Butex: 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.
Butex
Largest movements
- Stocks and contracts +€21,934
up €21,934 (+10.3%), from €213,056 to €234,990
- Tangible fixed assets +€18,652
up €18,652 (+339.1%), from €5,501 to €24,153
- Cash +€11,442
up €11,442 (+9.3%), from €123,401 to €134,842
mainly Trade debts (+€137,300) and Debts after one year (+€16,491)
- Receivables within one year -€9,361
down €9,361 (-23.2%), from €40,387 to €31,026
- Trade debts +€137,300
up €137,300 (+24.6%), from €558,372 to €695,672
- Profit (loss) carried forward -€94,706
down €94,706 (-34.3%), from -€275,748 to -€370,455
- Other debts -€18,773
down €18,773 (-47.1%), from €39,849 to €21,076
- Debts after one year +€16,491
new in 2025: €16,491
- Current portion of long-term debt +€6,552
up €6,552 (+666.0%), from €984 to €7,536
- Gross operating margin +€10,994
up €10,994 (+12.7%), from -€86,401 to -€75,407
- Staff costs +€6,386
new in 2025: €6,386
- Other operating charges -€2,060
down €2,060 (-25.3%), from €8,139 to €6,079
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 | €382,345 | €426,306 | +€43,961 | +11.5% |
| Fixed assets | 21/28 | €5,501 | €24,153 | +€18,652 | +339.1% |
| Tangible fixed assets | 22/27 | €5,501 | €24,153 | +€18,652 | +339.1% |
| Furniture and vehicles | 24 | €5,501 | €24,153 | +€18,652 | +339.1% |
| Current assets | 29/58 | €376,844 | €402,153 | +€25,309 | +6.7% |
| Stocks and contracts in progress | 3 | €213,056 | €234,990 | +€21,934 | +10.3% |
| Stocks | 30/36 | €213,056 | €234,990 | +€21,934 | +10.3% |
| Amounts receivable within one year | 40/41 | €40,387 | €31,026 | -€9,361 | -23.2% |
| Trade receivables | 40 | €40,387 | €31,026 | -€9,361 | -23.2% |
| Cash at bank and in hand | 54/58 | €123,401 | €134,842 | +€11,442 | +9.3% |
| Deferred charges and accrued income | 490/1 | - | €1,294 | +€1,294 | |
| Total equity and liabilities | 10/49 | €382,345 | €426,306 | +€43,961 | +11.5% |
| Equity | 10/15 | -€255,855 | -€350,561 | -€94,706 | -37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,294 | €1,294 | = | 0.0% |
| Distributable reserves | 133 | €1,294 | €1,294 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€275,748 | -€370,455 | -€94,706 | -34.3% |
| Amounts payable | 17/49 | €638,199 | €776,866 | +€138,667 | +21.7% |
| Amounts payable after more than one year | 17 | - | €16,491 | +€16,491 | |
| Financial debts | 170/4 | - | €16,491 | +€16,491 | |
| Amounts payable within one year | 42/48 | €638,199 | €760,375 | +€122,175 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €984 | €7,536 | +€6,552 | +666.0% |
| Trade debts | 44 | €558,372 | €695,672 | +€137,300 | +24.6% |
| Suppliers | 440/4 | €558,372 | €695,672 | +€137,300 | +24.6% |
| Taxes, remuneration and social security | 45 | €38,994 | €36,090 | -€2,904 | -7.4% |
| Taxes | 450/3 | €3,494 | €1,350 | -€2,144 | -61.4% |
| Remuneration and social security | 454/9 | €35,500 | €34,740 | -€760 | -2.1% |
| Other amounts payable | 47/48 | €39,849 | €21,076 | -€18,773 | -47.1% |
| Remuneration, social security and pensions | 62 | - | €6,386 | +€6,386 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,083 | €5,848 | +€765 | +15.1% |
| Other operating charges | 640/8 | €8,139 | €6,079 | -€2,060 | -25.3% |
| Gross operating margin | 9900 | -€86,401 | -€75,407 | +€10,994 | +12.7% |
| Operating profit (loss) | 9901 | -€99,623 | -€93,720 | +€5,903 | +5.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,092 | €986 | -€106 | -9.7% |
| Recurring financial charges | 65 | €1,092 | €986 | -€106 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€100,715 | -€94,706 | +€6,009 | +6.0% |
| Profit (loss) for the period | 9904 | -€100,715 | -€94,706 | +€6,009 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€100,715 | -€94,706 | +€6,009 | +6.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.