M. BULLEN: what changed
What changed
M. BULLEN
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€2,578
2024 · €183,064-€180,487
Equity
€310,269
2024 · €307,691+€2,578
Cash
€214,944
2024 · €163,554+€51,390
Balance sheet total
€414,668
2024 · €427,442-€12,774
Largest movements
Assets
- Receivables within one year -€51,409
down €51,409 (-52.0%), from €98,823 to €47,414
of which Other amounts receivable: -€38,099
- Cash +€51,390
up €51,390 (+31.4%), from €163,554 to €214,944
mainly Receivables within one year (+€51,409) and Depreciation (+€9,868)
- Tangible fixed assets -€12,741
down €12,741 (-19.7%), from €64,690 to €51,949
of which Furniture and vehicles: -€9,241
Equity and liabilities
- Debts after one year -€14,559
down €14,559 (-37.0%), from €39,299 to €24,739
Income statement
- Gross operating margin -€222,494
down €222,494 (-87.5%), from €254,204 to €31,709
- Depreciation +€5,206
up €5,206 (+112%), from €4,662 to €9,868
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€183,064
Gross operating margin
-€222,494
Depreciation
-€5,206
Other operating charges
-€1,090
Other operating items
-€12,954
Financial income
-€3
Financial charges
+€943
Taxes
+€1,777
Deferred taxes and other
+€58,541
Result 2025
€2,578
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€62,507
Investment
+€3,233
Financing
-€14,350
Cash 2024
€163,554
From operations (derived)
+€62,507
Net result for the year
+€2,578
Depreciation
+€9,868
Receivables within one year
+€51,409
Deferred charges and accrued income
-€346
Provisions
-€1,041
Trade debts
-€973
Tax, wage and social debts
+€1,012
Investment (derived)
+€3,233
Investment in fixed assets (net)
+€3,233
Financing
-€14,350
Debts after one year
-€14,559
Current portion of long-term debt
+€209
Cash 2025
€214,944
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,442 | €414,668 | -€12,774 | -3.0% |
| Formation expenses | 20 | €233 | €9 | -€225 | -96.3% |
| Fixed assets | 21/28 | €164,825 | €151,949 | -€12,876 | -7.8% |
| Tangible fixed assets | 22/27 | €64,690 | €51,949 | -€12,741 | -19.7% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €10,471 | €6,971 | -€3,500 | -33.4% |
| Furniture and vehicles | 24 | €54,219 | €44,977 | -€9,241 | -17.0% |
| Financial fixed assets | 28 | €100,135 | €100,000 | -€135 | -0.1% |
| Current assets | 29/58 | €262,384 | €262,711 | +€327 | +0.1% |
| Amounts receivable within one year | 40/41 | €98,823 | €47,414 | -€51,409 | -52.0% |
| Trade receivables | 40 | €26,620 | €13,310 | -€13,310 | -50.0% |
| Other amounts receivable | 41 | €72,203 | €34,104 | -€38,099 | -52.8% |
| Cash at bank and in hand | 54/58 | €163,554 | €214,944 | +€51,390 | +31.4% |
| Deferred charges and accrued income | 490/1 | €7 | €353 | +€346 | +4,752% |
| Total equity and liabilities | 10/49 | €427,442 | €414,668 | -€12,774 | -3.0% |
| Equity | 10/15 | €307,691 | €310,269 | +€2,578 | +0.8% |
| Contributions | 10/11 | €14,920 | €14,920 | = | 0.0% |
| Reserves | 13 | €292,771 | €295,348 | +€2,578 | +0.9% |
| Tax-exempt reserves | 132 | €188,503 | €185,380 | -€3,123 | -1.7% |
| Distributable reserves | 133 | €104,268 | €109,968 | +€5,700 | +5.5% |
| Provisions and deferred taxes | 16 | €57,500 | €56,459 | -€1,041 | -1.8% |
| Deferred taxes | 168 | €57,500 | €56,459 | -€1,041 | -1.8% |
| Amounts payable | 17/49 | €62,251 | €47,941 | -€14,311 | -23.0% |
| Amounts payable after more than one year | 17 | €39,299 | €24,739 | -€14,559 | -37.0% |
| Financial debts | 170/4 | €39,299 | €24,739 | -€14,559 | -37.0% |
| Amounts payable within one year | 42/48 | €22,953 | €23,201 | +€249 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €14,350 | €14,559 | +€209 | +1.5% |
| Trade debts | 44 | €3,640 | €2,667 | -€973 | -26.7% |
| Suppliers | 440/4 | €3,640 | €2,667 | -€973 | -26.7% |
| Taxes, remuneration and social security | 45 | €4,963 | €5,975 | +€1,012 | +20.4% |
| Taxes | 450/3 | €4,963 | €5,975 | +€1,012 | +20.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €230,000 | €1,000 | -€229,000 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,662 | €9,868 | +€5,206 | +112% |
| Other operating charges | 640/8 | €619 | €1,710 | +€1,090 | +176% |
| Non-recurring operating charges | 66A | €1,265 | €14,219 | +€12,954 | +1,024% |
| Gross operating margin | 9900 | €254,204 | €31,709 | -€222,494 | -87.5% |
| Operating profit (loss) | 9901 | €247,657 | €5,913 | -€241,744 | -97.6% |
| Financial income | 75/76B | €79 | €76 | -€3 | -3.8% |
| Recurring financial income | 75 | €79 | €76 | -€3 | -3.8% |
| Financial charges | 65/66B | €2,209 | €1,266 | -€943 | -42.7% |
| Recurring financial charges | 65 | €2,209 | €1,266 | -€943 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €245,527 | €4,722 | -€240,805 | -98.1% |
| Transfer from deferred taxes | 780 | - | €1,041 | +€1,041 | |
| Transfer to deferred taxes | 680 | €57,500 | €0 | -€57,500 | -100% |
| Income taxes | 67/77 | €4,963 | €3,186 | -€1,777 | -35.8% |
| Profit (loss) for the period | 9904 | €183,064 | €2,578 | -€180,487 | -98.6% |
| Transfer from tax-exempt reserves | 789 | - | €3,123 | +€3,123 | |
| Transfer to tax-exempt reserves | 689 | €172,500 | €0 | -€172,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €10,564 | €5,700 | -€4,864 | -46.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.