BUDEOS: 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.
What changed
BUDEOS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€441,444
2024 · €484,020-€42,576
Equity
€2.1m
2024 · €2.3m-€188,217
Cash
€90,044
2024 · €77,449+€12,595
Balance sheet total
€3.1m
2024 · €3.0m+€78,573
Largest movements
Assets
- Current investments +€142,747
up €142,747 (+12.5%), from €1.1m to €1.3m
- Tangible fixed assets -€73,163
down €73,163 (-5.0%), from €1.5m to €1.4m
of which Land and buildings: -€49,308
Equity and liabilities
- Other debts +€351,836
up €351,836 (+89.6%), from €392,548 to €744,384
- Reserves -€188,217
down €188,217 (-8.2%), from €2.3m to €2.1m
of which Distributable reserves: -€188,217
- Current portion of long-term debt -€35,558
down €35,558 (-57.9%), from €61,451 to €25,893
Income statement
- Financial charges +€57,846
up €57,846, from -€21,463 to €36,383
- Financial income +€26,929
up €26,929 (+316.4%), from €8,512 to €35,441
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.
Result 2024
€484,020
Gross operating margin
-€7,207
Depreciation
+€4,593
Other operating charges
-€4,211
Financial income
+€26,929
Financial charges
-€57,846
Taxes
-€4,833
Result 2025
€441,444
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.
From operations
+€892,127
Investment
-€188,419
Financing
-€691,112
Cash 2024
€77,449
From operations (derived)
+€892,127
Net result for the year
+€441,444
Depreciation
+€118,835
Receivables after one year
+€2,100
Receivables within one year
+€2,171
Smaller working-capital items
+€794
Trade debts
-€21,109
Other debts
+€351,836
Accrued charges and deferred income
-€3,945
Investment (derived)
-€188,419
Investment in fixed assets (net)
-€45,672
Current investments
-€142,747
Financing
-€691,112
Debts after one year
-€25,893
Current portion of long-term debt
-€35,558
Contributions, distributions and other
-€629,661
Cash 2025
€90,044
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,984,546 | €3,063,119 | +€78,573 | +2.6% |
| Fixed assets | 21/28 | €1,461,984 | €1,388,821 | -€73,163 | -5.0% |
| Tangible fixed assets | 22/27 | €1,461,984 | €1,388,821 | -€73,163 | -5.0% |
| Land and buildings | 22 | €1,425,306 | €1,375,998 | -€49,308 | -3.5% |
| Plant, machinery and equipment | 23 | €5,102 | €3,729 | -€1,373 | -26.9% |
| Furniture and vehicles | 24 | €31,576 | €9,094 | -€22,482 | -71.2% |
| Current assets | 29/58 | €1,522,562 | €1,674,298 | +€151,736 | +10.0% |
| Amounts receivable after more than one year | 29 | €2,100 | €0 | -€2,100 | -100.0% |
| Other amounts receivable | 291 | €2,100 | €0 | -€2,100 | -100.0% |
| Amounts receivable within one year | 40/41 | €294,727 | €292,556 | -€2,171 | -0.7% |
| Trade receivables | 40 | €251,200 | €260,215 | +€9,015 | +3.6% |
| Other amounts receivable | 41 | €43,527 | €32,341 | -€11,186 | -25.7% |
| Current investments | 50/53 | €1,139,545 | €1,282,292 | +€142,747 | +12.5% |
| Cash at bank and in hand | 54/58 | €77,449 | €90,044 | +€12,595 | +16.3% |
| Deferred charges and accrued income | 490/1 | €8,742 | €9,406 | +€664 | +7.6% |
| Total equity and liabilities | 10/49 | €2,984,546 | €3,063,119 | +€78,573 | +2.6% |
| Equity | 10/15 | €2,327,141 | €2,138,924 | -€188,217 | -8.1% |
| Contributions | 10/11 | €20,805 | €20,805 | = | 0.0% |
| Reserves | 13 | €2,306,335 | €2,118,118 | -€188,217 | -8.2% |
| Tax-exempt reserves | 132 | €10,960 | €10,960 | = | 0.0% |
| Distributable reserves | 133 | €2,295,375 | €2,107,158 | -€188,217 | -8.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €657,406 | €924,195 | +€266,790 | +40.6% |
| Amounts payable after more than one year | 17 | €169,789 | €143,897 | -€25,893 | -15.2% |
| Financial debts | 170/4 | €169,789 | €143,897 | -€25,893 | -15.2% |
| Amounts payable within one year | 42/48 | €475,791 | €772,419 | +€296,627 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €61,451 | €25,893 | -€35,558 | -57.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €21,793 | €683 | -€21,109 | -96.9% |
| Suppliers | 440/4 | €21,793 | €683 | -€21,109 | -96.9% |
| Taxes, remuneration and social security | 45 | €0 | €1,458 | +€1,458 | |
| Taxes | 450/3 | €0 | €1,458 | +€1,458 | |
| Other amounts payable | 47/48 | €392,548 | €744,384 | +€351,836 | +89.6% |
| Accrued charges and deferred income | 492/3 | €11,825 | €7,880 | -€3,945 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,428 | €118,835 | -€4,593 | -3.7% |
| Other operating charges | 640/8 | €6,184 | €10,395 | +€4,211 | +68.1% |
| Gross operating margin | 9900 | €796,076 | €788,869 | -€7,207 | -0.9% |
| Operating profit (loss) | 9901 | €666,464 | €659,639 | -€6,825 | -1.0% |
| Financial income | 75/76B | €8,512 | €35,441 | +€26,929 | +316.4% |
| Recurring financial income | 75 | €8,512 | €35,441 | +€26,929 | +316.4% |
| Financial charges | 65/66B | -€21,463 | €36,383 | +€57,846 | |
| Recurring financial charges | 65 | -€21,463 | €36,383 | +€57,846 | |
| Profit (loss) for the period before taxes | 9903 | €696,439 | €658,697 | -€37,743 | -5.4% |
| Income taxes | 67/77 | €212,419 | €217,252 | +€4,833 | +2.3% |
| Profit (loss) for the period | 9904 | €484,020 | €441,444 | -€42,576 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €484,020 | €441,444 | -€42,576 | -8.8% |
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 2 October 2026 via checked.be.