Bu-V: 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.
Bu-V
Largest movements
- Stocks and contracts +€16,534
up €16,534 (+3.6%), from €453,689 to €470,223
- Receivables within one year -€11,961
down €11,961 (-51.9%), from €23,060 to €11,100
of which Trade receivables: -€11,951
- Cash +€8,094
up €8,094 (+55.4%), from €14,616 to €22,710
mainly Other debts (+€56,400) and Receivables within one year (+€11,961)
- Tangible fixed assets -€6,410
down €6,410 (-52.4%), from €12,236 to €5,826
of which Furniture and vehicles: -€5,899
- Other debts +€56,400
up €56,400 (+23.7%), from €238,449 to €294,849
- Trade debts -€36,787
down €36,787 (-63.5%), from €57,943 to €21,156
- Profit (loss) carried forward -€8,627
down €8,627 (-5.8%), from -€148,549 to -€157,175
- Gross operating margin -€5,032
down €5,032 (-63.5%), from €7,927 to €2,895
- Financial income -€3,441
down €3,441 (-99.5%), from €3,457 to €16
- Depreciation -€2,363
down €2,363 (-22.5%), from €10,496 to €8,133
- Staff costs -€736
no longer reported in 2026 (was €736)
- Other operating charges -€434
down €434 (-71.0%), from €611 to €177
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 | €503,601 | €509,858 | +€6,258 | +1.2% |
| Fixed assets | 21/28 | €12,236 | €5,826 | -€6,410 | -52.4% |
| Tangible fixed assets | 22/27 | €12,236 | €5,826 | -€6,410 | -52.4% |
| Plant, machinery and equipment | 23 | €5,018 | €4,507 | -€511 | -10.2% |
| Furniture and vehicles | 24 | €7,217 | €1,318 | -€5,899 | -81.7% |
| Current assets | 29/58 | €491,365 | €504,032 | +€12,667 | +2.6% |
| Stocks and contracts in progress | 3 | €453,689 | €470,223 | +€16,534 | +3.6% |
| Stocks | 30/36 | €453,689 | €470,223 | +€16,534 | +3.6% |
| Amounts receivable within one year | 40/41 | €23,060 | €11,100 | -€11,961 | -51.9% |
| Trade receivables | 40 | €23,020 | €11,068 | -€11,951 | -51.9% |
| Other amounts receivable | 41 | €41 | €31 | -€9 | -22.6% |
| Cash at bank and in hand | 54/58 | €14,616 | €22,710 | +€8,094 | +55.4% |
| Total equity and liabilities | 10/49 | €503,601 | €509,858 | +€6,258 | +1.2% |
| Equity | 10/15 | -€140,489 | -€149,115 | -€8,627 | -6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€148,549 | -€157,175 | -€8,627 | -5.8% |
| Amounts payable | 17/49 | €644,090 | €658,974 | +€14,884 | +2.3% |
| Amounts payable after more than one year | 17 | €1,304 | - | -€1,304 | |
| Financial debts | 170/4 | €1,304 | - | -€1,304 | |
| Amounts payable within one year | 42/48 | €640,086 | €658,974 | +€18,888 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €335,150 | €331,304 | -€3,847 | -1.1% |
| Trade debts | 44 | €57,943 | €21,156 | -€36,787 | -63.5% |
| Suppliers | 440/4 | €57,943 | €21,156 | -€36,787 | -63.5% |
| Taxes, remuneration and social security | 45 | €8,544 | €11,665 | +€3,121 | +36.5% |
| Taxes | 450/3 | €8,544 | €11,665 | +€3,121 | +36.5% |
| Other amounts payable | 47/48 | €238,449 | €294,849 | +€56,400 | +23.7% |
| Accrued charges and deferred income | 492/3 | €2,700 | - | -€2,700 | |
| Remuneration, social security and pensions | 62 | €736 | - | -€736 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,496 | €8,133 | -€2,363 | -22.5% |
| Other operating charges | 640/8 | €611 | €177 | -€434 | -71.0% |
| Gross operating margin | 9900 | €7,927 | €2,895 | -€5,032 | -63.5% |
| Operating profit (loss) | 9901 | -€3,916 | -€5,414 | -€1,499 | -38.3% |
| Financial income | 75/76B | €3,457 | €16 | -€3,441 | -99.5% |
| Recurring financial income | 75 | €3,457 | €16 | -€3,441 | -99.5% |
| Financial charges | 65/66B | €2,279 | €2,621 | +€342 | +15.0% |
| Recurring financial charges | 65 | €2,279 | €2,621 | +€342 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,737 | -€8,019 | -€5,282 | -193% |
| Income taxes | 67/77 | €594 | €608 | +€13 | +2.3% |
| Profit (loss) for the period | 9904 | -€3,331 | -€8,627 | -€5,295 | -159% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,331 | -€8,627 | -€5,295 | -159% |
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 18 October 2026 via checked.be.