BUDEBRUS: 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.
BUDEBRUS
Largest movements
- Receivables within one year +€123,669
up €123,669 (+59.1%), from €209,334 to €333,003
- Stocks and contracts -€31,924
down €31,924 (-13.4%), from €238,803 to €206,879
- Cash -€12,875
down €12,875 (-16.4%), from €78,408 to €65,533
mainly Receivables within one year (-€123,669) and Debts after one year (-€20,024)
- Tangible fixed assets -€7,431
down €7,431 (-16.9%), from €43,906 to €36,475
of which Other tangible fixed assets: -€4,873
- Intangible fixed assets -€6,579
down €6,579 (-37.3%), from €17,642 to €11,063
- Trade debts +€41,237
up €41,237 (+8.5%), from €483,738 to €524,975
- Profit (loss) carried forward +€32,224
up €32,224 (+91.6%), from -€35,163 to -€2,939
- Debts after one year -€20,024
down €20,024 (-46.8%), from €42,778 to €22,755
- Accrued charges and deferred income +€9,192
up €9,192 (+148.4%), from €6,193 to €15,385
- Gross operating margin +€13,252
up €13,252 (+25.2%), from €52,617 to €65,869
- Taxes +€5,049
up €5,049 (+1704.5%), from €296 to €5,346
- Financial income -€3,743
down €3,743 (-98.2%), from €3,812 to €68
- Financial charges +€3,221
up €3,221 (+53.7%), from €5,995 to €9,216
- Depreciation -€1,189
down €1,189 (-6.1%), from €19,406 to €18,217
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 | €588,977 | €655,281 | +€66,304 | +11.3% |
| Fixed assets | 21/28 | €61,753 | €47,743 | -€14,010 | -22.7% |
| Intangible fixed assets | 21 | €17,642 | €11,063 | -€6,579 | -37.3% |
| Tangible fixed assets | 22/27 | €43,906 | €36,475 | -€7,431 | -16.9% |
| Plant, machinery and equipment | 23 | €931 | €182 | -€748 | -80.4% |
| Furniture and vehicles | 24 | €12,566 | €10,755 | -€1,810 | -14.4% |
| Other tangible fixed assets | 26 | €30,410 | €25,537 | -€4,873 | -16.0% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €527,224 | €607,538 | +€80,314 | +15.2% |
| Stocks and contracts in progress | 3 | €238,803 | €206,879 | -€31,924 | -13.4% |
| Stocks | 30/36 | €238,803 | €206,879 | -€31,924 | -13.4% |
| Amounts receivable within one year | 40/41 | €209,334 | €333,003 | +€123,669 | +59.1% |
| Trade receivables | 40 | €209,334 | €333,003 | +€123,669 | +59.1% |
| Cash at bank and in hand | 54/58 | €78,408 | €65,533 | -€12,875 | -16.4% |
| Deferred charges and accrued income | 490/1 | €679 | €2,123 | +€1,445 | +212.8% |
| Total equity and liabilities | 10/49 | €588,977 | €655,281 | +€66,304 | +11.3% |
| Equity | 10/15 | €29,424 | €61,648 | +€32,224 | +109.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,087 | €3,087 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,087 | €3,087 | = | 0.0% |
| Legal reserve | 130 | €3,087 | €3,087 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,163 | -€2,939 | +€32,224 | +91.6% |
| Amounts payable | 17/49 | €559,553 | €593,633 | +€34,080 | +6.1% |
| Amounts payable after more than one year | 17 | €42,778 | €22,755 | -€20,024 | -46.8% |
| Financial debts | 170/4 | €42,778 | €22,755 | -€20,024 | -46.8% |
| Amounts payable within one year | 42/48 | €510,582 | €555,494 | +€44,912 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €19,241 | €20,024 | +€783 | +4.1% |
| Trade debts | 44 | €483,738 | €524,975 | +€41,237 | +8.5% |
| Suppliers | 440/4 | €483,738 | €524,975 | +€41,237 | +8.5% |
| Taxes, remuneration and social security | 45 | €7,603 | €6,847 | -€757 | -10.0% |
| Taxes | 450/3 | €7,603 | €6,847 | -€757 | -10.0% |
| Other amounts payable | 47/48 | - | €3,648 | +€3,648 | |
| Accrued charges and deferred income | 492/3 | €6,193 | €15,385 | +€9,192 | +148.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,406 | €18,217 | -€1,189 | -6.1% |
| Other operating charges | 640/8 | €416 | €935 | +€519 | +124.8% |
| Gross operating margin | 9900 | €52,617 | €65,869 | +€13,252 | +25.2% |
| Operating profit (loss) | 9901 | €32,795 | €46,717 | +€13,922 | +42.5% |
| Financial income | 75/76B | €3,812 | €68 | -€3,743 | -98.2% |
| Recurring financial income | 75 | €3,812 | €68 | -€3,743 | -98.2% |
| Financial charges | 65/66B | €5,995 | €9,216 | +€3,221 | +53.7% |
| Recurring financial charges | 65 | €5,995 | €9,216 | +€3,221 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | €30,612 | €37,570 | +€6,958 | +22.7% |
| Income taxes | 67/77 | €296 | €5,346 | +€5,049 | +1704.5% |
| Profit (loss) for the period | 9904 | €30,315 | €32,224 | +€1,908 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,315 | €32,224 | +€1,908 | +6.3% |
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 5 October 2026 via checked.be.