BUSCO: 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.
What changed
BUSCO
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€154,074
2024 · €36,466+€117,608
Equity
€1.3m
2024 · €1.1m+€154,074
Cash
€167,615
2024 · €97,959+€69,655
Balance sheet total
€10.0m
2024 · €10.2m-€173,292
Largest movements
Assets
- Tangible fixed assets -€193,572
down €193,572 (-2.0%), from €9.9m to €9.7m
Equity and liabilities
- Debts after one year -€437,867
down €437,867 (-5.1%), from €8.6m to €8.2m
of which Other amounts payable: -€1.6m
- Profit (loss) carried forward +€154,074
up €154,074 (+18.0%), from -€854,182 to -€700,109
- Current portion of long-term debt +€115,556
up €115,556 (+32.8%), from €352,083 to €467,639
Income statement
- Gross operating margin +€89,086
up €89,086 (+11.7%), from €760,558 to €849,645
- Financial charges -€31,648
down €31,648 (-8.7%), from €365,188 to €333,539
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.
Result 2024
€36,466
Gross operating margin
+€89,086
Depreciation
+€957
Other operating charges
-€3,813
Financial income
-€271
Financial charges
+€31,648
Result 2025
€154,074
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.
From operations
+€465,016
Investment
-€73,049
Financing
-€322,312
Cash 2024
€97,959
From operations (derived)
+€465,016
Net result for the year
+€154,074
Depreciation
+€266,620
Stocks and contracts
+€15,000
Receivables within one year
+€46,485
Deferred charges and accrued income
-€12,110
Trade debts
-€20,755
Tax, wage and social debts
-€486
Advances received
+€2,708
Other debts
+€5,850
Accrued charges and deferred income
+€7,628
Investment (derived)
-€73,049
Investment in fixed assets (net)
-€73,049
Financing
-€322,312
Debts after one year
-€437,867
Current portion of long-term debt
+€115,556
Cash 2025
€167,615
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,209,274 | €10,035,982 | -€173,292 | -1.7% |
| Fixed assets | 21/28 | €9,850,667 | €9,657,095 | -€193,572 | -2.0% |
| Tangible fixed assets | 22/27 | €9,850,667 | €9,657,095 | -€193,572 | -2.0% |
| Land and buildings | 22 | €9,850,667 | €9,657,095 | -€193,572 | -2.0% |
| Current assets | 29/58 | €358,607 | €378,887 | +€20,279 | +5.7% |
| Stocks and contracts in progress | 3 | €98,753 | €83,753 | -€15,000 | -15.2% |
| Stocks | 30/36 | €98,753 | €83,753 | -€15,000 | -15.2% |
| Amounts receivable within one year | 40/41 | €140,650 | €94,165 | -€46,485 | -33.1% |
| Trade receivables | 40 | €107,952 | €94,165 | -€13,787 | -12.8% |
| Other amounts receivable | 41 | €32,699 | €0 | -€32,699 | -100.0% |
| Cash at bank and in hand | 54/58 | €97,959 | €167,615 | +€69,655 | +71.1% |
| Deferred charges and accrued income | 490/1 | €21,244 | €33,354 | +€12,110 | +57.0% |
| Total equity and liabilities | 10/49 | €10,209,274 | €10,035,982 | -€173,292 | -1.7% |
| Equity | 10/15 | €1,145,818 | €1,299,891 | +€154,074 | +13.4% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€854,182 | -€700,109 | +€154,074 | +18.0% |
| Amounts payable | 17/49 | €9,063,456 | €8,736,090 | -€327,366 | -3.6% |
| Amounts payable after more than one year | 17 | €8,596,479 | €8,158,611 | -€437,867 | -5.1% |
| Financial debts | 170/4 | €6,999,167 | €8,158,611 | +€1.2m | +16.6% |
| Other amounts payable | 178/9 | €1,597,312 | €0 | -€1.6m | -100.0% |
| Amounts payable within one year | 42/48 | €418,379 | €521,252 | +€102,873 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €352,083 | €467,639 | +€115,556 | +32.8% |
| Trade debts | 44 | €36,652 | €15,898 | -€20,755 | -56.6% |
| Suppliers | 440/4 | €36,652 | €15,898 | -€20,755 | -56.6% |
| Advances received on contracts in progress | 46 | €11,072 | €13,780 | +€2,708 | +24.5% |
| Taxes, remuneration and social security | 45 | €11,522 | €11,036 | -€486 | -4.2% |
| Taxes | 450/3 | €11,522 | €11,036 | -€486 | -4.2% |
| Other amounts payable | 47/48 | €7,050 | €12,900 | +€5,850 | +83.0% |
| Accrued charges and deferred income | 492/3 | €48,599 | €56,227 | +€7,628 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,578 | €266,620 | -€957 | -0.4% |
| Other operating charges | 640/8 | €91,598 | €95,411 | +€3,813 | +4.2% |
| Gross operating margin | 9900 | €760,558 | €849,645 | +€89,086 | +11.7% |
| Operating profit (loss) | 9901 | €401,383 | €487,613 | +€86,230 | +21.5% |
| Financial income | 75/76B | €271 | €0 | -€271 | -100.0% |
| Recurring financial income | 75 | €271 | €0 | -€271 | -100.0% |
| Financial charges | 65/66B | €365,188 | €333,539 | -€31,648 | -8.7% |
| Recurring financial charges | 65 | €365,188 | €333,539 | -€31,648 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €36,466 | €154,074 | +€117,608 | +322.5% |
| Profit (loss) for the period | 9904 | €36,466 | €154,074 | +€117,608 | +322.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,466 | €154,074 | +€117,608 | +322.5% |
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 8 October 2026 via checked.be.