BHUSAL: 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.
BHUSAL
Largest movements
- Stocks and contracts +€20,000
new in 2025: €20,000
- Cash -€17,776
down €17,776 (-39.4%), from €45,167 to €27,391
mainly Net result for the year (-€78,688) and Trade debts (-€32,287)
- Tangible fixed assets -€13,665
down €13,665 (-39.0%), from €35,038 to €21,373
- Receivables within one year +€12,861
up €12,861 (+13.1%), from €98,188 to €111,049
- Tax, wage and social debts +€110,897
up €110,897 (+272%), from €40,775 to €151,672
of which Taxes: +€55,758
- Profit (loss) carried forward -€78,688
down €78,688, from €55,838 to -€22,850
- Trade debts -€32,287
down €32,287 (-41.0%), from €78,781 to €46,493
- Gross operating margin -€109,455
down €109,455 (-51.6%), from €212,113 to €102,657
- Taxes -€12,390
down €12,390 (-99.0%), from €12,518 to €128
- Staff costs +€10,937
up €10,937 (+7.7%), from €141,317 to €152,254
- Financial charges +€6,465
up €6,465 (+4,044%), from €160 to €6,625
- Other operating charges +€6,044
up €6,044 (+417%), from €1,450 to €7,494
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.
Derived cash bridge
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 | €178,393 | €179,957 | +€1,564 | +0.9% |
| Fixed assets | 21/28 | €35,038 | €21,373 | -€13,665 | -39.0% |
| Tangible fixed assets | 22/27 | €35,038 | €21,373 | -€13,665 | -39.0% |
| Plant, machinery and equipment | 23 | €35,038 | €21,373 | -€13,665 | -39.0% |
| Current assets | 29/58 | €143,355 | €158,584 | +€15,229 | +10.6% |
| Stocks and contracts in progress | 3 | - | €20,000 | +€20,000 | |
| Stocks | 30/36 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €98,188 | €111,049 | +€12,861 | +13.1% |
| Other amounts receivable | 41 | €98,188 | €111,049 | +€12,861 | +13.1% |
| Cash at bank and in hand | 54/58 | €45,167 | €27,391 | -€17,776 | -39.4% |
| Deferred charges and accrued income | 490/1 | - | €144 | +€144 | |
| Total equity and liabilities | 10/49 | €178,393 | €179,957 | +€1,564 | +0.9% |
| Equity | 10/15 | €58,838 | -€19,850 | -€78,688 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,838 | -€22,850 | -€78,688 | |
| Amounts payable | 17/49 | €119,555 | €199,807 | +€80,252 | +67.1% |
| Amounts payable within one year | 42/48 | €119,555 | €199,807 | +€80,252 | +67.1% |
| Financial debts | 43 | - | €1,642 | +€1,642 | |
| Credit institutions | 430/8 | - | €1,642 | +€1,642 | |
| Trade debts | 44 | €78,781 | €46,493 | -€32,287 | -41.0% |
| Suppliers | 440/4 | €78,781 | €46,493 | -€32,287 | -41.0% |
| Taxes, remuneration and social security | 45 | €40,775 | €151,672 | +€110,897 | +272% |
| Taxes | 450/3 | €31,436 | €87,194 | +€55,758 | +177% |
| Remuneration and social security | 454/9 | €9,338 | €64,478 | +€55,139 | +590% |
| Remuneration, social security and pensions | 62 | €141,317 | €152,254 | +€10,937 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,452 | €14,904 | +€452 | +3.1% |
| Other operating charges | 640/8 | €1,450 | €7,494 | +€6,044 | +417% |
| Gross operating margin | 9900 | €212,113 | €102,657 | -€109,455 | -51.6% |
| Operating profit (loss) | 9901 | €54,894 | -€71,994 | -€126,889 | |
| Financial income | 75/76B | €193 | €60 | -€133 | -69.0% |
| Recurring financial income | 75 | €193 | €60 | -€133 | -69.0% |
| Financial charges | 65/66B | €160 | €6,625 | +€6,465 | +4,044% |
| Recurring financial charges | 65 | €160 | €6,625 | +€6,465 | +4,044% |
| Profit (loss) for the period before taxes | 9903 | €54,927 | -€78,560 | -€133,487 | |
| Income taxes | 67/77 | €12,518 | €128 | -€12,390 | -99.0% |
| Profit (loss) for the period | 9904 | €42,409 | -€78,688 | -€121,097 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,409 | -€78,688 | -€121,097 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.