BUBO: what changed
BUBO
Largest movements
- Tangible fixed assets +€167,427
up €167,427 (+67.0%), from €249,832 to €417,259
of which Plant, machinery and equipment: +€158,921
- Receivables within one year +€58,204
up €58,204 (+143%), from €40,695 to €98,899
of which Trade receivables: +€50,224
- Cash -€52,596
down €52,596 (-55.6%), from €94,594 to €41,999
mainly Investment in fixed assets (net) (-€233,895) and Receivables within one year (-€58,204)
- Other debts +€126,617
up €126,617 (+118%), from €107,173 to €233,791
- Reserves +€77,493
up €77,493 (+39.9%), from €194,285 to €271,778
of which Distributable reserves: +€49,394
- Tax, wage and social debts -€25,543
down €25,543 (-54.0%), from €47,269 to €21,726
of which Remuneration and social security: -€38,737
- Trade debts -€16,517
down €16,517 (-82.0%), from €20,137 to €3,620
- Provisions +€9,366
new in 2025: €9,366
- Gross operating margin +€99,861
up €99,861 (+118%), from €84,690 to €184,551
- Financial charges +€14,859
up €14,859 (+2,106%), from €705 to €15,564
- Depreciation +€13,689
up €13,689 (+25.9%), from €52,779 to €66,468
- Taxes +€8,005
up €8,005 (+118%), from €6,793 to €14,798
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €389,388 | €563,470 | +€174,082 | +44.7% |
| Fixed assets | 21/28 | €249,832 | €417,259 | +€167,427 | +67.0% |
| Tangible fixed assets | 22/27 | €249,832 | €417,259 | +€167,427 | +67.0% |
| Plant, machinery and equipment | 23 | €86,567 | €245,488 | +€158,921 | +184% |
| Furniture and vehicles | 24 | €156,138 | €167,142 | +€11,004 | +7.0% |
| Other tangible fixed assets | 26 | €7,127 | €4,629 | -€2,498 | -35.0% |
| Current assets | 29/58 | €139,556 | €146,210 | +€6,655 | +4.8% |
| Amounts receivable within one year | 40/41 | €40,695 | €98,899 | +€58,204 | +143% |
| Trade receivables | 40 | €39,023 | €89,247 | +€50,224 | +129% |
| Other amounts receivable | 41 | €1,673 | €9,652 | +€7,980 | +477% |
| Cash at bank and in hand | 54/58 | €94,594 | €41,999 | -€52,596 | -55.6% |
| Deferred charges and accrued income | 490/1 | €4,266 | €5,313 | +€1,047 | +24.5% |
| Total equity and liabilities | 10/49 | €389,388 | €563,470 | +€174,082 | +44.7% |
| Equity | 10/15 | €212,885 | €290,378 | +€77,493 | +36.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €194,285 | €271,778 | +€77,493 | +39.9% |
| Tax-exempt reserves | 132 | - | €28,099 | +€28,099 | |
| Distributable reserves | 133 | €194,285 | €243,679 | +€49,394 | +25.4% |
| Provisions and deferred taxes | 16 | - | €9,366 | +€9,366 | |
| Deferred taxes | 168 | - | €9,366 | +€9,366 | |
| Amounts payable | 17/49 | €176,503 | €263,725 | +€87,222 | +49.4% |
| Amounts payable within one year | 42/48 | €176,503 | €259,136 | +€82,633 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €1,923 | €0 | -€1,923 | -100% |
| Trade debts | 44 | €20,137 | €3,620 | -€16,517 | -82.0% |
| Suppliers | 440/4 | €20,137 | €3,620 | -€16,517 | -82.0% |
| Taxes, remuneration and social security | 45 | €47,269 | €21,726 | -€25,543 | -54.0% |
| Taxes | 450/3 | €8,532 | €21,726 | +€13,194 | +155% |
| Remuneration and social security | 454/9 | €38,737 | €0 | -€38,737 | -100% |
| Other amounts payable | 47/48 | €107,173 | €233,791 | +€126,617 | +118% |
| Accrued charges and deferred income | 492/3 | - | €4,589 | +€4,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,779 | €66,468 | +€13,689 | +25.9% |
| Other operating charges | 640/8 | €175 | €871 | +€697 | +398% |
| Gross operating margin | 9900 | €84,690 | €184,551 | +€99,861 | +118% |
| Operating profit (loss) | 9901 | €31,736 | €117,212 | +€85,476 | +269% |
| Financial income | 75/76B | €0 | €10 | +€10 | +11,011% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +11,011% |
| Financial charges | 65/66B | €705 | €15,564 | +€14,859 | +2,106% |
| Recurring financial charges | 65 | €705 | €15,564 | +€14,859 | +2,106% |
| Profit (loss) for the period before taxes | 9903 | €31,031 | €101,658 | +€70,627 | +228% |
| Transfer from deferred taxes | 780 | - | €634 | +€634 | |
| Transfer to deferred taxes | 680 | - | €10,000 | +€10,000 | |
| Income taxes | 67/77 | €6,793 | €14,798 | +€8,005 | +118% |
| Profit (loss) for the period | 9904 | €24,238 | €77,493 | +€53,256 | +220% |
| Transfer from tax-exempt reserves | 789 | - | €1,901 | +€1,901 | |
| Transfer to tax-exempt reserves | 689 | - | €30,000 | +€30,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,238 | €49,394 | +€25,156 | +104% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.