2%), from €80,017 to €95,397
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 | €1,862,624 | €1,929,263 | +€66,639 | +3.6% |
| Fixed assets | 21/28 | €1,516,228 | €1,516,121 | -€107 | 0.0% |
| Tangible fixed assets | 22/27 | €50,653 | €50,545 | -€107 | -0.2% |
| Plant, machinery and equipment | 23 | €9,550 | €19,556 | +€10,006 | +105% |
| Furniture and vehicles | 24 | €41,103 | €30,989 | -€10,114 | -24.6% |
| Financial fixed assets | 28 | €1,465,575 | €1,465,575 | = | 0.0% |
| Current assets | 29/58 | €346,396 | €413,143 | +€66,747 | +19.3% |
| Amounts receivable within one year | 40/41 | €216,617 | €292,410 | +€75,794 | +35.0% |
| Trade receivables | 40 | €19,001 | €19,239 | +€238 | +1.3% |
| Other amounts receivable | 41 | €197,615 | €273,171 | +€75,556 | +38.2% |
| Current investments | 50/53 | €28,036 | €52,036 | +€24,000 | +85.6% |
| Cash at bank and in hand | 54/58 | €96,910 | €63,761 | -€33,148 | -34.2% |
| Deferred charges and accrued income | 490/1 | €4,834 | €4,935 | +€102 | +2.1% |
| Total equity and liabilities | 10/49 | €1,862,624 | €1,929,263 | +€66,639 | +3.6% |
| Equity | 10/15 | €930,832 | €1,119,071 | +€188,239 | +20.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €835,867 | €1,024,106 | +€188,239 | +22.5% |
| Distributable reserves | 133 | €835,867 | €1,024,106 | +€188,239 | +22.5% |
| Profit (loss) carried forward | 14 | €82,565 | €82,565 | = | 0.0% |
| Amounts payable | 17/49 | €931,792 | €810,192 | -€121,600 | -13.1% |
| Amounts payable after more than one year | 17 | €668,379 | €586,423 | -€81,956 | -12.3% |
| Financial debts | 170/4 | €668,379 | €586,423 | -€81,956 | -12.3% |
| Amounts payable within one year | 42/48 | €259,876 | €221,628 | -€38,248 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €100,600 | €104,025 | +€3,425 | +3.4% |
| Trade debts | 44 | €2,655 | €3,332 | +€676 | +25.5% |
| Suppliers | 440/4 | €2,655 | €3,332 | +€676 | +25.5% |
| Taxes, remuneration and social security | 45 | €83,568 | €56,124 | -€27,444 | -32.8% |
| Taxes | 450/3 | €81,245 | €53,601 | -€27,644 | -34.0% |
| Remuneration and social security | 454/9 | €2,323 | €2,523 | +€200 | +8.6% |
| Other amounts payable | 47/48 | €73,052 | €58,146 | -€14,905 | -20.4% |
| Accrued charges and deferred income | 492/3 | €3,538 | €2,142 | -€1,396 | -39.5% |
| Non-recurring operating income | 76A | €2,262 | €0 | -€2,262 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,951 | €12,549 | +€1,598 | +14.6% |
| Other operating charges | 640/8 | €429 | €658 | +€229 | +53.4% |
| Gross operating margin | 9900 | €292,238 | €341,311 | +€49,073 | +16.8% |
| Operating profit (loss) | 9901 | €280,859 | €328,104 | +€47,245 | +16.8% |
| Financial income | 75/76B | €2 | €235 | +€234 | +15,485% |
| Recurring financial income | 75 | €2 | €235 | +€234 | +15,485% |
| Financial charges | 65/66B | €17,974 | €18,903 | +€930 | +5.2% |
| Recurring financial charges | 65 | €17,974 | €18,903 | +€930 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €262,887 | €309,436 | +€46,549 | +17.7% |
| Income taxes | 67/77 | €80,017 | €95,397 | +€15,379 | +19.2% |
| Profit (loss) for the period | 9904 | €182,869 | €214,039 | +€31,170 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €182,869 | €214,039 | +€31,170 | +17.0% |
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 21 October 2026 via checked.be.