BUTCHER M&C: 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.
BUTCHER M&C
Largest movements
- Receivables within one year +€37,332
up €37,332 (+15.0%), from €249,001 to €286,333
- Tangible fixed assets -€19,395
down €19,395 (-42.6%), from €45,509 to €26,115
of which Plant, machinery and equipment: -€18,264
- Cash +€6,349
up €6,349 (+16.8%), from €37,707 to €44,056
mainly Net result for the year (+€35,595) and Depreciation (+€22,140)
- Profit (loss) carried forward +€35,595
up €35,595 (+28.8%), from €123,437 to €159,032
- Debts after one year -€13,274
down €13,274 (-46.9%), from €28,275 to €15,000
- Tax, wage and social debts +€11,616
up €11,616 (+17.7%), from €65,576 to €77,192
of which Taxes: +€7,838
- Trade debts -€6,656
down €6,656 (-6.4%), from €103,198 to €96,542
- Gross operating margin -€39,571
down €39,571 (-18.1%), from €218,609 to €179,038
- Staff costs -€9,816
down €9,816 (-8.7%), from €112,931 to €103,115
- Taxes -€8,811
down €8,811 (-37.8%), from €23,329 to €14,518
- Financial charges +€8,485
up €8,485 (+113%), from €7,542 to €16,028
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 | €354,556 | €381,539 | +€26,984 | +7.6% |
| Fixed assets | 21/28 | €57,749 | €38,355 | -€19,395 | -33.6% |
| Tangible fixed assets | 22/27 | €45,509 | €26,115 | -€19,395 | -42.6% |
| Land and buildings | 22 | €6,326 | €5,379 | -€947 | -15.0% |
| Plant, machinery and equipment | 23 | €38,945 | €20,681 | -€18,264 | -46.9% |
| Furniture and vehicles | 24 | €238 | €55 | -€183 | -77.0% |
| Financial fixed assets | 28 | €12,240 | €12,240 | = | 0.0% |
| Current assets | 29/58 | €296,806 | €343,185 | +€46,378 | +15.6% |
| Stocks and contracts in progress | 3 | €8,536 | €9,569 | +€1,033 | +12.1% |
| Stocks | 30/36 | €8,536 | €9,569 | +€1,033 | +12.1% |
| Amounts receivable within one year | 40/41 | €249,001 | €286,333 | +€37,332 | +15.0% |
| Other amounts receivable | 41 | €249,001 | €286,333 | +€37,332 | +15.0% |
| Cash at bank and in hand | 54/58 | €37,707 | €44,056 | +€6,349 | +16.8% |
| Deferred charges and accrued income | 490/1 | €1,562 | €3,227 | +€1,665 | +107% |
| Total equity and liabilities | 10/49 | €354,556 | €381,539 | +€26,984 | +7.6% |
| Equity | 10/15 | €140,937 | €176,532 | +€35,595 | +25.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,437 | €159,032 | +€35,595 | +28.8% |
| Amounts payable | 17/49 | €213,619 | €205,008 | -€8,611 | -4.0% |
| Amounts payable after more than one year | 17 | €28,275 | €15,000 | -€13,274 | -46.9% |
| Financial debts | 170/4 | €28,275 | €15,000 | -€13,274 | -46.9% |
| Amounts payable within one year | 42/48 | €185,344 | €190,007 | +€4,663 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €16,571 | €16,274 | -€297 | -1.8% |
| Trade debts | 44 | €103,198 | €96,542 | -€6,656 | -6.4% |
| Suppliers | 440/4 | €103,198 | €96,542 | -€6,656 | -6.4% |
| Taxes, remuneration and social security | 45 | €65,576 | €77,192 | +€11,616 | +17.7% |
| Taxes | 450/3 | €48,168 | €56,007 | +€7,838 | +16.3% |
| Remuneration and social security | 454/9 | €17,407 | €21,185 | +€3,778 | +21.7% |
| Remuneration, social security and pensions | 62 | €112,931 | €103,115 | -€9,816 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,757 | €22,140 | -€617 | -2.7% |
| Other operating charges | 640/8 | €3,574 | €1,761 | -€1,813 | -50.7% |
| Gross operating margin | 9900 | €218,609 | €179,038 | -€39,571 | -18.1% |
| Operating profit (loss) | 9901 | €79,348 | €52,023 | -€27,325 | -34.4% |
| Financial income | 75/76B | €12,996 | €14,118 | +€1,122 | +8.6% |
| Recurring financial income | 75 | €12,996 | €14,118 | +€1,122 | +8.6% |
| Financial charges | 65/66B | €7,542 | €16,028 | +€8,485 | +113% |
| Recurring financial charges | 65 | €7,542 | €16,028 | +€8,485 | +113% |
| Profit (loss) for the period before taxes | 9903 | €84,801 | €50,114 | -€34,688 | -40.9% |
| Income taxes | 67/77 | €23,329 | €14,518 | -€8,811 | -37.8% |
| Profit (loss) for the period | 9904 | €61,472 | €35,595 | -€25,877 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,472 | €35,595 | -€25,877 | -42.1% |
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 15 October 2026 via checked.be.