Butch Projects: 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.
Butch Projects
Largest movements
- Receivables within one year -€45,940
down €45,940 (-48.7%), from €94,382 to €48,442
of which Other amounts receivable: -€60,353
- Cash -€11,827
down €11,827 (-23.0%), from €51,492 to €39,665
mainly Contributions, distributions and other (-€114,183) and Tax, wage and social debts (-€26,411)
- Reserves -€59,258
down €59,258 (-53.7%), from €110,443 to €51,185
- Tax, wage and social debts -€26,411
down €26,411 (-79.3%), from €33,323 to €6,912
- Other debts +€26,066
up €26,066 (+3,034%), from €859 to €26,925
- Trade debts +€1,534
up €1,534 (+36.5%), from €4,200 to €5,735
- Gross operating margin -€5,610
down €5,610 (-7.2%), from €77,774 to €72,164
- Taxes -€1,244
down €1,244 (-7.7%), from €16,083 to €14,838
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 | €150,267 | €91,969 | -€58,297 | -38.8% |
| Fixed assets | 21/28 | €3,787 | €3,344 | -€444 | -11.7% |
| Tangible fixed assets | 22/27 | €3,787 | €3,344 | -€444 | -11.7% |
| Other tangible fixed assets | 26 | €3,787 | €3,344 | -€444 | -11.7% |
| Current assets | 29/58 | €146,479 | €88,626 | -€57,854 | -39.5% |
| Amounts receivable within one year | 40/41 | €94,382 | €48,442 | -€45,940 | -48.7% |
| Trade receivables | 40 | €33,973 | €48,387 | +€14,413 | +42.4% |
| Other amounts receivable | 41 | €60,409 | €56 | -€60,353 | -99.9% |
| Cash at bank and in hand | 54/58 | €51,492 | €39,665 | -€11,827 | -23.0% |
| Deferred charges and accrued income | 490/1 | €606 | €518 | -€87 | -14.4% |
| Total equity and liabilities | 10/49 | €150,267 | €91,969 | -€58,297 | -38.8% |
| Equity | 10/15 | €111,443 | €52,185 | -€59,258 | -53.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €110,443 | €51,185 | -€59,258 | -53.7% |
| Distributable reserves | 133 | €110,443 | €51,185 | -€59,258 | -53.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,824 | €39,784 | +€960 | +2.5% |
| Amounts payable within one year | 42/48 | €38,824 | €39,784 | +€960 | +2.5% |
| Financial debts | 43 | €441 | €213 | -€229 | -51.8% |
| Credit institutions | 430/8 | €0 | €213 | +€213 | |
| Other loans | 439 | €441 | €0 | -€441 | -100% |
| Trade debts | 44 | €4,200 | €5,735 | +€1,534 | +36.5% |
| Suppliers | 440/4 | €4,200 | €5,735 | +€1,534 | +36.5% |
| Taxes, remuneration and social security | 45 | €33,323 | €6,912 | -€26,411 | -79.3% |
| Taxes | 450/3 | €33,323 | €6,912 | -€26,411 | -79.3% |
| Other amounts payable | 47/48 | €859 | €26,925 | +€26,066 | +3,034% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444 | €444 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,016 | €1,599 | +€583 | +57.4% |
| Gross operating margin | 9900 | €77,774 | €72,164 | -€5,610 | -7.2% |
| Operating profit (loss) | 9901 | €76,314 | €70,121 | -€6,193 | -8.1% |
| Financial income | 75/76B | €1 | €1 | -€0 | -23.1% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -23.1% |
| Financial charges | 65/66B | €116 | €358 | +€243 | +210% |
| Recurring financial charges | 65 | €116 | €358 | +€243 | +210% |
| Profit (loss) for the period before taxes | 9903 | €76,199 | €69,764 | -€6,436 | -8.4% |
| Income taxes | 67/77 | €16,083 | €14,838 | -€1,244 | -7.7% |
| Profit (loss) for the period | 9904 | €60,117 | €54,925 | -€5,191 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,117 | €54,925 | -€5,191 | -8.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.