BHUSAL: what changed
Two fiscal 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.
BHUSAL
Largest movements
- Tangible fixed assets +€53,119
up €53,119 (+6526.7%), from €814 to €53,933
of which Furniture and vehicles: +€53,614
- Cash +€32,394
up €32,394 (+65.5%), from €49,442 to €81,836
mainly Net result for the year (+€121,434) and Other debts (+€65,098)
- Receivables within one year +€13,017
up €13,017 (+74.3%), from €17,513 to €30,530
- Other debts +€65,098
new in 2025: €65,098
- Advances received -€58,390
no longer reported in 2025 (was €58,390)
- Profit (loss) carried forward +€56,335
no longer reported in 2025 (was -€56,335)
- Trade debts +€29,282
up €29,282 (+88.0%), from €33,288 to €62,570
- Tax, wage and social debts +€9,983
up €9,983 (+48.8%), from €20,436 to €30,419
of which Taxes: +€7,439
- Gross operating margin +€70,792
up €70,792 (+42.1%), from €167,970 to €238,762
- Staff costs +€17,433
up €17,433 (+20.7%), from €84,372 to €101,805
- Depreciation -€11,332
down €11,332 (-93.1%), from €12,175 to €843
- Other operating charges -€5,288
down €5,288 (-28.6%), from €18,458 to €13,170
- Taxes +€2,479
new in 2025: €2,479
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.
Cash bridge derived
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 | €78,914 | €177,499 | +€98,585 | +124.9% |
| Fixed assets | 21/28 | €10,314 | €63,433 | +€53,119 | +515.0% |
| Tangible fixed assets | 22/27 | €814 | €53,933 | +€53,119 | +6526.7% |
| Furniture and vehicles | 24 | €319 | €53,933 | +€53,614 | +16817.4% |
| Other tangible fixed assets | 26 | €495 | - | -€495 | |
| Financial fixed assets | 28 | €9,500 | €9,500 | = | 0.0% |
| Current assets | 29/58 | €68,600 | €114,066 | +€45,466 | +66.3% |
| Amounts receivable within one year | 40/41 | €17,513 | €30,530 | +€13,017 | +74.3% |
| Other amounts receivable | 41 | €17,513 | €30,530 | +€13,017 | +74.3% |
| Cash at bank and in hand | 54/58 | €49,442 | €81,836 | +€32,394 | +65.5% |
| Deferred charges and accrued income | 490/1 | €1,645 | €1,699 | +€55 | +3.3% |
| Total equity and liabilities | 10/49 | €78,914 | €177,499 | +€98,585 | +124.9% |
| Equity | 10/15 | -€37,335 | €19,000 | +€56,335 | |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,335 | - | +€56,335 | |
| Amounts payable | 17/49 | €116,249 | €158,499 | +€42,249 | +36.3% |
| Amounts payable after more than one year | 17 | €4,082 | - | -€4,082 | |
| Financial debts | 170/4 | €4,082 | - | -€4,082 | |
| Amounts payable within one year | 42/48 | €112,113 | €158,087 | +€45,974 | +41.0% |
| Trade debts | 44 | €33,288 | €62,570 | +€29,282 | +88.0% |
| Suppliers | 440/4 | €33,288 | €62,570 | +€29,282 | +88.0% |
| Advances received on contracts in progress | 46 | €58,390 | - | -€58,390 | |
| Taxes, remuneration and social security | 45 | €20,436 | €30,419 | +€9,983 | +48.8% |
| Taxes | 450/3 | €4,030 | €11,469 | +€7,439 | +184.6% |
| Remuneration and social security | 454/9 | €16,406 | €18,950 | +€2,544 | +15.5% |
| Other amounts payable | 47/48 | - | €65,098 | +€65,098 | |
| Accrued charges and deferred income | 492/3 | €54 | €411 | +€357 | +656.1% |
| Remuneration, social security and pensions | 62 | €84,372 | €101,805 | +€17,433 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,175 | €843 | -€11,332 | -93.1% |
| Other operating charges | 640/8 | €18,458 | €13,170 | -€5,288 | -28.6% |
| Gross operating margin | 9900 | €167,970 | €238,762 | +€70,792 | +42.1% |
| Operating profit (loss) | 9901 | €52,964 | €122,944 | +€69,980 | +132.1% |
| Financial income | 75/76B | €209 | €1,398 | +€1,188 | +567.9% |
| Recurring financial income | 75 | €209 | €1,398 | +€1,188 | +567.9% |
| Financial charges | 65/66B | €1,051 | €428 | -€622 | -59.2% |
| Recurring financial charges | 65 | €1,051 | €428 | -€622 | -59.2% |
| Profit (loss) for the period before taxes | 9903 | €52,123 | €123,913 | +€71,790 | +137.7% |
| Income taxes | 67/77 | - | €2,479 | +€2,479 | |
| Profit (loss) for the period | 9904 | €52,123 | €121,434 | +€69,311 | +133.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,123 | €121,434 | +€69,311 | +133.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.