BUT: 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
BUT
NACE 73.110, Advertising agencies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€257,579
2024 · €683,015-€425,436
Equity
€7.0m
2024 · €6.8m+€257,579
Cash
€3.3m
2024 · €6.1m-€2.8m
Balance sheet total
€8.0m
2024 · €10.0m-€2.0m
Largest movements
Assets
- Cash -€2.8m
down €2.8m (-46.3%), from €6.1m to €3.3m
mainly Trade debts (-€2.0m) and Receivables within one year (-€1.2m)
- Receivables within one year +€1.2m
up €1.2m (+60.3%), from €2.1m to €3.3m
of which Trade receivables: +€1.3m
- Deferred charges and accrued income -€189,726
down €189,726 (-57.8%), from €328,517 to €138,791
Equity and liabilities
- Trade debts -€2.0m
down €2.0m (-93.5%), from €2.1m to €136,514
- Reserves +€257,579
up €257,579 (+4.5%), from €5.8m to €6.0m
of which Distributable reserves: +€257,579
- Accrued charges and deferred income -€210,116
down €210,116 (-41.6%), from €504,661 to €294,545
- Short-term financial debts -€102,686
down €102,686 (-25.3%), from €405,984 to €303,298
Income statement
- Turnover -€2.0m
down €2.0m (-21.7%), from €9.3m to €7.3m
- Services and other goods -€1.9m
down €1.9m (-46.5%), from €4.1m to €2.2m
- Financial charges +€481,866
up €481,866 (+270.4%), from €178,192 to €660,057
of which Financial charges: +€623,537
- Staff costs +€211,701
up €211,701 (+5.7%), from €3.7m to €4.0m
- Write-downs -€125,516
down €125,516, from €122,356 to -€3,160
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
€683,015
Turnover
-€2.0m
Other operating income
+€17,443
Goods and materials
+€115,318
Services and other goods
+€1.9m
Staff costs
-€211,701
Depreciation
+€113,306
Write-downs
+€125,516
Other operating charges
-€25,825
Other operating items
-€1,036
Financial income
+€15,876
Financial charges
-€481,866
Taxes
-€1,519
Result 2025
€257,579
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
-€2.6m
Investment
-€120,401
Financing
-€102,686
Cash 2024
€6.1m
From operations (derived)
-€2.6m
Net result for the year
+€257,579
Depreciation
+€336,698
Receivables within one year
-€1.2m
Deferred charges and accrued income
+€189,726
Trade debts
-€2.0m
Tax, wage and social debts
+€17,195
Other debts
+€7,945
Accrued charges and deferred income
-€210,116
Investment (derived)
-€120,401
Investment in fixed assets (net)
-€120,401
Financing
-€102,686
Short-term financial debts
-€102,686
Cash 2025
€3.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,998,866 | €8,014,312 | -€2.0m | -19.8% |
| Fixed assets | 21/28 | €1,532,347 | €1,316,049 | -€216,298 | -14.1% |
| Intangible fixed assets | 21 | €74,681 | €10,399 | -€64,282 | -86.1% |
| Tangible fixed assets | 22/27 | €983,472 | €922,956 | -€60,516 | -6.2% |
| Land and buildings | 22 | €326,658 | €351,797 | +€25,139 | +7.7% |
| Plant, machinery and equipment | 23 | €408,165 | €346,849 | -€61,317 | -15.0% |
| Furniture and vehicles | 24 | €248,649 | €224,311 | -€24,338 | -9.8% |
| Financial fixed assets | 28 | €474,194 | €382,694 | -€91,500 | -19.3% |
| Affiliated companies | 280/1 | €81,848 | €81,848 | = | 0.0% |
| Participating interests | 280 | €81,848 | €81,848 | = | 0.0% |
| Other financial fixed assets | 284/8 | €392,346 | €300,846 | -€91,500 | -23.3% |
| Amounts receivable and cash guarantees | 285/8 | €392,346 | €300,846 | -€91,500 | -23.3% |
| Current assets | 29/58 | €8,466,519 | €6,698,263 | -€1.8m | -20.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,053,822 | €3,292,902 | +€1.2m | +60.3% |
| Trade receivables | 40 | €1,950,565 | €3,269,960 | +€1.3m | +67.6% |
| Other amounts receivable | 41 | €103,257 | €22,942 | -€80,315 | -77.8% |
