BUKO: 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.
BUKO
Largest movements
- Intangible fixed assets -€55,682
down €55,682 (-26.1%), from €213,439 to €157,757
- Cash +€52,397
up €52,397 (+717.0%), from €7,307 to €59,705
mainly Net result for the year (+€97,017) and Depreciation (+€95,752)
- Stocks and contracts +€44,856
up €44,856 (+5.2%), from €869,302 to €914,158
of which Contracts in progress: +€115,751
- Tangible fixed assets -€18,486
down €18,486 (-5.1%), from €363,276 to €344,790
of which Land and buildings: -€11,733
- Reserves +€97,017
up €97,017 (+10.3%), from €938,745 to €1.0m
of which Distributable reserves: +€97,017
- Other debts -€50,000
down €50,000 (-83.1%), from €60,149 to €10,149
- Trade debts -€44,150
down €44,150 (-28.9%), from €152,543 to €108,393
- Tax, wage and social debts +€37,371
up €37,371 (+34.1%), from €109,495 to €146,866
of which Remuneration and social security: +€24,829
- Investment grants -€24,720
down €24,720 (-26.1%), from €94,758 to €70,039
- Gross operating margin +€40,490
up €40,490 (+6.9%), from €588,545 to €629,035
- Staff costs -€34,193
down €34,193 (-8.1%), from €424,659 to €390,467
- Taxes +€21,471
up €21,471 (+259.0%), from €8,290 to €29,762
- Financial charges -€12,450
down €12,450 (-54.5%), from €22,840 to €10,390
- Depreciation +€8,018
up €8,018 (+9.1%), from €87,735 to €95,752
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 | €1,835,798 | €1,845,683 | +€9,885 | +0.5% |
| Fixed assets | 21/28 | €576,715 | €502,547 | -€74,169 | -12.9% |
| Intangible fixed assets | 21 | €213,439 | €157,757 | -€55,682 | -26.1% |
| Tangible fixed assets | 22/27 | €363,276 | €344,790 | -€18,486 | -5.1% |
| Land and buildings | 22 | €206,530 | €194,798 | -€11,733 | -5.7% |
| Plant, machinery and equipment | 23 | €43,202 | €37,752 | -€5,450 | -12.6% |
| Furniture and vehicles | 24 | €19,482 | €28,356 | +€8,875 | +45.6% |
| Other tangible fixed assets | 26 | €94,061 | €83,883 | -€10,178 | -10.8% |
| Current assets | 29/58 | €1,259,083 | €1,343,137 | +€84,054 | +6.7% |
| Stocks and contracts in progress | 3 | €869,302 | €914,158 | +€44,856 | +5.2% |
| Stocks | 30/36 | €869,302 | €798,407 | -€70,895 | -8.2% |
| Contracts in progress | 37 | - | €115,751 | +€115,751 | |
| Amounts receivable within one year | 40/41 | €352,384 | €338,922 | -€13,462 | -3.8% |
| Trade receivables | 40 | €328,706 | €338,922 | +€10,216 | +3.1% |
| Other amounts receivable | 41 | €23,679 | €0 | -€23,679 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,307 | €59,705 | +€52,397 | +717.0% |
| Deferred charges and accrued income | 490/1 | €30,090 | €30,351 | +€262 | +0.9% |
| Total equity and liabilities | 10/49 | €1,835,798 | €1,845,683 | +€9,885 | +0.5% |
| Equity | 10/15 | €1,283,503 | €1,355,801 | +€72,298 | +5.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €938,745 | €1,035,763 | +€97,017 | +10.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,834 | €4,834 | = | 0.0% |
| Distributable reserves | 133 | €908,911 | €1,005,929 | +€97,017 | +10.7% |
| Investment grants | 15 | €94,758 | €70,039 | -€24,720 | -26.1% |
| Amounts payable | 17/49 | €552,295 | €489,882 | -€62,413 | -11.3% |
| Amounts payable within one year | 42/48 | €552,295 | €489,684 | -€62,612 | -11.3% |
| Financial debts | 43 | €120,718 | €110,698 | -€10,021 | -8.3% |
| Credit institutions | 430/8 | €120,718 | €110,698 | -€10,021 | -8.3% |
| Trade debts | 44 | €152,543 | €108,393 | -€44,150 | -28.9% |
| Suppliers | 440/4 | €152,543 | €108,393 | -€44,150 | -28.9% |
| Advances received on contracts in progress | 46 | €109,390 | €113,578 | +€4,188 | +3.8% |
| Taxes, remuneration and social security | 45 | €109,495 | €146,866 | +€37,371 | +34.1% |
| Taxes | 450/3 | €63,184 | €75,725 | +€12,542 | +19.8% |
| Remuneration and social security | 454/9 | €46,312 | €71,141 | +€24,829 | +53.6% |
| Other amounts payable | 47/48 | €60,149 | €10,149 | -€50,000 | -83.1% |
| Accrued charges and deferred income | 492/3 | - | €199 | +€199 | |
| Non-recurring operating income | 76A | €8,086 | €0 | -€8,086 | -100.0% |
| Remuneration, social security and pensions | 62 | €424,659 | €390,467 | -€34,193 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,735 | €95,752 | +€8,018 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,422 | €4,419 | +€1,998 | +82.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €25,586 | €32,068 | +€6,482 | +25.3% |
| Non-recurring operating charges | 66A | €8,845 | €1,307 | -€7,538 | -85.2% |
| Gross operating margin | 9900 | €588,545 | €629,035 | +€40,490 | +6.9% |
| Operating profit (loss) | 9901 | €39,298 | €105,021 | +€65,723 | +167.2% |
| Financial income | 75/76B | €30,543 | €32,148 | +€1,605 | +5.3% |
| Recurring financial income | 75 | €30,543 | €32,148 | +€1,605 | +5.3% |
| Financial charges | 65/66B | €22,840 | €10,390 | -€12,450 | -54.5% |
| Recurring financial charges | 65 | €22,840 | €10,390 | -€12,450 | -54.5% |
| Profit (loss) for the period before taxes | 9903 | €47,001 | €126,779 | +€79,778 | +169.7% |
| Income taxes | 67/77 | €8,290 | €29,762 | +€21,471 | +259.0% |
| Profit (loss) for the period | 9904 | €38,711 | €97,017 | +€58,307 | +150.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,711 | €97,017 | +€58,307 | +150.6% |
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 4 October 2026 via checked.be.