BUD CONCEPT: 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.
BUD CONCEPT
Largest movements
- Tangible fixed assets +€313,834
up €313,834 (+680%), from €46,120 to €359,954
of which Land and buildings: +€341,587
- Cash -€143,244
down €143,244 (-29.9%), from €478,929 to €335,685
mainly Investment in fixed assets (net) (-€396,845) and Provisions (-€30,100)
- Receivables within one year -€141,237
down €141,237 (-41.1%), from €344,032 to €202,795
of which Trade receivables: -€190,262
- Financial fixed assets +€50,000
up €50,000 (+48.5%), from €102,993 to €152,993
- Debts after one year +€80,266
new in 2025: €80,266
- Provisions -€30,100
down €30,100 (-10.7%), from €281,545 to €251,445
- Trade debts +€19,959
up €19,959 (+41.6%), from €48,013 to €67,972
- Current portion of long-term debt +€14,583
up €14,583 (+221%), from €6,613 to €21,196
- Profit (loss) carried forward -€13,764
down €13,764 (-2.8%), from €488,131 to €474,367
- Turnover -€897,059
down €897,059 (-90.7%), from €988,539 to €91,480
- Purchases and services -€810,898
no longer reported in 2025 (was €810,898)
- Gross operating margin -€193,473
down €193,473, from €180,346 to -€13,127
- Taxes -€42,125
down €42,125 (-99.3%), from €42,417 to €292
- Financial income +€29,509
up €29,509 (+487%), from €6,063 to €35,572
of which Non-recurring financial income: +€33,965
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 | €972,074 | €1,051,427 | +€79,353 | +8.2% |
| Fixed assets | 21/28 | €149,113 | €512,947 | +€363,834 | +244% |
| Tangible fixed assets | 22/27 | €46,120 | €359,954 | +€313,834 | +680% |
| Land and buildings | 22 | - | €341,587 | +€341,587 | |
| Furniture and vehicles | 24 | €46,120 | €18,367 | -€27,753 | -60.2% |
| Financial fixed assets | 28 | €102,993 | €152,993 | +€50,000 | +48.5% |
| Current assets | 29/58 | €822,961 | €538,480 | -€284,481 | -34.6% |
| Amounts receivable within one year | 40/41 | €344,032 | €202,795 | -€141,237 | -41.1% |
| Trade receivables | 40 | €244,960 | €54,698 | -€190,262 | -77.7% |
| Other amounts receivable | 41 | €99,072 | €148,097 | +€49,025 | +49.5% |
| Cash at bank and in hand | 54/58 | €478,929 | €335,685 | -€143,244 | -29.9% |
| Total equity and liabilities | 10/49 | €972,074 | €1,051,427 | +€79,353 | +8.2% |
| Equity | 10/15 | €607,073 | €593,309 | -€13,764 | -2.3% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €102,942 | €102,942 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €100,942 | €100,942 | = | 0.0% |
| Profit (loss) carried forward | 14 | €488,131 | €474,367 | -€13,764 | -2.8% |
| Provisions and deferred taxes | 16 | €281,545 | €251,445 | -€30,100 | -10.7% |
| Provisions for liabilities and charges | 160/5 | €281,545 | €251,445 | -€30,100 | -10.7% |
| Other liabilities and charges | 164/5 | €281,545 | €251,445 | -€30,100 | -10.7% |
| Amounts payable | 17/49 | €83,456 | €206,673 | +€123,217 | +148% |
| Amounts payable after more than one year | 17 | - | €80,266 | +€80,266 | |
| Financial debts | 170/4 | - | €80,266 | +€80,266 | |
| Amounts payable within one year | 42/48 | €83,456 | €126,407 | +€42,951 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €6,613 | €21,196 | +€14,583 | +221% |
| Financial debts | 43 | - | €100 | +€100 | |
| Credit institutions | 430/8 | - | €100 | +€100 | |
| Trade debts | 44 | €48,013 | €67,972 | +€19,959 | +41.6% |
| Suppliers | 440/4 | €48,013 | €67,972 | +€19,959 | +41.6% |
| Taxes, remuneration and social security | 45 | €28,830 | €37,139 | +€8,309 | +28.8% |
| Taxes | 450/3 | €28,830 | €34,710 | +€5,880 | +20.4% |
| Remuneration and social security | 454/9 | - | €2,429 | +€2,429 | |
| Turnover | 70 | €988,539 | €91,480 | -€897,059 | -90.7% |
| Non-recurring operating income | 76A | €2,705 | €3,541 | +€836 | +30.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €810,898 | - | -€810,898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,930 | €33,011 | +€5,081 | +18.2% |
| Other operating charges | 640/8 | €334 | €1,459 | +€1,125 | +337% |
| Non-recurring operating charges | 66A | €78 | - | -€78 | |
| Gross operating margin | 9900 | €180,346 | -€13,127 | -€193,473 | |
| Operating profit (loss) | 9901 | €152,004 | -€47,597 | -€199,601 | |
| Financial income | 75/76B | €6,063 | €35,572 | +€29,509 | +487% |
| Recurring financial income | 75 | €6,063 | €1,607 | -€4,456 | -73.5% |
| Non-recurring financial income | 76B | - | €33,965 | +€33,965 | |
| Financial charges | 65/66B | €239 | €1,447 | +€1,208 | +505% |
| Recurring financial charges | 65 | €239 | €1,447 | +€1,208 | +505% |
| Profit (loss) for the period before taxes | 9903 | €157,828 | -€13,472 | -€171,300 | |
| Income taxes | 67/77 | €42,417 | €292 | -€42,125 | -99.3% |
| Profit (loss) for the period | 9904 | €115,411 | -€13,764 | -€129,175 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,411 | -€13,764 | -€129,175 |
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 16 October 2026 via checked.be.