BUTELEC: 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.
BUTELEC
Largest movements
- Stocks and contracts -€438,058
down €438,058 (-38.1%), from €1.1m to €711,817
- Tangible fixed assets -€117,993
down €117,993 (-4.1%), from €2.9m to €2.8m
- Short-term financial debts -€928,975
down €928,975 (-23.2%), from €4.0m to €3.1m
- Profit (loss) carried forward +€355,967
up €355,967 (+45.1%), from -€788,517 to -€432,550
- Other debts +€76,073
up €76,073 (+10.3%), from €738,176 to €814,249
- Trade debts -€44,540
down €44,540 (-59.8%), from €74,515 to €29,975
- Gross operating margin +€242,472
up €242,472 (+67.1%), from €361,206 to €603,678
- Depreciation -€26,233
down €26,233 (-30.1%), from €87,231 to €60,998
- Financial charges -€25,053
down €25,053 (-12.4%), from €202,454 to €177,401
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,102,011 | €3,526,979 | -€575,032 | -14.0% |
| Fixed assets | 21/28 | €2,895,332 | €2,777,339 | -€117,993 | -4.1% |
| Tangible fixed assets | 22/27 | €2,894,832 | €2,776,839 | -€117,993 | -4.1% |
| Land and buildings | 22 | €2,894,832 | €2,776,839 | -€117,993 | -4.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,206,679 | €749,640 | -€457,040 | -37.9% |
| Stocks and contracts in progress | 3 | €1,149,875 | €711,817 | -€438,058 | -38.1% |
| Stocks | 30/36 | €1,149,875 | €711,817 | -€438,058 | -38.1% |
| Amounts receivable within one year | 40/41 | €42,089 | €31,317 | -€10,772 | -25.6% |
| Trade receivables | 40 | €42,089 | €29,093 | -€12,996 | -30.9% |
| Other amounts receivable | 41 | - | €2,224 | +€2,224 | |
| Cash at bank and in hand | 54/58 | €14,715 | €6,506 | -€8,209 | -55.8% |
| Total equity and liabilities | 10/49 | €4,102,011 | €3,526,979 | -€575,032 | -14.0% |
| Equity | 10/15 | -€768,066 | -€412,099 | +€355,967 | +46.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€788,517 | -€432,550 | +€355,967 | +45.1% |
| Amounts payable | 17/49 | €4,870,077 | €3,939,078 | -€930,999 | -19.1% |
| Amounts payable after more than one year | 17 | €24,735 | - | -€24,735 | |
| Other amounts payable | 178/9 | €24,735 | - | -€24,735 | |
| Amounts payable within one year | 42/48 | €4,845,342 | €3,939,078 | -€906,264 | -18.7% |
| Financial debts | 43 | €4,011,675 | €3,082,700 | -€928,975 | -23.2% |
| Credit institutions | 430/8 | €4,011,675 | €3,082,700 | -€928,975 | -23.2% |
| Trade debts | 44 | €74,515 | €29,975 | -€44,540 | -59.8% |
| Suppliers | 440/4 | €74,515 | €29,975 | -€44,540 | -59.8% |
| Taxes, remuneration and social security | 45 | €20,976 | €12,153 | -€8,822 | -42.1% |
| Taxes | 450/3 | €20,976 | €12,153 | -€8,822 | -42.1% |
| Other amounts payable | 47/48 | €738,176 | €814,249 | +€76,073 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,231 | €60,998 | -€26,233 | -30.1% |
| Other operating charges | 640/8 | €8,977 | €9,312 | +€336 | +3.7% |
| Gross operating margin | 9900 | €361,206 | €603,678 | +€242,472 | +67.1% |
| Operating profit (loss) | 9901 | €264,998 | €533,368 | +€268,370 | +101.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €202,454 | €177,401 | -€25,053 | -12.4% |
| Recurring financial charges | 65 | €202,454 | €177,401 | -€25,053 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €62,545 | €355,967 | +€293,422 | +469.1% |
| Profit (loss) for the period | 9904 | €62,545 | €355,967 | +€293,422 | +469.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,545 | €355,967 | +€293,422 | +469.1% |
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 11 October 2026 via checked.be.