Budex: 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.
Budex
Largest movements
- Stocks and contracts -€76,108
down €76,108 (-14.8%), from €515,647 to €439,539
- Cash -€48,117
down €48,117 (-27.9%), from €172,627 to €124,509
mainly Trade debts (-€75,297) and Investment in fixed assets (net) (-€55,451)
- Tangible fixed assets +€41,993
up €41,993 (+15.5%), from €270,998 to €312,990
of which Leasing and similar rights: +€30,344
- Receivables within one year +€26,271
up €26,271 (+12.7%), from €207,113 to €233,384
of which Trade receivables: +€38,712
- Trade debts -€75,297
down €75,297 (-30.8%), from €244,447 to €169,150
- Gross operating margin -€55,152
down €55,152 (-10.9%), from €507,133 to €451,981
- Depreciation -€40,457
down €40,457 (-75.3%), from €53,718 to €13,260
- Staff costs -€27,504
down €27,504 (-7.0%), from €392,901 to €365,396
- Financial charges +€6,364
up €6,364 (+29.6%), from €21,533 to €27,898
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 | €1,201,994 | €1,146,033 | -€55,961 | -4.7% |
| Fixed assets | 21/28 | €306,409 | €348,600 | +€42,191 | +13.8% |
| Tangible fixed assets | 22/27 | €270,998 | €312,990 | +€41,993 | +15.5% |
| Land and buildings | 22 | €4,854 | €4,699 | -€155 | -3.2% |
| Plant, machinery and equipment | 23 | €136,339 | €134,090 | -€2,249 | -1.6% |
| Furniture and vehicles | 24 | €25,967 | €40,021 | +€14,054 | +54.1% |
| Leasing and similar rights | 25 | €103,838 | €134,181 | +€30,344 | +29.2% |
| Financial fixed assets | 28 | €35,412 | €35,610 | +€198 | +0.6% |
| Current assets | 29/58 | €895,585 | €797,433 | -€98,152 | -11.0% |
| Amounts receivable after more than one year | 29 | €198 | - | -€198 | |
| Other amounts receivable | 291 | €198 | - | -€198 | |
| Stocks and contracts in progress | 3 | €515,647 | €439,539 | -€76,108 | -14.8% |
| Stocks | 30/36 | €515,647 | €439,539 | -€76,108 | -14.8% |
| Amounts receivable within one year | 40/41 | €207,113 | €233,384 | +€26,271 | +12.7% |
| Trade receivables | 40 | €194,672 | €233,384 | +€38,712 | +19.9% |
| Other amounts receivable | 41 | €12,441 | - | -€12,441 | |
| Cash at bank and in hand | 54/58 | €172,627 | €124,509 | -€48,117 | -27.9% |
| Total equity and liabilities | 10/49 | €1,201,994 | €1,146,033 | -€55,961 | -4.7% |
| Equity | 10/15 | €413,390 | €418,413 | +€5,023 | +1.2% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €129,568 | €134,568 | +€5,000 | +3.9% |
| Distributable reserves | 133 | €129,568 | €134,568 | +€5,000 | +3.9% |
| Profit (loss) carried forward | 14 | €73,822 | €73,845 | +€23 | 0.0% |
| Amounts payable | 17/49 | €788,605 | €727,620 | -€60,985 | -7.7% |
| Amounts payable after more than one year | 17 | €485,931 | €492,967 | +€7,036 | +1.4% |
| Financial debts | 170/4 | €485,931 | €492,967 | +€7,036 | +1.4% |
| Amounts payable within one year | 42/48 | €293,526 | €218,372 | -€75,154 | -25.6% |
| Trade debts | 44 | €244,447 | €169,150 | -€75,297 | -30.8% |
| Suppliers | 440/4 | €244,447 | €169,150 | -€75,297 | -30.8% |
| Taxes, remuneration and social security | 45 | €49,079 | €39,222 | -€9,857 | -20.1% |
| Taxes | 450/3 | €11,584 | €12,113 | +€529 | +4.6% |
| Remuneration and social security | 454/9 | €37,494 | €27,109 | -€10,385 | -27.7% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Accrued charges and deferred income | 492/3 | €9,147 | €16,281 | +€7,134 | +78.0% |
| Remuneration, social security and pensions | 62 | €392,901 | €365,396 | -€27,504 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,718 | €13,260 | -€40,457 | -75.3% |
| Other operating charges | 640/8 | €13,821 | €17,167 | +€3,346 | +24.2% |
| Gross operating margin | 9900 | €507,133 | €451,981 | -€55,152 | -10.9% |
| Operating profit (loss) | 9901 | €46,693 | €56,157 | +€9,463 | +20.3% |
| Financial charges | 65/66B | €21,533 | €27,898 | +€6,364 | +29.6% |
| Recurring financial charges | 65 | €21,533 | €27,898 | +€6,364 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €25,160 | €28,259 | +€3,099 | +12.3% |
| Income taxes | 67/77 | €9,347 | €13,236 | +€3,889 | +41.6% |
| Profit (loss) for the period | 9904 | €15,813 | €15,023 | -€790 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,813 | €15,023 | -€790 | -5.0% |
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 7 October 2026 via checked.be.