BUSELO: 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.
BUSELO
Largest movements
- Cash +€286,777
up €286,777 (+118%), from €242,538 to €529,314
mainly Net result for the year (+€164,432) and Current investments (+€127,482)
- Current investments -€127,482
down €127,482 (-3.6%), from €3.5m to €3.4m
- Tangible fixed assets -€72,503
down €72,503 (-4.0%), from €1.8m to €1.7m
of which Land and buildings: -€57,883
- Reserves +€164,432
up €164,432 (+2.8%), from €5.8m to €5.9m
of which Non-distributable reserves: +€164,432
- Financial charges +€50,926
up €50,926, from -€31,104 to €19,822
- Gross operating margin +€45,265
up €45,265 (+117%), from €38,634 to €83,899
- Financial income -€13,023
down €13,023 (-4.6%), from €283,515 to €270,492
- Write-downs +€11,400
new in 2025: €11,400
- Depreciation +€9,587
up €9,587 (+11.9%), from €80,887 to €90,474
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.
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 | €6,901,682 | €7,027,958 | +€126,275 | +1.8% |
| Fixed assets | 21/28 | €3,077,591 | €3,004,700 | -€72,892 | -2.4% |
| Intangible fixed assets | 21 | €1,513 | €1,124 | -€389 | -25.7% |
| Tangible fixed assets | 22/27 | €1,804,048 | €1,731,545 | -€72,503 | -4.0% |
| Land and buildings | 22 | €1,706,906 | €1,649,024 | -€57,883 | -3.4% |
| Plant, machinery and equipment | 23 | €20,493 | €18,956 | -€1,537 | -7.5% |
| Furniture and vehicles | 24 | €76,648 | €63,565 | -€13,083 | -17.1% |
| Financial fixed assets | 28 | €1,272,031 | €1,272,031 | = | 0.0% |
| Current assets | 29/58 | €3,824,091 | €4,023,258 | +€199,167 | +5.2% |
| Amounts receivable within one year | 40/41 | €57,203 | €99,448 | +€42,245 | +73.8% |
| Trade receivables | 40 | €46,781 | €25,858 | -€20,923 | -44.7% |
| Other amounts receivable | 41 | €10,423 | €73,590 | +€63,167 | +606% |
| Current investments | 50/53 | €3,513,811 | €3,386,329 | -€127,482 | -3.6% |
| Cash at bank and in hand | 54/58 | €242,538 | €529,314 | +€286,777 | +118% |
| Deferred charges and accrued income | 490/1 | €10,539 | €8,167 | -€2,372 | -22.5% |
| Total equity and liabilities | 10/49 | €6,901,682 | €7,027,958 | +€126,275 | +1.8% |
| Equity | 10/15 | €6,819,933 | €6,984,365 | +€164,432 | +2.4% |
| Contributions | 10/11 | €1,042,577 | €1,042,577 | = | 0.0% |
| Reserves | 13 | €5,777,356 | €5,941,788 | +€164,432 | +2.8% |
| Non-distributable reserves | 130/1 | €1,360,576 | €1,525,007 | +€164,432 | +12.1% |
| Other | 1319 | €1,360,576 | €1,525,007 | +€164,432 | +12.1% |
| Tax-exempt reserves | 132 | €16 | €16 | = | 0.0% |
| Distributable reserves | 133 | €4,416,764 | €4,416,764 | = | 0.0% |
| Amounts payable | 17/49 | €81,749 | €43,593 | -€38,156 | -46.7% |
| Amounts payable within one year | 42/48 | €77,907 | €39,365 | -€38,541 | -49.5% |
| Trade debts | 44 | €54,065 | €33,073 | -€20,993 | -38.8% |
| Suppliers | 440/4 | €54,065 | €33,073 | -€20,993 | -38.8% |
| Taxes, remuneration and social security | 45 | €5,405 | €5,393 | -€12 | -0.2% |
| Taxes | 450/3 | €2,196 | €3,460 | +€1,264 | +57.6% |
| Remuneration and social security | 454/9 | €3,210 | €1,933 | -€1,277 | -39.8% |
| Other amounts payable | 47/48 | €18,436 | €900 | -€17,536 | -95.1% |
| Accrued charges and deferred income | 492/3 | €3,843 | €4,228 | +€385 | +10.0% |
| Non-recurring operating income | 76A | €4,500 | - | -€4,500 | |
| Remuneration, social security and pensions | 62 | €38,355 | €35,466 | -€2,889 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,887 | €90,474 | +€9,587 | +11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,400 | +€11,400 | |
| Other operating charges | 640/8 | €13,750 | €14,664 | +€914 | +6.6% |
| Non-recurring operating charges | 66A | - | €58 | +€58 | |
| Gross operating margin | 9900 | €38,634 | €83,899 | +€45,265 | +117% |
| Operating profit (loss) | 9901 | -€94,358 | -€68,164 | +€26,195 | +27.8% |
| Financial income | 75/76B | €283,515 | €270,492 | -€13,023 | -4.6% |
| Recurring financial income | 75 | €283,515 | €270,492 | -€13,023 | -4.6% |
| Financial charges | 65/66B | -€31,104 | €19,822 | +€50,926 | |
| Recurring financial charges | 65 | -€31,104 | €19,822 | +€50,926 | |
| Profit (loss) for the period before taxes | 9903 | €220,261 | €182,507 | -€37,754 | -17.1% |
| Income taxes | 67/77 | €20,439 | €18,075 | -€2,364 | -11.6% |
| Profit (loss) for the period | 9904 | €199,822 | €164,432 | -€35,390 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €199,822 | €164,432 | -€35,390 | -17.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.