BUSARD: 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.
BUSARD
Largest movements
- Current investments +€205,000
new in 2025: €205,000
- Cash -€91,709
down €91,709 (-72.8%), from €126,058 to €34,349
mainly Current investments (-€205,000) and Investment in fixed assets (net) (-€49,962)
- Deferred charges and accrued income -€56,660
down €56,660 (-92.7%), from €61,131 to €4,471
- Tangible fixed assets +€30,111
up €30,111 (+4.3%), from €693,407 to €723,518
of which Land and buildings: +€37,087
- Contributions +€90,000
up €90,000 (+10.2%), from €880,000 to €970,000
- Investment grants +€22,748
up €22,748 (+92.6%), from €24,559 to €47,307
- Profit (loss) carried forward -€17,808
down €17,808 (-63.7%), from -€27,961 to -€45,769
- Depreciation -€18,887
down €18,887 (-48.8%), from €38,738 to €19,850
- Gross operating margin -€11,068
down €11,068 (-90.3%), from €12,255 to €1,187
- Financial income +€2,155
up €2,155 (+176.6%), from €1,220 to €3,375
- Other operating charges -€161
down €161 (-6.1%), from €2,635 to €2,474
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 | €880,596 | €971,580 | +€90,985 | +10.3% |
| Fixed assets | 21/28 | €693,407 | €723,518 | +€30,111 | +4.3% |
| Tangible fixed assets | 22/27 | €693,407 | €723,518 | +€30,111 | +4.3% |
| Land and buildings | 22 | €683,246 | €720,333 | +€37,087 | +5.4% |
| Plant, machinery and equipment | 23 | €4,111 | €3,185 | -€926 | -22.5% |
| Assets under construction and advance payments | 27 | €6,050 | €0 | -€6,050 | -100.0% |
| Current assets | 29/58 | €187,189 | €248,062 | +€60,873 | +32.5% |
| Amounts receivable within one year | 40/41 | - | €4,242 | +€4,242 | |
| Trade receivables | 40 | - | €3,747 | +€3,747 | |
| Other amounts receivable | 41 | - | €495 | +€495 | |
| Current investments | 50/53 | - | €205,000 | +€205,000 | |
| Cash at bank and in hand | 54/58 | €126,058 | €34,349 | -€91,709 | -72.8% |
| Deferred charges and accrued income | 490/1 | €61,131 | €4,471 | -€56,660 | -92.7% |
| Total equity and liabilities | 10/49 | €880,596 | €971,580 | +€90,985 | +10.3% |
| Equity | 10/15 | €876,598 | €971,537 | +€94,939 | +10.8% |
| Contributions | 10/11 | €880,000 | €970,000 | +€90,000 | +10.2% |
| Profit (loss) carried forward | 14 | -€27,961 | -€45,769 | -€17,808 | -63.7% |
| Investment grants | 15 | €24,559 | €47,307 | +€22,748 | +92.6% |
| Amounts payable | 17/49 | €3,998 | €43 | -€3,955 | -98.9% |
| Amounts payable within one year | 42/48 | €1,468 | €43 | -€1,425 | -97.1% |
| Trade debts | 44 | €1,468 | €43 | -€1,425 | -97.1% |
| Suppliers | 440/4 | €1,468 | €43 | -€1,425 | -97.1% |
| Accrued charges and deferred income | 492/3 | €2,530 | €0 | -€2,530 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,738 | €19,850 | -€18,887 | -48.8% |
| Other operating charges | 640/8 | €2,635 | €2,474 | -€161 | -6.1% |
| Gross operating margin | 9900 | €12,255 | €1,187 | -€11,068 | -90.3% |
| Operating profit (loss) | 9901 | -€29,118 | -€21,138 | +€7,980 | +27.4% |
| Financial income | 75/76B | €1,220 | €3,375 | +€2,155 | +176.6% |
| Recurring financial income | 75 | €1,220 | €3,375 | +€2,155 | +176.6% |
| Financial charges | 65/66B | €63 | €45 | -€18 | -28.6% |
| Recurring financial charges | 65 | €63 | €45 | -€18 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | -€27,961 | -€17,808 | +€10,153 | +36.3% |
| Profit (loss) for the period | 9904 | -€27,961 | -€17,808 | +€10,153 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,961 | -€17,808 | +€10,153 | +36.3% |
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 30 September 2026 via checked.be.