buteo: 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.
buteo
Largest movements
- Receivables within one year +€55,996
up €55,996 (+59.3%), from €94,376 to €150,372
of which Other amounts receivable: +€41,484
- Tangible fixed assets -€38,031
down €38,031 (-5.8%), from €650,318 to €612,287
of which Other tangible fixed assets: -€25,015
- Cash -€12,196
down €12,196 (-81.1%), from €15,046 to €2,851
mainly Receivables within one year (-€55,996) and Debts after one year (-€7,954)
- Other debts +€15,038
up €15,038 (+20.8%), from €72,152 to €87,190
- Gross operating margin +€16,648
up €16,648 (+52.5%), from €31,724 to €48,372
- Staff costs -€9,256
no longer reported in 2025 (was €9,256)
- Other operating charges +€3,013
up €3,013 (+254.1%), from €1,186 to €4,198
- Financial charges -€945
down €945 (-7.6%), from €12,432 to €11,487
- Depreciation -€902
down €902 (-2.4%), from €36,879 to €35,977
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 | €803,708 | €810,523 | +€6,814 | +0.8% |
| Fixed assets | 21/28 | €651,318 | €613,287 | -€38,031 | -5.8% |
| Tangible fixed assets | 22/27 | €650,318 | €612,287 | -€38,031 | -5.8% |
| Land and buildings | 22 | €239,362 | €233,934 | -€5,429 | -2.3% |
| Plant, machinery and equipment | 23 | €5,274 | €3,108 | -€2,166 | -41.1% |
| Furniture and vehicles | 24 | €6,860 | €1,439 | -€5,421 | -79.0% |
| Other tangible fixed assets | 26 | €398,822 | €373,807 | -€25,015 | -6.3% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €152,390 | €197,235 | +€44,845 | +29.4% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €94,376 | €150,372 | +€55,996 | +59.3% |
| Trade receivables | 40 | €24,601 | €39,113 | +€14,512 | +59.0% |
| Other amounts receivable | 41 | €69,775 | €111,259 | +€41,484 | +59.5% |
| Cash at bank and in hand | 54/58 | €15,046 | €2,851 | -€12,196 | -81.1% |
| Deferred charges and accrued income | 490/1 | €2,968 | €4,013 | +€1,045 | +35.2% |
| Total equity and liabilities | 10/49 | €803,708 | €810,523 | +€6,814 | +0.8% |
| Equity | 10/15 | €477,625 | €478,662 | +€1,037 | +0.2% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €471,225 | €472,262 | +€1,037 | +0.2% |
| Non-distributable reserves | 130/1 | €1,920 | €1,920 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,920 | €1,920 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,755 | €10,755 | = | 0.0% |
| Distributable reserves | 133 | €458,550 | €459,586 | +€1,037 | +0.2% |
| Amounts payable | 17/49 | €326,084 | €331,861 | +€5,778 | +1.8% |
| Amounts payable after more than one year | 17 | €208,941 | €200,987 | -€7,954 | -3.8% |
| Financial debts | 170/4 | €208,941 | €200,987 | -€7,954 | -3.8% |
| Amounts payable within one year | 42/48 | €116,646 | €130,874 | +€14,228 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €9,114 | €9,499 | +€385 | +4.2% |
| Trade debts | 44 | €28,622 | €30,934 | +€2,312 | +8.1% |
| Suppliers | 440/4 | €28,622 | €30,934 | +€2,312 | +8.1% |
| Advances received on contracts in progress | 46 | - | €2,500 | +€2,500 | |
| Taxes, remuneration and social security | 45 | €6,757 | €750 | -€6,008 | -88.9% |
| Taxes | 450/3 | €6,757 | €750 | -€6,008 | -88.9% |
| Other amounts payable | 47/48 | €72,152 | €87,190 | +€15,038 | +20.8% |
| Accrued charges and deferred income | 492/3 | €497 | - | -€497 | |
| Non-recurring operating income | 76A | - | €16,077 | +€16,077 | |
| Remuneration, social security and pensions | 62 | €9,256 | - | -€9,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,879 | €35,977 | -€902 | -2.4% |
| Other operating charges | 640/8 | €1,186 | €4,198 | +€3,013 | +254.1% |
| Gross operating margin | 9900 | €31,724 | €48,372 | +€16,648 | +52.5% |
| Operating profit (loss) | 9901 | -€15,597 | €8,197 | +€23,793 | |
| Financial income | 75/76B | €3,633 | €4,534 | +€901 | +24.8% |
| Recurring financial income | 75 | €3,633 | €4,534 | +€901 | +24.8% |
| Financial charges | 65/66B | €12,432 | €11,487 | -€945 | -7.6% |
| Recurring financial charges | 65 | €12,432 | €11,487 | -€945 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€24,395 | €1,244 | +€25,639 | |
| Income taxes | 67/77 | €773 | €207 | -€566 | -73.2% |
| Profit (loss) for the period | 9904 | -€25,168 | €1,037 | +€26,205 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,168 | €1,037 | +€26,205 |
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 5 October 2026 via checked.be.