BUDO Michel: 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.
BUDO Michel
Largest movements
- Receivables within one year -€103,887
down €103,887 (-34.5%), from €301,364 to €197,477
of which Trade receivables: -€103,025
- Cash +€36,685
up €36,685 (+41.7%), from €87,949 to €124,634
mainly Receivables within one year (+€103,887) and Depreciation (+€31,136)
- Tangible fixed assets -€29,964
down €29,964 (-22.3%), from €134,117 to €104,153
of which Furniture and vehicles: -€23,551
- Trade debts -€111,600
down €111,600 (-69.5%), from €160,661 to €49,061
- Tax, wage and social debts -€29,113
down €29,113 (-24.6%), from €118,190 to €89,077
of which Remuneration and social security: -€28,920
- Reserves +€20,000
up €20,000 (+8.3%), from €239,803 to €259,803
of which Distributable reserves: +€20,000
- Other debts +€12,928
up €12,928 (+15.6%), from €82,685 to €95,613
- Staff costs -€16,225
down €16,225 (-8.3%), from €194,440 to €178,215
- Financial income -€4,154
down €4,154 (-63.8%), from €6,508 to €2,354
- Depreciation +€3,123
up €3,123 (+11.1%), from €28,013 to €31,136
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 | €737,478 | €637,216 | -€100,262 | -13.6% |
| Fixed assets | 21/28 | €137,422 | €107,458 | -€29,964 | -21.8% |
| Tangible fixed assets | 22/27 | €134,117 | €104,153 | -€29,964 | -22.3% |
| Land and buildings | 22 | €5,045 | €4,269 | -€776 | -15.4% |
| Plant, machinery and equipment | 23 | €38,524 | €32,887 | -€5,637 | -14.6% |
| Furniture and vehicles | 24 | €90,548 | €66,997 | -€23,551 | -26.0% |
| Financial fixed assets | 28 | €3,305 | €3,305 | = | 0.0% |
| Current assets | 29/58 | €600,056 | €529,758 | -€70,298 | -11.7% |
| Stocks and contracts in progress | 3 | €206,450 | €206,130 | -€320 | -0.2% |
| Stocks | 30/36 | €206,450 | €206,130 | -€320 | -0.2% |
| Amounts receivable within one year | 40/41 | €301,364 | €197,477 | -€103,887 | -34.5% |
| Trade receivables | 40 | €300,502 | €197,477 | -€103,025 | -34.3% |
| Other amounts receivable | 41 | €862 | - | -€862 | |
| Cash at bank and in hand | 54/58 | €87,949 | €124,634 | +€36,685 | +41.7% |
| Deferred charges and accrued income | 490/1 | €4,293 | €1,516 | -€2,777 | -64.7% |
| Total equity and liabilities | 10/49 | €737,478 | €637,216 | -€100,262 | -13.6% |
| Equity | 10/15 | €314,942 | €336,849 | +€21,907 | +7.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Contributions outside capital | 11 | €25,000 | - | -€25,000 | |
| Other | 1109/19 | €25,000 | - | -€25,000 | |
| Reserves | 13 | €239,803 | €259,803 | +€20,000 | +8.3% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €237,303 | €257,303 | +€20,000 | +8.4% |
| Profit (loss) carried forward | 14 | €50,139 | €52,046 | +€1,907 | +3.8% |
| Amounts payable | 17/49 | €422,536 | €300,367 | -€122,169 | -28.9% |
| Amounts payable after more than one year | 17 | €49,682 | €48,937 | -€745 | -1.5% |
| Financial debts | 170/4 | €49,682 | €48,937 | -€745 | -1.5% |
| Amounts payable within one year | 42/48 | €372,854 | €251,323 | -€121,531 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €11,318 | €17,573 | +€6,255 | +55.3% |
| Trade debts | 44 | €160,661 | €49,061 | -€111,600 | -69.5% |
| Suppliers | 440/4 | €160,661 | €49,061 | -€111,600 | -69.5% |
| Taxes, remuneration and social security | 45 | €118,190 | €89,077 | -€29,113 | -24.6% |
| Taxes | 450/3 | €54,755 | €54,562 | -€193 | -0.4% |
| Remuneration and social security | 454/9 | €63,435 | €34,515 | -€28,920 | -45.6% |
| Other amounts payable | 47/48 | €82,685 | €95,613 | +€12,928 | +15.6% |
| Accrued charges and deferred income | 492/3 | - | €107 | +€107 | |
| Non-recurring operating income | 76A | - | €74,664 | +€74,664 | |
| Remuneration, social security and pensions | 62 | €194,440 | €178,215 | -€16,225 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,013 | €31,136 | +€3,123 | +11.1% |
| Other operating charges | 640/8 | €9,412 | €10,819 | +€1,407 | +15.0% |
| Gross operating margin | 9900 | €251,421 | €252,437 | +€1,016 | +0.4% |
| Operating profit (loss) | 9901 | €19,556 | €32,268 | +€12,712 | +65.0% |
| Financial income | 75/76B | €6,508 | €2,354 | -€4,154 | -63.8% |
| Recurring financial income | 75 | €6,508 | €2,354 | -€4,154 | -63.8% |
| Financial charges | 65/66B | €4,068 | €4,301 | +€233 | +5.7% |
| Recurring financial charges | 65 | €4,068 | €4,301 | +€233 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €21,996 | €30,321 | +€8,325 | +37.8% |
| Income taxes | 67/77 | €9,813 | €8,414 | -€1,399 | -14.3% |
| Profit (loss) for the period | 9904 | €12,183 | €21,907 | +€9,724 | +79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,183 | €21,907 | +€9,724 | +79.8% |
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 30 October 2026 via checked.be.