| Cash at bank and in hand | 54/58 | €6,084,180 | €3,266,569 | -€2.8m | -46.3% |
| Deferred charges and accrued income | 490/1 | €328,517 | €138,791 | -€189,726 | -57.8% |
| Total equity and liabilities | 10/49 | €9,998,866 | €8,014,312 | -€2.0m | -19.8% |
| Equity | 10/15 | €6,771,928 | €7,029,507 | +€257,579 | +3.8% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €5,771,928 | €6,029,507 | +€257,579 | +4.5% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €5,671,928 | €5,929,507 | +€257,579 | +4.5% |
| Amounts payable | 17/49 | €3,226,938 | €984,805 | -€2.2m | -69.5% |
| Amounts payable within one year | 42/48 | €2,722,278 | €690,261 | -€2.0m | -74.6% |
| Financial debts | 43 | €405,984 | €303,298 | -€102,686 | -25.3% |
| Other loans | 439 | €405,984 | €303,298 | -€102,686 | -25.3% |
| Trade debts | 44 | €2,090,986 | €136,514 | -€2.0m | -93.5% |
| Suppliers | 440/4 | €2,090,986 | €136,514 | -€2.0m | -93.5% |
| Taxes, remuneration and social security | 45 | €222,855 | €240,050 | +€17,195 | +7.7% |
| Taxes | 450/3 | €79,212 | €91,995 | +€12,782 | +16.1% |
| Remuneration and social security | 454/9 | €143,643 | €148,055 | +€4,413 | +3.1% |
| Other amounts payable | 47/48 | €2,453 | €10,398 | +€7,945 | +323.9% |
| Accrued charges and deferred income | 492/3 | €504,661 | €294,545 | -€210,116 | -41.6% |
| Operating income | 70/76A | €9,478,316 | €7,485,716 | -€2.0m | -21.0% |
| Turnover | 70 | €9,263,038 | €7,254,030 | -€2.0m | -21.7% |
| Other operating income | 74 | €214,242 | €231,686 | +€17,443 | +8.1% |
| Non-recurring operating income | 76A | €1,036 | €0 | -€1,036 | -100.0% |
| Operating charges | 60/66A | €8,865,726 | €6,831,054 | -€2.0m | -22.9% |
| Goods for resale, raw materials and consumables | 60 | €322,897 | €207,579 | -€115,318 | -35.7% |
| Purchases | 600/8 | €322,897 | €207,579 | -€115,318 | -35.7% |
| Services and other goods | 61 | €4,123,574 | €2,205,517 | -€1.9m | -46.5% |
| Remuneration, social security and pensions | 62 | €3,742,297 | €3,953,998 | +€211,701 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €450,005 | €336,698 | -€113,306 | -25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €122,356 | -€3,160 | -€125,516 | |
| Other operating charges | 640/8 | €104,597 | €130,422 | +€25,825 | +24.7% |
| Operating profit (loss) | 9901 | €612,590 | €654,662 | +€42,072 | +6.9% |
| Financial income | 75/76B | €305,074 | €320,950 | +€15,876 | +5.2% |
| Recurring financial income | 75 | €305,074 | €320,950 | +€15,876 | +5.2% |
| Income from financial fixed assets | 750 | €15,272 | €313,266 | +€297,994 | +1951.3% |
| Income from current assets | 751 | €2,712 | €7,684 | +€4,972 | +183.3% |
| Other financial income | 752/9 | €287,090 | €0 | -€287,090 | -100.0% |
| Financial charges | 65/66B | €178,192 | €660,057 | +€481,866 | +270.4% |
| Recurring financial charges | 65 | €26,558 | €650,095 | +€623,537 | +2347.8% |
| Debt charges | 650 | €6,085 | €4,945 | -€1,140 | -18.7% |
| Other financial charges | 652/9 | €20,474 | €645,150 | +€624,677 | +3051.1% |
| Non-recurring financial charges | 66B | €151,633 | €9,962 | -€141,671 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €739,472 | €315,555 | -€423,917 | -57.3% |
| Income taxes | 67/77 | €56,457 | €57,976 | +€1,519 | +2.7% |
| Taxes | 670/3 | €57,754 | €64,955 | +€7,201 | +12.5% |
| Tax adjustments and reversals of tax provisions | 77 | €1,297 | €6,979 | +€5,682 | +438.2% |
| Profit (loss) for the period | 9904 | €683,015 | €257,579 | -€425,436 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €683,015 | €257,579 | -€425,436 | -62.3% |
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 6 October 2026 via checked.be.