BUL:VAM 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
Property, Plant & Equipment	53.1	53.23	50.14	50.48	50.37	52.21
Cash & Equivalents	0.07	0.11	0.14	0.12	0.3	0.27
Accounts Receivable	21.54	22.38	23.43	22.03	22.58	18.67
Other Receivables	0.02	0.01	0.04	0.03	0.04	0.05
Goodwill	20.38	20.39	20.49	20.49	20.55	20.55
Loans Receivable Current	7.81	7.63	7.12	7.28	3.9	3.54
Other Current Assets	8.1	11.23	16.65	21.44	23.88	15.54
Trading Asset Securities	2.77	2.61	5.51	3	5.25	7.55
Deferred Long-Term Tax Assets	0.59	0.59	0.6	0.62	0.45	0.37
Other Long-Term Assets	-	-	-	-	-	0.85
Total Assets	114.38	118.19	124.11	125.49	127.32	119.6
Current Portion of Long-Term Debt	32.21	32.52	32.45	32.97	27.13	26.45
Current Portion of Leases	0.01	0.03	0.05	0.05	0.05	0.02
Long-Term Debt	18.46	21.23	27.66	27.63	34.78	26.85
Long-Term Leases	-	-	0.03	0.06	0.05	0.06
Accounts Payable	0.42	0.42	0.39	0.64	0.51	0.71
Accrued Expenses	0.02	0.02	0.02	0.12	0.38	0.01
Current Income Taxes Payable	0.25	0.29	0.36	0.29	-	0.22
Current Unearned Revenue	0.33	0.45	0.48	0.48	0.7	0.92
Other Current Liabilities	0.54	1.29	0.54	0.4	0.46	0.43
Long-Term Unearned Revenue	-	-	0.45	0.92	1.18	1.66
Long-Term Deferred Tax Liabilities	1.25	1.25	1.14	1.08	1.05	0.95
Other Long-Term Liabilities	0.31	0.31	0.47	0.62	0.77	0.93
Total Liabilities	53.81	57.83	64.05	65.27	67.07	59.37
Common Stock	35.18	35.29	35.36	35.27	35.26	35.27
Additional Paid-In Capital	19.09	19.1	19.14	19.09	19.08	19.09
Retained Earnings	5.52	5.2	4.78	5.08	5.11	5.35
Total Common Equity	59.79	59.58	59.28	59.44	59.45	59.72
Minority Interest	0.78	0.78	0.79	0.78	0.8	0.51
Shareholders' Equity	60.57	60.36	60.07	60.22	60.25	60.23
Total Liabilities & Equity	114.38	118.19	124.11	125.49	127.32	119.6
Total Debt	50.68	53.78	60.2	60.71	62.02	53.52
Net Cash (Debt)	-47.84	-51.06	-54.55	-57.59	-56.47	-45.7
Net Cash (Debt) Growth	-	-	-	-	-	-
Net Cash Per Share	-0.69	-0.74	-0.79	-0.83	-0.82	-0.66
Filing Date Shares Outstanding	68.98	68.98	68.98	68.98	68.98	68.98
Total Common Shares Outstanding	68.98	68.98	68.98	68.98	68.98	68.98
Book Value Per Share	0.87	0.86	0.86	0.86	0.86	0.87
Tangible Book Value	39.4	39.19	38.79	38.94	38.91	39.17
Tangible Book Value Per Share	0.57	0.57	0.56	0.56	0.56	0.57
Land	19.42	19.13	18.92	20.18	20.17	18.76
Buildings	43.76	44.09	40.81	39.47	39.01	38.89