BREAD AND BUTTER: 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.
BREAD AND BUTTER
Largest movements
- Receivables within one year +€12,790
up €12,790 (+1,049%), from €1,219 to €14,009
of which Trade receivables: +€12,100
- Cash +€5,698
up €5,698 (+7.6%), from €75,075 to €80,774
mainly Net result for the year (+€32,402) and Depreciation (+€3,401)
- Reserves +€23,402
up €23,402 (+36.0%), from €65,024 to €88,426
- Tax, wage and social debts -€4,413
down €4,413 (-40.0%), from €11,026 to €6,613
- Trade debts -€2,203
down €2,203 (-61.5%), from €3,583 to €1,381
- Debts after one year +€2,005
up €2,005 (+183%), from €1,093 to €3,098
- Gross operating margin -€2,756
down €2,756 (-5.8%), from €47,586 to €44,830
- Financial income -€1,068
no longer reported in 2025 (was €1,068)
- Depreciation +€756
up €756 (+28.6%), from €2,646 to €3,401
- Financial charges -€739
down €739 (-45.9%), from €1,611 to €872
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 | €85,726 | €104,518 | +€18,792 | +21.9% |
| Fixed assets | 21/28 | €8,626 | €8,525 | -€101 | -1.2% |
| Tangible fixed assets | 22/27 | €8,626 | €8,525 | -€101 | -1.2% |
| Plant, machinery and equipment | 23 | €6,387 | €3,865 | -€2,522 | -39.5% |
| Furniture and vehicles | 24 | €2,240 | €4,660 | +€2,421 | +108% |
| Current assets | 29/58 | €77,100 | €95,994 | +€18,893 | +24.5% |
| Amounts receivable within one year | 40/41 | €1,219 | €14,009 | +€12,790 | +1,049% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €1,219 | €1,909 | +€690 | +56.6% |
| Cash at bank and in hand | 54/58 | €75,075 | €80,774 | +€5,698 | +7.6% |
| Deferred charges and accrued income | 490/1 | €806 | €1,211 | +€405 | +50.2% |
| Total equity and liabilities | 10/49 | €85,726 | €104,518 | +€18,792 | +21.9% |
| Equity | 10/15 | €70,024 | €93,426 | +€23,402 | +33.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,024 | €88,426 | +€23,402 | +36.0% |
| Distributable reserves | 133 | €65,024 | €88,426 | +€23,402 | +36.0% |
| Amounts payable | 17/49 | €15,703 | €11,092 | -€4,610 | -29.4% |
| Amounts payable after more than one year | 17 | €1,093 | €3,098 | +€2,005 | +183% |
| Financial debts | 170/4 | €1,093 | €3,098 | +€2,005 | +183% |
| Amounts payable within one year | 42/48 | €14,610 | €7,994 | -€6,616 | -45.3% |
| Trade debts | 44 | €3,583 | €1,381 | -€2,203 | -61.5% |
| Suppliers | 440/4 | €3,583 | €1,381 | -€2,203 | -61.5% |
| Taxes, remuneration and social security | 45 | €11,026 | €6,613 | -€4,413 | -40.0% |
| Taxes | 450/3 | €11,026 | €6,613 | -€4,413 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,646 | €3,401 | +€756 | +28.6% |
| Other operating charges | 640/8 | €1,075 | €743 | -€332 | -30.9% |
| Gross operating margin | 9900 | €47,586 | €44,830 | -€2,756 | -5.8% |
| Operating profit (loss) | 9901 | €43,865 | €40,685 | -€3,180 | -7.2% |
| Financial income | 75/76B | €1,068 | - | -€1,068 | |
| Recurring financial income | 75 | €1,068 | - | -€1,068 | |
| Financial charges | 65/66B | €1,611 | €872 | -€739 | -45.9% |
| Recurring financial charges | 65 | €1,611 | €872 | -€739 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €43,321 | €39,813 | -€3,508 | -8.1% |
| Income taxes | 67/77 | €7,684 | €7,411 | -€273 | -3.6% |
| Profit (loss) for the period | 9904 | €35,637 | €32,402 | -€3,235 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,637 | €32,402 | -€3,235 | -9.1% |
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 28 October 2026 via checked.be.