B.U.D.S.: 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.
B.U.D.S.
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year +€832,207
up €832,207 (+13.7%), from €6.1m to €6.9m
- Profit (loss) carried forward -€725,331
down €725,331 (-33.7%), from -€2.2m to -€2.9m
- Financial charges -€90,139
down €90,139 (-11.2%), from €807,588 to €717,450
- Gross operating margin -€403
down €403 (-6.2%), from -€6,472 to -€6,875
- Other operating charges -€107
down €107 (-9.6%), from €1,113 to €1,006
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,137,735 | €14,150,987 | +€13,252 | +0.1% |
| Current assets | 29/58 | €14,137,735 | €14,150,987 | +€13,252 | +0.1% |
| Stocks and contracts in progress | 3 | €14,117,718 | €14,119,143 | +€1,425 | 0.0% |
| Stocks | 30/36 | €14,117,718 | €14,119,143 | +€1,425 | 0.0% |
| Cash at bank and in hand | 54/58 | €20,017 | €31,844 | +€11,827 | +59.1% |
| Total equity and liabilities | 10/49 | €14,137,735 | €14,150,987 | +€13,252 | +0.1% |
| Equity | 10/15 | -€2,036,878 | -€2,762,209 | -€725,331 | -35.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €56,429 | €56,429 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,700 | €53,700 | = | 0.0% |
| Legal reserve | 130 | €53,700 | €53,700 | = | 0.0% |
| Distributable reserves | 133 | €2,729 | €2,729 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,154,807 | -€2,880,138 | -€725,331 | -33.7% |
| Amounts payable | 17/49 | €16,174,613 | €16,913,196 | +€738,583 | +4.6% |
| Amounts payable after more than one year | 17 | €6,091,045 | €6,923,251 | +€832,207 | +13.7% |
| Financial debts | 170/4 | €6,091,045 | €6,923,251 | +€832,207 | +13.7% |
| Amounts payable within one year | 42/48 | €9,928,530 | €9,928,815 | +€285 | 0.0% |
| Financial debts | 43 | €9,923,000 | €9,923,000 | = | 0.0% |
| Credit institutions | 430/8 | €9,923,000 | €9,923,000 | = | 0.0% |
| Trade debts | 44 | €4,393 | €4,678 | +€285 | +6.5% |
| Suppliers | 440/4 | €4,393 | €4,678 | +€285 | +6.5% |
| Other amounts payable | 47/48 | €1,138 | €1,138 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €155,038 | €61,129 | -€93,909 | -60.6% |
| Other operating charges | 640/8 | €1,113 | €1,006 | -€107 | -9.6% |
| Gross operating margin | 9900 | -€6,472 | -€6,875 | -€403 | -6.2% |
| Operating profit (loss) | 9901 | -€7,585 | -€7,882 | -€296 | -3.9% |
| Financial charges | 65/66B | €807,588 | €717,450 | -€90,139 | -11.2% |
| Recurring financial charges | 65 | €807,588 | €717,450 | -€90,139 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | -€815,174 | -€725,331 | +€89,842 | +11.0% |
| Profit (loss) for the period | 9904 | -€815,174 | -€725,331 | +€89,842 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€815,174 | -€725,331 | +€89,842 | +11.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.