BURO-M: 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.
BURO-M
Largest movements
- Receivables within one year +€216,029
up €216,029 (+379%), from €57,057 to €273,087
of which Trade receivables: +€114,139
- Tangible fixed assets +€191,335
up €191,335 (+36.5%), from €524,169 to €715,504
of which Land and buildings: +€208,104
- Cash +€135,944
up €135,944 (+324%), from €41,993 to €177,936
mainly Net result for the year (+€414,910) and Other debts (+€144,150)
- Current investments -€75,000
down €75,000 (-100%), from €75,000 to €0
- Reserves +€387,905
up €387,905 (+145%), from €266,657 to €654,561
of which Distributable reserves: +€358,162
- Other debts +€144,150
up €144,150 (+1,029%), from €14,015 to €158,165
- Tax, wage and social debts -€43,320
down €43,320 (-89.5%), from €48,412 to €5,093
of which Remuneration and social security: -€40,084
- Debts after one year -€37,208
down €37,208 (-12.2%), from €304,577 to €267,368
- Gross operating margin +€300,000
up €300,000 (+72.0%), from €416,679 to €716,679
- Staff costs -€263,473
down €263,473 (-83.6%), from €315,274 to €51,801
- Taxes +€146,259
up €146,259 (+899%), from €16,271 to €162,530
- Depreciation +€28,045
up €28,045 (+72.9%), from €38,483 to €66,528
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 | €702,941 | €1,169,432 | +€466,491 | +66.4% |
| Fixed assets | 21/28 | €524,244 | €715,504 | +€191,260 | +36.5% |
| Tangible fixed assets | 22/27 | €524,169 | €715,504 | +€191,335 | +36.5% |
| Land and buildings | 22 | €500,754 | €708,858 | +€208,104 | +41.6% |
| Plant, machinery and equipment | 23 | €5,124 | €0 | -€5,124 | -100% |
| Furniture and vehicles | 24 | €14,331 | €6,646 | -€7,685 | -53.6% |
| Other tangible fixed assets | 26 | €3,960 | €0 | -€3,960 | -100.0% |
| Financial fixed assets | 28 | €75 | €0 | -€75 | -100% |
| Current assets | 29/58 | €178,698 | €453,929 | +€275,231 | +154% |
| Amounts receivable within one year | 40/41 | €57,057 | €273,087 | +€216,029 | +379% |
| Trade receivables | 40 | €27,543 | €141,682 | +€114,139 | +414% |
| Other amounts receivable | 41 | €29,515 | €131,405 | +€101,890 | +345% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100% |
| Cash at bank and in hand | 54/58 | €41,993 | €177,936 | +€135,944 | +324% |
| Deferred charges and accrued income | 490/1 | €4,648 | €2,906 | -€1,741 | -37.5% |
| Total equity and liabilities | 10/49 | €702,941 | €1,169,432 | +€466,491 | +66.4% |
| Equity | 10/15 | €287,007 | €674,561 | +€387,555 | +135% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €266,657 | €654,561 | +€387,905 | +145% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,852 | €50,595 | +€29,743 | +143% |
| Distributable reserves | 133 | €241,805 | €599,966 | +€358,162 | +148% |
| Profit (loss) carried forward | 14 | €350 | €0 | -€350 | -100% |
| Provisions and deferred taxes | 16 | €5,213 | €12,649 | +€7,436 | +143% |
| Deferred taxes | 168 | €5,213 | €12,649 | +€7,436 | +143% |
| Amounts payable | 17/49 | €410,721 | €482,222 | +€71,501 | +17.4% |
| Amounts payable after more than one year | 17 | €304,577 | €267,368 | -€37,208 | -12.2% |
| Financial debts | 170/4 | €304,577 | €267,368 | -€37,208 | -12.2% |
| Amounts payable within one year | 42/48 | €106,145 | €211,729 | +€105,584 | +99.5% |
| Current portion of amounts payable after more than one year | 42 | €30,898 | €31,208 | +€310 | +1.0% |
| Trade debts | 44 | €12,819 | €17,263 | +€4,444 | +34.7% |
| Suppliers | 440/4 | €12,819 | €17,263 | +€4,444 | +34.7% |
| Taxes, remuneration and social security | 45 | €48,412 | €5,093 | -€43,320 | -89.5% |
| Taxes | 450/3 | €8,328 | €5,093 | -€3,235 | -38.8% |
| Remuneration and social security | 454/9 | €40,084 | €0 | -€40,084 | -100% |
| Other amounts payable | 47/48 | €14,015 | €158,165 | +€144,150 | +1,029% |
| Accrued charges and deferred income | 492/3 | - | €3,125 | +€3,125 | |
| Non-recurring operating income | 76A | - | €39,241 | +€39,241 | |
| Remuneration, social security and pensions | 62 | €315,274 | €51,801 | -€263,473 | -83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,483 | €66,528 | +€28,045 | +72.9% |
| Other operating charges | 640/8 | €2,977 | €2,586 | -€390 | -13.1% |
| Gross operating margin | 9900 | €416,679 | €716,679 | +€300,000 | +72.0% |
| Operating profit (loss) | 9901 | €59,944 | €595,763 | +€535,818 | +894% |
| Financial income | 75/76B | €960 | €4,338 | +€3,378 | +352% |
| Recurring financial income | 75 | €960 | €4,338 | +€3,378 | +352% |
| Financial charges | 65/66B | €11,868 | €15,225 | +€3,358 | +28.3% |
| Recurring financial charges | 65 | €11,868 | €15,225 | +€3,358 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €49,037 | €584,875 | +€535,838 | +1,093% |
| Transfer from deferred taxes | 780 | €331 | €341 | +€10 | +3.0% |
| Transfer to deferred taxes | 680 | - | €7,777 | +€7,777 | |
| Income taxes | 67/77 | €16,271 | €162,530 | +€146,259 | +899% |
| Profit (loss) for the period | 9904 | €33,098 | €414,910 | +€381,812 | +1,154% |
| Transfer from tax-exempt reserves | 789 | €1,326 | €1,366 | +€40 | +3.0% |
| Transfer to tax-exempt reserves | 689 | - | €31,108 | +€31,108 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,423 | €385,167 | +€350,743 | +1,019% |
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 16 October 2026 via checked.be.