BUDEVCO: 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.
BUDEVCO
Largest movements
- Current investments -€2.7m
down €2.7m (-92.2%), from €2.9m to €227,655
- Cash -€212,859
down €212,859 (-44.0%), from €484,225 to €271,366
mainly Other debts (-€2.6m) and Receivables within one year (-€147,568)
- Receivables within one year +€147,568
up €147,568 (+149.7%), from €98,581 to €246,149
of which Other amounts receivable: +€164,407
- Other debts -€2.6m
down €2.6m (-95.8%), from €2.7m to €114,000
- Reserves -€120,000
down €120,000 (-74.9%), from €160,160 to €40,160
of which Distributable reserves: -€120,000
- Profit (loss) carried forward -€53,068
down €53,068 (-4.1%), from €1.3m to €1.2m
- Financial income -€242,091
down €242,091 (-98.0%), from €247,006 to €4,915
- Gross operating margin +€177,629
up €177,629 (+86.8%), from -€204,644 to -€27,014
- Financial charges -€48,666
down €48,666, from €26,476 to -€22,190
- Other operating charges +€3,387
up €3,387 (+77.5%), from €4,371 to €7,758
- Taxes -€2,117
down €2,117 (-89.6%), from €2,362 to €245
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 | €4,431,362 | €1,621,116 | -€2.8m | -63.4% |
| Fixed assets | 21/28 | €914,890 | €873,280 | -€41,610 | -4.5% |
| Tangible fixed assets | 22/27 | €914,390 | €872,780 | -€41,610 | -4.6% |
| Land and buildings | 22 | €803,237 | €783,728 | -€19,509 | -2.4% |
| Plant, machinery and equipment | 23 | €10,254 | €7,185 | -€3,069 | -29.9% |
| Furniture and vehicles | 24 | €100,899 | €81,867 | -€19,032 | -18.9% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €3,516,472 | €747,836 | -€2.8m | -78.7% |
| Amounts receivable within one year | 40/41 | €98,581 | €246,149 | +€147,568 | +149.7% |
| Trade receivables | 40 | €16,839 | €0 | -€16,839 | -100.0% |
| Other amounts receivable | 41 | €81,742 | €246,149 | +€164,407 | +201.1% |
| Current investments | 50/53 | €2,929,666 | €227,655 | -€2.7m | -92.2% |
| Cash at bank and in hand | 54/58 | €484,225 | €271,366 | -€212,859 | -44.0% |
| Deferred charges and accrued income | 490/1 | €4,000 | €2,667 | -€1,333 | -33.3% |
| Total equity and liabilities | 10/49 | €4,431,362 | €1,621,116 | -€2.8m | -63.4% |
| Equity | 10/15 | €1,458,526 | €1,285,458 | -€173,068 | -11.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €160,160 | €40,160 | -€120,000 | -74.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €160,160 | €40,160 | -€120,000 | -74.9% |
| Profit (loss) carried forward | 14 | €1,279,816 | €1,226,748 | -€53,068 | -4.1% |
| Provisions and deferred taxes | 16 | €196,311 | €196,311 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €196,311 | €196,311 | = | 0.0% |
| Pensions and similar obligations | 160 | €196,311 | €196,311 | = | 0.0% |
| Amounts payable | 17/49 | €2,776,525 | €139,347 | -€2.6m | -95.0% |
| Amounts payable within one year | 42/48 | €2,776,525 | €139,347 | -€2.6m | -95.0% |
| Trade debts | 44 | €45,524 | €7,114 | -€38,409 | -84.4% |
| Suppliers | 440/4 | €45,524 | €7,114 | -€38,409 | -84.4% |
| Taxes, remuneration and social security | 45 | €4,000 | €18,233 | +€14,233 | +355.8% |
| Taxes | 450/3 | €4,000 | €18,233 | +€14,233 | +355.8% |
| Other amounts payable | 47/48 | €2,727,002 | €114,000 | -€2.6m | -95.8% |
| Non-recurring operating income | 76A | €16,695 | €0 | -€16,695 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,080 | €45,155 | -€1,925 | -4.1% |
| Other operating charges | 640/8 | €4,371 | €7,758 | +€3,387 | +77.5% |
| Gross operating margin | 9900 | -€204,644 | -€27,014 | +€177,629 | +86.8% |
| Operating profit (loss) | 9901 | -€256,094 | -€79,928 | +€176,167 | +68.8% |
| Financial income | 75/76B | €247,006 | €4,915 | -€242,091 | -98.0% |
| Recurring financial income | 75 | €247,006 | €4,915 | -€242,091 | -98.0% |
| Financial charges | 65/66B | €26,476 | -€22,190 | -€48,666 | |
| Recurring financial charges | 65 | €26,476 | -€22,190 | -€48,666 | |
| Profit (loss) for the period before taxes | 9903 | -€35,564 | -€52,823 | -€17,258 | -48.5% |
| Income taxes | 67/77 | €2,362 | €245 | -€2,117 | -89.6% |
| Profit (loss) for the period | 9904 | -€37,926 | -€53,068 | -€15,141 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,926 | -€53,068 | -€15,141 | -39.9% |
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 11 October 2026 via checked.be.