BUCÉPHALE: 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.
BUCÉPHALE
Largest movements
- Stocks and contracts +€272,354
up €272,354 (+102.6%), from €265,409 to €537,763
- Tangible fixed assets +€15,789
up €15,789 (+61.2%), from €25,794 to €41,583
of which Other tangible fixed assets: +€16,736
- Other debts +€108,500
up €108,500 (+786231.9%), from €14 to €108,514
- Profit (loss) carried forward +€107,864
up €107,864 (+55.7%), from -€193,481 to -€85,617
- Debts after one year +€42,000
up €42,000 (+8.7%), from €485,000 to €527,000
- Trade debts +€25,514
up €25,514 (+395.4%), from €6,452 to €31,966
- Gross operating margin +€207,272
up €207,272, from -€77,843 to €129,429
- Financial charges +€4,197
up €4,197 (+46.1%), from €9,103 to €13,300
- Depreciation +€1,734
up €1,734 (+28.8%), from €6,017 to €7,751
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 | €347,985 | €631,862 | +€283,878 | +81.6% |
| Fixed assets | 21/28 | €34,953 | €48,332 | +€13,379 | +38.3% |
| Intangible fixed assets | 21 | €9,159 | €6,749 | -€2,410 | -26.3% |
| Tangible fixed assets | 22/27 | €25,794 | €41,583 | +€15,789 | +61.2% |
| Plant, machinery and equipment | 23 | €7,754 | €6,807 | -€947 | -12.2% |
| Other tangible fixed assets | 26 | €18,040 | €34,776 | +€16,736 | +92.8% |
| Current assets | 29/58 | €313,032 | €583,530 | +€270,499 | +86.4% |
| Stocks and contracts in progress | 3 | €265,409 | €537,763 | +€272,354 | +102.6% |
| Stocks | 30/36 | €265,409 | €537,763 | +€272,354 | +102.6% |
| Amounts receivable within one year | 40/41 | €9,433 | €6,271 | -€3,162 | -33.5% |
| Trade receivables | 40 | €2,543 | - | -€2,543 | |
| Other amounts receivable | 41 | €6,890 | €6,271 | -€619 | -9.0% |
| Cash at bank and in hand | 54/58 | €24,653 | €25,623 | +€970 | +3.9% |
| Deferred charges and accrued income | 490/1 | €13,536 | €13,873 | +€337 | +2.5% |
| Total equity and liabilities | 10/49 | €347,985 | €631,862 | +€283,878 | +81.6% |
| Equity | 10/15 | -€143,481 | -€35,617 | +€107,864 | +75.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€193,481 | -€85,617 | +€107,864 | +55.7% |
| Amounts payable | 17/49 | €491,466 | €667,480 | +€176,014 | +35.8% |
| Amounts payable after more than one year | 17 | €485,000 | €527,000 | +€42,000 | +8.7% |
| Other amounts payable | 178/9 | €485,000 | €527,000 | +€42,000 | +8.7% |
| Amounts payable within one year | 42/48 | €6,466 | €140,480 | +€134,014 | +2072.7% |
| Trade debts | 44 | €6,452 | €31,966 | +€25,514 | +395.4% |
| Suppliers | 440/4 | €6,452 | €31,966 | +€25,514 | +395.4% |
| Other amounts payable | 47/48 | €14 | €108,514 | +€108,500 | +786231.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,017 | €7,751 | +€1,734 | +28.8% |
| Other operating charges | 640/8 | €973 | €555 | -€418 | -42.9% |
| Gross operating margin | 9900 | -€77,843 | €129,429 | +€207,272 | |
| Operating profit (loss) | 9901 | -€84,832 | €121,123 | +€205,956 | |
| Financial income | 75/76B | - | €40 | +€40 | |
| Recurring financial income | 75 | - | €40 | +€40 | |
| Financial charges | 65/66B | €9,103 | €13,300 | +€4,197 | +46.1% |
| Recurring financial charges | 65 | €9,103 | €13,300 | +€4,197 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | -€93,935 | €107,864 | +€201,799 | |
| Profit (loss) for the period | 9904 | -€93,935 | €107,864 | +€201,799 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,935 | €107,864 | +€201,799 |
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.