BUCEPHALUS: 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.
BUCEPHALUS
Largest movements
- Financial fixed assets +€171,416
up €171,416 (+38.1%), from €450,000 to €621,416
- Receivables within one year -€74,974
down €74,974 (-61.0%), from €122,992 to €48,018
of which Trade receivables: -€70,250
- Cash -€28,324
down €28,324 (-64.4%), from €43,992 to €15,668
mainly Investment in fixed assets (net) (-€171,416) and Net result for the year (-€56,866)
- Debts after one year +€92,421
up €92,421 (+20.5%), from €450,000 to €542,421
- Current portion of long-term debt +€76,941
new in 2025: €76,941
- Profit (loss) carried forward -€56,866
down €56,866 (-394%), from -€14,451 to -€71,317
- Other debts -€20,693
down €20,693 (-17.4%), from €119,250 to €98,557
- Trade debts -€19,806
down €19,806 (-92.0%), from €21,524 to €1,719
- Gross operating margin -€33,060
down €33,060, from €995 to -€32,065
- Financial charges +€6,946
up €6,946 (+52.5%), from €13,235 to €20,181
- Financial income -€3,035
down €3,035 (-100%), from €3,035 to €0
- Other operating charges -€604
down €604 (-52.2%), from €1,158 to €553
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 | €638,315 | €700,830 | +€62,516 | +9.8% |
| Fixed assets | 21/28 | €467,393 | €634,991 | +€167,597 | +35.9% |
| Tangible fixed assets | 22/27 | €17,393 | €13,575 | -€3,819 | -22.0% |
| Plant, machinery and equipment | 23 | €2,555 | €2,115 | -€440 | -17.2% |
| Furniture and vehicles | 24 | €1,747 | €0 | -€1,747 | -100% |
| Other tangible fixed assets | 26 | €13,091 | €11,460 | -€1,631 | -12.5% |
| Financial fixed assets | 28 | €450,000 | €621,416 | +€171,416 | +38.1% |
| Current assets | 29/58 | €170,921 | €65,839 | -€105,082 | -61.5% |
| Amounts receivable within one year | 40/41 | €122,992 | €48,018 | -€74,974 | -61.0% |
| Trade receivables | 40 | €70,250 | €0 | -€70,250 | -100% |
| Other amounts receivable | 41 | €52,742 | €48,018 | -€4,724 | -9.0% |
| Cash at bank and in hand | 54/58 | €43,992 | €15,668 | -€28,324 | -64.4% |
| Deferred charges and accrued income | 490/1 | €3,936 | €2,153 | -€1,783 | -45.3% |
| Total equity and liabilities | 10/49 | €638,315 | €700,830 | +€62,516 | +9.8% |
| Equity | 10/15 | €30,405 | -€26,461 | -€56,866 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,256 | €26,256 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €521 | €521 | = | 0.0% |
| Distributable reserves | 133 | €25,735 | €25,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,451 | -€71,317 | -€56,866 | -394% |
| Amounts payable | 17/49 | €607,910 | €727,291 | +€119,382 | +19.6% |
| Amounts payable after more than one year | 17 | €450,000 | €542,421 | +€92,421 | +20.5% |
| Financial debts | 170/4 | €450,000 | €542,421 | +€92,421 | +20.5% |
| Amounts payable within one year | 42/48 | €150,269 | €177,803 | +€27,534 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | - | €76,941 | +€76,941 | |
| Trade debts | 44 | €21,524 | €1,719 | -€19,806 | -92.0% |
| Suppliers | 440/4 | €21,524 | €1,719 | -€19,806 | -92.0% |
| Taxes, remuneration and social security | 45 | €9,495 | €586 | -€8,909 | -93.8% |
| Taxes | 450/3 | €9,495 | €586 | -€8,909 | -93.8% |
| Other amounts payable | 47/48 | €119,250 | €98,557 | -€20,693 | -17.4% |
| Accrued charges and deferred income | 492/3 | €7,640 | €7,067 | -€573 | -7.5% |
| Non-recurring operating income | 76A | €1,694 | €0 | -€1,694 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,819 | €3,819 | = | 0.0% |
| Other operating charges | 640/8 | €1,158 | €553 | -€604 | -52.2% |
| Gross operating margin | 9900 | €995 | -€32,065 | -€33,060 | |
| Operating profit (loss) | 9901 | -€3,981 | -€36,437 | -€32,456 | -815% |
| Financial income | 75/76B | €3,035 | €0 | -€3,035 | -100% |
| Recurring financial income | 75 | €3,035 | €0 | -€3,035 | -100% |
| Financial charges | 65/66B | €13,235 | €20,181 | +€6,946 | +52.5% |
| Recurring financial charges | 65 | €13,235 | €20,181 | +€6,946 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,181 | -€56,617 | -€42,436 | -299% |
| Income taxes | 67/77 | €270 | €249 | -€21 | -7.9% |
| Profit (loss) for the period | 9904 | -€14,451 | -€56,866 | -€42,415 | -294% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,451 | -€56,866 | -€42,415 | -294% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.