BUL:TBS Balance Sheet

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	16.3	25.69	12.8	7.2	7.58	6.55
Cash & Short-Term Investments	16.3	25.69	12.8	7.2	7.58	6.55
Cash Growth	35.59%	100.62%	77.73%	-4.95%	15.66%	9.00%
Accounts Receivable	34.21	49.42	42.3	34.11	14.08	13.37
Other Receivables	0.88	1.33	1.61	1.47	1.24	0.89
Receivables	35.09	50.91	44.06	35.58	15.32	14.26
Inventory	4.76	5.47	2.9	6.17	2.71	2.58
Prepaid Expenses	6.12	5.82	6.78	-	5.07	4.16
Other Current Assets	0.32	-	-	7.14	0.43	0.23
Total Current Assets	62.59	87.89	66.55	56.09	31.1	27.78
Property, Plant & Equipment	7.86	7.99	9.03	5.65	3.82	3.42
Goodwill	8.14	8.14	8.16	-	-	-
Other Intangible Assets	0.1	0.31	0.55	0.53	0.33	0.25
Long-Term Deferred Tax Assets	2.06	2.02	0.89	0.8	0.42	0.34
Long-Term Deferred Charges	3.55	0.03	-	6.45	-	-
Other Long-Term Assets	0.33	3.9	5.35	0.26	4.4	3.98
Total Assets	84.63	110.28	90.54	69.78	40.07	35.77
Accounts Payable	11.35	25.68	29.99	24.09	12.31	11.07
Accrued Expenses	1.46	23.27	13.21	8.87	2.84	2.02
Short-Term Debt	0.32	6.47	6.07	2.14	1.47	0.88
Current Portion of Long-Term Debt	7.93	0.91	0.73	-	-	-
Current Portion of Leases	2.77	1.43	1.35	0.63	0.48	0.74
Current Income Taxes Payable	2.95	1.67	0.35	0.48	0.24	0.17
Current Unearned Revenue	6.6	15.76	7.32	13.17	7.44	5.79
Other Current Liabilities	15.67	1.33	1.33	-	1.81	1.46
Total Current Liabilities	49.05	76.53	60.35	49.39	26.59	22.13
Long-Term Debt	-	2.62	2.67	-	-	-
Long-Term Leases	1.44	1.59	2.41	1.44	0.22	0.76
Long-Term Unearned Revenue	2.22	2.54	4.01	5.12	4.17	4.16
Pension & Post-Retirement Benefits	-	0.03	0.03	0.02	0.02	0.01
Other Long-Term Liabilities	2.7	-	1.33	-	-	-
Total Liabilities	55.4	83.32	70.8	55.97	30.99	27.06
Common Stock	6.39	6.39	6.41	6.39	6.39	6.39
Retained Earnings	31.07	28.8	20.46	14.44	9.82	9.47
Comprehensive Income & Other	-8.23	-8.24	-7.13	-7.02	-7.13	-7.15
Shareholders' Equity	29.23	26.96	19.74	13.81	9.08	8.71
Total Liabilities & Equity	84.63	110.28	90.54	69.78	40.07	35.77
Total Debt	12.45	13.02	13.23	4.21	2.18	2.38
Net Cash (Debt)	3.85	12.66	-0.42	2.99	5.4	4.17
Net Cash Growth	-	-	-	-44.66%	29.53%	57.87%
Net Cash Per Share	0.31	1.03	-0.03	0.24	0.43	0.33
Filing Date Shares Outstanding	12.3	12.3	12.5	12.5	12.49	12.5
Total Common Shares Outstanding	12.3	12.3	12.5	12.5	12.49	12.5
Working Capital	13.55	11.36	6.2	6.71	4.52	5.65
Book Value Per Share	2.38	2.19	1.58	1.11	0.73	0.70
Tangible Book Value	20.99	18.51	11.02	13.28	8.75	8.46
Tangible Book Value Per Share	1.71	1.51	0.88	1.06	0.70	0.68
Machinery	-	5.09	4.96	2.12	1.89	1.71