BUTERA: 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.
BUTERA
Largest movements
- Current investments +€120,477
up €120,477 (+20.1%), from €600,000 to €720,477
- Cash +€85,085
up €85,085 (+4.0%), from €2.1m to €2.2m
mainly Net result for the year (+€487,859) and Receivables within one year (+€56,481)
- Receivables within one year -€56,481
down €56,481 (-58.2%), from €97,035 to €40,554
of which Trade receivables: -€55,181
- Stocks and contracts -€56,009
down €56,009 (-41.2%), from €136,005 to €79,997
- Reserves +€69,739
up €69,739 (+2.4%), from €2.9m to €3.0m
- Financial income +€152,239
up €152,239 (+369.7%), from €41,174 to €193,413
- Gross operating margin -€104,518
down €104,518 (-13.1%), from €795,629 to €691,110
- Staff costs +€30,221
up €30,221 (+27.2%), from €111,027 to €141,248
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 | €3,037,900 | €3,116,192 | +€78,292 | +2.6% |
| Fixed assets | 21/28 | €63,590 | €48,524 | -€15,066 | -23.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €63,523 | €48,457 | -€15,066 | -23.7% |
| Land and buildings | 22 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €63,523 | €48,457 | -€15,066 | -23.7% |
| Financial fixed assets | 28 | €67 | €67 | = | 0.0% |
| Current assets | 29/58 | €2,974,310 | €3,067,668 | +€93,358 | +3.1% |
| Stocks and contracts in progress | 3 | €136,005 | €79,997 | -€56,009 | -41.2% |
| Stocks | 30/36 | €136,005 | €79,997 | -€56,009 | -41.2% |
| Amounts receivable within one year | 40/41 | €97,035 | €40,554 | -€56,481 | -58.2% |
| Trade receivables | 40 | €95,735 | €40,554 | -€55,181 | -57.6% |
| Other amounts receivable | 41 | €1,300 | - | -€1,300 | |
| Current investments | 50/53 | €600,000 | €720,477 | +€120,477 | +20.1% |
| Cash at bank and in hand | 54/58 | €2,135,886 | €2,220,971 | +€85,085 | +4.0% |
| Deferred charges and accrued income | 490/1 | €5,383 | €5,669 | +€286 | +5.3% |
| Total equity and liabilities | 10/49 | €3,037,900 | €3,116,192 | +€78,292 | +2.6% |
| Equity | 10/15 | €2,919,860 | €2,989,599 | +€69,739 | +2.4% |
| Contributions | 10/11 | €21,815 | €21,815 | = | 0.0% |
| Reserves | 13 | €2,898,046 | €2,967,785 | +€69,739 | +2.4% |
| Distributable reserves | 133 | €2,898,046 | €2,967,785 | +€69,739 | +2.4% |
| Amounts payable | 17/49 | €118,039 | €126,592 | +€8,553 | +7.2% |
| Amounts payable within one year | 42/48 | €99,626 | €126,592 | +€26,967 | +27.1% |
| Trade debts | 44 | €7,594 | €727 | -€6,867 | -90.4% |
| Suppliers | 440/4 | €7,594 | €727 | -€6,867 | -90.4% |
| Taxes, remuneration and social security | 45 | €92,032 | €104,960 | +€12,928 | +14.0% |
| Taxes | 450/3 | €72,164 | €72,007 | -€157 | -0.2% |
| Remuneration and social security | 454/9 | €19,868 | €32,953 | +€13,084 | +65.9% |
| Other amounts payable | 47/48 | €0 | €20,906 | +€20,906 | |
| Accrued charges and deferred income | 492/3 | €18,414 | - | -€18,414 | |
| Remuneration, social security and pensions | 62 | €111,027 | €141,248 | +€30,221 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,532 | €15,066 | +€6,535 | +76.6% |
| Other operating charges | 640/8 | €3,409 | €4,282 | +€873 | +25.6% |
| Gross operating margin | 9900 | €795,629 | €691,110 | -€104,518 | -13.1% |
| Operating profit (loss) | 9901 | €672,661 | €530,514 | -€142,147 | -21.1% |
| Financial income | 75/76B | €41,174 | €193,413 | +€152,239 | +369.7% |
| Recurring financial income | 75 | €41,174 | €193,413 | +€152,239 | +369.7% |
| Financial charges | 65/66B | €3,472 | €4,943 | +€1,471 | +42.4% |
| Recurring financial charges | 65 | €3,472 | €4,943 | +€1,471 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €710,363 | €718,984 | +€8,621 | +1.2% |
| Income taxes | 67/77 | €227,381 | €231,125 | +€3,744 | +1.6% |
| Profit (loss) for the period | 9904 | €482,982 | €487,859 | +€4,877 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €482,982 | €487,859 | +€4,877 | +1.0% |
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 4 October 2026 via checked.be.