BUSHIDO: 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.
BUSHIDO
Largest movements
- Cash +€63,182
up €63,182 (+1,210%), from €5,222 to €68,404
mainly Other debts (+€132,790) and Net result for the year (+€44,060)
- Tangible fixed assets +€9,971
up €9,971 (+971%), from €1,027 to €10,998
- Receivables within one year -€4,881
down €4,881 (-16.8%), from €28,968 to €24,087
- Receivables after one year -€4,200
down €4,200 (-3.0%), from €140,500 to €136,300
- Deferred charges and accrued income +€3,436
up €3,436 (+89.2%), from €3,853 to €7,289
- Other debts +€132,790
up €132,790 (+13,322%), from €997 to €133,787
- Reserves -€62,756
down €62,756 (-97.1%), from €64,616 to €1,860
of which Distributable reserves: -€62,756
- Profit (loss) carried forward -€26,960
no longer reported in 2025 (was €26,960)
- Tax, wage and social debts +€19,241
up €19,241 (+102%), from €18,938 to €38,179
of which Taxes: +€11,061
- Advances received +€16,238
new in 2025: €16,238
- Gross operating margin +€39,884
up €39,884 (+99.5%), from €40,099 to €79,983
- Other operating charges +€16,606
up €16,606 (+627%), from €2,651 to €19,257
- Taxes +€4,722
up €4,722 (+47.9%), from €9,862 to €14,584
- Depreciation +€2,482
up €2,482 (+534%), from €465 to €2,947
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 | €179,660 | €248,360 | +€68,700 | +38.2% |
| Fixed assets | 21/28 | €1,117 | €11,088 | +€9,971 | +893% |
| Tangible fixed assets | 22/27 | €1,027 | €10,998 | +€9,971 | +971% |
| Furniture and vehicles | 24 | €1,027 | €10,998 | +€9,971 | +971% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €178,543 | €237,273 | +€58,729 | +32.9% |
| Amounts receivable after more than one year | 29 | €140,500 | €136,300 | -€4,200 | -3.0% |
| Other amounts receivable | 291 | €140,500 | €136,300 | -€4,200 | -3.0% |
| Stocks and contracts in progress | 3 | - | €1,192 | +€1,192 | |
| Stocks | 30/36 | - | €1,192 | +€1,192 | |
| Amounts receivable within one year | 40/41 | €28,968 | €24,087 | -€4,881 | -16.8% |
| Trade receivables | 40 | €28,968 | €24,087 | -€4,881 | -16.8% |
| Cash at bank and in hand | 54/58 | €5,222 | €68,404 | +€63,182 | +1,210% |
| Deferred charges and accrued income | 490/1 | €3,853 | €7,289 | +€3,436 | +89.2% |
| Total equity and liabilities | 10/49 | €179,660 | €248,360 | +€68,700 | +38.2% |
| Equity | 10/15 | €110,176 | €20,460 | -€89,716 | -81.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,616 | €1,860 | -€62,756 | -97.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €62,756 | - | -€62,756 | |
| Profit (loss) carried forward | 14 | €26,960 | - | -€26,960 | |
| Amounts payable | 17/49 | €69,484 | €227,900 | +€158,417 | +228% |
| Amounts payable within one year | 42/48 | €69,484 | €227,900 | +€158,417 | +228% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €24,549 | €14,696 | -€9,853 | -40.1% |
| Suppliers | 440/4 | €24,549 | €14,696 | -€9,853 | -40.1% |
| Advances received on contracts in progress | 46 | - | €16,238 | +€16,238 | |
| Taxes, remuneration and social security | 45 | €18,938 | €38,179 | +€19,241 | +102% |
| Taxes | 450/3 | €18,938 | €29,999 | +€11,061 | +58.4% |
| Remuneration and social security | 454/9 | - | €8,180 | +€8,180 | |
| Other amounts payable | 47/48 | €997 | €133,787 | +€132,790 | +13,322% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465 | €2,947 | +€2,482 | +534% |
| Other operating charges | 640/8 | €2,651 | €19,257 | +€16,606 | +627% |
| Gross operating margin | 9900 | €40,099 | €79,983 | +€39,884 | +99.5% |
| Operating profit (loss) | 9901 | €36,983 | €57,779 | +€20,796 | +56.2% |
| Financial income | 75/76B | €2,459 | €2,768 | +€309 | +12.6% |
| Recurring financial income | 75 | €2,459 | €2,768 | +€309 | +12.6% |
| Financial charges | 65/66B | €1,819 | €1,903 | +€84 | +4.6% |
| Recurring financial charges | 65 | €1,819 | €1,903 | +€84 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €37,623 | €58,644 | +€21,021 | +55.9% |
| Income taxes | 67/77 | €9,862 | €14,584 | +€4,722 | +47.9% |
| Profit (loss) for the period | 9904 | €27,760 | €44,060 | +€16,299 | +58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,760 | €44,060 | +€16,299 | +58.7% |
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 14 October 2026 via checked.be.